Material Recovery Event means (i) any casualty loss in respect of assets of any Borrower covered by casualty insurance, (ii) any compulsory transfer or taking under threat of compulsory transfer of any asset of any Borrower by any agency, department, authority, commission, board, instrumentality or political subdivision of the United States, any state or municipal government and (iii) any recovery in good funds by such Borrower by reason of a nonappealable judgment against any other Person to the full extent thereof.
Material Recovery Event means any single Recovery Event or series of related Recovery Events for which the aggregate gross cash proceeds received by the Borrower and its Subsidiaries exceeds (a) in the case of Section 2.05(b)(ii), $80,000,000 and (b) for all other purposes, the Threshold Amount.
Material Recovery Event the receipt by the Parent or any of its Subsidiaries of property, casualty or condemnation award proceeds in excess of $1,000,000.
Examples of Material Recovery Event in a sentence
Within sixty (60) days after such Material Recovery Event, Borrower shall notify Agent of Borrower’s determination as to whether or not to replace, rebuild or restore the affected property (a “Material Recovery Determination Notice”).
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.
Within ten days after the occurrence of a Material Recovery Event, Borrower shall furnish to Agent written notice thereof.
Notwithstanding the above, the parties hereto acknowledge and agree that all calculations of the financial covenants in Section 8.11 (including for purposes of determining the Applicable Rate) shall be made on a Pro Forma Basis with respect to any Acquisition, any Material Disposition or any Material Recovery Event occurring during the applicable period.
Within ten (10) days after the occurrence of any Material Recovery Event, the Borrower Representative will furnish to the Lender written notice thereof.
More Definitions of Material Recovery Event
Material Recovery Event means the receipt by the Borrower or any Subsidiary of any proceeds resulting from or awarded in connection with the settlement or favorable decision of any litigation, arbitration, or other legal proceeding (other than amounts, if any, specifically designated to cover fees and expenses of counsel), in excess of $2,000,000 in any fiscal year other than as a result of any of the items disclosed on Annex VII.
Material Recovery Event means: (a) any casualty loss in respect of assets of a Loan Party covered by casualty insurance, (b) any compulsory transfer or taking under threat of compulsory transfer of any asset of a Loan Party by any agency, department, authority, commission, board, instrumentality or political subdivision of the United States, any state or municipal government and (c) any recovery in good funds by a Loan Party by reason of a nonappealable judgment against any other Person to the full extent thereof; provided, however that no such loss, transfer or recovery will constitute a Material Recovery Event unless the proceeds therefrom exceed One Million Dollars $1,000,000 in the aggregate for any calendar year.
Material Recovery Event means (a) any casualty loss in respect of assets of a Loan Party covered by casualty insurance, and (b) any compulsory transfer or taking under threat of compulsory transfer of any asset of a Loan Party by any Governmental Body; provided that, in the case of either subpart (a) or (b), the proceeds received from such loss, transfer or taking exceeds Seven Hundred Fifty Thousand Dollars ($750,000).
Material Recovery Event. Net Cash Proceeds," "Note Purchase Agreement," "Restated Revolving Credit Notes," "Revolving Credit Notes," and "2002 Senior Secured Fund Notes" to be inserted into Article I in appropriate alphabetical order and (ii) amending the definitions of "Applicable Commitment Fee Rate," "Applicable Margin," "Change in Control" and "Commitment Period," to read as follows:
Material Recovery Event means (a) any casualty loss in respect of assets of Borrower or any of its Subsidiaries covered by casualty insurance, (b) any compulsory transfer or taking under threat of compulsory transfer of any asset of Borrower or any of its Subsidiaries with a fair market value in excess of One Hundred Thousand Dollars ($100,000) by any agency, department, authority, commission, board, instrumentality or political subdivision of the United States, any state or municipal government, and (c) any recovery in good funds by Borrower or any of its Subsidiaries by reason of a non-appealable judgment against any other Person in excess of One Hundred Thousand Dollars ($100,000) to the full extent thereof.
Material Recovery Event means (a) any casualty loss in respect of assets of a Company covered by casualty insurance, and (b) any compulsory transfer or taking under threat of compulsory transfer of any asset of a Company by any Governmental Authority; provided that, in the case of either subpart (a) or (b) hereof, the proceeds received by the Companies from such loss, transfer or taking exceeds OneTwo Million Dollars ($1,000,0002,000,000). “Maximum Amount” means, for each Lender, the amount set forth opposite such Xxxxxx’s name under the column headed “Maximum Amount” as set forth on Schedule 1 hereto, subject to (a) decreases pursuant to Section 2.10(a) hereof, (b) increases pursuant to Section 32
Material Recovery Event means (a) any casualty loss in respect of assets of a Company covered by casualty insurance, and (b) any compulsory transfer or taking under threat of compulsory transfer of any asset of a Company by any Governmental Authority; provided that, in the case of either subpart (a) or (b) hereof, the proceeds received by the Companies from such loss, transfer or taking exceedsFive Hundred Thousand Dollars ($500,000).