Common use of Involuntary Non-Major Collateral Dispositions Clause in Contracts

Involuntary Non-Major Collateral Dispositions. In the event of a Collateral Disposition that does not constitute a Major Collateral Disposition but results from an Involuntary Loss, an amount equal to 100% of the Net Available Cash from such Collateral Disposition shall be applied from the Insurance Collateral Account to the extent the Company elects, to repair or replace any assets or property that are the subject of such Involuntary Loss within 18 months after the occurrence of such Involuntary Loss; PROVIDED, HOWEVER, that such 18 month period may be extended for an additional 365 days upon delivery to the Trustee of an Officer's Certificate certifying that the Company shall use such proceeds to repair or replace such assets or property during such subsequent 365 day period; PROVIDED FURTHER, however, that all other holders of Secured Indebtedness permit such extension of time and permit such Net Available Cash to be used for such purpose. Any Net Available Cash not applied as provided above in this subsection (d) shall constitute Excess Collateral Proceeds and shall be applied in accordance with Section 3.07. The Collateral Agency Agreement provides that Net Available Cash in the Insurance Collateral Account will constitute Excess Collateral Proceeds upon the earliest of (i) receipt by the Collateral Agent of a Notice of Actionable Default; (ii) the occurrence of a Foreclosure Event (as defined in the Collateral Agency Agreement); and (iii) the last day of the period permitting such Net Available Cash to be applied in the repair or replacement of assets or property as such period is permitted to be extended.

Involuntary Non-Major Collateral Dispositions. In the event of a Collateral Disposition that does not constitute a Major Collateral Disposition but results from an Involuntary Loss, an amount equal to 100% of the Net Available Cash from such Collateral Disposition shall be applied from the Insurance Collateral Account to the extent the Company elects, to repair or replace any assets or property 34 that are the subject of such Involuntary Loss within 18 months after the occurrence of such Involuntary Loss; PROVIDED, HOWEVER, that such 18 month period may be extended for an additional 365 days upon delivery to the Trustee of an Officer's Certificate certifying that the Company shall use such proceeds to repair or replace such assets or property during such subsequent 365 day period; PROVIDED FURTHER, however, that all other holders of Secured Indebtedness permit such extension of time and permit such Net Available Cash to be used for such purpose. Any Net Available Cash not applied as provided above in this subsection (d) shall constitute Excess Collateral Proceeds and shall be applied in accordance with Section 3.07Proceeds. The Collateral Agency Agreement provides that Net Available Cash in the Insurance Collateral Account will constitute Excess Collateral Proceeds upon the earliest of (i) receipt by the Collateral Agent of a Notice of Actionable Default; (ii) the occurrence of a Foreclosure Event (as defined in the Collateral Agency Agreement); and (iii) the last day of the period permitting such Net Available Cash to be applied in the repair or replacement of assets or property as such period is permitted to be extended.

Involuntary Non-Major Collateral Dispositions. In the event of a Collateral Disposition that does not constitute a Major Collateral Disposition but results from an Involuntary Loss, an amount equal to 100% of the Net Available Cash from such Collateral Disposition shall be applied from the Insurance Collateral Account to the extent the Company elects, to repair or replace any assets or property that are the subject of such Involuntary Loss within 18 months after the occurrence of such Involuntary Loss; PROVIDEDprovided, HOWEVERhowever, that such 18 month period may be extended for an additional 365 days upon delivery to the Trustee of an Officer's Certificate certifying that the Company shall use such proceeds to repair or replace such assets or property during such subsequent 365 day period; PROVIDED FURTHERprovided further, however, that all other holders of Secured Indebtedness permit such extension of time and permit such Net Available Cash to be used for such purpose. Any Net Available Cash not applied as provided above in this subsection (d) shall constitute Excess Collateral Proceeds and shall be applied in accordance with Section 3.07. The Collateral Agency Agreement provides that Net Available Cash in the Insurance Collateral Account will constitute Excess Collateral Proceeds upon the earliest of (i) receipt by the Collateral Agent of a Notice of Actionable Default; (ii) the occurrence of a Foreclosure Event (as defined in the Collateral Agency Agreement); and (iii) the last day of the period permitting such Net Available Cash to be applied in the repair or replacement of assets or property as such period is permitted to be extended.

Involuntary Non-Major Collateral Dispositions. In the event of a Collateral Disposition that does not constitute a Major Collateral Disposition but results from an Involuntary Loss, an amount equal to 100% of the Net Available Cash from such Collateral Disposition shall be applied from the Insurance Collateral Account to the extent the Company elects, to repair or replace any assets or property that are the subject of such Involuntary Loss within 18 months after the occurrence of such Involuntary Loss; PROVIDEDprovided, HOWEVERhowever, that such 18 month period may be extended for an additional 365 days upon delivery to the Trustee of an Officer's Certificate certifying that the Company shall use such proceeds to repair or replace such assets or property during such subsequent 365 day period; PROVIDED FURTHERprovided further, however, that all other holders of Secured Indebtedness permit such extension of time and permit such Net Available Cash to be used for such purpose. Any Net Available Cash not applied as provided above in this subsection (d) shall constitute Excess Collateral Proceeds and shall be applied in accordance with Section 3.07Proceeds. The Collateral Agency Agreement provides that Net Available Cash in the Insurance Collateral Account will constitute Excess Collateral Proceeds upon the earliest of (i) receipt by the Collateral Agent of a Notice of Actionable Default; (ii) the occurrence of a Foreclosure Event (as defined in the Collateral Agency Agreement); and (iii) the last day of the period permitting such Net Available Cash to be applied in the repair or replacement of assets or property as such period is permitted to be extended.