Common use of Excess Proceeds; Pro Rata Basis Clause in Contracts

Excess Proceeds; Pro Rata Basis. In the event that any Net Proceeds from an Asset Sale, Casualty Event or Condemnation Event remain after the Borrower has made a Mandatory Repayment Offer (and, if applicable, reoffer) in accordance with Section 2.11 (Mandatory Repayment Offers) and such Net Proceeds have otherwise been applied in accordance with clause (b) above, then the Borrower may use such remaining Net Proceeds for any purpose not otherwise prohibited by the Financing Documents, including the making of Restricted Payments. If the aggregate principal amount of all Secured Obligations having the same priority that are to be prepaid under clause (b) above exceeds the amount of Net Proceeds available therefor, then the Borrower will select the Secured Obligations to be purchased, pro rata based on the aggregate principal amount of all of such Secured Obligations to be prepaid.

Excess Proceeds; Pro Rata Basis. In the event that any Net Proceeds from an Asset Sale, Casualty Event or Condemnation Event remain after the Borrower has made a Mandatory Repayment Offer (and, if applicable, reoffer) the prepayments in accordance with Section 2.11 2.1.11 (Mandatory Repayment OffersRepayments and Commitment Reductions) and the Term Loan Agreements and such Net Proceeds have otherwise been applied in accordance with clause (b) and (c) above, then the Borrower may use such remaining Net Proceeds for any purpose not otherwise prohibited by the Financing Documents, including the making of Restricted Payments. If the aggregate principal amount of all Secured Obligations having the same priority that are to be prepaid under clause clauses (b) or (c) above exceeds the amount of Net Proceeds available therefor, then the Borrower will select repurchase, repay or redeem the Secured Obligations to be purchasedObligations, pro rata based on the aggregate principal amount of all of such Secured Obligations to be prepaid.