Prepayments and Reductions from Asset Sales Sample Clauses

Prepayments and Reductions from Asset Sales. No later than the second Business Day following the date of receipt by Company or any of its Subsidiaries of Cash Proceeds of any Asset Sale, Company shall prepay, without premium or penalty (other than pursuant to subsection 2.6D), the Loans in an amount equal to the Net Cash Proceeds of such Asset Sale; provided that, with respect to Asset Sales which do not include the sale of a Financed Aircraft, so long as no Potential Event of Default or Event of Default has occurred and is continuing, (i) Company shall have the option to use the Net Cash Proceeds within one hundred eighty (180) days of receipt thereof for the purpose of making Consolidated Capital Expenditures otherwise permitted by this Agreement and (ii) to the extent such Net Cash Proceeds are not reinvested pursuant to clause (i), Company may retain Net Cash Proceeds in respect of such Asset Sales of up to $10 million in any Fiscal Year and $20 million in the aggregate; provided further that, with respect to any Asset Sale involving the sale of a Financed Aircraft, so long as no Potential Event of Default or Event of Default has occurred and is continuing, the Company may retain any Net Cash Proceeds in excess of the amount equal to the sum of (x) the amount required to repay all amounts outstanding under the Notes relating to such Financed Aircraft and (y) the amount required to prepay any remaining Loans to the extent necessary so that the outstanding principal amount of any Loans made to finance the acquisition or conversion of a Financed Aircraft shall not exceed 80% of the Appraised Value of such Financed Aircraft as determined by appraisals to be provided at the time of such mandatory prepayment by two Approved Appraisers. Concurrently with any prepayment of the Loans pursuant to this subsection 2.4B(iii)(a), Company shall deliver to Administrative Agent an Officers' Certificate demonstrating the derivation of the Net Cash Proceeds of the correlative Asset Sale from the gross sales price thereof and the amount required to be prepaid pursuant to this subsection 2.4B(iii)(a). In the event that Company shall, at any time after receipt of Cash Proceeds of any Asset Sale requiring a prepayment pursuant to this subsection 2.4B(iii)(a), determine that the prepayments previously made in respect of such Asset Sale were in an aggregate amount less than that required by the terms of this subsection 2.4B(iii)(a), Company shall promptly make an additional prepayment of the Loans in the manner described...

Prepayments and Reductions from Asset Sales. No later than the second Business Day following the date of receipt by Borrower of Cash Proceeds of any Asset Sale, Borrower shall prepay, without premium or penalty (other than pursuant to subsection 2.6D), Loans in an amount equal to the Net Cash Proceeds of such Asset Sale. Concurrently with any prepayment of the Loans pursuant to this subsection 2.4C(ii)(a), Borrower shall deliver to Administrative Agent an Officers' Certificate demonstrating the derivation of the Net Cash Proceeds of the correlative Asset Sale from the gross sales price thereof. In the event that Borrower shall, at any time after receipt of Cash Proceeds of any Asset Sale requiring a prepayment pursuant to this subsection 2.4C(ii)(a), determine that the prepayments previously made in respect of such Asset Sale were in an aggregate amount less than that required by the terms of this subsection 2.4C(ii)(a), Borrower shall promptly make an additional prepayment of the Loans, as the case may be, in the manner described above in an amount equal to the amount of any such deficit, and Borrower shall concurrently therewith deliver to Administrative Agent an Officers' Certificate demonstrating the derivation of the additional Net Cash Proceeds resulting in such deficit. Any mandatory prepayments pursuant to this subsection 2.4C(ii)(a) shall be applied as specified in subsection 2.4C(iii).

Prepayments and Reductions from Asset Sales. No later than the date of receipt by Company or any of its Subsidiaries of the Cash Proceeds of any Asset Sale, Company shall prepay the Loans and permanently reduce the Revolving Loan Commitments in an amount equal to the Net Cash Proceeds of such Asset Sale."; and

Prepayments and Reductions from Asset Sales. No later than the earliest to occur of (A) the third Business Day following the date of receipt by Company or any of its Subsidiaries of Cash Proceeds of any Asset Sale in an aggregate cumulative amount equal to or exceeding $2,500,000, (B) the 270th day following the date of any Asset Sale the Net Cash Proceeds of Asset Sale of which have not been applied to the prepayment of Loans pursuant to the preceding clause (A) or this clause (B), and (C) the date of the occurrence of any Event of Default or Potential Event of Default, (1) Company shall prepay the Term Loans in an amount equal to the Net Cash Proceeds of Asset Sale of such Asset Sale, (2) to the extent the Net Cash Proceeds of Asset Sale of such Asset Sale exceed the aggregate outstanding principal amount of the Term

Prepayments and Reductions from Asset Sales. No later than the first Business Day following the date of receipt by the Borrower or any of its Subsidiaries of the Cash Proceeds of any Asset Sale, the Borrower shall prepay the Loans (and/or the Revolving Loan Commitments shall be reduced) in the amount of such applicable Net Cash Proceeds. Concurrently with any prepayment of the Loans and/or reduction of the Commitments pursuant to this subsection 2.4.2

Prepayments and Reductions from Asset Sales. (1) No later than the 180th day following the receipt by any Borrower or any Credit Party of any Cash Proceeds from any Asset Sale, 100% of such Net Cash Proceeds which have not been reinvested in a Permitted Acquisition by such date shall be applied by Borrowers on such date to prepay the Revolving Loans and permanently reduce the Revolving Loan Commitments; provided that only 80% of such Net Cash Proceeds from a sale of radio station WQAM shall be so applied; and provided, further that in the event that the Combined Total Debt Ratio at such time (prior to making any payments required hereunder) is less than 4.50:1.00 and no Event of Default has occurred and is continuing at such time such prepayments shall not be required; provided further that, any of the foregoing or the contrary notwithstanding, if an Event of Default has occurred and is continuing at the time any Borrower or any Credit Party is retaining any Net Cash Proceeds for reinvestment as described above, 100% of such Net Cash Proceeds shall be applied by Borrowers immediately to prepay the Revolving Loans and permanently reduce the Revolving Loan Commitments. Concurrently with any prepayment of the Loans and the reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a), Borrowers shall deliver to Agent an Officers'

Prepayments and Reductions from Asset Sales. (1) Subject to subsection 2.4(B)(iii)(f), upon the receipt by any Credit Party of any Net Cash Proceeds from any Asset Sale, to the extent that the aggregate Net Cash Proceeds from all Asset Sales received in that Fiscal Year exceed Five Hundred Thousand Dollars ($500,000), 100% of such Net Cash Proceeds in excess of such amount shall be applied immediately to prepay the Term Loans. Any such mandatory prepayments or reductions shall be applied as specified in subsection 2.4B(iv)(b). (2) Notwithstanding the foregoing provisions of subsection 2.4B(iii)(a)(1), in lieu of applying the Net Cash Proceeds from the disposition of an Asset Sale that constitutes the disposition of assets used in the operation of a radio station (a “Relinquished Station”) to prepay the Term Loans as set forth in subsection 2.4B(iv)(b), so long as no Event of Default then exists or would exist after giving effect to the disposition of such Relinquished Station, the entity disposing of a Relinquished Station may structure the disposition of the Relinquished Station as an exchange of like kind property to the maximum extent possible under Section 1031 of the Internal Revenue Code (a “Like Kind Exchange”). If the Borrower desires to effect a Like Kind Exchange, at or prior to closing the disposition of the Relinquished Station, the Borrower shall (A) establish a “qualified escrow account” within the meaning of Treas. Reg. §1.1031(k)-1(g)(3) or use such other safe harbor described in Treas. Reg. §1.1031(k)-1(g) as is reasonably acceptable to Administrative Agents, which account shall be governed by an escrow agreement complying with the requirements of Treas. Reg. §§ 1.1031(k)-1(g)(3) and 1.1031(k)-1(g)(6) and (B) deliver to the Administrative Agent, as soon as reasonably practicable but in no event later than the closing of the transfer or other disposition of the Relinquished Station by the Borrower, a security interest in its rights in the escrow agreement in form and substance reasonably satisfactory to the Administrative Agents which governs (i) the “qualified escrow account” and (ii) the proceeds thereof. Upon receipt of the security interest executed by the Borrower, and in all events no later than immediately before the consummation of the closing of the transfer or other disposition of the Relinquished Station, by the Borrower, the Administrative Agent shall release any and all liens of the Administrative Agent or the Lenders in the cash proceeds from the transfer or other dispos...

Prepayments and Reductions from Asset Sales. (i) Subsection 2.4A(iii) of the Credit Agreement is amended by deleting the first sentence thereof and substituting the following sentence therefor: "No later than the second Business Day following the date of receipt by Borrower or any of its Subsidiaries of (i) Net Cash Proceeds of any Asset Sale equal to or greater than $500,000 in the aggregate, Borrower shall prepay the Loans in an amount equal to the amount of such Net Cash Proceeds which is the highest integral multiple of $100,000 and (ii) Net Cash Proceeds of any Asset Sale, the Revolving Loan Commitments shall be permanently reduced to the extent required by the proviso set forth below." (ii) Subsection 2.4A(iii) of the Credit Agreement is further amended by deleting the proviso thereto and substituting the following therefor: " ; provided, however, that the Revolving Loan Commitments shall only be reduced in an amount equal to the Net Cash Proceeds of an Asset Sale only to the extent that such amount (or portion thereof) would otherwise be required to be applied to payment, redemption or repurchase in respect of the Senior Subordinated Notes."

Prepayments and Reductions from Asset Sales. No later than the second Business Day following the date of receipt by Company or any of its Subsidiaries of Cash Proceeds of any Asset Sale (including Cash Proceeds in respect of principal payments received on promissory notes received in connection with Asset Sales occurring on or after the date hereof), Company shall prepay the Loans in an amount equal to the Net Cash Proceeds of such Asset Sale that constitute Aggregate Excess Proceeds. Concurrently with the making of any prepayment or reduction pursuant to this subsection 2.6.B.(i)(a), Company shall deliver an Officers Certificate demonstrating the derivation of Net Cash Proceeds from the gross sales price of the correlative Asset Sale. In the event that Company shall, at any time after receipt of Cash Proceeds of any Asset Sale requiring a prepayment or commitment reduction pursuant to this subsection 2.6.B.(i)(a), determine that the prepayments and/or Commitment reductions previously made in respect of such Asset Sale were in an aggregate amount less than required by the terms of this subsection 2.6.B.(i)(a), Company shall promptly make an additional prepayment of the Loans and reduce the Revolving Loan Commitments and cash collateralize outstanding Letters of Credit) in an amount equal to the amount of any such deficit, and Company shall concurrently therewith deliver an Officers Certificate demonstrating the derivation of the additional Net Cash Proceeds resulting in such deficit.

Prepayments and Reductions from Asset Sales. Following the receipt by Company or any of its Subsidiaries of Cash Proceeds relating to one or more Asset Sales or a series of related Asset Sales by Company and its Subsidiaries on and after the Effective Date in excess of the Asset Sale Threshold Amount, Company shall FIRST prepay the Swing Line Loans in an amount equal to the Net Cash Proceeds of such Asset Sale, SECOND, to the extent the Net Cash Proceeds of such Asset Sale exceed the aggregate outstanding principal amount of the Swing Line Loans, permanently reduce the Revolving Loan Commitments and the Canadian Loan Commitment on a PRO rata basis in an amount equal to the excess of the Net Cash Proceeds of such Asset Sale over the aggregate outstanding principal amounts of the Swing Line Loans, THIRD, (X) to the extent the Total Utilization of Revolving Loan Commitments exceeds the Revolving Loan Commitments as so reduced, prepay the Revolving Loans in an amount equal to the excess of the Total Utilization of Revolving Loan Commitments over the Revolving Loan Commitments and (Y) to the extent the Total Utilization of Canadian Loan Commitment exceeds the Canadian Loan Commitment as so reduced, prepay the Canadian Loans and/or cash collateralize outstanding Bankers' Acceptances in an amount equal to the excess of the Total Utilization of Canadian Loan Commitment over the Canadian Loan Commitment and FOURTH, (X) to the extent that the Revolving Loan Commitments as reduced are less than the Letter of Credit Usage, cash collateralize Letters of Credit outstanding and (Y) to the extent that the Canadian Loan Commitment as so reduced is less than the Canadian Letter of