Common use of Notice of Casualty Events Clause in Contracts

Notice of Casualty Events. Prompt written notice, and in any event within five Business Days (or such longer time as the Administrative Agent may agree in its sole discretion) of the Borrower becoming aware of the occurrence of any Casualty Event reducing (or constituting a Disposition of) the fair market value of the Property of the Loan Parties by an amount in excess of the greater of (x) $7,500,000 or (y) 5.0% of the then-effective Borrowing Base or the commencement of any action or proceeding that could reasonably be expected to result in a Casualty Event reducing (or constituting a Disposition of) the fair market value of the Property of the Loan Parties by an amount in excess of the greater of (x) $7,500,000 or (y) 5.0% of the then-effective Borrowing Base.

Notice of Casualty Events. Prompt written notice, and in any event within five (5) Business Days (or such longer time as the Administrative Agent Lead Holder may agree in its sole discretion) of the Borrower Issuer becoming aware of the occurrence of any Casualty Event reducing (or constituting a Disposition of) the fair market value of the Property of the Loan Note Parties by an amount in excess of the greater of (x) $7,500,000 or (y) five percent (5.0% %) of the then-effective Borrowing Base or the commencement of any action or proceeding that could reasonably be expected to result in a Casualty Event reducing (or constituting a Disposition of) the fair market value of the Property of the Loan Note Parties by an amount in excess of the greater of (x) $7,500,000 or (y) five percent (5.0% %) of the then-effective Borrowing Base.