Common use of Net Proceeds Offer Clause in Contracts

Net Proceeds Offer. Within 12 months from the date that the Company or any of its Restricted Subsidiaries makes any Asset Sale, the Net Proceeds thereof shall, in accordance with Section 4.15 of the Indenture, be reinvested in Additional Assets or used to repurchase or redeem Debt of the Company which rank PARI PASSU with the Securities, or Debt of a Restricted Subsidiary of the Company which is not subordinated to other Debt of such Restricted Subsidiary (which in each case shall be a permanent reduction of such Debt) or if not so used within 30 days from the expiration of such 12-month period, to use the remaining Net Proceeds to make an offer to repurchase Securities at a price equal to 100% of the principal amount thereof plus accrued interest in accordance with the procedures set forth in the Indenture (a "Net Proceeds Offer"). Notwithstanding the preceding sentence, a Net Proceeds Offer made in connection with any Asset Sale need not be applied in accordance with the preceding sentence, unless and until the aggregate Net Proceeds for all such Asset Sales in a 12-month period exceeds $5,000,000.