Prepayments and Reductions Due to Insurance Proceeds. Upon the receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 net of any costs incurred in collecting such payments (“Net Insurance Proceeds”) in excess of $10,000,000 in the aggregate, 100% of such Net Insurance Proceeds shall be applied to repay the outstanding Revolving Loans (but not reduce the Revolving Loan Commitments) to the full extent thereof; provided that on the 365th date following receipt of such Net Insurance Proceeds an amount equal to any amount of such Net Insurance Proceeds which have not been used by such date to pay or reimburse the costs of repairing, restoring or replacing the assets in respect of which such Net Insurance Proceeds payments were received shall then be applied by Borrower on such date first to prepay the outstanding Term A Loans and Term B Loans on a ratable basis to the full extent thereof, and second, to the extent of any such amount remaining, to permanently reduce the Revolving Loan Commitments to the full extent thereof.
Prepayments and Reductions Due to Insurance Proceeds. Upon the receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 net of any costs incurred in collecting such payments, other than any payments included in the calculation of Consolidated Excess Cash Flow (“Net Insurance Proceeds”) in excess of Seven Million Five Hundred Thousand Dollars ($7,500,000) in the aggregate, 100% of such Net Insurance Proceeds in excess of such amount shall be applied immediately to prepay the Loans; provided that on the Three Hundred Sixty-Fifth (365th) day following receipt of such Net Insurance Proceeds that are equal to or less than Seven Million Five Hundred Thousand Dollars ($7,500,000), an amount equal to any amount of such Net Insurance Proceeds which have not been used or committed by such date to pay or reimburse the costs of repairing, restoring or replacing the assets in respect of which such Net Insurance Proceeds payments were received shall then be applied by Borrower on such date to prepay the Loans. Any such mandatory prepayments or reductions shall be applied as specified in subsection 2.4B(iv)(b).
Prepayments and Reductions Due to Insurance Proceeds. No later than the 120th Business Day following the date of receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 net of any costs incurred in collecting such payments ("NET INSURANCE PROCEEDS") which have not been reinvested (as soon as practicable and, in any event, within 120 days from the date of receipt thereof) in productive assets of a kind then used or usable in the business of such Credit Party or used to maintain the business of such Credit Party as a going concern as a consequence of any business interruption, Borrowers shall reduce the Revolving Loan Commitments in an amount equal to the aggregate amount of such Net Insurance Proceeds in the manner specified in subsection 2.4B(iv)(b) and 2.4B(iv)(c).
Prepayments and Reductions Due to Insurance Proceeds. No later than the fifth Business Day following the date of receipt by Company or any of its Subsidiaries of any Insurance Proceeds or Condemnation Proceeds that constitute Aggregate Excess Proceeds, Company shall prepay the Loans in an amount equal to the aggregate amount of such Insurance Proceeds or Condemnation Proceeds that have not then been applied to reimburse Company or its Subsidiaries for investments previously made in corresponding Productive Assets, in the manner specified in subsection 2.6.B.(ii)(a).
Prepayments and Reductions Due to Insurance Proceeds. Upon the receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 net of any costs incurred in collecting such payments (“Net Insurance Proceeds”) in excess of Ten Million Dollars ($10,000,000) in the aggregate, 100% of such Net Insurance Proceeds in excess of such amount shall either (i) be applied immediately to prepay the Loans or (ii) pursuant to written notice delivered by the Borrower to the Administrative Agent promptly following the receipt of such Net Insurance Proceeds, be reinvested by the Borrower or one of the Subsidiary Guarantors within 365 days of receiving such Net Insurance Proceeds, provided, that the Borrower shall be deemed to have complied with this subclause (ii) if (A) as of such 365th day, the Borrower or one of its Subsidiaries has entered into and not abandoned or rejected a binding agreement to make such reinvestments and such investment will occur no later than 180 days following the 365th day following the receipt of such Net Insurance Proceeds by the Borrower and (B) such reinvestments shall be made in assets, property or capital expenditures used or useful in the business of the Borrower or the Subsidiary Guarantors and, in the case of insurance proceeds received on account of radio towers, in any assets or applied to the payment of expenses used or useful in or to the business of the Borrower or the Subsidiary Guarantors. Any such mandatory prepayments or reductions shall be applied as specified in subsection 2.4B(iv)(b).
Prepayments and Reductions Due to Insurance Proceeds. No later than the 120th Business Day following the date of receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 ("INSURANCE PROCEEDS") which have not been reinvested (as soon as practicable and, in any event, within 120 days from the date of receipt thereof) in productive assets of a kind then used or usable in the business of such Credit Party or used to maintain the business of such Credit Party as a going concern as a consequence of any business interruption, Company shall reduce the Revolving Loan Commitments in an amount equal to the aggregate amount of such Insurance Proceeds in the manner specified in subsection 2.4B(iv)(b) and 2.4B(iv)(d); PROVIDED that, notwithstanding any of the foregoing to the contrary, upon and during the continuance of an Event of Default, and upon notice from Agent or Requisite Lenders, all Insurance Proceeds, regardless of reinvestment or other use, received by Company shall be applied to reduce the Revolving Loan Commitments in the manner specified in subsection 2.4B(iv)(b).
