Common use of Dispositions and Involuntary Dispositions Clause in Contracts

Dispositions and Involuntary Dispositions. If any Loan Party or any of its Subsidiaries Disposes of any Property in an asset sale permitted pursuant to Section 7.05(d) or a Casualty Event occurs, the Borrower shall prepay an aggregate principal amount of Loans equal to 100% of such Net Cash Proceeds immediately upon receipt thereof by such Person (such prepayments to be applied as set forth in clauses (iv) and (vi) below); provided, however, that, with respect to any Net Cash Proceeds realized under a Disposition described in this Section 2.05(b)(i) or as a result of a Casualty Event, at the election of the Borrower (as notified by the Borrower to the Administrative Agent on or prior to the date of such Disposition), and so long as no Default shall have occurred and be continuing, such Loan Party or such Subsidiary may reinvest all or any portion of such Net Cash Proceeds in operating assets so long as within 180 days after the receipt of such Net Cash Proceeds, a definitive agreement relating to such purchase shall have been executed (as certified by the Borrower in writing to the Administrative Agent) and such acquisition agreement shall have closed within 90 days thereafter; and provided further, however, that any Net Cash Proceeds not so reinvested shall be immediately applied to the prepayment of the Loans as set forth in this Section 2.05(b)(i).

Dispositions and Involuntary Dispositions. If The Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter provided in an aggregate amount equal to 100% of the Net Cash Proceeds received by any Loan Party or any of its Subsidiaries Disposes of any Property Subsidiary from all Dispositions in an asset sale permitted pursuant to Section 7.05(daggregate amount greater than $2,500,000 in any single transaction or series of transactions (other than Permitted Transfers) or a Casualty Event occurs, and Involuntary Dispositions within five (5) days of the Borrower shall prepay an aggregate principal amount of Loans equal to 100% date of such Net Cash Proceeds immediately upon receipt thereof by such Person (such prepayments to be applied as set forth in clauses (iv) and (vi) below)Disposition or Involuntary Disposition; provided, however, thatthat so long as no Default shall have occurred and be continuing, with respect to any such Net Cash Proceeds realized under a Disposition described in this Section 2.05(b)(i) or as a result of a Casualty Event, shall not be required to be so applied at the election of the Borrower (as notified by the Borrower to the Administrative Agent on or prior Agent) to the date of such Disposition), and so long as no Default shall have occurred and be continuing, extent such Loan Party or such Subsidiary may reinvest reinvests all or any portion of such Net Cash Proceeds in operating like assets so long as within 180 three hundred sixty-five (365) days after the receipt of such Net Cash Proceeds; provided that, a definitive agreement relating to if such purchase shall have been executed (as certified by the Borrower in writing to the Administrative Agent) and such acquisition agreement shall have closed within 90 days thereafter; and provided further, however, that any Net Cash Proceeds shall have not been so reinvested reinvested, such Net Cash Proceeds shall be immediately applied to the prepayment of prepay the Loans as set forth in this Section 2.05(b)(i)and/or Cash Collateralize the L/C Obligations.