Proceeds of Casualty Events. (a) So long as no Event of Default shall have occurred and be continuing, in the event there shall be any Net Cash Proceeds in respect of any Casualty Event, the applicable Credit Party shall have the right, at such Credit Party’s option, to apply such Net Cash Proceeds in accordance with the applicable provisions of this Agreement.
Proceeds of Casualty Events. Upon the date 180 days following the receipt by any Credit Party of the proceeds of insurance, condemnation award or other compensation in respect of any Casualty Event affecting any property of any Credit Party (or upon such earlier date as such Credit Party, as the case may be, shall have determined not to repair or replace the property affected by such Casualty Event), except to the extent Net Cash Payments from Casualty Events do not exceed $1,500,000 in the aggregate after the Effective Time, the Borrower shall prepay the Loans (and provide cover for Total LC Exposure as specified in Section 2.4(h)), and, if applicable as provided in Section 2.9(c), the Revolving Credit Commitments shall be subject to automatic reduction, in an aggregate amount, if any, equal to 100% of the Net Cash Payments from such Casualty Event not theretofore applied or committed to be applied to the repair or replacement of such property (it being understood that if Net Cash Payments committed to be applied are not in fact applied within twelve months after receipt thereof, then such Net Cash Payments shall be applied to the prepayment of Loans and cover for Total LC Exposure and reduction of Commitments as provided in this clause (iii) at the expiration of such 180 day period), such prepayment and reduction to be effected in each case in the manner and to the extent specified in paragraph (c) of this Section 2.9; provided that if a Default has occurred and is continuing, no Net Cash Payments from any Casualty Event may be applied to the repair or replacement of any property and such Net Cash Payments shall be applied in stead to prepay the Loans by 100% of the amount of Net Cash Payments received from such Casualty Event.
Proceeds of Casualty Events. Upon the date that is 180 days following the receipt by the Borrower or any of its Restricted Subsidiaries (or, if within such 180 day period the Borrower or any of its Restricted Subsidiaries enters into contracts related to the reinvestment of such Net Cash Payments, such longer period not to exceed 365 days after the original date of receipt of such Net Cash Payments as is contemplated by such contracts) of the proceeds of insurance, condemnation award or other compensation in respect of any Casualty Event affecting any property of the Borrower or any of its Restricted Subsidiaries, except to the extent Net Cash Payments from Casualty Events do not exceed $5,000,000 individually or $10,000,000 in the aggregate during any fiscal year of the Borrower, the Borrower shall prepay the Loans (and provide Cash Collateral for L/C Obligations as specified in Section 2.05(d) and Section 2.14), in an aggregate amount, if any, equal to 100% of the Net Cash Payments from such Casualty Event not theretofore applied or committed to be applied to the repair or replacement of such property or other assets useful to the business of the Borrower and its Restricted Subsidiaries (it being understood that if Net Cash Payments committed to be applied are not in fact applied within 180 days after receipt thereof (or such longer period not to exceed 365 days after the original date of receipt of such Net Cash Payments as contemplated by contracts related to the reinvestment of such Net Cash Payments), then such Net Cash Payments shall be applied to the prepayment of Loans and cover for L/C Obligations as provided in this Section 2.05(c)(iii) at the expiration of such 180 day or 365 day period, as applicable), such prepayment to be effected in each case in the manner and to the extent specified in Section 2.05(d); provided that if at the time any Net Cash Payments from a Casualty Event are received by the Borrower or any of its Restricted Subsidiaries an Event of Default has occurred and is continuing, such Net Cash Payments may not be applied to the repair or replacement of any property and such Net Cash Payments shall be applied instead to prepay the Loans in an amount equal to 100% of such Net Cash Payments.
Proceeds of Casualty Events. Within two (2) Business Days after the date of receipt by the Lenders or the Credit Parties or any of their respective Subsidiaries of the proceeds of insurance, condemnation award or other compensation in respect of any Casualty Event affecting any property of the Credit Parties or any of their respective Subsidiaries, the Borrower shall prepay the Term Loan, in an aggregate amount equal to 100% of the Net Cash Payments from such Casualty Event, such payment to be effected in each case in the manner specified in Section 2.4(c) below; provided, that, the Borrower shall not be required to make any prepayment pursuant to this Section 2.4(b)(ii) in respect of the proceeds of business interruption insurance. Notwithstanding the forgoing, the Borrower shall not be required to make any prepayment of the Term Loan under this Section 2.4(b)(ii) with respect to up to $4,000,000 of aggregate Net Cash Payments received by the Credit Parties and their respective Subsidiaries from Casualty Events in any fiscal year to the extent such Credit Party or such Subsidiary reinvests such Net Cash Payments in Eligible Assets within three hundred sixty-five (365) days of the date of such Disposition; provided, that, if such Net Cash Payments shall have not been so reinvested, such Net Cash Payments shall be immediately applied to prepay the Term Loan.
Proceeds of Casualty Events. To the extent any Credit Party shall receive excess Net Cash Payments in respect of insurance, condemnation awards or other compensation in respect of any Casualty Event affecting any property of any Credit Party in excess of $1,000,000 in any fiscal year, then the Borrower may apply such excess Net Cash Payments, within 360 days after such receipt (or 30 days following such earlier date after such receipt as such Credit Party shall have determined not to repair, replace or restore such property), to the repair or replacement of such property or to Permitted Investments (excluding those described in clause (2) of the definition thereof) or to Restricted Investments otherwise permitted hereunder, reinvestment in similar assets to those subject to the Casualty Event or in other assets used in a Permitted Line of Business or Capital Expenditures permitted hereunder. Upon the expiration of such 360-day period (or upon any such earlier date), the Borrower shall apply such excess Net Cash Payments (to the extent not so reinvested or intended to be reinvested) as follows:
Proceeds of Casualty Events. To the extent any Credit Party shall receive excess Net Cash Payments in respect of insurance, condemnation awards or other compensation in respect of any Casualty Event affecting any property of any Credit Party in excess of $1,000,000 in any fiscal year, then the Borrower may apply such excess Net Cash Payments, within 365 days after such receipt (or if any Credit Party has entered into a binding commitment within such 365 day period to repair, replace or restore such property or otherwise apply such Net Cash Proceeds in a manner permitted by this sentence, with the good faith expectation that such Net Cash Proceeds will be applied to satisfy such commitments within such 365 day period, such period shall be extended to the date that is the 180th day after the date of such binding commitment), to the repair or replacement of such property or to Investments (excluding Permitted Investments), reinvestment in similar assets to those subject to the Casualty Event or in other assets used in a Permitted Line of Business or Capital Expenditures permitted hereunder, provided, however, that if the Credit Parties have determined not to repair, replace or restore such property or otherwise apply such Net Cash Proceeds in a manner permitted by this sentence, then such period above shall be reduced to the date that is 30 days following the date of such determination. Upon the expiration of such 365 day period (or upon any such earlier date or later date as described in the preceding sentence), the Borrower shall apply the lesser of (1) the Outstanding Amount as of such date and (2) such excess Net Cash Payments (to the extent not so reinvested or intended to be reinvested) to prepay the Loans (and provide cover for LC Exposure as specified in Section 2.4(i)), such prepayment to be effected in each case in the manner and to the extent specified in paragraph (c) of this Section 2.11, without a corresponding reduction in the Revolving Credit Commitment.
Proceeds of Casualty Events. Upon the receipt by the Lender or the Credit Parties of the proceeds of insurance, condemnation award or other compensation in respect of any Casualty Event affecting any property of the Credit Parties, the Borrower shall prepay the Term Loan in an aggregate amount equal to 100% of the Net Cash Payments from such Casualty Event.
Proceeds of Casualty Events. Without limiting the generality of the provisions of the foregoing Section 4.01, promptly following the occurrence of any Casualty Event affecting the property of Grantor (whether or not such property is Collateral under this Agreement) resulting in a loss in excess of $10,000, the Grantor shall give prompt notice thereof to the Secured Party and shall cause the proceeds of insurance, condemnation award or other compensation received as a result of such Casualty Event to be paid to the Secured Party, for deposit into the Collateral Account, as additional collateral security for the payment of the Secured Obligations. To the extent the Secured Party shall receive proceeds of any such Casualty Event resulting in a loss of $10,000 or less, the Secured Party will, so long as no Default shall have occurred and be continuing, promptly remit such proceeds to the Grantor.
Proceeds of Casualty Events. To the extent any Credit Party shall receive excess Net Cash Payments in respect of insurance, condemnation awards or other compensation in respect of any Casualty Event affecting any property of any Credit Party in excess of $1,000,000 in any fiscal year, then the Borrower may apply such excess Net Cash Payments, within 360 days after such receipt (or 30 days following such earlier date after such receipt as such Credit Party shall have determined not to repair, replace or restore such property), to the repair or replacement of such property or to Investments (excluding Permitted Investments), reinvestment in similar assets to those subject to the Casualty Event or in other assets used in a Permitted Line of Business or Capital Expenditures permitted hereunder. Upon the expiration of such 360-day period (or upon any such earlier date), the Borrower shall apply the lesser of (1) the Outstanding Amount
Proceeds of Casualty Events. Upon the receipt by the Lender or the Credit Parties of the proceeds of insurance, condemnation award or other compensation in respect of any Casualty Event affecting any property of the Credit Parties, the Borrowers shall prepay the Loans in an aggregate amount equal to 100% of the Net Cash Payments from such Casualty Event.
