Common use of Prepayments and Reductions from Asset Sales Clause in Contracts

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. On No later than the same second Business Day a Credit Party or any following the date of its Subsidiaries receives receipt by Borrower of Cash Proceeds of any Asset Sale, Company Borrower shall prepay the Revolving prepay, without premium or penalty (other than pursuant to subsection 2.6D), 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)(a2.4C(ii)(a), Company Borrower 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 Borrower 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)(a2.4C(ii)(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)(a2.4C(ii)(a), Company Borrower shall promptly make an additional prepayment of the Revolving Loans (and Loans, as the Revolving Loan Commitments shall be permanently reduced)case may be, in the manner described above in an amount equal to the amount of any such deficit, and Company Borrower 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)(a2.4C(ii)(a) shall be applied as specified in subsection 2.4B(iv2.4C(iii).

Prepayments and Reductions from Asset Sales. On No later than the same second Business Day a Credit Party following the date of receipt by Company or any of its Subsidiaries receives of Cash Proceeds of any Asset Sale, except from the sale of Development Properties, Company shall prepay the Revolving Loans and the Revolving Loan Commitments shall be permanently reduced in an amount equal to the use all Net Cash Proceeds of from such Asset SaleSale to prepay the Loans to the full extent thereof. The sale of Development Properties shall not result in a mandatory prepayment pursuant to this subsection 2.4B(ii)(a). Concurrently with any prepayment of the Loans and the reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a2.4B(ii)(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 or a reduction of the Revolving Loan Commitments Loans pursuant to this subsection 2.4B(iii)(a2.4B(ii)(a), determine that the prepayments and the reductions of the Revolving Loan Commitments Loans 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)(a2.4B(ii)(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 Loans pursuant to this subsection 2.4B(iii)(a2.4B(ii)(a) shall be applied as specified in subsection 2.4B(iv2.4C(iii).

Prepayments and Reductions from Asset Sales. On No later than the same second Business Day a Credit Party or any following the date of its Subsidiaries receives receipt by Borrower of Cash Proceeds of any Asset Sale, Company Borrower shall prepay the Revolving prepay, without premium or penalty (other than pursuant to subsection 2.6D), 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)(a2.4C(ii)(a), Company 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 Company Borrower 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)(a2.4C(ii)(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)(a2.4C(ii)(a), Company Borrower shall promptly make an additional prepayment of the Revolving Loans (and Loans, as the Revolving Loan Commitments shall be permanently reduced)case may be, in the manner described above in an amount equal to the amount of any such deficit, and Company 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 or reductions of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a2.4C(ii)(a) shall be applied as specified in subsection 2.4B(iv2.4C(iii).

Prepayments and Reductions from Asset Sales. On No later than ------------------------------------------- the same second Business Day a Credit Party following the date of receipt by Company or any of its Subsidiaries receives of the Net Cash Proceeds of any Asset Sale, Company shall prepay the Revolving Loans and (and/or the Revolving Loan Commitments shall be permanently reduced reduced) in an aggregate amount equal to the 100% of such Net Cash Proceeds of such Asset SaleProceeds. Concurrently with any prepayment of the Loans and the and/or reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a), Company shall deliver to Administrative Agent an Officers' Officer's 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 Net Cash Proceeds of any Asset Sale requiring a prepayment and or a reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a), determine that the prepayments and the and/or 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 cause to be made an additional prepayment of the Revolving Loans (and and/or reduction in the Revolving Loan Commitments shall be permanently reduced), in the manner described above Commitments) in an amount equal to the amount of any such deficit, and Company shall concurrently therewith deliver to Administrative Agent an Officers' Officer's 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. On No later than the same second Business Day a Credit Party following the date of receipt by Company or any of its Subsidiaries receives of the Net Cash Proceeds of any Asset Sale, Company shall prepay the Revolving Loans and (and/or the Revolving Loan Commitments shall be permanently reduced reduced) in an aggregate amount equal to the 100% of such Net Cash Proceeds of such Asset SaleProceeds. Concurrently with any prepayment of the Loans and the and/or reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a2.4B(iii)(a)(or any purchase of accounts receivable or other reduction under the Receivables Purchase Agreement pursuant to subsection 2.4B(iii)(g) with Net Cash Proceeds), Company shall deliver to the Administrative Agent an Officers' Officer's 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 Net Cash Proceeds of any Asset Sale requiring a prepayment and or a reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a), determine that the prepayments and the and/or 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 cause to be made an additional prepayment of the Revolving Loans (and and/or reduction in the Revolving Loan Commitments shall be permanently reduced), in the manner described above Commitments) in an amount equal to the amount of any such deficit, and Company shall concurrently therewith deliver to Administrative Agent an Officers' Officer's 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. On No later than the same first Business Day a Credit Party following the date of receipt by the Borrower or any of its Subsidiaries receives of the Cash Proceeds of any Asset Sale, Company the Borrower shall prepay the Revolving Loans and (and/or the Revolving Loan Commitments shall be permanently reduced reduced) in an the amount equal to the of such applicable Net Cash Proceeds of such Asset SaleProceeds. Concurrently with any prepayment of the Loans and the and/or reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(a2.4.2(c)(i), Company the Borrower shall deliver to the Agent an Officers' Officer's 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 the Borrower shall, at any time after receipt of Cash Proceeds of any Asset Sale requiring a prepayment and or a reduction of the Revolving Loan Commitments pursuant to this subsection 2.4B(iii)(aSection 2.4.2(c)(i), determine that the prepayments and the and/or 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)(aSection 2.4.2(c)(i), Company the Borrower shall promptly make cause to be made an additional prepayment of the Revolving Loans (and and/or reduction in the Revolving Loan Commitments shall be permanently reduced), in the manner described above Commitments) in an amount equal to the amount of any such deficit, and Company the Borrower shall concurrently therewith deliver to the Agent an Officers' Officer's 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. On No later than the same second Business Day a Credit Party or any following the date of its Subsidiaries receives receipt by the Borrower of Cash Proceeds of any Asset Sale, Company the Borrower shall prepay the Revolving prepay, without premium or penalty (other than pursuant to subsection 2.6D), 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)(a2.4C(ii)(a), Company the Borrower shall deliver to the 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 Company the Borrower 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)(a2.4C(ii)(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)(a2.4C(ii)(a), Company the Borrower shall promptly make an additional prepayment of the Revolving Loans (and Loans, as the Revolving Loan Commitments shall be permanently reduced)case may be, in the manner described above in an amount equal to the amount of any such deficit, and Company the Borrower shall concurrently therewith deliver to the Administrative 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)(a2.4C(ii)(a) shall be applied as specified in subsection 2.4B(iv2.4C(iii).