Certain Proceeds of Asset Sales. Not later than the Business Day following the date of the receipt by any Credit Party or any of its Subsidiaries of the Cash Proceeds from any Asset Sale occurring after the Closing Date, an amount equal to 100% of the Net Cash Proceeds received from such Asset Sale shall be applied as a mandatory prepayment of the Loans in accordance with Section 2.11(d) below.
Appears in 2 contracts
Samples: Purchase Option Agreement (Preferred Apartment Communities Inc), Purchase Option Agreement (Preferred Apartment Communities Inc)
Certain Proceeds of Asset Sales. Not later than the Business Day following the date of the receipt by any Credit Party or any of its Subsidiaries of the Cash Proceeds from any Asset Sale occurring after the Closing Date, an amount equal to 100% of the Net Cash Proceeds received from such Asset Sale shall be applied as a mandatory prepayment of the Loans in accordance with Section 2.11(d2.10(c) below.
Appears in 1 contract
Samples: Credit Agreement (Preferred Apartment Communities Inc)
Certain Proceeds of Asset Sales. Not later than the Business Day following the date of the receipt by any Credit Party or any of its Subsidiaries of the Cash Proceeds from any Asset Sale (including, for the avoidance of doubt, a refinancing of assets) occurring after the Closing Date, an amount equal to 100% of the Net Cash Proceeds received from such Asset Sale shall be applied as a mandatory prepayment of the Loans in accordance with Section 2.11(d) below.
Appears in 1 contract
Samples: Intercreditor Agreement (Preferred Apartment Communities Inc)
