Common use of Material Recovery Event Clause in Contracts

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. 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 Loans 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. Within ten The Borrower will promptly (10and in any event within 10 days) days after furnish to the occurrence Administrative Agent written notice of any Material Recovery Event, the Borrower Representative will furnish to the Lender written notice thereof. If any Material Recovery Event results in a Remittance of Net ProceedsCash Proceeds (whether in the form of insurance proceeds, a condemnation award or otherwise), a portion or all of which is required to be applied as a prepayment of the Loans or to the rebuilding or restoration of any affected property pursuant to Section 2.9(d)(i) hereof, the Lender Administrative Agent is authorized at its discretion to collect such Net Cash Proceeds and, if received by the Borrower or any BorrowerSubsidiary Guarantor, such the Borrower will pay over or cause to be paid over such Remittance of Net Cash Proceeds to the LenderAdministrative Agent as required by Section 5.2 hereof. Notwithstanding the foregoing, in each case if Lender so elects, for the application to the prepayment of Obligations; provided, however, if: event any property suffers a Material Recovery Event and (i) no Default or Event of Default has occurred which is continuing and not waived in accordance with Section 15.1 hereof and (ii) the Borrower Representative notifies the Lender Administrative Agent and the Lenders in writing (that the “Material Recovery Notice”) that such Borrower intends or any Subsidiary Guarantor intend to rebuild or restore the affected property or acquire replacement assets useful in such Borrower’s or a Subsidiary’s businessproperty, that such rebuilding or restoration can be accomplished within six Twelve (612) months out of such Remittance of Net Cash Proceeds and other funds available to such the Borrower and Borrower shall have deposited such additional funds with Lenderor the Subsidiary Guarantors, then no such prepayment of the Loan in an amount equal to the Material Recovery Deferred Amount Loans shall not be required and any such Net Proceeds collected by the Lender shall be paid over to if the Borrower Representative immediately deposits or as otherwise directed by causes to be deposited such Remittance of Net Cash Proceeds in a cash collateral deposit account over which the Borrower Representative until the Material Recovery Payment Date for application Administrative Agent shall have sole dominion and control, and which shall constitute part of the cost Collateral hereunder and may be applied as provided in Section 10.5(d) of rebuilding or restoration this Agreement if an Event of Default occurs which is continuing and has not been waived in accordance with customary disbursement proceduresSection 15.1 hereof. Any So long as no Default or Event of Default has occurred which is continuing and has not been waived in accordance with Section 15.1 hereof, the Administrative Agent is authorized to disburse amounts not so applied on from such cash collateral deposit account to or at the Material Recovery Prepayment Date direction of the Borrower for application to the costs of rebuilding or restoration shall, at Lender’s election, either of the affected property. Any amounts not so applied to the costs of rebuilding or restoration shall be applied to the prepayment of the Obligations, or remitted to such BorrowerObligations as provided in Section 5.3 of this Agreement.

Material Recovery Event. Within ten (10) 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.