Material Disposal Proceeds Clause Samples

Material Disposal Proceeds. 10.3.3.1 The Obligor’s Agent shall notify the Facility Agent of the receipt of any Material Disposal Proceeds promptly upon the relevant member of the Group becoming entitled to receive such Material Disposal Proceeds. 10.3.3.2 If the Facility Agent (acting on the instructions of the Majority Lenders) so requires, the Facility Agent shall notify the Obligors’ Agent that all or a specified amount of the Material Disposal Proceeds are required to be applied to repay the outstanding Loans and on receipt of such notice the Borrower, subject to Clause 10.6 (Restrictions), shall be obliged to repay such Loans (so that they are reduced by the same proportions and rateably amongst the applicable Lenders) in an amount equal to the Material Disposal Proceeds or the specified amount of the Material Disposal Proceeds, as applicable on the last day of the Interest Period of each such Loan, provided that if an Event of Default has occurred prior to the last day of an Interest Period of a Loan and is continuing, the amount of the relevant prepayment shall be due and payable within 3 (three) Business Days of receipt by the Borrower of the Material Disposal Proceeds. 10.3.3.3 All Material Disposal Proceeds shall, for the purposes of making the prepayments contemplated in Clause 10.3.3.2 and to the extent required, be converted into the currency denominated under the relevant Facility Agreement at the Spot Rate of Exchange. 10.3.3.4 For purposes of this Clause 10.3.3: