Material Recovery Event. Within ten days after the occurrence of a Material Recovery Event, Borrower shall furnish to Agent written notice thereof. Within sixty (60) days after such Material Recovery Event, Borrower shall notify Agent of Borrower’s determination as to whether or not to replace, rebuild or restore the affected property (a “Material Recovery Determination Notice”). If Borrower decides not to replace, rebuild or restore such property or if Borrower has not delivered the Material Recovery Determination Notice within sixty (60) days after such Material Recovery Event, then the proceeds of insurance paid in connection with such Material Recovery Event shall be paid as a Mandatory Prepayment. If Borrower decides to replace, rebuild or restore such property, then any such replacement, rebuilding or restoration must be (A) commenced within six months of the date of the Material Recovery Event, and (B) substantially completed within twelve (12) months of such commencement date or such longer period of time necessary to complete the work with reasonable diligence and approved in writing by Agent, in its reasonable discretion, with such net proceeds and other funds available to the appropriate Companies. Any amounts of such insurance proceeds in connection with such Material Recovery Event not applied to the costs of replacement or restoration shall be applied as a Mandatory Prepayment.
Material Recovery Event. Within ten (10) days after the occurrence of any Material Recovery Event, the Borrower Representative will furnish to the Lender written notice thereof. If any Material Recovery Event results in Net Proceeds, the Lender is authorized at its discretion to collect such Net Proceeds and, if received by any Borrower, such Borrower will pay over or cause to be paid over such Remittance of Net Proceeds to the Lender, in each case if Lender so elects, for the application to the prepayment of Obligations; provided, however, if: (i) no Default or Event of Default has occurred which is continuing and (ii) the Borrower Representative notifies the Lender in writing (the “Material Recovery Notice”) that such Borrower intends to rebuild or restore the affected property or acquire replacement assets useful in such Borrower’s or a Subsidiary’s business, that such rebuilding or restoration can be accomplished within six (6) months out of such Remittance of Net Proceeds and other funds available to such Borrower and Borrower shall have deposited such additional funds with Lender, then prepayment of the Loan in an amount equal to the Material Recovery Deferred Amount shall not be required and any such Net Proceeds collected by the Lender shall be paid over to the Borrower Representative or as otherwise directed by the Borrower Representative until the Material Recovery Payment Date for application of the cost of rebuilding or restoration in accordance with customary disbursement procedures. Any amounts not so applied on the Material Recovery Prepayment Date to the costs of rebuilding or restoration shall, at Lender’s election, either be applied to the prepayment of the Obligations, or remitted to such Borrower.
Material Recovery Event. In the event Parent, the Borrower or any of its Subsidiaries (or the Administrative Agent as loss payee or assignee) receives property or casualty insurance proceeds and/or a condemnation or similar payment (relating to one event, condition or transaction or a series of related events, conditions or transactions),
Material Recovery Event. Within five (5) Business Days following any receipt by a Loan Party of property or casualty insurance proceeds or condemnation award proceeds, (when added to other such proceeds received during the same fiscal year), equal or exceed Five Million Dollars ($5,000,000.00), if the recovered proceeds are not intended by such Loan Party to be used within 365 days for the repair, replacement or restoration of damaged property (or on such 365th day if the Borrower intended to use such proceeds for such repair, replacement or restoration but fails to do so within such 365-day period), the Borrower shall make a mandatory prepayment of principal (and simultaneous reduction of Revolving Credit Commitments) equal to such proceeds not intended to be so used, or not so used (as the case may be), together with accrued interest on such principal amount.
Material Recovery Event. Within ten Business Days after the occurrence of a Material Recovery Event, the Administrative Borrower shall furnish to the Administrative Agent written notice thereof. Within sixty (60) days after such Material Recovery Event, the Administrative Borrower shall notify the Administrative Agent of the Borrowers’ determination as to whether or not to replace, rebuild or restore the affected property (a “Material Recovery Determination Notice”). If the Borrowers decide not to replace, rebuild or restore such property, or if the Borrowers have not delivered the Material Recovery Determination Notice within sixty (60) days after such Material Recovery Event, then the proceeds of insurance paid in connection with such Material Recovery Event, when received, shall be paid as a Mandatory Prepayment. If the Administrative Borrower decides to replace, rebuild or restore such property, then any such replacement, rebuilding or restoration must be (A) commenced within six (6) months of the date of the Material Recovery Event, and (B) substantially completed within twelve (12) months of such commencement date or such longer period of time necessary to complete the work with reasonable diligence and approved in writing by the Administrative Agent, in its reasonable discretion, with such casualty insurance proceeds and other funds available to the appropriate Companies for replacement, rebuilding or restoration of such property. Any amounts of such insurance proceeds in connection with such Material Recovery Event not applied to the costs of replacement or restoration shall be applied as a Mandatory Prepayment.
Material Recovery Event. Within 10 days after the occurrence of any Material Recovery Event, the Borrowing Agent shall furnish to the Agent written notice thereof. If any Material Recovery Event results in Net Proceeds, a portion or all of which is required to be applied as a mandatory prepayment of the Advances pursuant to Section 2.7(c), the applicable Obligor will pay over such Net Proceeds to the Agent; provided, however, if: (i) no Default or Event of Default has occurred which is continuing and (ii) the Borrowing Agent notifies the Agent in writing prior to the Material Recovery Prepayment Date that the applicable Obligor intends to rebuild or restore the affected property, that such rebuilding or restoration can be accomplished within twelve (12) months out of such Net Proceeds and any other cash (other than cash obtained from Advances hereunder) and such written notice includes an estimate of the amount of Net Proceeds required for such investment, then no such Section 2.7(c) prepayment of the Advances shall be required, and (Z) until the Material Recovery Prepayment Date, the Agent may in its Permitted Discretion reserve against the Revolving Advances an amount equal to such Net Proceeds. Any Net Proceeds of a Material Recovery Event not so applied by the Material Recovery Prepayment Date to the costs of rebuilding or restoration shall be applied to the prepayment of the Obligations in accordance with and to the extent required by Section 2.7(c). Application of any Net Proceeds to the Revolving Advances pursuant to Section 2.7(c) pending reinvestment thereof by such Obligor, or otherwise, shall not result in a permanent reduction of the Maximum Revolving Advance Amount.
Material Recovery Event. In the event of any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceedings of (a “Casualty Event”), any asset of the Borrower or any of its Subsidiaries resulting in aggregate Net Cash Proceeds (together with the Net Cash Proceeds of all prior Casualty Events after the Closing Date that were not applied as set forth in this Section 5.7.4) of $10,000,000 or more, the Borrower shall within five (5) Business Days following the receipt of proceeds of any casualty or other insurance proceeds or condemnation or similar awards apply an amount equal to 100% of such Net Cash Proceeds toward the prepayment of Loans;
Material Recovery Event. In the event of any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceedings of (a “Casualty Event”), any asset of the Borrowers or any of their Subsidiaries other than any Foreign Subsidiary, Specified Excluded Subsidiary or member of the WebBank Group, resulting in aggregate Net Cash Proceeds (together with the Net Cash Proceeds of all prior Casualty Events after the Closing Date that were not applied as set forth in this Section 5.7.5) of $25,000,000 or more, the Borrowers shall within five (5) Business Days following the receipt of proceeds of any casualty or other insurance proceeds or condemnation or similar awards apply an amount equal to 100% of such Net Cash Proceeds toward the prepayment of Loans. Notwithstanding the foregoing, the Net Cash Proceeds of any Casualty Event attributable to any Foreign Subsidiary or member of the WebBank Group shall be used first to repay any intercompany Indebtedness owed to any Loan Party and second, at the discretion of such Foreign Subsidiary or member of the WebBank Group.
Material Recovery Event. Within five (5) Business Days following any Material Recovery Event if the recovered proceeds are not intended by Borrowers to be used within 180 days for the repair, replacement or restoration of damaged property (or on such 180th day if the Borrowers intend to use such proceeds for such repair, replacement or restoration but fails to do so within such 180-day period), the Borrowers shall make a mandatory prepayment of principal on the Term Loans equal to the applicable percentage (as reflected on SCHEDULE 5.5.1) of such proceeds not intended to be so used, or not so used (as the case may be), together with accrued interest on such principal amount.
Material Recovery Event. Concurrently with the receipt by the Borrower or any Subsidiary of Net Cash Proceeds in respect of any Material Recovery Event, the Borrower shall deliver to the Administrative Agent a calculation of the amount of such Net Cash Proceeds and make a mandatory prepayment at least equal to 100% of such Net Cash Proceeds to be applied as a mandatory prepayment of principal of first, Swing Line Revolving Loans and, second, after Swing Line Revolving Loans have been paid in full, Unpaid Drawings and, third, after Unpaid Drawings have been paid in full, General Revolving Loans.
