Insurance or Condemnation Proceeds Sample Clauses

Insurance or Condemnation Proceeds. Within five (5) Business Days of any receipt of insurance or condemnation proceeds by any Loan Party or any of its Subsidiaries, the Acquisition Borrowers shall make a mandatory prepayment of principal on the Loans to be applied in accordance with Section 6.7.7 [Application Among Loans and Interest Rate Options] equal to such excess after-tax proceeds (as estimated in good faith by the Borrowing Agent), together with accrued interest on such principal amount, unless (i) no Event of Default or Potential Default then exists, (ii) such proceeds or the aggregate amount of such proceeds in any fiscal year are less than One Hundred Thousand and 00/100 Dollars ($100,000.00), and (iii) the Borrowing Agent provides written notice to the Administrative Agent that such Loan Party and/or such Subsidiary intends to reinvest the insurance or condemnation proceeds for the purchase or rebuilding of replacement assets within one hundred eighty (180) days after receipt of the insurance or condemnation proceeds. The Loan Parties shall evidence to the Administrative Agent’s satisfaction the rebuilding or replacement of such assets. In the event that the Borrowing Agent does not give such notice or such rebuilding or replacement has not occurred within one hundred eighty (180) days after the receipt of such insurance or condemnation proceeds, the Acquisition Borrowers shall immediately make a mandatory prepayment of principal on the Loans as required above.
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Insurance or Condemnation Proceeds. Within one hundred eighty (180) days of any receipt of insurance or condemnation proceeds, which individually or in the aggregate, involve more than $10,000,000 in any fiscal year, subject to the ability of the Loan Parties to reinvest such proceeds (the “Insurance Proceeds”), the Borrower shall have reinvested the after-tax proceeds of such Insurance Proceeds in replacement or substitute assets or the Borrower shall make a mandatory prepayment of principal on the Loans equal to the net after-tax proceeds of such Insurance Proceeds.
Insurance or Condemnation Proceeds. The Borrowers, or any of them, or any Guarantor uses or applies (i) any insurance proceeds paid by reason of any loss, damage or destruction to the Collateral or (ii) any awards or other amounts received in connection with the condemnation of all or a portion of the Collateral, in violation of the terms of the Loan Documents.
Insurance or Condemnation Proceeds. That Lessor will pay to Lessee and Lenders jointly any proceeds from insurance or condemnation of the Property that are payable to Lessee under the Lease, for disposition as provided in the Lenders’ mortgages; and
Insurance or Condemnation Proceeds. (a) Any Insurance or Condemnation Proceeds with respect to the Collateral shall be deemed part of the Collateral, and the rights and priorities of the Lienholders to any Insurance or Condemnation Proceeds with respect to the Collateral shall be the same as with respect to the Collateral.
Insurance or Condemnation Proceeds. The Borrower shall make, or shall cause each applicable Subsidiary to make, a prepayment of the Term Loan Facilities in an amount equal to one hundred percent (100%) of the proceeds of any Condemnation Award or Insurance Award; provided, however, that to the extent no Default or Event of Default has occurred and is continuing, no such prepayment shall be required with respect to proceeds which are reinvested by the Borrower in repair of any damaged property or in replacement property of approximately equivalent or greater value and utility as the property subject to such taking or loss withing 60 days following receipt of such proceeds. Each such prepayment shall be made (A) within fifteen (15) Business Days of receipt of such proceeds and upon not less than three (3) Business' Days written notice to the Agent unless the Borrower shall have delivered to the Agent a certificate setting forth the amount of such proceeds, confirming the intent of the Borrower to reinvest such proceeds as provided above and containing a detailed description of the plan of reinvestment with respect to such proceeds or (B) upon expiration of 60 days following receipt of such proceeds if a certificate referred to in clause (A) above has been received by the Agent but such reinvestment has not been consummated within the 60 day reinvestment period referred to above.
Insurance or Condemnation Proceeds. Within one hundred eighty (180) days of any receipt of insurance or condemnation proceeds, which individually or in the aggregate, involve more than $5,000,000 in any fiscal year (the "Insurance Proceeds"), the Borrower shall have reinvested the after-tax proceeds of such Insurance Proceeds in replacement or substitute assets or the Borrower shall make a mandatory prepayment of principal on the Loans equal to the net after-tax proceeds of such Insurance Proceeds (as estimated in good faith by the Borrower), together with accrued interest on such principal amount.
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Insurance or Condemnation Proceeds. That Lessor will pay to Xxxxxx and Xxxxxxx jointly any proceeds from insurance or condemnation of the Property that are payable to Lessee under the Lease, for disposition as provided in the Lenders’ mortgages; and
Insurance or Condemnation Proceeds. Apply any proceeds received from insurance or eminent domain proceeds in a manner inconsistent with the terms of this Loan Agreement; or
Insurance or Condemnation Proceeds. The Borrower shall make, or shall cause each applicable Subsidiary to make, a prepayment of the Loans in an amount equal to one hundred percent (100%) of the proceeds of any Condemnation Award or Insurance Award; provided, however, that to the extent no Default or Event of Default has occurred and is continuing, no such prepayment shall be required with respect to proceeds which
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