Common use of Mandatory Offer with the Net Cash Insurance Proceeds of Casualty Events Clause in Contracts

Mandatory Offer with the Net Cash Insurance Proceeds of Casualty Events. On each applicable Offer Date, the Borrower shall make a mandatory offer to each Lender for the prepayment of outstanding Loans in an amount equal to 100% of the Prepayment Portion of any Net Cash Insurance Proceeds received by the Borrower or any of its Subsidiaries since the last Interest Payment Date (and not yet applied in accordance with this Section 2.09(a)) to the extent all such Net Cash Insurance Proceeds received in such fiscal year exceed $30,000,000 (such amount, the “Casualty Event Offer Amount”); provided, however, no such mandatory offer shall be required under this Section 2.09(a) to the extent the Borrower notifies the Administrative Agent in writing no later than five (5) Business Days before the relevant Offer Date that the Borrower or such Subsidiary has elected to apply such Casualty Event Offer Amount to restore or replace the affected Property or otherwise to reinvest in Property of a kind then used or usable in the Business (including reinvestments in Permitted Acquisitions) within three‑hundred sixty (360) days of the receipt of such Casualty Event Offer Amount (the “Replacement Deadline” and such rights, the “Replacement Rights”); provided, further, to the extent the Borrower or Subsidiary fails to apply any or all of such Casualty Event Offer Amount to any such restoration, replacement or reinvestment by the Replacement Deadline (any amount of the relevant Net Cash Insurance Proceeds not so applied, the “Remaining Portion”), the Borrower shall make a mandatory prepayment offer in accordance with the procedures set forth in Section 2.09(f) below.

Mandatory Offer with the Net Cash Insurance Proceeds of Casualty Events. On each applicable Offer Date, the Borrower shall make a mandatory offer to each Lender for the prepayment of outstanding Loans in an amount equal to 100% of the Prepayment Portion of any Net Cash Insurance Proceeds received by the Borrower or any of its Subsidiaries since the last Interest Payment Date (and not yet applied in accordance with this Section 2.09(a2.12(b)) to the extent all such Net Cash Insurance Proceeds received in such fiscal year exceed $30,000,000 (such amount, the “Casualty Event Offer Amount”); provided, however, no such mandatory offer shall be required under this Section 2.09(a2.12(b) to the extent the Borrower notifies the Administrative Agent in writing no later than five (5) Business Days before the relevant Offer Date that the Borrower or such Subsidiary has elected to apply such Casualty Event Offer Amount to restore or replace the affected Property or otherwise to reinvest in Property of a kind then used or usable in the Business (including reinvestments in Permitted Acquisitions) within three‑hundred three-hundred sixty (360) days of the receipt of such Casualty Event Offer Amount (the “Replacement Deadline” and such rights, the “Replacement Rights”); provided, further, to the extent the Borrower or Subsidiary fails to apply any or all of such Casualty Event Offer Amount to any such restoration, replacement or reinvestment by the Replacement Deadline (any amount of the relevant Net Cash Insurance Proceeds not so applied, the “Remaining Portion”), the 66 Cleco CorporationCorporate Holdings LLC Credit Agreement Borrower shall make a mandatory prepayment offer in accordance with the procedures set forth in Section 2.09(f2.12(g) below.

Mandatory Offer with the Net Cash Insurance Proceeds of Casualty Events. On each applicable Offer Date, the Borrower shall make a mandatory offer to each Lender for the prepayment of outstanding Loans in an amount equal to 100% of the Prepayment Portion of any Net Cash Insurance Proceeds received by the Borrower or any of its Subsidiaries since the last Interest Payment Date (and not yet applied in accordance with this Section 2.09(a2.12(b)) to the extent all such Net Cash Insurance Proceeds received in such fiscal year exceed $30,000,000 (such amount, the “Casualty Event Offer Amount”); provided, however, no such mandatory offer shall be required under this Section 2.09(a2.12(b) to the extent the Borrower notifies the Administrative Agent in writing no later than five (5) Business Days before the relevant Offer Date that the Borrower or such Subsidiary has elected to apply such Casualty Event Offer Amount to restore or replace the affected Property or otherwise to reinvest in Property of a kind then used or usable in the Business (including reinvestments in Permitted Acquisitions) within three‑hundred sixty (360) days of the receipt of such Casualty Event Offer Amount (the “Replacement Deadline” and such rights, the “Replacement Rights”); provided, further, to the extent the Borrower or Subsidiary fails to apply any or all of such Casualty Event Offer Amount to any such restoration, replacement or reinvestment by the Replacement Deadline (any amount of the relevant Net Cash Insurance Proceeds not so applied, the “Remaining Portion”), the Borrower shall make a mandatory prepayment offer in accordance with the procedures set forth in Section 2.09(f2.12(g) below.

Mandatory Offer with the Net Cash Insurance Proceeds of Casualty Events. On each applicable Offer Date, the Borrower shall make a mandatory offer to each Lender for the prepayment of outstanding Loans in an amount equal to 100% of the Prepayment Portion of any Net Cash Insurance Proceeds received by the Borrower or any of its Subsidiaries since the last Interest Payment Date (and not yet applied in accordance with this Section 2.09(a)) to the extent all such Net Cash Insurance Proceeds received in such fiscal year exceed $30,000,000 (such amount, the “Casualty Event Offer Amount”); provided, however, no such mandatory offer shall be required under this Section 2.09(a) to the extent the Borrower notifies the Administrative Agent in writing no later than five (5) Business Days before the relevant Offer Date that the Borrower or such Subsidiary has elected to apply such Casualty Event Offer Amount to restore Cleco Corporate Holdings LLC 2019 Term Loan Agreement or replace the affected Property or otherwise to reinvest in Property of a kind then used or usable in the Business (including reinvestments in Permitted Acquisitions) within three‑hundred three-hundred sixty (360) days of the receipt of such Casualty Event Offer Amount (the “Replacement Deadline” and such rights, the “Replacement Rights”); provided, further, to the extent the Borrower or Subsidiary fails to apply any or all of such Casualty Event Offer Amount to any such restoration, replacement or reinvestment by the Replacement Deadline (any amount of the relevant Net Cash Insurance Proceeds not so applied, the “Remaining Portion”), the Borrower shall make a mandatory prepayment offer in accordance with the procedures set forth in Section 2.09(f) below.

Mandatory Offer with the Net Cash Insurance Proceeds of Casualty Events. On each applicable Offer Date, the Borrower shall make a mandatory offer to each Lender for the prepayment of outstanding Loans in an amount equal to 100% of the Prepayment Portion of any Net Cash Insurance Proceeds received by the Borrower or any of its Subsidiaries since the last Interest Payment Date (and not yet applied in accordance with this Section 2.09(a)) to the extent all such Net Cash Insurance Proceeds received in such fiscal year exceed $30,000,000 (such amount, the “Casualty Event Offer Amount”); provided, however, no such mandatory offer shall be required under this Section 2.09(a) to the extent the Borrower notifies the Administrative Agent in writing no later than five (5) Business Days before the relevant Offer Date that the Borrower or such Subsidiary has elected to apply such Casualty Event Offer Amount to restore or replace the affected Property or otherwise to reinvest in Property of a kind then used or usable in the Business (including reinvestments in Permitted Acquisitions) within three‑hundred three-hundred sixty (360) days of the receipt of such Casualty Event Offer Amount (the ““ Replacement DeadlineDeadline ” and such rights, the ““ Replacement RightsRights ”); provided, further, to the extent the Borrower or Subsidiary fails to apply any or all of such Casualty Event Offer Amount to any such restoration, replacement or reinvestment by the Replacement Deadline (any amount of the relevant Net Cash Insurance Proceeds not so applied, the “Remaining Portion”), the Borrower shall make a mandatory prepayment offer in accordance with the procedures set forth in Section 2.09(f) below.

Mandatory Offer with the Net Cash Insurance Proceeds of Casualty Events. On each applicable Offer Date, the Borrower shall make a mandatory offer to each Lender for the prepayment of outstanding Loans in an amount equal to 100% of the Prepayment Portion of any Net Cash Insurance Proceeds received by the Borrower or any of its Subsidiaries since the last Interest Payment Date (and not yet applied in accordance with this Section 2.09(a2.12(b)) to the extent all such Net Cash Insurance Proceeds received in such fiscal year exceed $30,000,000 (such amount, the “Casualty Event Offer Amount”); provided, however, no such mandatory offer shall be required under this Section 2.09(a2.12(b) to the extent the Borrower notifies the Administrative Agent in writing no later than five (5) Business Days before the relevant Offer Date that the Borrower or such Subsidiary has elected to apply such Casualty Event Offer Amount to restore or replace the affected Property or otherwise to reinvest in Property of a kind then used or usable in the Business (including reinvestments in Permitted Acquisitions) within three‑hundred three-hundred sixty (360) days of the receipt of such Casualty Event Offer Amount (the “Replacement Deadline” and such rights, the “Replacement Rights”); provided, further, to the extent the Borrower or Subsidiary fails to apply any or all of such Casualty Event Offer Amount to any such restoration, replacement or reinvestment by the Replacement Deadline (any amount of the relevant Net Cash Insurance Proceeds not so applied, the “Remaining Portion”), the Borrower shall make a mandatory prepayment offer in accordance with the procedures set forth in Section 2.09(f2.12(d) below.