Casualty Events and Extraordinary Receipts. Promptly (but no later than three (3) Business Days) upon receipt by any Credit Party of (A) Net Cash Proceeds, from Casualty Events with respect to Collateral and (B) all Extraordinary Receipts, the Borrowers shall pay to the Administrative Agent 100% of such Net Cash Proceeds and Extraordinary Receipts so received to be applied (i) prior to an Event of Default (x) to prepay the principal amount of Term Loans as set forth in Section 2.02(b)(vi) below and any accrued interest thereon and (y) to pay the applicable Early Termination Fee and (ii) following the occurrence and continuance of an Event of Default, in accordance with the application of payments specified in Section 8.03; provided, however, that with respect to any Net Cash Proceeds received from Casualty Events or any Extraordinary Receipts, at the election of the Borrowers (pursuant to a notice in writing by the Borrower Representative to the Administrative Agent on or prior to the date of receipt of such Net Cash Proceeds or Extraordinary Receipt, as applicable, and so long as no Event of Default shall have occurred and be continuing, such Credit Party may reinvest all or any portion of such Net Cash Proceeds or Extraordinary Receipts, as applicable, in operating assets or other assets used or useful in the business of the Credit Parties, in each case, other than a reinvestment in cash assets, so long as such reinvestment occurs within 180 days after the receipt of such Net Cash Proceeds or Extraordinary Receipts, as applicable); provided, further, however, that any Net Cash Proceeds or Extraordinary Receipts not reinvested as set forth herein above, shall be applied to the prepayments of the Obligations as set forth in this Section 2.02(b)(ii) at the end of such 180 day period.
Casualty Events and Extraordinary Receipts. The Borrowers shall prepay the Obligations in an amount equal to 100% of (i) such Net Cash Proceeds received by any Credit Party from Casualty Events with respect to Collateral and (ii) all Extraordinary Receipts (in each case, such prepayments shall be directed to the Collection Account and applied in accordance with the application of payments specified in Section 2.07(c)).
Casualty Events and Extraordinary Receipts. The Borrowers shall (i) prepay the Obligations in an amount equal to 100% such Net Cash Proceeds received by any Credit Party from Casualty Events with respect to ABL Priority Collateral (such prepayments shall be directed to a Concentration Account) and (ii) subject to the terms of the Senior Notes Intercreditor Agreement, prepay the Obligations in an amount equal to 100% of all other Casualty Events or Extraordinary Receipts (subject to the terms of the Senior Notes Intercreditor Agreement, such prepayments shall be directed to a Concentration Account).
