Common use of MANDATORY PREPAYMENT FROM INSURANCE PROCEEDS Clause in Contracts

MANDATORY PREPAYMENT FROM INSURANCE PROCEEDS. (a) Subject to paragraphs (b) and (c) below, the Borrower shall ensure that any Insurance Proceeds received by it are paid to the Facility Agent promptly upon the receipt of such Insurance Proceeds and applied in prepayment of the EUR Outstandings and the USD Outstandings in accordance with Clause 7.5 (Application of Prepayments). (b) Paragraph (a) shall not apply to any Insurance Proceeds unless the Insurance Proceeds exceed five million (5,000,000) EUR (or its equivalent in another currency upon the date of their receipt) or, when aggregated with the Insurance Proceeds received by it from claims made in the immediately preceding twelve (12) calendar month period (excluding the Insurance Proceeds from disposals falling within paragraphs (c) below), exceed twenty-five million (25,000,000) EUR (or its equivalent in another currency upon the date of their receipt). (c) Paragraph (a) shall not apply to any Insurance Proceeds to the extent that such Insurance Proceeds are applied towards: (i) the replacement and/or reinstatement of the assets with similar or like assets (including Equipment) of a comparable or superior quality, type or value and/or repair of the assets in respect of which the relevant insurance claim was made (or to refinance any expenditure incurred in the replacement, reinstatement and/or repair of such assets); or (ii) other capital expenditure provided in the Business Plan (as modified by subsequent Management Plans), in either case, within a period of one hundred and eighty (180) days from the date of receipt of such Insurance Proceeds by the Borrower (or the Borrower has entered into binding agreements to apply such Insurance Proceeds within such one hundred and eighty (180) day period). (d) The Borrower shall be entitled, during the period of one hundred and eighty (180) days from the date of its receipt of such Insurance Proceeds, to apply such Insurance Proceeds in accordance with paragraph (c) above. Any sums not so applied during the one hundred and eighty (180) day period shall thereafter be paid to the Facility Agent and applied in prepayment of the EUR Outstandings and the USD Outstandings in accordance with Clause 7.5 (Application of Prepayments).

MANDATORY PREPAYMENT FROM INSURANCE PROCEEDS. (a) Subject to paragraphs (b) and (c) below, the Borrower shall ensure that any Insurance Proceeds received by it are paid to the Facility Agent promptly upon the receipt of such Insurance Proceeds and applied in prepayment of the EUR Outstandings and the USD Outstandings in accordance with Clause 7.5 (Application of Prepayments). (b) Paragraph (a) shall not apply to any Insurance Proceeds unless the Insurance Proceeds exceed five million (5,000,000) EUR (or its equivalent in another currency upon the date of their receipt) or, when aggregated with the Insurance Proceeds received by it from claims made in the immediately preceding twelve (12) calendar month period (excluding the Insurance Proceeds from disposals falling within paragraphs (c) below), exceed twenty-five million (25,000,000) EUR Euro (or its equivalent in another currency upon the date of their receipt). (c) Paragraph (a) shall not apply to any Insurance Proceeds to the extent that such Insurance Proceeds are applied towards: (i) the replacement and/or reinstatement of the assets with similar or like assets (including Equipment) of a comparable or superior quality, type or value and/or repair of the assets in respect of which the relevant insurance claim was made (or to refinance any expenditure incurred in the replacement, reinstatement and/or repair of such assets); or (ii) other capital expenditure provided in the Business Plan (as modified by subsequent Management Plans), in either case, within a period of one hundred and eighty (180) days from the date of receipt of such Insurance Proceeds by the Borrower (or the Borrower has entered into binding agreements to apply such Insurance Proceeds within such one hundred and eighty (180) day period). (d) The Borrower shall be entitled, during the period of one hundred and eighty (180) days from the date of its receipt of such Insurance Proceeds, to apply such Insurance Proceeds in accordance with paragraph (c) above. Any sums not so applied during the one hundred and eighty (180) day period shall thereafter be paid to the Facility Agent and applied in prepayment of the EUR Outstandings and the USD Outstandings in accordance with Clause 7.5 (Application of Prepayments).

MANDATORY PREPAYMENT FROM INSURANCE PROCEEDS. (a) Subject to paragraphs (b) ), (c), and (cd) below, the Borrower Company shall ensure that any Insurance Proceeds received by it any Group Member are paid to the Facility Agent promptly upon the receipt of such Insurance Proceeds by such Group Member and applied in prepayment of the EUR Outstandings and outstandings under the USD Outstandings Senior Facilities in accordance with Clause 7.5 9.7 (Application of Prepayments). (b) Paragraph (a) shall not apply to any Insurance Proceeds unless the Insurance Proceeds exceed five million (5,000,000) EUR [e]1,000,000 (or its equivalent in another currency upon the date of their receiptcurrency) or, when aggregated with the Insurance Proceeds received by it Group Members from claims made in the immediately preceding twelve (12) calendar month period (excluding the Insurance Proceeds from disposals falling within paragraphs (c) below), exceed twenty-five million (25,000,000) EUR [e]7,500,000 (or its equivalent in another currency upon the date of their receiptcurrency). (c) Paragraph (a) shall not apply to any Insurance Proceeds to the extent that such Insurance Proceeds are applied towardsthat: (i) such Insurance Proceeds are promptly upon receipt by the replacement and/or reinstatement relevant Group Member deposited in the Prepayment Account in accordance with paragraph (d) below; and (ii) such Insurance Proceeds are applied, to the satisfaction of the assets with similar or like assets (including Equipment) of a comparable or superior qualityFacility Agent, type or value towards the replacement, reinstatement and/or repair of the assets and/or the satisfaction of business interruption losses in respect of which the relevant insurance claim was made (or to refinance any expenditure incurred in the replacement, reinstatement and/or repair of such assets); or (iiassets and/or the satisfaction of business interruption losses) other capital expenditure provided in the Business Plan (as modified by subsequent Management Plans), in either case, within a period of one hundred and eighty (180) 180 days from the date of receipt of such Insurance Proceeds by the Borrower (or the Borrower has entered into binding agreements to apply such Insurance Proceeds within such one hundred and eighty (180) day period)relevant Group Member. (d) The Borrower Company shall ensure that any Insurance Proceeds to be applied in accordance with paragraph (c) above are promptly deposited in the Prepayment Account, upon receipt by the relevant Group Member. The relevant Group Member that received the Insurance Proceeds shall be entitled, during the period of one hundred and eighty (180) 180 days from the date of its receipt of such Insurance Proceeds, to apply withdraw such Insurance Proceeds from the Prepayment Account only to the extent that it is able to demonstrate to the satisfaction of the Facility Agent that such Insurance Proceeds will be immediately applied in accordance with paragraph (c) above. Any sums not so applied withdrawn during the one hundred and eighty (180) 180 day period shall thereafter be paid to the Facility Agent and applied in prepayment of the EUR Outstandings and outstandings under the USD Outstandings Senior Facilities in accordance with Clause 7.5 9.7 (Application of Prepayments).

MANDATORY PREPAYMENT FROM INSURANCE PROCEEDS. (a) Subject to paragraphs (b) and (c) below, the Borrower Company shall ensure that any Insurance Proceeds received by it any member of the Group are paid to the Facility Agent promptly upon the receipt of such Insurance Proceeds by such Group member and applied in prepayment of the EUR Outstandings and the USD Outstandings in accordance with Clause 7.5 9.6 (Application of Prepayments). (b) Paragraph (a) shall not apply to any Insurance Proceeds unless the Insurance Proceeds exceed five million (5,000,000) EUR e 250,000 (or its equivalent in another currency upon the date of their receiptcurrency) or, when aggregated with the Insurance Proceeds received by it members of the Group from claims made in the immediately preceding twelve (12) calendar month period (excluding the Insurance Proceeds from disposals falling within paragraphs (c) below), exceed twenty-five million (25,000,000) EUR e 5,000,000 (or its equivalent in another currency upon the date of their receiptcurrency). (c) Paragraph (a) shall not apply to any Insurance Proceeds to the extent that such Insurance Proceeds are applied towardsthat: (i) such Insurance Proceeds are promptly upon receipt by the replacement and/or reinstatement relevant member of the assets Group deposited in the Prepayment Account in accordance with similar or like assets paragraph (including Equipmentd) below; and (ii) such Insurance Proceeds are applied, to the satisfaction of a comparable or superior qualitythe Facility Agent, type or value towards the replacement, reinstatement and/or repair of the assets and/or the satisfaction of business interruption losses in respect of which the relevant insurance claim was made (or to refinance any expenditure incurred in the replacement, reinstatement and/or repair of such assets); or (iiassets and/or the satisfaction of business interruption losses) other capital expenditure provided in the Business Plan (as modified by subsequent Management Plans), in either case, within a period of one hundred and eighty (180) 180 days from the date of receipt of such Insurance Proceeds by the Borrower (or the Borrower has entered into binding agreements to apply such Insurance Proceeds within such one hundred and eighty (180) day period)relevant Group member. (d) The Borrower Company shall ensure that any Insurance Proceeds to be applied in accordance with paragraph (c) above are promptly deposited in the Prepayment Account, upon receipt by the relevant Group member. The relevant Group member that received the Insurance Proceeds shall be entitled, during the period of one hundred and eighty (180) 180 days from the date of its receipt of such Insurance Proceeds, to apply withdraw such Insurance Proceeds from the Prepayment Account only to the extent that it is able to demonstrate to the satisfaction of the Facility Agent that such Insurance Proceeds will be immediately applied in accordance with paragraph (c) above. Any sums not so applied withdrawn during the one hundred and eighty (180) 180 day period shall thereafter be paid to the Facility Agent and applied in prepayment of the EUR Outstandings and the USD Outstandings in accordance with Clause 7.5 9.6 (Application of Prepayments).