Common use of Net Refinancing Proceeds Clause in Contracts

Net Refinancing Proceeds. Subject to the terms of the Intercreditor Agreement, no later than the fifth Business Day after the date of receipt by Borrowers or any of their Subsidiaries (x) of Casden Net Refinancing Proceeds from any Refinancing Indebtedness, Borrowers shall prepay the Loans and pay accrued and unpaid interest thereon in an aggregate amount equal to, (1) on or after the date which is one year after the Closing Date, 75% of such Casden Net Refinancing Proceeds and (2) with respect to any Casden Net Refinancing Proceeds received after the occurrence and during the continuation of an Event of Default, 100% of such Casden Net Refinancing Proceeds and (y) upon the occurrence and during the continuation of a Revolver Payment Default, of Net Refinancing Proceeds from the refinancing of any loan, debt or other obligation secured in whole or in part by any asset (other than any Casden Asset), Borrowers shall prepay the Loans and pay accrued and unpaid interest thereon in an aggregate amount equal to 100%; provided, however, that, such Net Refinancing Proceeds received pursuant to clause (y) shall be used to first reduce outstanding obligations under the Revolving Credit Agreement, if any, until any such obligations are reduced to zero, and thereafter such Net Refinancing Proceeds shall be used to prepay the Loans; and

Net Refinancing Proceeds. Subject to the terms of the Intercreditor Agreement, no later than the fifth Business Day after the date of receipt by Borrowers or any of their Subsidiaries (x) of Casden Net Refinancing Proceeds from any Refinancing Indebtedness, Borrowers shall prepay the Loans and pay accrued and unpaid interest thereon in an aggregate amount equal to, (1x) on or after the date which is one year after the Closing Date, 75% of such Casden Net Refinancing Proceeds and (2y) with respect to any Casden Net Refinancing Proceeds received from the refinancing of any loan, debt or other obligations secured in whole or in part by any Casden Asset after the occurrence and during the continuation of an Event of Default, 100% of such Casden Net Refinancing Proceeds and (y) Proceeds; provided, however, that, upon the occurrence and during the continuation of a Revolver Payment Default, of Net Refinancing Proceeds from the refinancing of any loan, debt or other obligation secured in whole or in part by any asset (other than any Casden Asset), Borrowers shall prepay the Loans and pay accrued and unpaid interest thereon in an aggregate amount equal to 100%; provided, however, that, such Net Refinancing Proceeds received pursuant to clause (y) shall be used to first reduce outstanding obligations under the Revolving Credit Agreement, if any, until any such obligations are reduced to zero, and thereafter such Net Refinancing Proceeds shall be used to prepay the Loans; and