Common use of Casualty Events Clause in Contracts

Casualty Events. Not later than ten Business Days following the receipt of any Net Cash Proceeds from a Casualty Event by Borrower or any of its Subsidiaries (other than any Casualty Event resulting in Net Cash Proceeds of less than $2.5 million), Borrower shall make prepayments in accordance with Sections 2.10(g) and (h) in an aggregate amount equal to 100% of such Net Cash Proceeds; provided that: (i) so long as no Event of Default shall then exist or arise therefrom, such proceeds shall not be required to be so applied on such date to the extent that Borrower shall have delivered an Officers’ Certificate to the Administrative Agent on or prior to such date stating that such proceeds are expected to be used to repair, replace or restore any property in respect of which such Net Cash Proceeds were paid or to reinvest in other Capital Assets or a Permitted Acquisition, no later than 12 months following the date of receipt of such proceeds; and (ii) if any portion of such Net Cash Proceeds shall not be so applied within such 12-month period, such unused portion shall be applied on the last day of such period as a mandatory prepayment as provided in this Section 2.10(e).

Casualty Events. Not later than ten Business Days following the receipt of any Net Cash Proceeds from a Casualty Event by Borrower or any of its Subsidiaries (other than any Casualty Event resulting in Net Cash Proceeds of less than $2.5 million), Borrower shall make prepayments in accordance with Sections 2.10(g2.10(f) and (hg) in an aggregate amount equal to 100% of such Net Cash Proceeds; provided that: (i) so long as no Event of Default shall then exist or arise therefrom, such proceeds shall not be required to be so applied on such date to the extent that Borrower shall have delivered an Officers’ Certificate to the Administrative Agent on or prior to such date stating that such proceeds are expected to be used to repair, replace or restore any property in respect of which such Net Cash Proceeds were paid or to reinvest in other Capital Assets or a Permitted Acquisition, no later than 12 months following the date of receipt of such proceeds; and (ii) if any portion of such Net Cash Proceeds shall not be so applied within such 12-month period, such unused portion shall be applied on the last day of such period as a mandatory prepayment as provided in this Section 2.10(e).

Casualty Events. Not later than ten Business Days following the receipt of any Net Cash Proceeds from a Casualty Event by Borrower or any of its Subsidiaries (other than any Casualty Event resulting in Net Cash Proceeds of less than $2.5 10 million), Borrower shall make prepayments in accordance with Sections 2.10(g2.10(f) and (hg) in an aggregate amount of Net Cash Proceeds from such Casualty Event equal to 100% of the amount necessary to cause the First-Lien Leverage Ratio to not be greater than 2.25 to 1.00 upon giving effect to such Net Cash Proceedsprepayment; provided provided, that: (i) so long as no Event of Default shall then exist or arise therefrom, such proceeds shall not be required to be so applied on such date to the extent that Borrower shall have delivered an Officers’ Officer’s Certificate to the Administrative Agent on or prior to such date stating that such proceeds are expected to be used to repair, replace or restore any property in respect of which such Net Cash Proceeds were paid or to reinvest in other Capital Assets or a Permitted Acquisition, no later than 12 months following the date of receipt of such proceeds; and (ii) if any portion of such Net Cash Proceeds shall not be so applied within such 12-month period, such unused portion shall be applied on the last day of such period as a mandatory prepayment as provided in this Section 2.10(e).

Casualty Events. Not later than ten Within seven Business Days following the receipt of after any Net Cash Proceeds from a Casualty Event are received by or on behalf of the Borrower or any Subsidiary in respect of its Subsidiaries (other than any Casualty Event resulting in Net Cash Proceeds of less than $2.5 million)Event, the Borrower shall make prepayments in accordance with Sections 2.10(g) and (h) prepay Borrowings in an aggregate amount equal to 100% of such Net Cash Proceeds; provided that: , if within one Business Day of receipt of such Net Proceeds, the Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that (i) so long as no Event the Borrower and its Subsidiaries intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within 180 days after receipt of Default shall then exist such Net Proceeds, to repair, restore or arise therefromreplace the property with respect to which such Net Proceeds were received, (ii) if such proceeds shall not be required property is to be so applied on such date replaced, the property acquired to replace it will be included in the Collateral at least to the extent that Borrower shall have delivered an Officers’ Certificate to the Administrative Agent on or prior to such date stating that such proceeds are expected property to be used replaced was included therein and (iii) no Default has occurred and is continuing, then no prepayment will be required pursuant to repair, replace or restore any property this subsection in respect of which such Net Cash Proceeds were paid (or to reinvest in other Capital Assets or a Permitted Acquisition, no later than 12 months following the date of receipt of such proceeds; and (ii) if any portion of such Net Cash Proceeds shall specified in such certificate, if applicable) except that, if any such Net Proceeds have not be been so applied within by the end of such 12180-month day period, such unused portion shall a prepayment will be applied on required at that time in an amount equal to the last day amount of such period as a mandatory prepayment as provided in this Section 2.10(e)Net Proceeds that have not been so applied.

Casualty Events. Not later than ten three Business Days following the receipt of any Net Cash Proceeds from a Casualty Event by Borrower or Event, the Borrowers shall, and shall cause the other Loan Parties (with appropriate adjustments to any of its Subsidiaries (other than any Casualty Event resulting in Net Cash Proceeds of less than $2.5 millionintercompany loan account balances), Borrower shall make prepayments in accordance with Sections 2.10(g) and (h) in to apply an aggregate amount equal to 100% of such Net Cash Proceeds; provided that: Proceeds to make prepayments in accordance with Sections 2.10 (i); provided, that subject to Section 2.10(g) and so long as no Event of Default shall then exist or arise therefrom, such proceeds shall not be required to be so applied on such date to the extent that in the event such Net Cash Proceeds shall not exceed $5.0 million in the aggregate at anytime, the Administrative Borrower shall have delivered an Officers’ ' Certificate to the Administrative Agent and the Collateral Agent on or prior to such date stating that such proceeds are expected to shall be used to repair, replace or restore any property in respect Property the subject of which such Net Cash Proceeds were paid or to reinvest in other Capital Assets or a Permitted Acquisition, Casualty Event no later than 12 months 180 days following the date of receipt of such proceedsproceeds (which Officers' Certificate shall set forth the estimates of the proceeds to be so expended); and (ii) provided, that if any portion of the Property subject to such Casualty Event constituted Collateral under the Security Documents, then all Property purchased with the Net Cash Proceeds shall not be so applied within such 12-month period, such unused portion thereof pursuant to this subsection shall be applied on made subject to the last day Lien of such period as a mandatory prepayment as provided the applicable Security Documents in this Section 2.10(e).favor of the Collateral Agent, for its benefit and for the benefit of the other Secured Parties in accordance with Sections 5.11 and 5.12;

Casualty Events. Not later than ten five Business Days following the receipt of any Net Cash Proceeds in excess of $100,000 from a Casualty Event by Borrower Holdings or any of its Subsidiaries (other than any Casualty Event resulting in Net Cash Proceeds of less than $2.5 million)Subsidiaries, Borrower shall make prepayments in accordance with Sections 2.10(g2.10(h) and (hi) in an aggregate amount equal to 100% of such Net Cash Proceeds; provided that: (i) so long as no Event of Default shall then exist or arise therefrom, such proceeds shall not be required to be so applied on such date to the extent that Borrower shall have delivered an Officers’ Certificate to the Administrative Agent on or prior to such date stating that such proceeds are expected to be used to repair, replace or restore any property in respect of which such Net Cash Proceeds were paid or to reinvest in other Capital Assets fixed or a Permitted Acquisitioncapital assets, no later than 12 months 270 days following the date of receipt of such proceeds; provided that if the property subject to such Casualty Event constituted Collateral under the Security Documents, then all property purchased with the Net Cash Proceeds thereof pursuant to this subsection shall be made subject to the Lien of the applicable Security Documents in favor of the Collateral Agent, for its benefit and for the benefit of the other Secured Parties in accordance with Sections 5.11 and 5.12; and (ii) if any portion of such Net Cash Proceeds shall not be so applied within such 12270-month day period, such unused portion shall be applied on the last day of such period as a mandatory prepayment as provided in this Section 2.10(e2.10(f).

Casualty Events. Not later than ten five Business Days following the receipt of any Net Cash Proceeds from a Casualty Event by the Administrative Borrower or any of its Subsidiaries (other than any Casualty Event resulting in Net Cash Proceeds of less than $2.5 millionSubsidiaries, the Administrative Borrower shall, subject to Section 2.8(k), Borrower shall make prepayments of Term Loans in accordance with Sections 2.10(g2.8(h) and (hi) in an aggregate amount equal to 100% of such Net Cash Proceeds; provided that: (i) so long as no Event of Default shall then exist or arise therefrom, such proceeds shall not be required to be so applied on such date to the extent that such Net Cash Proceeds shall not exceed $10,000,000 in any fiscal year and the Administrative Borrower shall have delivered an Officers’ Certificate to the Administrative Agent on or prior to such date stating that such proceeds are expected to be used or committed to be used to repair, replace or restore any property in respect of which such Net Cash Proceeds were paid or to reinvest in other Capital Assets or a Permitted Acquisitioninventory in housing markets in which the Loan Parties operate on the Effective Date, no later than 12 months 180 days following the date of receipt of such proceedsNet Cash Proceeds; and (ii) if any portion of such Net Cash Proceeds shall not be so applied or committed to be applied within such 12180-month day period, such unused portion shall be applied on the last day of such period as a mandatory prepayment as provided in this Section 2.10(e2.8(f).

Casualty Events. Not later than ten five Business Days Day following the receipt of any Net Cash Proceeds in excess of $1.0 million from a Casualty Event by Borrower LHP Holdings or any of its Subsidiaries (other than any Casualty Event resulting in Net Cash Proceeds of less than $2.5 million)Subsidiaries, Borrower shall make prepayments in accordance with Sections 2.10(g) and (h) in apply an aggregate amount equal to 100% of such Net Cash ProceedsProceeds to make prepayments in accordance with Sections 2.10(h) and (i); provided that: (i) so long as no Event of Default shall then exist or arise therefrom, such proceeds shall not be required to be so applied on such date to the extent that Borrower shall have delivered an Officers’ Certificate to the Administrative Agent on or prior to such date stating that such proceeds are expected to be used to repair, replace or restore any property in respect of which such Net Cash Proceeds were paid or to reinvest in other Capital Assets fixed or a Permitted Acquisitioncapital assets, no later than 12 months 360 days following the date of receipt of such proceeds; provided that if the property subject to such Casualty Event constituted Collateral under the Security Documents, then all property purchased with the Net Cash Proceeds thereof pursuant to this subsection shall be made subject to the Lien of the applicable Security Documents in favor of the Collateral Agent, for its benefit and for the benefit of the other Secured Parties in accordance with Sections 5.11 and 5.12; and (ii) if any portion of such Net Cash Proceeds shall not be so applied within such 12360-month day period, such unused portion shall be applied on the last day of such period as a mandatory prepayment as provided in this Section 2.10(e2.10(f).