Cost Basis Collateral Disposition Proceeds Sample Clauses

Cost Basis Collateral Disposition Proceeds. Subject to clause (viii) of this Section 3.1.2(b), immediately upon receipt of any Cost Basis Collateral Disposition Proceeds by any Loan Party or any Subsidiary of any Loan Party, the Borrower shall be obligated to repay the Loans in an amount equal to such Cost Basis Collateral Disposition Proceeds; provided, however, that (x) if no Event of Default has occurred and is continuing and if the Loan to Value Ratio, calculated after giving effect to such disposition, does not exceed 40% but is greater than 30%, the Borrower shall not be required to repay the Loans until the aggregate of all Cost Basis Collateral Disposition Proceeds received in any Fiscal Year exceeds 1.5% of the aggregate Fee Simple Cost Basis (calculated as of the date such Cost Basis Collateral Disposition Proceeds are received) and (y) if no Event of Default has occurred and is continuing and if the Loan to Value Ratio, calculated after giving effect to such disposition, does not exceed 30%, the Borrower shall not be required to repay the Loans until the aggregate of all Cost Basis Collateral Disposition Proceeds received in any Fiscal Year exceeds 2.0% of the aggregate Fee Simple Cost Basis (calculated as of the date such Cost Basis Collateral Disposition Proceeds are received) and, in each case, such Cost Basis Collateral Disposition Proceeds not used to repay the Loans are used for (A) general working capital, (B) acquisitions of additional Real Property by a Subsidiary Guarantor which shall be subject to the Lien of the Administrative Agent and otherwise permitted pursuant to the terms and provisions of this Agreement, or (C) dividends, distributions or other payments permitted pursuant to Section 7.2.6 of this Agreement.
Sample 1
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Cost Basis Collateral Disposition Proceeds. Subject to clause (viii) of this Section 3.1.2(b), immediately upon receipt of any Cost Basis Collateral Disposition Proceeds by any Loan Party, the Borrowers shall be obligated to repay the Loans in an amount equal to such Cost Basis Collateral Disposition Proceeds; provided, however, that if no Event of Default has occurred and is continuing, the Borrowers shall not be required to repay the Loans with the first $4,000,000 of Cost Basis Collateral Disposition Proceeds in any fiscal year if the Loan to Value Ratio, calculated after giving effect to such disposition, does not exceed 40% or the first $5,000,000 of Cost Basis Collateral Disposition Proceeds in any fiscal year if the Loan to Value Ratio, calculated after giving effect to such disposition, does not exceed 30%, and, in each case, such Cost Basis Collateral Disposition Proceeds are used for (A) general working capital, (B) acquisitions of additional Real Property by a Landholder which shall be subject to the Lien of the Administrative Agent and otherwise permitted pursuant to the terms and provisions of this Agreement, or (C) dividends, distributions or other payments permitted pursuant to Section 7.2.6 of this Agreement.
Sample 1

Related to Cost Basis Collateral Disposition Proceeds

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

  • Asset Disposition If the Borrower or any of its Subsidiaries (other than a Financing Subsidiary) Disposes of any property which results in the receipt by such Person of Net Cash Proceeds in excess of $2,000,000 in the aggregate since the applicable Commitment Termination Date, the Borrower shall prepay an aggregate principal amount of such Loans owed to such Lender or Lenders equal to 100% of such Net Cash Proceeds no later than the fifth Business Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in Section 2.09(b)).

  • Asset Dispositions, etc The Borrower will not, and will not permit any of its Subsidiaries to, sell, transfer, contribute or otherwise convey, or grant options, warrants or other rights with respect to, any material asset (including accounts receivable and capital stock of Principal Subsidiaries) to any Person, except:

  • Disposition of Collateral Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.

  • Asset Sales (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

  • DISPOSITION OF COLLATERAL AND PROCEEDS; TRANSFER OF INDEBTEDNESS In disposing of Collateral hereunder, Bank may disclaim all warranties of title, possession, quiet enjoyment and the like. Any proceeds of any disposition of any Collateral or Proceeds, or any part thereof, may be applied by Bank to the payment of expenses incurred by Bank in connection with the foregoing, including reasonable attorneys’ fees, and the balance of such proceeds may be applied by Bank toward the payment of the Indebtedness in such order of application as Bank may from time to time elect. Upon the transfer of all or any part of the Indebtedness, Bank may transfer all or any part of the Collateral or Proceeds and shall be fully discharged thereafter from all liability and responsibility with respect to any of the foregoing so transferred, and the transferee shall be vested with all rights and powers of Bank hereunder with respect to any of the foregoing so transferred; but with respect to any Collateral or Proceeds not so transferred, Bank shall retain all rights, powers, privileges and remedies herein given.

  • Asset Dispositions Make any Asset Disposition except:

  • No Disposition of Collateral Secured Party does not authorize, and Debtor agrees not to:

  • Distribution of Collateral Proceeds In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the Collateral or other assets of the Borrower or the Guarantors, such monies shall be distributed for application as follows:

  • Collection of Accounts, Proceeds of Collateral Each Borrower agrees that all invoices rendered and other requests made by such Borrower for payment in respect of Accounts shall contain a written statement directing payment in respect of such Accounts to be paid to a lockbox established pursuant to subsection 6.2.4. To expedite collection, each Borrower shall endeavor in the first instance to make collection of its Accounts for Agent. All remittances received by each Borrower on account of Accounts, together with the proceeds of any other Collateral, shall be held as Agent's property, for its benefit and the benefit of Lenders, by such Borrower as trustee of an express trust for Agent's benefit and such Borrower shall immediately deposit same in kind in the Dominion Account. Agent retains the right at all times after the occurrence and during the continuance of a Default or an Event of Default to notify Account Debtors that a Borrower's Accounts have been assigned to Agent and to collect such Borrower's Accounts directly in its own name, or in the name of Agent's agent, and to charge the collection costs and expenses, including attorneys' fees, to such Borrower.

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