Common use of Prepayments from Asset Sales Clause in Contracts

Prepayments from Asset Sales. Upon receipt by the Borrower or ---------------------------- any Subsidiary of the Borrower of Cash Proceeds of any Asset Sale occurring after the Closing Date, the Borrower 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. Concurrently with the consummation of any such Asset Sale, the Borrower 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, or shall cause its Subsidiaries to, 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 30th day after the consummation of such Asset Sale.

Prepayments from Asset Sales. Upon receipt by the Borrower Company or any ---------------------------- any Subsidiary of the Borrower Company of Cash Proceeds of any Asset Sale occurring after the Closing Date, the Borrower Borrowers shall, or shall cause its the Company's 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. Concurrently with the consummation of any such Asset Sale, the Borrower Borrowers shall deliver to the Agent First Union an Officer's Certificate demonstrating the derivation of Net Cash Proceeds from the gross sales price of such Asset Sale. The Borrower Borrowers shall, or shall cause its the Company's Subsidiaries to, 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 30th day after the consummation of such Asset Sale.