Prepayments from Asset Dispositions Sample Clauses

Prepayments from Asset Dispositions. Within five (5) Business Days after the receipt by a Credit Party or any Subsidiary of a Credit Party of any Net Cash Proceeds from an Asset Sale or Net Casualty/Condemnation Proceeds, the Borrower shall cause 100% of such Net Cash Proceeds or Net Casualty/Condemnation Proceeds to be applied to prepay the Loans; provided however that if the Borrower notifies each of the Administrative Agent and the Revolving Agent in writing within such five (5) Business Day period that the applicable Credit Party or Subsidiary has applied or intends to apply such Net Cash Proceeds to acquire, maintain, develop, construct, improve, upgrade, replace, repair or invest in long term assets used or useful in the business of such Credit Party or such applicable Subsidiary or any other Credit Party, then the applicable Credit Party or Subsidiary, shall, so long as no Event of Default shall have occurred and be continuing, be permitted to use such proceeds as notified to the Administrative Agent and the Revolving Agent within two hundred seventy (270) days of the receipt thereof; provided further, that to the extent such proceeds have not been used or irrevocably committed to be used for such a purpose within two hundred seventy (270) days of the receipt thereof, such Net Cash Proceeds or Net Casualty/Condemnation Proceeds shall be applied to prepay the Loans in accordance with Section 1.09. All prepayments under this Section 2.02(a) shall be accompanied by all accrued and unpaid interest on the Loans being prepaid and, in the case of any prepayment under this Section 2.02(a) resulting from the receipt of Net Cash Proceeds, the applicable Prepayment Fee (which, subject to Section 1.09, shall be deducted from such Net Cash Proceeds prior to the application of such Net Cash Proceeds in prepayment of the Loans in accordance with the terms of the preceding sentence).

Prepayments from Asset Dispositions. (i) Except as otherwise provided in Section 1.6(f) hereof, promptly upon receipt of any Net Proceeds received by any US Credit Party in excess of the Dollar Equivalent of $5,000,000 in the aggregate during any Fiscal Year, US Borrowers shall prepay the US Tranche A Loans and US Tranche A1 Loans in an amount equal to such Net Proceeds, except that US Borrowers or their Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days, in productive replacement fixed assets of a kind then used or usable in the business of US Borrowers. If US Borrowers do not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without US Borrowers having reinvested the Net Proceeds of any such Asset Disposition or if such Net Proceeds are attributable to a working capital, earnings, balance sheet or similar adjustment under any acquisition agreement or similar purchase agreement, US Borrowers shall prepay the US Tranche A Loans and US Tranche A1 Loans in an amount equal to such remaining Net Proceeds in accordance with Section 1.6(e). (ii) Except as otherwise provided in Section 1.6(f) hereof, promptly upon receipt of any Net Proceeds received by any Canadian Credit Party in excess of the Dollar Equivalent of $5,000,000 in the aggregate during any Fiscal Year, Canadian Borrowers shall prepay the Canadian Tranche A Loans and Canadian Tranche A1 Loans in an amount equal to such Net Proceeds, except that Canadian Borrowers or their Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days, in productive replacement fixed assets of a kind then used or usable in the business of Canadian Borrowers. If Canadian Borrowers do not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Canadian Borrowers having reinvested the Net Proceeds of any such Asset Disposition or if such Net Proceeds are attributable to a working capital, earnings, balance sheet or similar adjustment under any acquisition agreement or similar purchase agreement, Canadian Borrowers shall prepay the Canadian Tranche A Loans and Canadian Tranche A1 Loans in an amount equal to such remaining Net Proceeds in accordance with Section 1.6(e).

Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds, Borrowers shall repay the Revolving Credit Advances (without reduction of the Revolving Loan Commitment) by an amount equal to the amount of any reduction in the Borrowing Base attributable to the Asset Disposition giving rise to such Net Proceeds to the extent that any such reduction would result in the outstanding principal balance of the Revolving Loan exceeding the maximum amount of Revolving Loan permitted to be outstanding. Except as provided in the foregoing sentence, to the extent Borrowers have received less than $750,000 in the applicable Fiscal Year, Borrowers may retain such Net Proceeds. To the extent Borrower have received Net Proceeds in excess of $750,000 during the applicable Fiscal Year, Borrowers or their Subsidiaries may reinvest all remaining Net Proceeds of such Asset Disposition in productive replacement fixed assets of a kind then used or usable in the business of Borrowers; provided, Borrowers must have contracted to reinvest such funds within ninety (90) days and must have reinvested such funds within one hundred eighty (180) days. If Borrowers do not intend to so reinvest such Net Proceeds or if a period set forth in the immediately preceding sentence expires without Borrowers having contracted to reinvest or reinvested such Net Proceeds, as applicable, Borrowers shall prepay the Term Loans in an amount equal to such remaining Net Proceeds of such Asset Disposition. The payments shall be applied in accordance with Section 1.5(e). A reserve shall be established against the Borrowing Base in the amount of any such Net Proceeds that Borrowers intend to reinvest until such Net Proceeds are reinvested or are applied to repay the Term Loans.

Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds in excess of $1,000,000 in the aggregate during any Fiscal Year, Borrower shall prepay the Loans in an amount equal to such Net Proceeds, except that Borrower or its Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days, in fixed assets. If Borrower does not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Borrower having reinvested the Net Proceeds of any such Asset Disposition, Borrower shall prepay the Loans in an amount equal to such remaining Net Proceeds in accordance with Section 1.5(f).

Prepayments from Asset Dispositions. (i) Within 2 Business Days of receipt by the Borrower or any of its Subsidiaries of the Net Proceeds of the sale of the Borrower's narrow fabrics business, the Borrower shall apply the Net Proceeds to the outstanding balance of the Revolving Credit Loans. Within 5 Business Days of the date of the Borrower's or any Subsidiary's receipt of the Net Proceeds from such sale, the Borrower shall make a prepayment of principal on the Term Loan in an amount equal to 110% of the amount loaned to the Borrower under the Term Loan with respect to the fixed assets subject to such sale, which Term Loan prepayment shall be advanced by the Agent as a Revolving Credit Loan. In the event a Contingent Liability Reserve was deducted from the sale proceeds in order to calculate Net Proceeds, the amount of such Contingent Liability Reserve shall be reserved against the Borrowing Base by the Agent until such time as the actual amount of liability is determined. (ii) Within 2 Business Days of receipt by the Borrower or any of its Subsidiaries of the Net Proceeds of any other permitted Asset Disposition (including the disposition of plant and equipment held for disposal as of the Agreement Date and the disposition of the Borrower's hosiery plant located in Robbins, North Carolina), the Borrower shall apply the Net Proceeds to the outstanding balance of the Revolving Credit Loans. Within 5 Business Days of the date of the Borrower's or any Subsidiary's receipt of the Net Proceeds from such sale, if such sale was of assets other than Equipment, or within 15 Business Days of the end of the fiscal month in which such Equipment was sold, if such sale was of Equipment, the Borrower shall make a prepayment of principal on the Term Loan in an amount equal to 80% of the Net Proceeds from such Asset Disposition or, if greater, the amount originally loaned to the Borrower under the Term Loan with respect to the disposed assets, which Term Loan prepayment shall be advanced by the Agent as a Revolving Credit Loan; provided no such repayment of the Revolving Credit Loan or prepayment of the Term Loan shall be required with respect to Net Proceeds not in excess of $250,000 during any fiscal year from permitted Asset Dispositions (other than the sale of Borrower's narrow fabrics business, the disposition of plant and equipment held for disposal as of the Agreement Date, and the disposition of the Borrower's hosiery plant located in Robbins, North Carolina). In the event a Contingent Liability Rese...

Prepayments from Asset Dispositions. Immediately upon receipt by the Borrower or any of its Subsidiaries of the Net Proceeds of any Asset Disposition, the Borrower shall make a prepayment in respect of the Obligations equal to the amount of such Net Proceeds of such Asset Disposition.

Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds in excess of $100,000 in the aggregate during any Fiscal Year, Borrower shall prepay the Loans in an amount equal to such Net Proceeds, except that Borrower or its Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days or irrevocably commit to a third party in writing to reinvest such Net Proceeds within 180 days, in assets usable in the business of the Borrower and its Subsidiaries. If Borrower does not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Borrower having reinvested or irrevocably committed to a third party in writing to reinvest the Net Proceeds of any such Asset Disposition or if such Net Proceeds are attributable to a working capital, earnings, balance sheet or similar adjustment under the Acquisition Agreement, Borrower shall prepay the Loans in an amount equal to such remaining Net Proceeds in accordance with Section 2.5(e).

Prepayments from Asset Dispositions. The Borrower shall, within five days of the receipt of any Net Proceeds related to an Asset Disposition, prepay the outstanding Loans as of such date in an aggregate amount equal to the Net Proceeds of such Asset Disposition. For purposes of this Section 2.14, the following terms shall have the following meanings:

Prepayments from Asset Dispositions. (i) Immediately (except as provided below in this paragraph (C)) upon receipt of the Net Proceeds from the sale of any current assets (as determined in accordance with GAAP) in the ordinary course of business, which Net Proceeds exceed $750,000 in any fiscal year, Borrower shall prepay the outstanding principal balance of the Revolving Loan by the amount equal to that portion of such Net Proceeds in excess of $750,000. (ii) Immediately upon receipt of the Net Proceeds from the sale of any assets, other than current assets (as determined in accordance with GAAP) in the ordinary course of business, which Net Proceeds exceed $750,000 in any fiscal year, Borrower shall prepay the Loans in an amount equal to that portion of such Net Proceeds in excess of $750,000, which payments under this clause (ii) shall be applied in accordance with subsection 1.5(F). (iii) In the event that any sale includes both current and non-current assets, the Net Proceeds shall be apportioned by Borrower with the consent of Agent. Notwithstanding the foregoing, (x) Borrower may reinvest, within one hundred eighty (180) days, the Net Proceeds of any sale of assets in productive assets of a kind then used or usable in the business of Borrower and the requirement to make a prepayment under this paragraph (C) with the balance, if any, of any such Net Proceeds otherwise required to be so prepaid shall be postponed until the expiration of such 180 day period or the date on which Borrower determines not so to reinvest, whichever is earlier and (y) the provisions of this subsection 1.5(C) shall not apply to the receipt of Net Proceeds arising from the Nascar Sale/Leaseback.

Prepayments from Asset Dispositions. Immediately upon receipt of the Net Proceeds in excess of $1,000,000 for any single transaction or series of related transactions, Borrower shall repay the outstanding principal balance of the Term Loan by the amount of such Net Proceeds. In lieu of prepayment of the Term Loan Borrower or any Subsidiary may elect to reinvest said Net Proceeds of such Asset Disposition, within one year, in productive assets of a kind then used or usable in the business of Borrower and its Subsidiaries. If Borrower does not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Borrower having reinvested such Net Proceeds, Borrower shall prepay the Term Loan in an amount equal to said Net Proceeds (or the remaining portion not so reinvested). The payments shall be applied in accordance with subsection 1.5(E).