Net Asset Sale Proceeds. Not later than the tenth Business Day following the receipt of Net Asset Sale Proceeds by the Borrower or any of its Subsidiaries, the Borrower shall either (1) apply an amount equal to 100% of the Net Asset Sale Proceeds received with respect thereto to prepay outstanding Term Loans (but, with respect to any Incremental Loans, only to the extent agreed pursuant to Section 2.23(d)(iv)) in accordance with Section 2.11(f) and Section 2.11(g) (and, to the extent Section 2.11(j) is applicable, to permanently repay Revolving Loans (with a corresponding permanent reduction in the Revolving Loan Commitment) or permanently reduce the Unutilized Revolving Loan Commitment, in each case, in the amounts and pursuant to the terms set forth in Section 2.11(j)) or (2) so long as no Event of Default shall have occurred and be continuing, deliver to the Administrative Agent a certificate of a Responsible Officer stating that the Borrower or such Subsidiary intends to reinvest or enter into a binding commitment to reinvest such Net Asset Sale Proceeds in assets used or that are useful in the business of the Borrower and its Subsidiaries within 270 days (or, in the case of a binding commitment to reinvest entered into within 270 days, within 405 days) of such date of receipt of such Net Asset Sale Proceeds. In addition, the Borrower shall, no later than 270 days (or, in the case of a binding commitment to reinvest entered into within 270 days, 405 days) after receipt of such Net Asset Sale Proceeds that have not theretofore been applied to the Obligations or that have not been so reinvested as provided above, make an additional prepayment of the Term Loans (but, with respect to any Incremental Loans, only to the extent agreed pursuant to Section 2.23(d)(iv)) (and/or, to the extent required by Section 2.11(j), make a permanent repayment of the Revolving Loans (with a corresponding permanent reduction of the Revolving Loan Commitment) or permanently reduce the Unutilized Revolving Loan Commitment, in each case, in the amounts and pursuant to the terms set forth in Section 2.11(j)) in an amount equal to the full amount of all such Net Asset Sale Proceeds in accordance with Section 2.11(f) and Section 2.11(g) (and, to the extent applicable, Section 2.11(j)) within ten Business Days after the last day of the 270 or 405 day period, as applicable.
Net Asset Sale Proceeds. Within three Banking Days after the receipt by the Company and its Subsidiaries of Net Asset Sale Proceeds, the Borrower shall pay to the Agent as a prepayment of the Loan to be applied as provided in Section 4.6.2 the lesser of (a) the amount of such Net Asset Sale Proceeds or (b) the amount of the Loan.
Net Asset Sale Proceeds. Upon receipt by the Company or any of its Subsidiaries of Net Asset Sale Proceeds, the Company shall within one Banking Day pay to the Agent as a prepayment of the Loan to be applied as provided in Section 4.5.2 the lesser of (a) the amount of such Net Asset Sale Proceeds or (b) the amount of the Loan.
Net Asset Sale Proceeds. No later than 2 days after the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall make a Mandatory Payment in an aggregate amount equal to (1) to the extent that aggregate Net Asset Sale Proceeds in respect of all Asset Sales made on or prior to such date is $7,500,000 or less, 33.33% of such Net Asset Sale Proceeds, or (2) to the extent that aggregate Net Asset Sale Proceeds in respect of all Asset Sales made on or prior to such date exceeds $7,500,000, 100% of such excess (without duplication).
Net Asset Sale Proceeds. Upon receipt of Net Asset Sale Proceeds by the Company or any of its Subsidiaries, the Company shall within five Business Days pay to the Agent as a prepayment of the Loan and the Discretionary Credit Obligations to be applied as provided in Section 4.4.2 the lesser of (a) the amount of such Net Asset Sale Proceeds or (b) the sum of (i) the amount of the Loan plus (ii) the amount of the Discretionary Credit Obligations then outstanding.
Net Asset Sale Proceeds. Within five days prior to the sale or other disposition of any assets by the Borrower or any of its Subsidiaries that would result in Net Asset Sale Proceeds, the Borrower shall provide written notice to the Lenders of the closing date for such asset sale or disposition and the amount of the Net Asset Sale Proceeds. Upon receipt by the Borrower or any of its Subsidiaries of Net Asset Sale Proceeds, the Borrower shall within three Banking Days pay to the Agent as a prepayment of the Loan, to be applied as provided in Section 4.6.2 the lesser of (a) the amount of such Net Asset Sale Proceeds or (b) the amount of the Loan.
Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by Parent or any of its Subsidiaries of any Net Asset Sale Proceeds, Borrowers shall prepay the Loans and/or the New Money Term Loan Commitments shall be permanently reduced as set forth in Section 2.15(b) in an aggregate amount equal to such Net Asset Sale Proceeds.
Net Asset Sale Proceeds. Upon receipt of Net Asset Sale Proceeds that exceed $5,000,000 in any year, the Company shall within three Banking Days pay the amount of such excess to the Agent as a prepayment of the Loan to be applied as provided in Section 4.4.2; provided, however, that the Company may elect to reserve all or a portion of such Net Asset Sale Proceeds up to $50,000,000 in the aggregate, for Permitted Reinvestments. The amount so reserved (the "Permitted Reinvestment Reserve Amount") must be expended as a Permitted Reinvestment within 270 days after the transaction creating the Permitted Reinvestment Reserve Amount (or, in the case of the repair or replacement of assets with insurance or condemnation proceeds, must be firmly committed to be expended). In the event the Permitted Reinvestment is not so expended within such 270-day period (or if the Company abandons its plans for a Permitted Reinvestment prior to the end of such period), the Company shall within three Banking Days repay the Loan in an amount equal to such Permitted Reinvestment Reserve Amount to be applied as provided in Section 4.4.2."
Net Asset Sale Proceeds. Upon receipt by the Company or any of its Subsidiaries of Net Asset Sale Proceeds or net proceeds of asset sales permitted by Section 6.11.7, the Company shall within one Banking Day pay to the Agent as a prepayment of the Loan to be applied as provided in Section 4.5.2 the lesser of (a) the amount of such Net Asset Sale Proceeds or (b) the amount of the Loan.
Net Asset Sale Proceeds. Upon receipt of Net Asset Sale Proceeds that exceed both (a) $5,000,000 in any year and (b) $25,000,000 in the aggregate after the Initial Closing Date, the Company shall within three Banking Days pay the amount of such excess to the Agent as a prepayment of the Revolving Loan; provided, however, that the Company may elect to reserve all or a portion of such Net Asset Sale Proceeds up to $50,000,000 in the aggregate, for Permitted Reinvestments. The amount so reserved (the "Permitted Reinvestment Reserve Amount") must be applied to a Permitted Reinvestment within 270 days after the transaction creating the Permitted Reinvestment Reserve Amount. In the event the Permitted Reinvestment is not consummated within such 270-day period (or if the Company abandons its plans for a Permitted Reinvestment prior to the end of such period), the Company shall within three Banking Days repay the Revolving Loan in an amount equal to such Permitted Reinvestment Reserve Amount. Upon receipt of Net Asset Sale Proceeds exceeding $50,000,000 after the Initial Closing Date, the Company shall within three Banking Days pay the amount of such excess to the Agent as a repayment of the Revolving Loan.
