Common use of Prepayments from Asset Sales Clause in Contracts

Prepayments from Asset Sales. Upon receipt by the Company or any Subsidiary of the Company of Cash Proceeds of any Asset Sale occurring after the Initial Takedown Closing Date, (A) the Company shall, or shall cause its Subsidiaries to, apply an amount equal to the Net Cash Proceeds of such Asset Sale to prepay loans outstanding under the Senior Credit Facility; provided that the commitment thereunder is permanently reduced to the extent of the prepayment; and (B) the Company or any Subsidiary of the Company may apply any Net Cash Proceeds remaining after any payment pursuant to clause (A) above to a Related Business. Concurrently with the consummation of any such Asset Sale, the Company shall deliver to the Agent an Officer's Certificate demonstrating the derivation of Net Cash Proceeds from the gross sales price of such Asset Sale. The Borrower shall prepay the Bridge Loan in an amount equal to the Net Cash Proceeds not used as provided in the preceding paragraph on a date not later than the Business Day next succeeding the 180th day after the consummation of such Asset Sale if and to the extent that such Net Cash Proceeds are not applied by the Company or any Subsidiary of the Company within 180 days after the consummation of such Asset Sale pursuant to the immediately preceding paragraph.

Prepayments from Asset Sales. Upon receipt by the Company or any Subsidiary of the Company of Cash Proceeds of any Asset Sale occurring after the Initial Takedown Closing Date, (A) the The Company shall, or shall cause its Subsidiaries to, apply an amount equal to prepay the Loans with the Net Cash Proceeds of such received from any Asset Sale to prepay loans outstanding under the Senior Credit Facility; provided that the commitment thereunder is permanently reduced to the extent of the prepayment; and (B) the Company or any Subsidiary of the Company may apply any Net Cash Proceeds remaining after any payment pursuant to clause (A) above to a Related Business. Concurrently with the consummation of any such Asset Sale, the Company shall deliver to the Agent an Officer's Certificate demonstrating the derivation of Net Cash Proceeds from the gross sales price of such Asset Sale. The Borrower shall prepay the Bridge Loan in an amount equal to the Net Cash Proceeds not used as provided in the preceding paragraph on a date not later than the Business Day next succeeding (i) the 180th third Business day after the receipt thereof if such date of receipt is on or prior to the Conversion Date and (ii) the 270th day after the consummation of such Asset Sale if and to the extent that such Net Cash Proceeds are not applied by the Company or any Subsidiary of the Company within 180 270 days to a Related Business if such date of receipt is after the Conversion Date; provided that at such time as the Term Loan bears interest at the Fixed Rate, any such Net Cash Proceeds not so applied shall be used to make an offer to purchase the Term Loan from each Lender on a pro rata basis at 100% of the principal amount thereof plus accrued and unpaid interest thereon to the date of repurchase. Concurrently with the consummation of an Asset Sale, the Company shall deliver to the Agent an Officer's Certificate demonstrating the derivation of Net Cash Proceeds from the gross sales price of such Asset Sale pursuant to the immediately preceding paragraphSale.

Prepayments from Asset Sales. Upon receipt by the Company ---------------------------- or any Subsidiary of the Company of Cash Proceeds of any Asset Sale occurring after the Initial Takedown Closing Date, (Ai) the Company or any Subsidiary of the Company shall, or shall cause its Subsidiaries to, apply an amount equal to the Net Cash Proceeds of such Asset Sale to prepay revolving loans outstanding under the Senior Credit Facility; provided that the commitment -------- thereunder is permanently reduced to the extent of the prepayment; and (Bii) after the Conversion Date, the Company or any Subsidiary of the Company may apply any Net Cash Proceeds remaining after any payment application pursuant to clause (Ai) above to a Related Business. Concurrently with the consummation of any such an Asset Sale, the Company shall deliver to the Agent an Officer's Certificate demonstrating the derivation of Net Cash Proceeds from the gross sales price of such Asset Sale. The Borrower To the extent not used as above, the Company shall, or shall cause its Subsidiaries to, prepay the Bridge Loan in an amount equal to Loans with the Net Cash Proceeds not used as provided in the preceding paragraph received from any Asset Sale on a date not later than the Business Day next succeeding (i) the third Business day after the receipt thereof if such date of receipt is on or prior to the Conversion Date and (ii) the 180th day after the consummation of such Asset Sale if and to the extent that such Net Cash Proceeds are not applied by the Company or any Subsidiary of the Company within 180 days to a Related Business if such date of receipt is after the consummation of such Asset Sale pursuant to the immediately preceding paragraphConversion Date.