Common use of Reduction From Permitted Asset Sales Clause in Contracts

Reduction From Permitted Asset Sales. On the Business Day following the date of receipt by the Borrower or any of its Restricted Subsidiaries of the Net Proceeds of any asset sale permitted pursuant to Section 7.4 hereof (other than with respect to the Philadelphia Disposition), the Commitment shall be automatically and permanently reduced by an amount equal to such Net Proceeds; provided, however, that the Commitment shall not be required to be reduced by such Net Proceeds until the amount of such unapplied Net Proceeds exceeds $250,000 in the aggregate; provided, further, however, that the Borrower may notify the Administrative Agent in writing that it intends to use any or all of such Net Proceeds to acquire fixed or capital assets permitted by Section 7.6 hereof within six (6) months of the date of receipt of such Net Proceeds, in which case, the reduction in the Commitment up to the amount of the Net Proceeds intended to be used which is otherwise required by this Section 2.5(c) need not be made, but if all or part of such Net Proceeds are not used or irrevocably committed to be used within such 6-month period, the Commitment shall be permanently reduced by an amount equal to such Net Proceeds on the earlier of (i) the first day following the end of such 6-month period and (ii) the date on which the Borrower has reasonably determined that such Net Proceeds shall not be so used. Reductions to the Commitment under this Section shall be applied to the reductions set forth in Section 2.5(a) hereof in inverse order of the reductions set forth therein.

Reduction From Permitted Asset Sales. On the Business Day following the date of receipt by the Borrower or any of its Restricted Subsidiaries of the Net Proceeds of any asset sale permitted pursuant to Section 7.4 hereof (other than with respect to the Philadelphia Disposition)hereof, the Existing Commitment shall be automatically and permanently reduced by an amount equal to such Net Proceeds; provided, however, that the Existing Commitment shall not be required to be reduced by such Net Proceeds until the amount of such unapplied Net Proceeds exceeds $250,000 1,000,000 in the aggregateaggregate during the term hereof; provided, further, however, that the Borrower may notify the Administrative Agent in writing that it intends to use any or all of such Net Proceeds to acquire fixed or capital assets permitted by Section 7.6 hereof within six (6) months of the date of receipt of such Net Proceeds, in which case, the reduction in the Existing Commitment up to the amount of the Net Proceeds intended to be used which is otherwise required by this Section 2.5(c) need not be made, but if all or part of such Net Proceeds are not used or irrevocably committed to be used within such 6-month six (6)-month period, the Existing Commitment shall be permanently reduced by an amount equal to such Net Proceeds on the earlier of (i) the first day following the end of such 6-month six (6)-month period and (ii) the date on which the Borrower has reasonably determined that such Net Proceeds shall not be so used. Reductions to the Existing Commitment under this Section shall be applied to the reductions set forth in Section 2.5(a) hereof in inverse order of the reductions set forth therein.