Proceeds of Asset Dispositions. Immediately upon receipt by ------------------------------ Borrower or any of its Subsidiaries of proceeds of any Asset Disposition (in one or a series of related transactions), which proceeds exceed $10,000 (it being understood that if the proceeds exceed $10,000, the entire amount and not just the portion above $10,000 shall be subject to this subsection 2.4(B)(2)), Borrower --------------------- shall repay the Obligations in an amount equal to such proceeds.
Proceeds of Asset Dispositions. Immediately upon ------------------------------ receipt by any Borrower or any Subsidiary thereof of proceeds of any Asset Disposition (in one or a series of related transactions), which proceeds exceed $10,000 (it being understood that if the proceeds exceed $10,000, the entire amount and not just the portion above $10,000 shall be subject to this subsection 2.4(B)(2)), Borrowers shall prepay the -------------------- Obligations in an amount equal to such proceeds. Such prepayments shall be applied, first, to reduce Scheduled ----- Installments of Term Loan A, in inverse order of maturity, second, after Term Loan A shall have been repaid in full, to ------ reduce the outstanding principal balance of the Revolving Loan (and as a permanent reduction of the Revolving Loan Commitment) and, third, after Term Loan A and the outstanding principal ----- balance of the Revolving Loan shall have been repaid in full, to reduce the outstanding principal balance of Term Loan B. If Borrowers reasonably expect the proceeds of any Asset Disposition to be reinvested within 60 days to repair or replace such assets with like assets, Borrowers shall deliver the proceeds to Agent (in the same Available Currency as received by the applicable Loan Party) to be applied to the Revolving Loan and Agent shall establish a reserve against available funds for borrowing purposes under the Revolving Loan for such amount, until such time as such proceeds have been reborrowed or applied to other Obligations as set forth herein. Borrowers may, so long as no Default or Event of Default shall have occurred and be continuing, reborrow such proceeds only for such repair or replacement. If Borrowers fail to reinvest such proceeds within 60 days, Borrowers hereby authorize Lenders to make a Revolving Advance to repay the Obligations in the manner set forth in this subsection 2.4(B)(2). --------------------
Proceeds of Asset Dispositions. Immediately upon receipt by Borrower or any of its Subsidiaries of proceeds of any Asset Disposition at any time that the aggregate amount of such proceeds exceed $2,000,000 in any Fiscal Year, Borrower shall prepay the Obligations in an amount equal to the amount of such proceeds in excess of $2,000,000. If Borrower reasonably expects the proceeds of any Asset Disposition to be reinvested within 180 days to repair or replace such assets with like assets, Borrower shall deliver the proceeds to Collateral Agent to be applied to the Revolving Loan, and Borrower may, so long as no Default or Event of Default shall have occurred and be continuing, reborrow such proceeds only for such repair or replacement If Borrower fails to reinvest such proceeds within 180 days, Borrower hereby authorizes Lenders to make a Revolving Advance to repay the Term Loan as required hereby and/or if the Term Loan has been repaid, the Revolving Loan Commitment shall be permanently reduced as provided herein. All such prepayments shall be applied in payment of Scheduled Installments of the Term Loan, in inverse order of maturity, and, at any time after the Term Loan shall have been repaid in full, such payments shall be applied as a permanent reduction of the Revolving Loan Commitment.
Proceeds of Asset Dispositions. At such time that the sum of all proceeds of all Asset Dispositions (net of reasonable expenses incurred in such transactions) received by Borrower in any Fiscal Year exceeds $100,000, and such proceeds have not been immediately
Proceeds of Asset Dispositions. Immediately upon receipt by Borrower or any of its Subsidiaries of the Net Cash Proceeds of any Asset Disposition (in one or a series of related transactions), which Net Cash Proceeds exceed $1,000,000 (it being understood that if the Net Cash Proceeds exceed $1,000,000, the entire amount and not just the portion above $1,000,000 shall be subject to this subsection 2.4(B)(2)), Borrower shall prepay the Obligations in an amount equal to such Net Cash Proceeds. All such prepayments shall first be applied in repayment of the Swingline Loan until paid in full and then in repayment of the Revolving Loan. Notwithstanding anything contained in this subsection 2.4(B) or any other provision of this Agreement to the contrary, Borrower shall in any event make mandatory prepayments on the Obligations (to be first applied in repayment of the Revolving Loan until paid in full and then in repayment of the Swingline Loan) with respect to Asset Dispositions within such time periods and in such amounts so that Borrower shall not, with respect to any one or more Asset Dispositions, have
Proceeds of Asset Dispositions. (i) Subject to the provisions of subsection 2.4(B)(4), immediately upon receipt by Borrower or any of its Subsidiaries of the net proceeds of any Asset Disposition, Borrower shall prepay the Obligations in an amount equal to such net proceeds in accordance with the provisions of this subsection 2.4(B)(2). So long as no Default or Event of Default shall exist and Borrower reasonably expects the net proceeds of any Asset Disposition to be reinvested within 180 days to repair or replace such assets with like assets, Borrower shall deliver the net proceeds to Agent to be applied to the Revolving Loan, and Borrower may, so long as no Default or Event of Default shall have occurred and be continuing, reborrow such net proceeds only for such repair or replacement. If Borrower fails to reinvest such net proceeds within 180 days, such net proceeds shall be applied as set forth below. Notwithstanding anything contained in this subsection 2.4(B)(2) to the contrary, Borrower shall not be eligible to utilize the foregoing reinvestment option (a) with respect to any individual Asset Disposition in the event the net proceeds generated therefrom are greater than $50,000, (b) with respect to any individual Asset Disposition in the event Borrower shall have previously utilized during the Fiscal Year in which such Asset Disposition shall have occurred at least $200,000 in net proceeds generated from all Asset Dispositions during such Fiscal Year and (c) in the event the net proceeds arise out of a Specified Sale Leaseback Transaction. Subject to the provisions of subsection 2.4(B)(4), Borrower shall remit, or cause its Subsidiaries to remit, all such net proceeds to Agent's Account for application to the Obligations in accordance with the provisions of this subsection 2.4(B)(2).
Proceeds of Asset Dispositions. Upon the consummation of ------------------------------ one or more Asset Dispositions which results in net proceeds to one more of the Borrowers in an amount equal to or greater than $3,000,000 during any twelve month period, the Borrowers shall notify the Agent that on the next Business Day the Borrowers will make mandatory prepayments of the Revolving Acquisition Loans or Term Acquisition Loans, as applicable, in an amount equal to 100% of the net cash proceeds of such Asset Disposition or related Asset Dispositions.
Proceeds of Asset Dispositions. At such time that the sum of all proceeds of all Asset Dispositions received by Borrowers and their respective Subsidiaries exceeds $10,000,000, then any proceeds received above such amount ("Excess Proceeds") shall be subject to this subsection 2.4(B)(2). The Borrowers shall, immediately upon receipt of such Excess Proceeds, prepay the Obligations in an amount equal to such Excess Proceeds, and the Revolving Loan Commitment shall thereupon be deemed permanently reduced by the amount of such Excess Proceeds; provided, however, that, if Borrowers reasonably expect such Excess Proceeds to be reinvested within 270 days after receipt thereof to repair or replace such assets with like assets, then, immediately upon receipt of such Excess Proceeds, Borrower shall deliver to Agent a written notice to such effect and shall deliver such Excess Proceeds to Agent, and Agent, upon receipt thereof, shall apply the amount thereof to the Revolving Loans and concurrently establish a reserve against the Maximum Revolving Loan Amount in such amount. The amount of such reserve shall, provided that under all other terms and conditions of this Agreement Borrowers are then entitled to obtain a Revolving Loan in such amount, be available to be borrowed by Borrowers solely to finance the purchase or investment in such like assets within such 270 day period. If Borrowers fail to obtain a Revolving Loan in the amount of all or any portion of such reserve within such 270 day period for such purpose, then the balance of such reserve shall be eliminated at the end of such period and the Revolving Loan Commitment shall thereupon be deemed permanently reduced by such amount.
Proceeds of Asset Dispositions. At such time that the sum of all proceeds of all Asset Dispositions and all proceeds (net of underwriting discounts and commissions and all other reasonable costs associated with the transaction) from any sale or issuance of any equity or security received by Systems, Borrowers and their respective Subsidiaries exceeds $50,000, then any proceeds received above such amount ("Excess Proceeds") shall be subject to this subsection 2.4(B)(2). The Borrowers shall, immediately upon receipt of such Excess Proceeds, prepay the Obligations in an amount equal to such Excess Proceeds and, after all Obligations shall have been paid in full, deposit any remaining Excess Proceeds as cash collateral with the Lender; provided, however, that Lender shall release such cash collateral upon request of a Borrower Representative if no Default or Event of Default shall have occurred and be continuing.
Proceeds of Asset Dispositions. Immediately upon receipt by Borrower or any of its Subsidiaries of proceeds of any Asset Disposition (in one or a series of related transactions), Borrower shall prepay the Obligations in an amount equal to such proceeds. Notwithstanding the foregoing, Borrower may use the proceeds from the sale of that certain 737-200 Airframe (Serial No. 19614) to pay Parent Company Debt in accordance with subsection 7.5 herein.
