Common use of Notice; Repair Obligation Clause in Contracts

Notice; Repair Obligation. If any Borrowing Base Asset shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), the Borrowers shall give prompt notice thereof to the Administrative Agent. Following the occurrence of a Casualty, the Borrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.

Notice; Repair Obligation. If any Borrowing Base Asset shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “"Casualty”"), the Borrowers shall give prompt notice thereof to the Administrative Agent. Following the occurrence of a Casualty, the Borrowers, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.