Common use of Timber Lease Termination Proceeds Clause in Contracts

Timber Lease Termination Proceeds. Subject to Section 3.1.2(b)(viii), immediately upon receipt of any Timber Lease Termination Proceeds by any Loan Party or any Subsidiary of any Loan Party, the Borrower shall be obligated to repay the Loans and other Obligations in an amount equal to such Timber Lease Termination Proceeds; provided, however, if no Default or Event of Default has occurred and is continuing and to the extent the Loan to Value Ratio, calculated after giving Pro Forma Effect to the receipt of Timber Lease Termination Proceeds and such Disposition, does not exceed 42.5%, the Borrower shall not be obligated to repay the Loans and other Obligations (A) to the extent the Timber Lease Termination Proceeds do not exceed 0.5% of the aggregate Value of the Timberlands (calculated as of the date such Timber Lease Termination Proceeds are received) in connection with the termination of a single PLM Lease or a single portion of the LTC Lease or any other Timber Lease and (B) all such Timber Lease Termination Proceeds do not exceed 1.5% of the aggregate Value of the Timberlands (calculated as of the date each such Timber Lease Termination Proceeds are received) in the aggregate after the Effective Date and over the remaining term of this Agreement.

Timber Lease Termination Proceeds. Subject to clause (viii) of this Section 3.1.2(b)(viii3.1.2(b), immediately upon receipt of any Timber Lease Termination Proceeds by any Loan Party or any Subsidiary of any Loan Party, the Borrower shall be obligated to repay the Loans and other Obligations in an amount equal to such Timber Lease Termination Proceeds; provided, provided however, if no Default or Event of Default has occurred and is continuing and to the extent if the Loan to Value Ratio, calculated after giving Pro Forma Effect effect to the receipt of Timber Lease Termination Proceeds and such Dispositiondisposition, does not exceed 42.540%, the Borrower shall not be obligated to repay the Loans and other Obligations (A) to the extent the Timber Lease Termination Proceeds do not exceed 0.5% of the aggregate Value of the Timberlands (calculated as of the date such Timber Lease Termination Proceeds are received) in connection with the termination of a single PLM Lease or a single portion of the LTC Lease or any other Timber Lease and (B) all such Timber Lease Termination Proceeds do not exceed 1.5% of the aggregate Value of the Timberlands (calculated as of the date each such Timber Lease Termination Proceeds are received) in the aggregate after the Amendment Effective Date and over the remaining term of this Agreement.