Common use of Insurance or Condemnation Proceeds Clause in Contracts

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. 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 5,000,000 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, together with accrued interest on such principal payment.