Common use of Material Recovery Event Clause in Contracts

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 ten Business Days days after the occurrence of a Material Recovery Event, the Administrative Borrower shall furnish to the Administrative Agent written notice thereof. Within sixty thirty (6030) days after the Companies’ receipt of proceeds in respect of 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 thirty (6030) days after such Material Recovery Event, then the proceeds of insurance paid received in connection with such Material Recovery Event, when received, Event shall be paid as a Mandatory Prepayment. If the Administrative Borrower decides Borrowers decide 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 Companies’ receipt of proceeds in respect of such 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 by the end of such twelve (12) month period shall be applied as a Mandatory Prepayment.

Material Recovery Event. Within ten Business Days (10) days after the occurrence of a Material Recovery Event, the Administrative Borrower shall furnish to the Administrative Agent Lender written notice thereof. Within sixty (60) days after such Material Recovery Event, the Administrative Borrower shall notify the Administrative Agent Lender of the Borrowers’ Borrower's determination as to whether or not to replace, rebuild or restore the affected property (a “"Material Recovery Determination Notice”"). If the Borrowers decide Borrower decides not to replace, rebuild or restore such property, property or if the Borrowers have 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, when received, Event 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 date, or if such longer substantial completion cannot be achieved within twelve (12) months after such commencement date, then substantially completed with diligence in such period of time necessary to complete the work with reasonable diligence as reasonably determined by Borrower and approved in writing by Lender, but not exceeding an additional twelve (12) months without the Administrative Agent, in its reasonable discretion, written consent of Lender; with such casualty insurance net proceeds and other funds available to the appropriate Companies for replacement, rebuilding or restoration of such propertyCompanies. 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 Business Days (10) 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’ Borrower’s determination as to whether or not to replace, rebuild or restore the affected property (a “Material Recovery Determination Notice”). If the Borrowers decide Borrower decides not to replace, rebuild or restore such property, property or if the Borrowers have Borrower has not delivered the Material Recovery Determination Notice within sixty (60) days after such the Material Recovery Event, then the proceeds of insurance paid in connection with such Material Recovery Event, when received, Event 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 net proceeds and other funds available to the appropriate Companies for replacement, rebuilding or restoration of such propertyCompanies. 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 PrepaymentPrepayment net of (i) reasonable costs applicable to the Material Recovery Event, and (ii) any debt that is secured by a Lien on the assets in question and that is required to be repaid as a result of such Material Recovery Event.