Insurance or Condemnation Proceeds. Within one hundred eighty (180) days of any receipt of insurance or condemnation proceeds, which individually or in the aggregate, involve more than $10,000,000 in any fiscal year, subject to the ability of the Loan Parties to reinvest such proceeds (the “Insurance Proceeds”), the Borrower shall have reinvested the after-tax proceeds of such Insurance Proceeds in replacement or substitute assets or the Borrower shall make a mandatory prepayment of principal on the Loans equal to the net after-tax proceeds of such Insurance Proceeds.
Appears in 3 contracts
Samples: Credit Agreement (Penn Virginia Resource Partners L P), Credit Agreement (Penn Virginia Resource Partners L P), Credit Agreement (Penn Virginia Resource Partners L P)
Insurance or Condemnation Proceeds. Within one hundred eighty (180) days of any receipt of insurance or condemnation proceeds, which individually or in the aggregate, involve more than $10,000,000 5,000,000 in any fiscal year, subject to the ability of the Loan Parties to reinvest such proceeds (the “Insurance Proceeds”), the Borrower shall have reinvested the after-tax proceeds of such Insurance Proceeds in replacement or substitute assets or the Borrower shall make a mandatory prepayment of principal on the Loans equal to the net after-tax proceeds of such Insurance Proceeds, together with accrued interest on such principal payment.
Appears in 1 contract
Samples: Credit Agreement (Penn Virginia Resource Partners L P)