Prepayments from Sales of Assets. Within two Business Days (or, if later, at the end of any Interest Period for any LIBOR Advance outstanding on the date of receipt by the Borrower, but in any event not later than thirty days) after receipt of Net Cash Proceeds from the sale or disposition after the date hereof by the Borrower or any Restricted Subsidiary of any assets, (other than sales or dispositions of Equity Interests of any such Restricted Subsidiary or assets expressly permitted pursuant to clauses (a) through (c), (e), (f), (g), (h) or (i) of Section 7.5 hereof), the Borrower shall prepay the Term Loan Advances (and, thereafter, the Revolving Credit Advances when there are no Term Loan Advances outstanding) in a principal amount equal to 75% of the amount of such Net Cash Proceeds (the "Asset Sale Prepayment Amount"), provided, however to the extent that any Institutional Debt (other than Subordinated Debt) is required to be prepaid pursuant to the terms of the applicable documentation governing such Institutional Debt, the Asset Sale Prepayment Amount shall be adjusted to be an amount (the "Adjusted Asset Sale Prepayment Amount") equal to the Asset Sale Prepayment Amount multiplied by a fraction, the numerator of which is the outstanding principal amount of Advances and the denominator of which is the sum of the outstanding principal amount or accreted value of Advances and such Institutional Debt, provided that to the extent an amount of such Net Cash Proceeds equal to the Asset Sale Prepayment Amount less the Adjusted Asset Sale Prepayment Amount is not utilized to redeem or repay Institutional Debt in accordance with the terms of the applicable documents in respect of such Institutional Debt, such excess amount shall be applied to repay Term Loan Advances (and, thereafter, the Revolving Credit Advances when there are no Term Loss Advances outstanding). Each such prepayment of Term Loan Advances pursuant to this SECTION 2.5(c) shall be applied pro rata to the unpaid scheduled installment payments of the Term Loans. Any such prepayment of Revolving Credit Advances pursuant to this SECTION 2.5(c) shall permanently reduce the Revolving Credit Commitment by the amount of such prepayment.
Prepayments from Sales of Assets. Concurrently with the receipt of Net Cash Proceeds from the sale or disposition by the Borrower or any Restricted Subsidiary of the Borrower of any assets, including any Equity of any such Subsidiary (other than sales or dispositions of assets permitted pursuant to (A) clauses (i) through (iii) of SECTION 7.4(a) hereof, (B) clause (viii) of SECTION 7.4(a) hereof, to the extent that the aggregate book value of assets sold pursuant to such clause (vii) during any fiscal year does not exceed $1,000,000, (C) SECTION 7.16 hereof and (D) the Regency Sale Leaseback), the Borrower shall apply (i) an amount equal to 100% of such aggregate Net Cash Proceeds at any time that the Leverage Ratio for the fiscal quarter immediately preceding such sale or disposition (but computed after giving effect on a pro forma basis to the application of Net Cash Proceeds thereof as provided herein) is equal to or greater than 5.50 to 1 or (ii) an amount equal to 50% of such aggregate Net Cash Proceeds (excluding, however, any amount of such Net Cash Proceeds which are used within 180 days of such sale or disposition to purchase assets to be used in the business of the Borrower and its Restricted Subsidiaries described in SECTION 4.1(d) hereof) at any time that the Leverage Ratio for the fiscal quarter immediately preceding such sale or disposition (but computed after giving effect on a pro forma basis to the application of Net Cash Proceeds thereof as provided herein) is less than 5.50 to 1 to prepay Facility A Term Loan Advances, Facility B Term Loan Advances and Facility C Term Loan Advances (and, thereafter, Revolving Credit Advances (or provide cash collateral in the amount of such Net Cash Proceeds for the outstanding Reimbursement Obligations to the extent that Revolving Credit Advances are not outstanding) when there are no Facility A Term Loan Advances, Facility B Term Loan Advances and Facility C Term Loan Advances outstanding). Each such prepayment of Facility A Term Loan Advances, Facility B Term Loan Advances and Facility C Term Loan Advances shall be applied PRO RATA to all of the unpaid scheduled installment payments of the Facility A Term Loan Advances, Facility B Term Loan Advances and Facility C Term Loan Advances, in each case PRO RATA based upon the respective principal amounts of such installment payments then unpaid. Any prepayment of Revolving Credit Advances pursuant to this SECTION 2.5(c) shall permanently reduce the Revolving Credit Commitment by the amount ...
Prepayments from Sales of Assets. Within 10 Business Days of the receipt of Net Cash Proceeds from the sale or disposition by the Borrower or any of its Subsidiaries of any assets (including the Capital Stock of any Subsidiary) (other than any such sales or dispositions permitted without compliance herewith under clauses (a) through (g) of Section 7.5 hereof), the Borrower shall prepay Facility A Term Loan Advances and Facility B Term Loan Advances in an aggregate principal amount equal to 100% of such Net Cash Proceeds received. Each such prepayment shall be applied as provided in Section 2.5(c) hereof.
Prepayments from Sales of Assets. Within two Business Days of the receipt of Net Cash Proceeds from the sale or disposition by the Borrower or any of its Subsidiaries of any assets (including the Capital Stock of any Subsidiary) (other than any such sales or dispositions permitted under Section 7.7 hereof other than Section 7.7(a)(vii) thereof), the Borrower shall prepay Facility A Term Loan Advances and Facility B Term Loan Advances in an aggregate principal amount equal to 100% of such Net Cash Proceeds received. At such time, if any, as the Facility A Term Loan Advances and the Facility B Term Loan Advances have been paid in full, the Borrower shall prepay the outstanding Revolving Credit Advances in an aggregate principal amount equal to 100% of such Net Cash Proceeds received. Each such prepayment shall be applied as provided in Section 2.5(c) hereof.
Prepayments from Sales of Assets. Concurrently with the receipt of Net Cash Proceeds by any Loan Party or any of their respective Subsidiaries from the sale or disposition of any assets which constitute 5% or more of the consolidated net assets of the Loan Parties and their Subsidiaries in the aggregate as of the date of sale and which are permitted to be sold or disposed of pursuant to Section 6.13(ii) of this Agreement, the Borrower shall prepay Advances in a principal amount equal to 100% of such Net Cash Proceeds, which prepayment shall be applied first to the Floating Rate Advances and second to the Eurodollar Advances (but such prepayment shall not reduce the Commitments in such amount).
Prepayments from Sales of Assets. Within 10 Business Days of the receipt of Net Cash Proceeds from the sale or disposition by the Borrower or any of its Subsidiaries of any assets (including the Capital Stock of any Subsidiary) (other than any such sales or dispositions permitted under Sections 7.5(a) through (j) hereof), the Borrower shall prepay Facility A Term Loan Advances and Facility B Term Loan Advances in an aggregate principal amount equal to the lesser of (A) 100% of such Net Cash Proceeds received or (B) an amount, if any, which would result in the Leverage Ratio being less than 3.50 to 1 after such prepayment. Each such prepayment shall be applied as provided in Section 2.5(g) hereof.
Prepayments from Sales of Assets. Concurrently with the receipt of Net Cash Proceeds from the sale or disposition by the Borrower or any Restricted Subsidiary of the Borrower of any assets, including any Equity of any such Subsidiary (other than sales or dispositions of assets permitted pursuant to (A) clauses (i) through (iii) of SECTION 7.4(a) hereof and (B) clause (vii) of SECTION 7.4(a) hereof, to the extent that the aggregate book value of assets sold pursuant to such clause (vii) during the term of this Agreement does not exceed $1,000,000 and (B) the Regency Sale Leaseback), the Borrower shall prepay Facility A Term Loan Advances, Facility B Term Loan Advances and Facility C Term Loan Advances (and, thereafter, Revolving Credit Advances when there are no Facility A Term Loan Advances, Facility B Term Loan Advances and Facility C Term Loan Advances outstanding) in a principal amount equal to the amount of such Net Cash Proceeds. Each such prepayment of Facility A Term Loan Advances, Facility B Term Loan Advances and Facility C Term Loan Advances shall be applied to all of the unpaid Facility A Term Loan Advances, Facility B Term Loan Advances and Facility C Term Loan Advances, in each case PRO RATA based upon the respective principal amounts then unpaid. Any prepayment of Revolving Credit Advances pursuant to this SECTION 2.5(c) shall permanently reduce the Revolving Credit Commitment by the amount of such prepayment.
Prepayments from Sales of Assets. Concurrently with the receipt of Net -------------------------------- Cash Proceeds from the sale or disposition by the Borrower or any Subsidiary of the Borrower of any assets, including any Equity Interests of any such Subsidiary (other than sales or dispositions of assets (i) expressly permitted pursuant to clauses (a) through (c) of Section 7.5 hereof or (ii) the aggregate ----------- amount of Net Cash Proceeds of which during any fiscal year do not exceed $1,000,000), the Borrower shall prepay Facility A Term Loan Advances and Facility B Term Loan Advances in an amount equal to the lesser of (a) the amount of such Net Cash Proceeds or (b) an amount, if any, which would result in the Leverage Ratio being less than 3.00 to 1 after such prepayment. Each such prepayment shall be applied pro rata to all of the unpaid scheduled installment -------- payments of the Facility A Term Loans and the Facility B Term Loans, in each case pro rata based upon the respective principal amounts of such installment -------- payments then unpaid.
Prepayments from Sales of Assets. Concurrently with the receipt of Net Cash Proceeds from the sale or disposition by the Borrower or any Subsidiary of the Borrower of any assets (other than the sale or disposition of (i) inventory in the ordinary course of business, (ii) obsolete or worn-out equipment in the ordinary course of business, (iii) assets, the Net Cash Proceeds of which are reinvested as provided in SECTION 7.5(c) hereof, and (iv) assets or a series of related assets of a value (determined at the greater or book or fair market value) in an aggregate amount during any Fiscal Year not in excess of $1,000,000, the Borrower shall prepay Revolving Credit Advances in a principal amount equal to the amount of such Net Cash Proceeds. Any such prepayments shall be applied to permanently reduce the Revolving Credit Commitment.
Prepayments from Sales of Assets. Concurrently with the receipt of Net Cash Proceeds from the sale or disposition by the Borrower or any of its Subsidiaries of any assets (other than sales or dispositions of assets (i) expressly permitted pursuant to clauses (a) through (e) of Section 7.5 hereof or (ii) the aggregate amount of Net Cash Proceeds of which during any fiscal year do not exceed $5,000,000), the Borrower shall prepay Facility A Term Loan Advances and Facility B Term Loan Advances in an amount equal to the lesser of (a) 100% of such Net Cash Proceeds or (b) an amount, if any, which would result in the Leverage Ratio being less than 4.00 to 1 after such prepayment. Each such prepayment shall be applied pro rata to all of the unpaid scheduled installment payments of the Facility A Term Loan Advances and the Facility B Term Loan Advances, in each case pro rata based upon the respective principal amounts of such installment payments then unpaid.
