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. On the same Business Day a Credit Party or any of its Subsidiaries receives Cash Proceeds of any Asset Sale, Company shall prepay the Revolving Loans and the Revolving Loan Commitments shall be permanently reduced in an amount equal to the Net Cash Proceeds of such Asset Sale. Concurrently with any prepayment of the Loans and the reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a), Company shall deliver to 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 Company shall, at any time after receipt of Cash Proceeds of any Asset Sale requiring a prepayment and a reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a), determine that the prepayments and the reductions of the Revolving Loan Commitments 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 Revolving Loans (and the Revolving Loan Commitments shall be permanently reduced), in the manner described above in an amount equal to the amount of any such deficit, and Company shall concurrently therewith deliver to Agent an Officers' Certificate demonstrating the derivation of the additional Net Cash Proceeds resulting in such deficit. Any mandatory prepayments or reductions of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a) shall be applied as specified in subsection 2.4B(iv).
Prepayments and Reductions from Asset Sales. (1) Upon the receipt by any Credit Party of any Net Cash Proceeds from any Asset Sale (or related series of Asset Sales), when added to all Net Cash Proceeds received by any Credit Party from all other Asset Sales (and related series of Asset Sales), in excess of $10,000,000 in the aggregate, 100% of such Net Cash Proceeds shall be applied to repay the outstanding Revolving Loans (but not reduce the Revolving Loan Commitments) to the full extent thereof; PROVIDED that on the 365th date following receipt of such Net Cash Proceeds, an amount equal to any amount of such Net Cash Proceeds which have not been reinvested in a Permitted Acquisition or reinvested in capital improvements by Borrower and its Subsidiaries including capital expenditures permitted hereunder by such date shall then be applied by Borrower on such date FIRST to prepay the outstanding Term Loans to the full extent thereof and SECOND, to the extent of any such amount remaining, to permanently reduce the Revolving Loan Commitments to the full extent thereof.
Prepayments and Reductions from Asset Sales. (1) If Company or any of its Subsidiaries receives any Net Cash Proceeds in an amount equal to or greater than $2,500,000 from any Asset Sale, Company shall prepay the Loans and the Commitments shall be permanently reduced in an aggregate amount equal to the excess of such Net Cash Proceeds of such Asset Sale over the amount of such Net Cash Proceeds that the Company intends to invest in a Related Business and are so invested within 270 days of receipt by the Company or any of its Subsidiaries. Such prepayment shall be due and such reduction in Commitments shall occur on the earlier of (i) the second Business Day following a determination by a Responsible Officer that such Net Cash Proceeds will not be invested in assets or property of a Related Business or (ii) 270 days after the receipt of such Cash Proceeds, if they have not been so invested in a Related Business;
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 (other than Lakeland Canada and its Subsidiaries) of the Cash Proceeds of any Asset Sale resulting in Cash Proceeds in excess of $1,000,000 for all Asset Sales consummated subsequent to the Closing Date (the "Available Net Cash Proceeds"), (1) Company shall prepay its Acquisition Term Loans in an aggregate amount equal to such Net Cash Proceeds, (2) to the extent the amount of such Net Cash Proceeds exceeds the aggregate outstanding principal amount of the Acquisition Term Loans, Company shall prepay the Canadian Loans to the full extent thereof and (3) to the extent the amount of such Net Cash Proceeds exceeds the aggregate outstanding amount of Canadian Loans, Company shall prepay its Working Capital Revolving Loans, and the Revolving Loan Commitments shall be permanently reduced, in an aggregate amount equal to such excess. No later than the second Business Day following the date of receipt by Lakeland Canada or any of its Subsidiaries of Available Net Cash Proceeds, Lakeland Canada shall prepay its outstanding Canadian Loans in an aggregate amount equal to such Net Cash Proceeds. Concurrently with any prepayment of the Loans and/or reduction of the Working Capital Revolving Loan Commitments pursuant to this subsection 2.4C(iii)(f), Company shall deliver to 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 or a reduction of the Working Capital Revolving Loan Commitments pursuant to this subsection 2.4C(iii)(f), determine that the prepayments and/or reductions of the Working Capital Revolving Loan Commitments 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(iii)(f), Borrower shall promptly make an additional prepayment of its Loans (and, if applicable, the Working Capital Revolving Loan Commitments shall be permanently reduced), in the manner described above in an aggregate amount equal to the amount of any such deficit, and Company shall concurrently therewith deliver to Agent an Officers' Certificate demonstrating the derivation of the additional Net Cash Proceeds resulting in such deficit. Any such mandatory prepayments shall be applied as specifie...
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. No later than the second Business Day following the date of receipt by Company or any
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. 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 the Loans in an amount equal to the Net Cash Proceeds of such Asset Sale. To the extent the Net Cash Proceeds of such Asset Sale exceed the sum of:
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).
