Common use of Proceeds of Asset Dispositions Clause in Contracts

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. Immediately upon receipt by Borrower or any of its Subsidiaries of proceeds of any Asset Disposition at any time that the aggregate amount (in one or a series of such related transactions), which proceeds exceed $2,000,000 in any Fiscal Year5,000 (it being understood that if the proceeds exceed $5,000, the entire amount and not just the portion above $5,000 shall be subject to this subsection 2.4(B)(2), Borrower shall prepay the Obligations in an amount equal to such proceeds. All such prepayments shall first be applied in payment of Scheduled Installments of Term Loan A in inverse order of maturity and, at any time after Term Loan A shall have been repaid in full, such payments shall be applied as a permanent reduction of the amount of such proceeds in excess of $2,000,000Revolving Loan Commitment. 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 LoanLoan and Agent shall establish a reserve against available funds for borrowing purposes under the Revolving Loan for such amount, and until such time as such proceeds have been re-borrowed or applied to other Obligations as set forth herein. 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 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 Obligations in the Term Loan has been repaid, the Revolving Loan Commitment shall be permanently reduced as provided herein. All such prepayments shall be applied manner set forth 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 Commitmentthis subsection 2.4(B)(2).

Proceeds of Asset Dispositions. Immediately For so long as any portion of either Term Loan remains outstanding, immediately upon receipt by a Borrower or any of its Subsidiaries of proceeds of any Asset Disposition at any time that the aggregate amount (in one or a series of such related transactions), which proceeds exceed $2,000,000 in any Fiscal Year10,000 (it being understood that if the proceeds exceed $10,000, Borrower 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 Term Loans in an amount equal to the amount of such proceeds in excess of $2,000,000proceeds. If Borrower Borrowers reasonably expects expect the proceeds of any Asset Disposition to be reinvested within 180 days to repair or replace such assets with like assets, Borrower Borrowers shall deliver the proceeds to Collateral Agent Lender to be applied to the Revolving Loan, and Borrower 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 replacement. If Borrower fails Borrowers fail to reinvest such proceeds within 180 days, Borrower Borrowers hereby authorizes Lenders authorize Lender to make a Revolving Advance Loan to repay the Term Loan Loans as required hereby and/or if the Term Loan has been repaid, the Revolving Loan Commitment shall be permanently reduced as provided hereinhereby. All such prepayments shall be applied first in payment of Scheduled Installments of Term Loan B in the inverse order of maturity and second in payment of Scheduled Installments of Term Loan, Loan A in the 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. Immediately upon receipt by any Borrower or any of its Subsidiaries of proceeds of any Asset Disposition at any time that the aggregate amount (in one or a series of such related transactions), which proceeds exceed $2,000,000 in any Fiscal Year50,000 (it being understood that if the proceeds exceed $50,000, Borrower the entire amount and not just the portion above $50,000 shall be subject to this subsection 2.4(B)(2)), Borrowers shall prepay the Obligations in an amount equal to the amount of such proceeds in excess of $2,000,000proceeds. If Borrower Borrowers reasonably expects expect the proceeds of any Asset Disposition to be reinvested within 180 days to repair or replace such assets with like assets, Borrower Borrowers shall deliver the proceeds to Collateral Agent to be applied to the Revolving Loan, and Borrower 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 replacement. If Borrower fails Borrowers fail to reinvest such proceeds within 180 days, Borrower Borrowers hereby authorizes Lenders to make a Revolving Advance Loan 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 hereinhereby. All such prepayments shall first be applied in payment of Scheduled Installments of in the Term Loan, in inverse order of maturity, 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.