Common use of Prepayments and Reductions from Net Insurance/Condemnation Proceeds Clause in Contracts

Prepayments and Reductions from Net Insurance/Condemnation Proceeds. No later than the third Business Day following the date of receipt by Administrative Agent or by Company or any of its Subsidiaries of any Net Insurance/Condemnation Proceeds that are required to be applied pursuant to the provisions of subsection 6.4C, Company shall prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced in an aggregate amount equal to the amount of such Net Insurance/Condemnation Proceeds; PROVIDED, HOWEVER, that in the event Company intends to replace any assets in respect of which such Net Insurance/Condemnation Proceeds were received ("INSURANCE EXCHANGE ASSETS") with assets which are to be used in a business engaged in by the Company and its Subsidiaries at the time of any such replacement or any business or activity substantially similar or related thereto, Company shall prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced in an aggregate amount equal to the excess of (1) such Net Insurance/Condemnation Proceeds over (2) an amount equal to the amount of cash expected to be expended by the Company and its Subsidiaries to acquire such Insurance Exchange Assets during the 270-day period following the date of receipt by Company or any of its Subsidiaries of such Net Insurance/Condemnation Proceeds. Any amounts not expended by Company and its Subsidiaries within such 270-day period shall be prepaid pursuant to clause (f) below.