Prepayments and Reductions From Net Asset Sale Proceeds. No later than the tenth Business Day following 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 either (1) prepay the Term Loans in an aggregate amount equal to such Net Asset Sale Proceeds (provided that Company may defer making any such prepayment until the cumulative amount of such Net Asset Sale Proceeds to be applied to the prepayment of the Term Loans exceeds $1,500,000) or (2) so long as no Potential Event of Default or Event of Default shall have occurred and be continuing, deliver to Administrative Agent an Officer’s Certificate setting forth that portion of such Net Asset Sale Proceeds that Company or such Subsidiary intends to reinvest in equipment or other productive assets of the general type used in the business of Company and its Subsidiaries or in connection with Permitted Acquisitions within 270 days of such date of receipt, and Company shall, or shall cause one or more of its Subsidiaries to, promptly and diligently apply such portion to such reinvestment purposes; provided, however, that, pending such reinvestment, such portion of the Net Asset Sale Proceeds may be applied to prepay outstanding Revolving Loans (without a reduction in the Revolving Loan Commitment Amount) to the full extent thereof. In addition, to the extent that such Net Asset Sale Proceeds have not theretofore been applied to the Obligations or that have not been so reinvested as provided above, Company shall make an additional prepayment of the Term Loans in an amount equal to such unapplied Net Asset Sale Proceeds.
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by Borrower or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, (1) Borrower shall prepay the Loans and/or (2) the Revolving Loan Commitments shall be permanently reduced in an aggregate amount equal to 100% of the amount of such Net Asset Sale Proceeds; provided, however, that such Net Asset Sale Proceeds received by Borrower or any of its Subsidiaries from any Asset Sales permitted under subsection 7.7 shall be excluded from the requirements of this subsection 2.4B(iii)(a) to the extent such proceeds are reinvested or Borrower has committed to the Administrative Agent and the Lenders in writing to reinvest such proceeds in a Related Business within 180 days after receipt of such proceeds; provided further that, if any such Net Asset Sale Proceeds are not so reinvested or Borrower has not committed in writing to reinvest such proceeds within such 180 day period, then such proceeds shall be applied as required by this subsection 2.4B(iii)(a).
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following 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 prepay the Loans and the Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds.
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by a Loan Party or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Borrower shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds. Notwithstanding the preceding sentence, such prepayment shall not be required to the extent that a Loan Party or any of its Subsidiaries reinvests the Net Asset Sale Proceeds within 180 days after the date of such Net Asset Sale by making Consolidated Capital Expenditures for productive fixed assets of a kind used or usable in the business of the Loan Parties and their Subsidiaries.
Prepayments and Reductions From Net Asset Sale Proceeds. Subsection 2.4A(iii)(a) of the Credit Agreement is hereby amended by deleting the proviso contained therein in its entirety and substituting the following therefor: "PROVIDED, HOWEVER, that up to $10,000,000 of Net Asset Sale Proceeds received by Borrowers and their respective Subsidiaries from Asset Sales permitted under subsection 7.7(iv) shall be used to prepay Loans, but shall not be required to be used to permanently reduce Revolving Loan Commitments pursuant to this subsection 2.4A(iii)(a), so long as such proceeds are reinvested by Borrowers or their Subsidiaries within 180 days after receipt of such proceeds in similar assets of similar fair market value."
Prepayments and Reductions From Net Asset Sale Proceeds. Promptly, but not later than 5 Business 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 either: (First Amended and Restated Credit Agreement)
Prepayments and Reductions From Net Asset Sale Proceeds. Subsection 2.4B(iii)(a) of the Credit Agreement is hereby amended by adding the following after the first sentence thereof: “In the case of an Asset Sale by a Foreign Loan Party, Borrower shall cause such Foreign Loan Party to either (1) prepay the Intercompany Loans made to such Foreign Loan Party or (2) reinvest such Net Asset Sale Proceeds to the extent permitted pursuant to the preceding clause (2). To the extent that the Net Asset Sale Proceeds receivable by any Foreign Loan Party exceed the aggregate outstanding amount of such Foreign Loan Party’s Intercompany Loans, Borrower shall prepay the Loans of Borrower in an aggregate amount equal to such excess proceeds and the Revolving Loan Commitments shall be permanently reduced in an amount equal to such excess proceeds.”
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by Borrowers or any of their Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale (other than Net Asset Sale Proceeds in respect of the sale of (i) any obsolete worn out or surplus assets or assets no longer used or useful in the business of the Project, (ii) construction equipment having a fair market value not in excess of $4,000,000 prior to Completion or during the first year following Completion, and (iii) any heating, ventilation, air conditioning and similar property, with a fair market value in the aggregate not exceeding $2,500,000 sold to the HVAC Provider pursuant to documents reasonably satisfactory to Scotiabank, as Administrative Agent, but only in each case to the extent reinvested in the business of Borrowers or such Subsidiary within 180 days of receipt), Borrowers shall prepay the Loans and/or the Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds.
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the earlier to occur of (1) the third Business Day following the date of receipt, or if Company would incur breakage costs as a result of a prepayment on such date, on the earlier to occur of the first such date thereafter on which no such breakage costs are incurred or 30 days after such date of receipt, by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale in an aggregate cumulative amount equal to or exceeding $5,000,000; and (2) the date of the occurrence of any Event of Default or Potential Event of Default, Company shall prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced in an amount equal to such Net Asset Sale Proceeds; provided, however, that so long as no Event of Default or Potential Event of Default shall have occurred and be continuing, the following Net Asset Sale Proceeds received by Company and its Subsidiaries from and after the Closing Date need not be applied to the mandatory prepayment of the Loans pursuant to this subsection 2.4B(iii)(a):
Prepayments and Reductions From Net Asset Sale Proceeds. No ------------------------------------------------------- later than the first Business Day following 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 prepay the Loans and the Commitments shall be permanently reduced in an aggregate amount equal to 100% of such Net Asset Sale Proceeds; provided, however, that so long as no Event of Default or -------- ------- Potential Event of Default has occurred and is continuing at the time of such sale all proceeds from the sale of the Coronet 1 & 2 theatres may be retained and used by Company and its Subsidiaries."
