Common use of Insurance/Condemnation Proceeds Clause in Contracts

Insurance/Condemnation Proceeds. No later than three Business Days following the date of receipt by Holdings or any of its Subsidiaries, or Administrative Agent as loss payee, of any Net Insurance/Condemnation Proceeds, Borrowers shall prepay the Term Loans in an aggregate amount equal to such Net Insurance/Condemnation Proceeds; provided that so long as no Default or Event of Default shall have occurred and be continuing, Borrowers shall have the option, directly or through one or more of its Subsidiaries to invest such Net Insurance/Condemnation Proceeds (x) within 365 days following receipt of such Net Insurance/Condemnation Proceeds or (y) if a Credit Party enters into a legally binding commitment to reinvest such Net Insurance/Condemnation Proceeds within 365 days following receipt thereof (and such commitment remains in effect), within 180 days of the date of such legally binding commitment, in assets useful to the business of Holdings and its Subsidiaries, which investment may include the repair, restoration or replacement of the applicable assets thereof (such Net Insurance/Condemnation Proceeds so reinvested or committed to be reinvested, “Insurance/Condemnation Reinvestment Deferred Amount”).

Insurance/Condemnation Proceeds. No later than three the fifth Business Days Day following the date of receipt by Holdings Borrower or any of its Subsidiaries, or Administrative Agent as loss payee, of any Net Insurance/Condemnation Proceeds, Borrowers Borrower shall prepay the Term Loans in an aggregate amount equal to such Net Insurance/Condemnation Proceeds; provided that provided, so long as no Default or Event of Default shall have occurred and be continuing, Borrowers Borrower shall have the option, directly or through one or more of its Subsidiaries to invest such Net Insurance/Condemnation Proceeds within 365 days of receipt thereof (x) or, if Borrower or its Subsidiaries have contractually committed to reinvest such proceeds within 365 days following receipt thereof, Borrower shall have the option, directly or through one or more of such Net Insurance/Condemnation Proceeds or (y) if a Credit Party enters into a legally binding commitment its Subsidiaries, to reinvest invest such Net Insurance/Condemnation Proceeds within the later of such 365 days following receipt thereof (day period and such commitment remains in effect), within 180 days of from the date of entry into such legally binding contractual commitment, ) in assets useful to the business of Holdings Borrower and its Subsidiaries, which investment may include the repair, restoration or replacement of the applicable assets thereof (thereof; provided, further, that any such Net Insurance/Condemnation Proceeds that have not been so reinvested or committed shall be applied by Borrower to be reinvested, “Insurance/Condemnation Reinvestment Deferred Amount”)prepay the Loans.

Insurance/Condemnation Proceeds. No later than three the third Business Days Day following the date of receipt by Holdings Borrower or any of its Subsidiaries, or Administrative Agent as loss payee, of any Net Insurance/Condemnation Proceeds, Borrowers Borrower shall prepay the Term Loans in an aggregate amount equal to such Net Insurance/Condemnation Proceeds; provided that provided, so long as no Default or Event of Default shall have occurred and be continuing, Borrowers if the Borrower shall have delivered a certificate of an Authorized Officer of the option, directly or through one or more of its Subsidiaries Borrower to invest such Net Insurance/Condemnation Proceeds (x) within 365 days the Administrative Agent promptly following receipt of such Net Insurance/Condemnation Proceeds stating Borrower’s intention to invest, directly or (y) if a Credit Party enters into a legally binding commitment to reinvest indirectly through one or more of its Subsidiaries, any portion of such Net Insurance/Condemnation Proceeds (the “Reinvested Insurance / Condemnation Proceeds”) within 365 days following 9 months of receipt thereof (and such commitment remains in effect), within 180 days long-term productive assets of the date of such legally binding commitment, general type used in assets useful to the business of Holdings Borrower and its Subsidiaries, which investment may include the repair, restoration or replacement such portion of the applicable assets thereof (such Net Insurance/Condemnation Proceeds so reinvested or committed shall not be required to be reinvestedapplied to prepay Loans pursuant to this Section 2.14(b). In the event that, “Insurance/at the end of such 9 month-period, all or a portion of the Reinvested Insurance / Condemnation Reinvestment Deferred Amount”Proceeds have not been reinvested as provided in this Section 2.14(b), the same shall be immediately applied to prepay the outstanding Loans.