Common use of Asset Sales and Property Loss Events Clause in Contracts

Asset Sales and Property Loss Events. Within three Business Days following the receipt by any U.S. Loan Party of Net Cash Proceeds in the aggregate in excess of $2,000,000 with respect to all transactions described in this Section 2.8(c) arising from (i) any non-ordinary course Disposition by any U.S. Loan Party of any of its Property other than Dispositions of its own Equity Interests and Dispositions of Property permitted hereunder in reliance upon Section 8.4(a), (b)(i) or (d) or (ii) any Property Loss Event with respect to any Property of any U.S. Loan Party, the Borrower shall pay or cause to be paid to the Administrative Agent an amount equal to 100% of such excess Net Cash Proceeds; provided, however, that, upon any such receipt, as long as no Default shall be continuing, any U.S. Loan Party may make Permitted Reinvestments with such Net Cash Proceeds and the Borrower shall not be required to make or cause such payment to be made to the extent (x) such Net Cash Proceeds are intended to be used to make Permitted Reinvestments, (y) the Borrower so notifies the Administrative Agent within one Business Day of such receipt of intention, and (z) on each Reinvestment Prepayment Date for such Net Cash Proceeds, the Borrower shall pay or cause to be paid to the Administrative Agent an amount equal to the Reinvestment Prepayment Amount applicable to such Reinvestment Prepayment Date and such Net Cash Proceeds.

Asset Sales and Property Loss Events. Within three Business Days following Upon receipt on or after the receipt Closing Date by any U.S. Loan Party or any of its Subsidiaries of Net Cash Proceeds in the aggregate in excess of $2,000,000 with respect to all transactions described in this Section 2.8(c) arising from (i) any non-ordinary course Disposition Sale by any U.S. Loan Party Group Member of any of its Property property other than Dispositions (i) Sales of its own Equity Interests Stock and Dispositions (ii) Sales of Property property permitted hereunder in reliance upon Section 8.4(a), any of clauses (b)(ia) or through (d) of Section 8.4 or (ii) any Property Loss Event with respect to any Property property of any U.S. Loan PartyGroup Member to the extent resulting in the aggregate with all other such Property Loss Events in the receipt by any of them of Net Cash Proceeds in excess of $250,000, the Borrower shall immediately pay or cause to be paid to the Administrative Agent an amount equal to 100% the amount of such excess Net Cash Proceeds; provided, however, that, upon any such receipt, as long as no Event of Default shall be continuing, any U.S. Loan Party Group Member may make Permitted Reinvestments with such Net Cash Proceeds and the Borrower shall not be required to make or cause such payment to be made on such Loans with such Net Cash Proceeds to the extent (x) such Net Cash Proceeds are intended to be used to make Permitted Reinvestments, Reinvestments and (y) the Borrower so notifies the Administrative Agent within one Business Day of such receipt of intention, and (z) on each Reinvestment Prepayment Date for such Net Cash Proceeds, the Borrower shall pay or cause to be paid to the Administrative Agent an amount equal to the Reinvestment Prepayment Amount applicable to such Reinvestment Prepayment Date and such Net Cash ProceedsDate.