Common use of Net Disposition Proceeds Clause in Contracts

Net Disposition Proceeds. Subject to the terms of the Intercreditor Agreement, no later than the fifth Business Day after the date of receipt by Borrowers, the Guarantors or any of their Subsidiaries of Net Disposition Proceeds from any Disposition which is not an Ordinary Course Disposition after the Closing Date, Borrowers shall prepay the Loans and pay accrued and unpaid interest thereon in an aggregate amount equal to, (x) with respect to any such Net Disposition Proceeds received during the period beginning on the Closing Date and ending on the date which is the first anniversary of the Closing Date, 50% of such Net Disposition Proceeds, (y) with respect to any such Net Disposition Proceeds received thereafter, 75% of such Net Disposition Proceeds and (z) with respect to any such Net Disposition Proceeds received from the Disposition of any Casden Asset after the occurrence and during the continuation of an Event of Default, 100% of such Net Disposition Proceeds; provided, however, that, upon the occurrence and during the continuation of a Revolver Payment Default, Net Disposition Proceeds from the Disposition of any asset (other than the Casden Assets) are not required to be applied to prepay the Loans provided such amounts are used to reduce outstanding obligations under the Revolving Credit Agreement, if any, until any such obligations are reduced to zero, and thereafter such Net Disposition Proceeds shall be used to prepay the Loans.

Net Disposition Proceeds. Subject to the terms of the Intercreditor Agreement, no later than the fifth Business Day after the date of receipt by Borrowers, the Guarantors or any of their Subsidiaries (x) of Casden Net Disposition Proceeds from any Disposition which is not an Ordinary Course Disposition after the Closing Date, Borrowers shall prepay the Loans and pay accrued and unpaid interest thereon in an aggregate amount equal to, (x1) with respect to any such Casden Net Disposition Proceeds received during the period beginning on the Closing Date and ending on the date which is the first anniversary of the Closing Date, 50% of such Casden Net Disposition Proceeds, (y2) with respect to any such Casden Net Disposition Proceeds received thereafter, 75% of such Casden Net Disposition Proceeds and (z3) with respect to any such Casden Net Disposition Proceeds received from the Disposition of any Casden Asset after the occurrence and during the continuation of an Event of Default, 100% of such Casden Net Disposition Proceeds; provided, however, that, Proceeds and (y) upon the occurrence and during the continuation of a Revolver Payment Default, of Net Disposition Proceeds from the Disposition of any asset (other than the Casden Assets) are not required to be applied to ), Borrowers shall prepay the Loans provided and pay accrued and unpaid interest thereon in an aggregate amount equal to 100% of such amounts are Net Disposition Proceeds; provided, however, that, such Net Disposition Proceeds received pursuant to clause (y) shall be used first to reduce outstanding obligations under the Revolving Credit Agreement, if any, until any such obligations are reduced to zero, and thereafter such Net Disposition Proceeds shall be used to prepay the Loans.