Common use of Proceeds of Casualty Events Clause in Contracts

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 180 days following the receipt by any the Lender or the Credit Party Parties of the proceeds of insurance, condemnation award or other compensation in respect of any Casualty Event affecting any property of any the 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 TimeParties, the Borrower Borrowers shall prepay the Loans (and provide cover cash collateral for Total LC Exposure as specified in Section 2.4(hsubsection 2.4(g)), and, if applicable as provided in Section 2.9(c), and the Revolving Credit Commitments Commitment shall be subject to automatic reduction, in an aggregate amount, if any, amount 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)Event, such prepayment and reduction to be effected in each case in the manner and to the extent specified in paragraph (csubsection 2.7(c) of this Section 2.9below; provided that if there shall occur a Casualty Event and the aggregate market value of all property affected by such Casualty Event shall be less than $25,000, and if, at the time proceeds of insurance in respect of such Casualty Event are received, no Event of Default has shall have occurred and is be continuing, no Net Cash Payments from any the Borrowers shall be entitled to utilize such insurance proceeds (in an amount not in excess of $25,000) to repair or replace the property affected by such Casualty Event may within 90 days (it being understood that if proceeds of insurance intended to be applied to repair or replace property are not in fact applied within 90 days after receipt thereof, then such proceeds shall be applied to the repair or replacement prepayment of any property Loans, cover for Total LC Exposure and such Net Cash Payments shall be applied in stead to prepay the Loans by 100% reduction of the amount Revolving Credit Commitment as provided in this clause (iv) at the expiration of Net Cash Payments received from such Casualty Event90 day period).

Proceeds of Casualty Events. Upon the date 180 days following the receipt by any Credit Party of the proceeds of insurance, condemnation award awards 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 of Net Cash Payments from Casualty Events do not exceed in excess of $1,500,000 in the aggregate 250,000 per occurrence and $500,000 for all occurrences after the Effective Time, Closing Date (except that such exclusions shall not apply after the occurrence and during the continuation of an Event of Default) the Borrower shall prepay the Loans (and provide cover for Total LC Exposure as specified in Section 2.4(h2.4(i)), and, if applicable as provided in Section 2.9(c)applicable, 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 360 days after receipt thereof, then such Net Cash Payments shall be applied to the prepayment of Loans and Loans, cover for Total LC Exposure and and, reduction of Revolving Credit Commitments as provided in this clause (iiiii) at the expiration of such 180 360-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 Event2.11.

Proceeds of Casualty Events. Upon the date 180 days following the receipt by any the Agent or the Credit Party Parties of the proceeds of insurance, condemnation award or other compensation in respect of any Casualty Event affecting any property of any the 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 TimeParties, the Borrower Borrowers shall prepay the Loans (and provide cover cash collateral for Total LC Exposure as specified in Section 2.4(hsubsection 2.3(i)), 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, amount equal to 100% of the Net Cash Payments from such Casualty Event not theretofore applied or committed Event, such prepayment to be applied effected in each case in the manner and to the extent specified in subsection 2.7(c) below; provided that, if there shall occur a Casualty Event and the aggregate market value of all property affected by such Casualty Event shall be less than $500,000, and if, at the time proceeds of insurance in respect of such Casualty Event are received, no Event of Default shall have occurred and be continuing, the Borrower shall be entitled to utilize such insurance proceeds (in an amount not in excess of $500,000) to repair or replacement of replace the property affected by such property Casualty Event within 180 days (it being understood that if Net Cash Payments committed proceeds of insurance intended to be applied to repair or replace property are not in fact applied within twelve months 180 days after receipt thereof, then such Net Cash Payments proceeds 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), and further provided that, if the Tranche B Lenders have the right under the Intercreditor Agreement to apply the proceeds of such Casualty Event as a prepayment of the principal of the Tranche B Loans and reduction to be effected in each case in the manner if and to the extent specified in paragraph (c) that the proceeds of this Section 2.9; provided that if a Default has occurred and is continuing, no Net Cash Payments from any such Casualty Event may be are in fact applied to as a prepayment of the repair or replacement principal of any property and such Net Cash Payments the Tranche B Loans, then no payment shall be applied in stead required under this clause (iii) with respect 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 180 days following the receipt by any Credit Party of the proceeds of insurance, condemnation award awards 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 of Net Cash Payments from Casualty Events do not exceed in excess of $1,500,000 in the aggregate 250,000 per occurrence and $500,000 for all occurrences after the Effective Time, Closing Date (except that such exclusions shall not apply after the occurrence and during the continuation of an Event of Default) the Borrower shall prepay the Loans (and provide cover for Total LC Exposure as specified in Section 2.4(h2.4(i)), and, if applicable as provided in Section 2.9(c)applicable, 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 360 days after receipt thereof, then such Net Cash Payments shall be applied to the prepayment of Loans and Loans, cover for Total LC Exposure and and, reduction of Commitments as provided in this clause (iiiii) at the expiration of such 180 360-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 Event2.10.

Proceeds of Casualty Events. Upon To the date 180 days following the receipt by extent any Credit Party of the proceeds shall receive excess Net Cash Payments in respect of insurance, condemnation award 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 upon 30 days following such earlier date after such receipt as such Credit Party, as the case may be, Party shall have determined not to repair, replace or restore such property), to the repair or replace the replacement of such property affected by such Casualty Eventor to Investments (excluding Permitted Investments), except reinvestment in similar assets to those subject to the extent Net Cash Payments from Casualty Events do not exceed $1,500,000 Event or in other assets used in a Permitted Line of Business or Capital Expenditures permitted hereunder. Upon the aggregate after the Effective Timeexpiration 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 Total LC Exposure as specified in Section 2.4(h2.4(i)), 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 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 2.9; 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 2.11. The Revolving Credit Commitments hereunder shall be applied automatically reduced in stead to prepay the Loans by 100% of the amount of Net Cash Payments received from such Casualty Eventany prepayment of the Loans under this clause (b)(ii).