Certain Proceeds of an Event of Loss. If during any fiscal year of the Borrower, any Credit Party or any of its Subsidiaries has received cumulative aggregate Cash Proceeds during such fiscal year from one or more Events of Loss of at least $100,000, not later than the 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 2.11(d) below.
Appears in 3 contracts
Samples: Intercreditor Agreement (Preferred Apartment Communities Inc), Purchase Option Agreement (Preferred Apartment Communities Inc), Purchase Option Agreement (Preferred Apartment Communities Inc)
Certain Proceeds of an Event of Loss. If during any fiscal year of the Borrower, any Credit Party or any of its Subsidiaries has received cumulative aggregate Cash Proceeds during such fiscal year from one or more Events of Loss of at least $100,000, not later than the 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 2.11(d2.10(c) below.
Appears in 1 contract
Samples: Credit Agreement (Preferred Apartment Communities Inc)
