Examples of Major Casualty Proceeds in a sentence

Within five (5) Business Days after any Credit Party or any Subsidiary (or the Agent as loss payee or assignee) receives any Major Casualty Proceeds in excess of (x) $750,000, and following a Threshold Reset Event, $1,500,000, in the aggregate in any fiscal year and (y) $2,500,000, and following a Threshold Reset Event, $5,000,000, in the aggregate prior to the Maturity Date, an amount equal to one hundred percent (100%) of such Major Casualty Proceeds.
On the date on which Borrower (or Agent as loss payee or assignee) receives any Major Casualty Proceeds an amount equal to one hundred percent (100%) of such Major Casualty Proceeds.(c) Debt and Equity Proceeds.

More Definitions of Major Casualty Proceeds

Major Casualty Proceeds means (i) the aggregate insurance proceeds consisting of cash, checks or other cash equivalent financial instruments (including Cash Equivalents) received in connection with one or more related events under any Property Insurance Policy or (ii) any award or other compensation consisting of cash, checks or other cash equivalent financial instruments (including Cash Equivalents) with respect to any condemnation of property (or any transfer or disposition of property in lieu of condemnation), in each case, net of all fees, costs and expenses incurred in connection with obtaining such proceeds, awards or other compensation.

Major Casualty Proceeds means (i) the aggregate insurance proceeds received in Cash connection with one or more related events under any property insurance policy or business interruption insurance policy or (ii) any award or other compensation received in Cash with respect to any eminent domain, condemnation of property or similar proceedings (or any transfer or disposition of property in lieu of condemnation), if the amount of such aggregate insurance proceeds or award or other compensation exceeds $50,000, in each case, less (a) any out-of-pocket fees, costs and expenses reasonably incurred by the Company or any Subsidiary in connection therewith, (b) the amount of any Debt secured by a Permitted Lien on the related asset and discharged from the proceeds of such event, (c) any Taxes paid or reasonably estimated by the applicable Loan Party or Subsidiary to be payable by such Person as a consequence of such event (provided, that if the actual amount of Taxes actually paid is less than the estimated amount, the difference shall immediately constitute Major Casualty Proceeds) and (d) the amount of any reserve established in accordance with GAAP (provided that such reserved amounts shall be Major Casualty Proceeds to the extent and at the time of any reversal (without the satisfaction of any applicable liabilities in a corresponding amount) of any such reserve).

Major Casualty Proceeds means (i) the aggregate insurance proceeds received in Cash in connection with one or more related events under any property insurance policy or business interruption insurance policy or (ii) any award or other compensation received in Cash with respect to any eminent domain, condemnation of property or similar proceedings (or any transfer or disposition of property in lieu of condemnation), in each case, less (a) any out-of-pocket fees, costs and expenses reasonably incurred by the Borrower or any Subsidiary in connection therewith, (b) the amount of any Debt secured by a Permitted Lien on the related asset and discharged from the proceeds of such event, (c) any Taxes paid or reasonably estimated by the applicable Loan Party or Subsidiary to be payable by such Person as a consequence of such event (provided, that if the actual amount of Taxes actually paid is less than the estimated amount, the difference shall immediately constitute Major Casualty Proceeds) and (d) the amount of any reserve established in accordance with GAAP (provided that such reserved amounts shall be Major Casualty Proceeds to the extent and at the time of any reversal (without the satisfaction of any applicable liabilities in a corresponding amount) of any such reserve).

Major Casualty Proceeds means (i) the aggregate insurance proceeds received in connection with one or more related events by any MGM/Orion Company under any insurance policy maintained by either Borrower or any of their respective Subsidiaries covering casualty losses with respect to tangible real or personal property or improvements or (ii) any award or other compensation with respect to any condemnation of property (or any transfer or disposition of property in lieu of condemnation) received by either Borrower or any of their respective Subsidiaries, in either case only if the amount of such aggregate proceeds or award or other compensation exceeds $10,000,000.

Major Casualty Proceeds means (i) the aggregate insurance proceeds received by the Borrower or any of its Subsidiaries in connection with one or more related events under any insurance policy maintained by the Borrower or any of its Subsidiaries covering losses with respect to tangible real or personal property or improvements or losses from business interruption or (ii) any award or other compensation with respect to any condemnation of property (or any transfer or disposition of property in lieu of condemnation) received by the Borrower or any of its Subsidiaries, provided that no insurance proceeds, award or other compensation set forth in preceding clauses (i) and (ii) shall be Major Casualty Proceeds unless the aggregate amount of such insurance proceeds, award or other compensation exceeds $2,500,000.

Major Casualty Proceeds means (i) the aggregate insurance proceeds received in respect of Collateral in connection with one or more related events by any Loan Party under any Property Insurance Policy or (ii) any award or other cash compensation with respect to any one or more related condemnations of Collateral (or any transfer or disposition of such property in lieu of condemnation) received by any Loan Party if the amount of such aggregate insurance proceeds or award or other cash compensation in respect of Collateral exceeds $10,000,000. Insurance proceeds paid to the Administrative Agent, as loss payee on any Property Insurance Policy covering Inventory, shall be deemed to be received by a Loan Party and shall be included in any determination of Major Casualty Proceeds.

Major Casualty Proceeds means (i) the aggregate insurance proceeds received in connection with one or more related events by the Borrower and its Subsidiaries under any Property Insurance Policy or (ii) any award or other compensation with respect to any condemnation of property (or any transfer or disposition of property in lieu of condemnation) received by the Borrower and its Subsidiaries, if the amount of such aggregate insurance proceeds or award or other compensation exceeds $500,000; provided that Major Casualty Proceeds shall exclude up to $2,000,000 recovered from insurers in respect of environmental clean up expenses incurred by the Borrower prior to the Closing Date.