Prepayment Trigger Event definition

Prepayment Trigger Event means the receipt by any Secured Obligor of any proceeds under any property insurance policy in respect of Secured Assets 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 Secured Obligor to repair or replace the subject Secured Assets within 180 days of such Secured Obligor’s receipt thereof.

Prepayment Trigger Event has the meaning given to it in Section 3.09(b).

Prepayment Trigger Event means any Asset Sale Trigger Event or Insurance Prepayment Trigger Event.

Examples of Prepayment Trigger Event in a sentence

• All proceeds of any insurance policy of any such Obligor, other than the Net Cash Proceeds relating to an Prepayment Trigger Event, shall be payable directly to such Secured Obligor unless a Default has occurred and is continuing at the time of payment.

• On each occasion that a Prepayment Trigger Event occurs, the Borrower shall give written notice thereof to the Administrative Agent and shall, within two Banking Days after the occurrence of such Prepayment Trigger Event, cause to be prepaid outstanding credit granted to the Borrower under the Credit Facility in an amount equal to the relevant Net Cash Proceeds provided that Section 8.4 shall be complied with in connection with any such prepayment.

• On each occasion that a Prepayment Trigger Event occurs, the Borrower shall give written notice thereof to the Administrative Agent and shall, within two Banking Days after the occurrence of such Prepayment Trigger Event, prepay outstanding credit granted to the Borrower under the Credit Facilities in an amount equal to the relevant Net Cash Proceeds provided that Section 8.4 shall be complied with in connection with any such prepayment.

• Subject to Section 22 hereof, upon the occurrence of a Mandatory Prepayment Trigger Event, the Borrower shall prepay the then outstanding Loan and accrued interest thereon.

• The Borrower shall, within five Banking Days of the occurrence of a Prepayment Trigger Event, prepay outstanding credit under the Credit Facility in an amount equal to 100% of any net insurance proceeds in excess of the amount stipulated in, and in respect of, such Prepayment Trigger Event.

More Definitions of Prepayment Trigger Event

Prepayment Trigger Event means any Asset Sale Trigger Event, Tasiast Trigger Event or any Leverage Trigger Event.

Prepayment Trigger Event means (x) any sale of 100% of the Shares of a Material Subsidiary or (y) any sale of all or substantially all of the assets of any Material Subsidiary, in each case in accordance with Section 11.2(d).

Prepayment Trigger Event means the issuance by the Borrower of any equity securities, debt securities, private placements, convertible debt, commodity linked notes or any combination thereof.

Prepayment Trigger Event means an Asset Sale Prepayment Trigger Event, an Insurance Prepayment Trigger Event, a Debenture Prepayment Trigger Event or a Tax Prepayment Trigger Event.

Prepayment Trigger Event means an applicable Prepayment Trigger Event as the context so requires.

Prepayment Trigger Event means the receipt by any Material Company of any proceeds of property or casualty insurance in respect of a Material Asset, in excess of $5,000,000, to the extent such proceeds are not applied or committed within a reasonable period of the relevant casualty event to replace, repair or restore the insured assets which were damaged or destroyed.

Prepayment Trigger Event means, subject to Section 11.1(d), the receipt by any Obligor of any insurance proceeds in respect of the Secured Assets (other than in respect of an insurance claim for lost or stolen product, provided that, an Event of Default has not occurred and is continuing) in excess of $10,000,000 where the earlier of one of the following two events occurs: (i) date on which the relevant Obligor makes the decision not to repair or replace the Secured Assets which are the subject of the relevant insurance payment and (ii) the 365th day after receipt of such insurance proceeds where the relevant Obligor has not used or otherwise committed to repair or replace the subject assets which are the subject of the relevant insurance payment.