Common use of Certain Proceeds of an Event of Loss Clause in Contracts

Certain Proceeds of an Event of Loss. If during any fiscal year of Holdings, any Credit Party has received cumulative Net Cash Proceeds during such fiscal year from one or more Events of Loss (excluding any Net Cash Proceeds received from insurance payments from business interruption or delays in construction) of at least $2,500,000, not later than the third Business Day following the date of receipt of any Net Cash Proceeds in excess of such amount, the Borrower will make a prepayment of the Loans with an amount equal to 100% of the Net Cash Proceeds then received in excess of such amount from any Event of Loss in accordance with Section 2.12(d) below. Notwithstanding the foregoing, in the event any property suffers an Event of Loss of at least $2,500,000 and (A) no Default or Event of Default has occurred and is continuing, (B) the Borrower and its Subsidiaries have scheduled or propose to schedule Consolidated Capital Expenditures during the following 365 days, (C) the Borrower notifies the Administrative Agent of the amount and nature thereof in reasonable detail and of its intention to reinvest all or a portion of such Net Cash Proceeds in such Consolidated Capital Expenditures during such 365 day period and (D) the aggregate Net Cash Proceeds in such fiscal year to be reinvested pursuant to this Section 2.12(c)(v) does not exceed $5,000,000, then no such prepayment of the Loans shall be required. If at the end of any such 365 day period any portion of such Net Cash Proceeds has not been so reinvested, the Borrower will immediately make a prepayment of the Loans, to the extent required above.

Certain Proceeds of an Event of Loss. If during any fiscal year of Holdingsthe Borrowers, any Credit Loan Party has received cumulative Net Cash Proceeds during such fiscal year from one or more Events of Loss (excluding any of more than 5% of Consolidated Net Cash Proceeds received from insurance payments from business interruption or delays in construction) of at least $2,500,000Worth, not later than the third Business Day following the date of receipt of any Net Cash Proceeds in excess of such amount, the Borrower Borrowers will make a prepayment of the Term Loans with an amount equal to 100% of the Net Cash Proceeds then received in excess of such amount from any Event of Loss in accordance with Section 2.12(d2.13(d) below. Notwithstanding the foregoing; provided, in the event any property suffers an Event of Loss of at least $2,500,000 and however, that if (A) no Default or Event of Default has occurred and is continuing, and (B) the Borrower and its Subsidiaries have scheduled or propose to schedule Consolidated Capital Expenditures during the following 365 days, (C) the Borrower Representative notifies the Administrative Agent of and the amount Lenders in writing that it intends to rebuild or restore the affected property and nature thereof in reasonable detail and of its intention to reinvest all that such rebuilding or a portion restoration can be accomplished within 270 days out of such Net Cash Proceeds in such Consolidated Capital Expenditures during such 365 day period and (D) other funds available to the aggregate Net Cash Proceeds in such fiscal year to be reinvested pursuant to this Section 2.12(c)(v) does not exceed $5,000,000Borrowers, then no such prepayment of the Loans shall be requiredrequired if the Borrowers actually use such Cash Proceeds for application to the costs of rebuilding or restoration of the affected property within such 270 day period. If at Any amounts not so applied to the end costs of any rebuilding or restoration within such 365 270 day period any portion of such Net Cash Proceeds has not been so reinvested, shall be applied to the Borrower will immediately make a prepayment of the Loans, to the extent required Term Loans as provided above.