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.
(b) In the event any Net Cash Proceeds are required to be deposited in the Collateral Account in accordance with Section 2.10(f), the Collateral Agent shall not release any part of such Net Cash Proceeds until the applicable Credit Party has furnished to the Collateral Agent (i) an Officers’ Certificate setting forth: (A) a brief description of the reason for the release, (B) the dollar amount of the expenditures to be made, or costs incurred by such Credit Party in connection with such release and (C) each request for payment shall be made on at least one Business Day’s prior notice to the Collateral Agent and such request shall state that the properties acquired in connection with such release have a fair market value at least equal to the amount of such Net Cash Proceeds requested to be released from the Collateral Account and (ii) all security agreements and Mortgages and other items required by the provisions of Sections 5.11 and 5.12 to, among other things, subject such reinvestment properties or assets to the Lien of the Security Documents in favor of the Collateral Agent, for its benefit and for the benefit of the other Secured Parties.
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. 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. 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 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 as of such date and (2) such excess Net Cash Payments (to the extent not so reinvested or intended to be reinvested) to either, at its option (A) prepay the Term Loans (or, if applicable, make a Deemed Prepayment of the Term Loans) or (B) prepay the Loans (and provide cover for LC Exposure as specified in Section 2.4(i)), such prepayment (and the corresponding reduction of the Revolving Credit Commitments) to be effected in each case in the manner and to the extent specified in paragraph (c) of this Section 2.11. The Revolving Credit Commitments hereunder shall be automatically reduced in the amount of any prepayment of the Loans under this clause (b)(ii).
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:
(A) if at the time of such receipt the Revolving Credit Facility is outstanding and any commitment under the Revolving Credit Agreement has not been terminated, at the election of the Borrower, either to:
(1) make an offer to prepay the Term Loans hereunder,
(2) make a voluntary prepayment of the Term Loans hereunder in accordance with Section 2.11(a), and/or
(3) make a prepayment of the Revolving Credit Loans (and provide cover for LC Exposure) under the Revolving Credit Agreement, which shall be accompanied by a permanent reduction of the commitments under the Revolving Credit Agreement, as specified in Section 2.4(i) and 2.11(b)(i) of the Initial Revolving Credit Agreement (or the equivalent section(s) of any successor Revolving Credit Agreement), or
(B) after the Revolving Credit Facility has been paid in full and all commitments hereunder have been terminated, at the election of the Borrower, either to (1) make an offer to prepay the Term Loans hereunder and/or (2) make a voluntary prepayment of the Term Loans in accordance with Section 2.11(a); such voluntary prepayment or accepted offer of prepayment to be applied in each case in the manner and to the extent specified in paragraph (c) of this Section 2.11 or such offer to prepay to be effected in each case in the manner and to the extent specified in paragraph (d) of this Section 2.11.
(C) The obligation of the Borrower to apply excess Ne...
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 paragraph (a), promptly following the occurrence of any Casualty Event affecting the property of any Obligor (whether or not such property is Collateral under this Agreement) resulting in a loss in excess of $1,000,000, such Obligor through the Borrower shall give prompt notice thereof to the Administrative Agent 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 Administrative Agent, for deposit into the Collateral Account, as additional collateral security for the payment of the Secured Obligations. To the extent the Administrative Agent shall receive proceeds of any such Casualty Event resulting in a loss of $1,000,000 or less, the Administrative Agent will, so long as no Event of Default shall have occurred and be continuing, promptly remit such proceeds to the relevant Obligor through the Borrower.
Proceeds of Casualty Events. Upon the receipt by the Agent 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 Loans in an aggregate amount equal to 100% of the Net Cash Payments from such Casualty Event, such prepayment to be effected in each case in the manner and to the extent specified in Section 2.5(c) below. Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be continuing or otherwise arises as a result thereof, the Borrower shall not be required to make any prepayment of the Loans under this Section 2.5(b)(iii) with respect to the first $500,000 of Net Cash Payments received by the Credit Parties in the aggregate from Casualty Events from and after the Effective Time to the extent that such Net Cash Payments are utilized to repair or replace the property affected by such Casualty Event within 180 days after the date of the receipt thereof.
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.
