Common use of Material Recovery Event Clause in Contracts

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 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 Two Million Five Million Hundred Thousand Dollars ($5,000,000.002,500,000.00), 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 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 ($5,000,000.005,000,000), 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 Borrowers intended to use such proceeds for such repair, replacement or restoration but fails to do so within such 365-day period), the Borrower Borrowers shall make a mandatory prepayment of principal on the Term Loans (and simultaneous reduction of or, if no Term Loans are then outstanding, on the Revolving Credit CommitmentsLoans) 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.