Common use of Net Indebtedness Proceeds Clause in Contracts

Net Indebtedness 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 of Net Indebtedness Proceeds from any Indebtedness incurred by the Borrowers or their Subsidiaries after the Closing Date, Borrowers shall apply an aggregate amount equal to 100% of such Net Indebtedness Proceeds to prepay the Loans and pay accrued and unpaid interest thereon; provided, however, that, upon the occurrence and during the continuation of a Revolver Payment Default, Net Indebtedness Proceeds from any Indebtedness incurred by Borrowers and their Subsidiaries (other than Casden or any of its Subsidiaries) 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 Indebtedness Proceeds shall be used to prepay the Loans.

Net Indebtedness 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 Indebtedness Proceeds from any Indebtedness incurred by the Borrowers or their Subsidiaries after the Closing DateDate and (y) upon the occurrence and during the continuation of a Revolver Payment Default, of Net Indebtedness Proceeds from any Indebtedness incurred by Borrowers and their Subsidiaries (other than Casden or any of its Subsidiaries), Borrowers shall apply an aggregate amount equal to 100% of such Casden Net Indebtedness Proceeds and Net Indebtedness Proceeds to prepay the Loans and pay accrued and unpaid interest thereon; provided, however, that, upon the occurrence and during the continuation of a Revolver Payment Default, such Net Indebtedness Proceeds from any Indebtedness incurred by Borrowers and their Subsidiaries received pursuant clause (other than Casden or any of its Subsidiariesy) 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 Indebtedness Proceeds shall be used to prepay the Loans.