Prepayments and Reductions From Net Asset Sale Proceeds Clause Samples

Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall prepay the Loans and the Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds.

Prepayments and Reductions From Net Asset Sale Proceeds. 4A(iii)(a) of the Credit Agreement is hereby amended by deleting the proviso contained therein in its entirety and substituting the following therefor: "PROVIDED, HOWEVER, that up to $10,000,000 of Net Asset Sale Proceeds received by Borrowers and their respective Subsidiaries from Asset Sales permitted under subsection 7.7(iv) shall be used to prepay Loans, but shall not be required to be used to permanently reduce Revolving Loan Commitments pursuant to this subsection 2.4A(iii)(a), so long as such proceeds are reinvested by Borrowers or their Subsidiaries within 180 days after receipt of such proceeds in similar assets of similar fair market value."

Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by Borrower or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, (1) Borrower shall prepay the Loans and/or (2) the Revolving Loan Commitments shall be permanently reduced in an aggregate amount equal to 100% of the amount of such Net Asset Sale Proceeds; provided, however, that such Net Asset Sale Proceeds received by Borrower or any of its Subsidiaries from any Asset Sales permitted under subsection 7.7 shall be excluded from the requirements of this subsection 2.4B(iii)(a) to the extent such proceeds are reinvested or Borrower has committed to the Administrative Agent and the Lenders in writing to reinvest such proceeds in a Related Business within 180 days after receipt of such proceeds; provided further that, if any such Net Asset Sale Proceeds are not so reinvested or Borrower has not committed in writing to reinvest such proceeds within such 180 day period, then such proceeds shall be applied as required by this subsection 2.4B(iii)(a).

Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by Borrowers or any of their Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale (other than Net Asset Sale Proceeds in respect of the sale of any obsolete worn out or surplus assets or assets no longer used or useful in the business of the Project or of construction equipment having a fair market value not in excess of $4,000,000 prior to Completion Date or during the first year following Completion Date, but only in each case to the extent reinvested in the business of Borrowers or such Subsidiary within 180 days of receipt), Borrowers shall prepay the Loans and/or the Commitment shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds.

Prepayments and Reductions From Net Asset Sale Proceeds. No later than the fifth Business Day following the date of receipt by Company or any Restricted Subsidiary of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall either (1) prepay the Loans and/or the Revolving Loan Commitment Amount shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds or (2), so long as no Event of Default shall have occurred and be continuing, deliver to Administrative Agent an Officer’s Certificate setting forth that portion of such Net Asset Sale Proceeds that, subject to subsection 7.3, Company or such Restricted Subsidiary intends to reinvest in equipment or other assets related to the business conducted by Company and its Restricted Subsidiaries (directly or through the acquisition of Capital Stock of a Person that owns such assets) within 360 days of such date of receipt, and Company shall, or shall cause one or more of its Restricted Subsidiaries to (A) apply such portion to such reinvestment purposes or (B) no later than 360 days after receipt of such Net Asset Sale Proceeds make a prepayment of the Loans (and/or the Revolving Loan Commitment Amount shall be permanently reduced) in an amount equal to 100% of such Net Asset Sale Proceeds that are not so reinvested.

Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by a Loan Party or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Borrower shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds. Notwithstanding the preceding sentence, such prepayment shall not be required to the extent that a Loan Party or any of its Subsidiaries reinvests the Net Asset Sale Proceeds within 180 days after the date of such Net Asset Sale by making Consolidated Capital Expenditures for productive fixed assets of a kind used or usable in the business of the Loan Parties and their Subsidiaries.

Prepayments and Reductions From Net Asset Sale Proceeds. No later than five (5) Business Days following the receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall prepay the Loans and/or the Revolving Loan Commitment Amount shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds.”

Prepayments and Reductions From Net Asset Sale Proceeds. No later than the earlier to occur of (X) the date at which the applicable Borrower or its Subsidiaries determines such Net Asset Sale Proceeds shall not be reinvested in property or assets used in the business of the Borrower or its Subsidiaries and (Y) the first Business Day which is nine months after the date of receipt by any Borrower or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, such Borrower shall prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds; provided that so long as -------- no Event of Default shall have occurred and be continuing, such Net Asset Sale Proceeds, to the extent reinvested in property or assets used in the business of the Borrower or its Subsidiaries within the nine-month period, are not required to be applied to prepay the Loans and/or reduce the Revolving Loan Commitments under this subsection 2.4A(iii)(a).

Prepayments and Reductions From Net Asset Sale Proceeds. No ------------------------------------------------------- later than the first Business Day following the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall prepay the Loans and the Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds; provided, however, that so long as no -------- ------- Event of Default or Potential Event of Default has occurred and is continuing, no (1) such reduction shall be required to the extent Company or such Subsidiary receives less than $25,000,000 in proceeds from the sale of any asset in any single transaction or a related series of transactions, (2) such prepayment or reduction shall be required if Company or such Subsidiary receives such Net Asset Sale Proceeds in connection with the sale of assets required by the terms of the DOJ Settlement to the extent Company determines to utilize such Net Asset Sale Proceeds to purchase equipment or other productive assets, and Company so utilizes or contractually commits to utilize such Net Asset Sale Proceeds within 360 days of the receipt thereof, and (3) such prepayment or reduction shall be required to the extent Company determines to utilize such Net Asset Sale Proceeds to purchase equipment or other productive assets, and Company so utilizes or contractually commits to utilize such Net Asset Sale Proceeds within 180 days of the receipt thereof.