Insurance Prepayment Trigger Event means, subject to Section 11.1(d), the receipt by any Obligor of any insurance proceeds (other than in respect of an insurance claim for a lost or stolen shipment of Saleable Product, provided that an Event of Default has not occurred and is not continuing) in excess of $10,000,000 where such proceeds or any portion thereof have not been used or committed by such Obligor to repair or replace the subject assets within 180 days of such Obligor's receipt thereof providing that such repairs or replacement will generate materially the same performance as prior to such insurance claim.
Insurance Prepayment Trigger Event means the receipt by any Obligor of any proceeds under any property insurance policy in excess of $35,000,000 or the Exchange Equivalent thereof, where such proceeds or any portion thereof have not been used or committed by such Obligor to repair or replace the subject assets within 180 days of such Obligor’s receipt thereof.
Insurance Prepayment Trigger Event means the receipt by the Borrower or any Additional Guarantor of any insurance proceeds in excess of $1,000,000 or the Equivalent thereof, where such proceeds or any portion thereof have not been used or committed by the Borrower or any Additional Guarantor to repair or replace such assets within 270 days of the Borrower or any Additional Guarantor's receipt thereof providing that such repairs or replacement assets will generate materially the same performance as those used prior to such insurance claim, provided that, notwithstanding the foregoing, in the case of insurance proceeds in excess of $3,000,000 or the Equivalent thereof, the Borrower or any Additional Guarantor shall seek the prior written consent of the Lenders prior to the use or commitment of any such proceeds or any portion thereof.
Examples of Insurance Prepayment Trigger Event in a sentence
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All proceeds of any insurance policy of any such Obligor, other than the Net Cash Proceeds relating to an Insurance Prepayment Trigger Event, shall be payable directly to such Obligor unless a Default has occurred and is continuing at the time of payment.
More Definitions of Insurance Prepayment Trigger Event
Insurance Prepayment Trigger Event means the receipt by any Subject Entity of any proceeds under any property insurance policy in excess of$35,000,000 or the Exchange Equivalent thereof, where such proceeds or any portion thereof have not been used or committed by such Subject Entity to repair or replace the subject the insured property within 180 days of such Subject Entity’s receipt thereof. Third Amended and Restated Credit Agreement286042.00038/115243826.6