Net Capital Proceeds

Net Capital Proceeds. Means the cash received by Holdco and its Subsidiaries as a result of any sale of property or assets of Holdco or its Subsidiaries (including any stock, partnership or membership interests in any Subsidiary), in each case, less any such cash which is applied to (i) the ---- payment of transaction costs, (ii) the repayment of Indebtedness of Holdco or its Subsidiaries which is required under the terms of such Indebtedness, (iii) the establishment of reserves for... liabilities arising from such sale, and (iv) payments to holders of minority interests in Subsidiaries not owned by Holdco. Notwithstanding the foregoing, Net Capital Proceeds shall (1) include the first $10,000,000 in funds released to Holdco or its Subsidiaries from the Debt Service Reserve Fund (as defined in the Senior Debt Agreement) and (2) exclude funds released to Holdco or its Subsidiaries from the Debt Service Reserve Fund in excess of $10,000,000. View More