Common use of Prepayments and Reductions From Net Asset Sale Proceeds Clause in Contracts

Prepayments and Reductions From Net Asset Sale Proceeds. No later than the fifth Business Day following the date of receipt by Company or any Subsidiary Guarantor of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall either (1) prepay the Loans and/or the Revolving Loan Commitment Amount shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds or (2), so long as no 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, subject to subsection 7.3, Company or such Subsidiary intends to reinvest in equipment or other productive assets (directly or through the acquisition of Capital Stock of a Person that owns such assets) within 360 days of such date of receipt, and Company shall, or shall cause one or more of its Subsidiaries to (A) apply such portion to such reinvestment purposes or (B) no later than 360 days after receipt of such Net Asset Sale Proceeds make a prepayment of the Loans (and/or the Revolving Loan Commitment Amount shall be permanently reduced) in an amount equal to such Net Asset Sale Proceeds that are not so reinvested.

Prepayments and Reductions From Net Asset Sale Proceeds. No later than the fifth first Business Day following the date of receipt by Company Borrower or any Subsidiary Guarantor of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall either (1) Borrower shall prepay the Loans and/or (2) the Revolving Loan Commitment Amount 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 (2), so long as no Event any of Default its Subsidiaries from any Asset Sales permitted under subsection 7.7 shall have occurred and be continuing, deliver 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 an Officer’s Certificate setting forth that portion 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 that, subject to subsection 7.3, Company or such Subsidiary intends to reinvest in equipment or other productive assets (directly or through the acquisition of Capital Stock of a Person that owns such assets) within 360 days of such date of receipt, and Company shall, or shall cause one or more of its Subsidiaries to (A) apply such portion to such reinvestment purposes or (B) no later than 360 days after receipt of such Net Asset Sale Proceeds make a prepayment of the Loans (and/or the Revolving Loan Commitment Amount shall be permanently reduced) in an amount equal to such Net Asset Sale Proceeds that are not so reinvestedreinvested 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).