Prepayments and Reductions Due to Insurance Proceeds Sample Clauses

Prepayments and Reductions Due to Insurance Proceeds. Upon the receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 net of any costs incurred in collecting such payments (“Net Insurance Proceeds”) in excess of $10,000,000 in the aggregate, 100% of such Net Insurance Proceeds shall be applied to repay the outstanding Revolving Loans (but not reduce the Revolving Loan Commitments) to the full extent thereof; provided that on the 365th date following receipt of such Net Insurance Proceeds an amount equal to any amount of such Net Insurance Proceeds which have not been used by such date to pay or reimburse the costs of repairing, restoring or replacing the assets in respect of which such Net Insurance Proceeds payments were received shall then be applied by Borrower on such date first to prepay the outstanding Term A Loans and Term B Loans on a ratable basis to the full extent thereof, and second, to the extent of any such amount remaining, to permanently reduce the Revolving Loan Commitments to the full extent thereof.
Sample 1
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Prepayments and Reductions Due to Insurance Proceeds. Upon the receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 net of any costs incurred in collecting such payments (“Net Insurance Proceeds”) in excess of Seven Million Five Hundred Thousand Dollars ($7,500,000) in the aggregate, 100% of such Net Cash Proceeds in excess of such amount shall be applied immediately to prepay the Loans and/or to permanently reduce the Revolving Loan Commitments; provided that on the 365th day following receipt of such Net Insurance Proceeds that are equal to or less than Seven Million Five Hundred Thousand Dollars ($7,500,000), an amount equal to any amount of such Net Insurance Proceeds which have not been used or committed by such date to pay or reimburse the costs of repairing, restoring or replacing the assets in respect of which such Net Insurance Proceeds payments were received shall then be applied by Borrower on such date to prepay the Loans and/or to permanently reduce the Revolving Loan Commitments. Any such mandatory prepayments or reductions shall be applied as specified in subsection 2.4B(iv)(b)(1).
Sample 1
Prepayments and Reductions Due to Insurance Proceeds. No later than the 120th Business Day following the date of receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 ("INSURANCE PROCEEDS") which have not been reinvested (as soon as practicable and, in any event, within 120 days from the date of receipt thereof) in productive assets of a kind then used or usable in the business of such Credit Party or used to maintain the business of such Credit Party as a going concern as a consequence of any business interruption, Company shall reduce the Revolving Loan Commitments in an amount equal to the aggregate amount of such Insurance Proceeds in the manner specified in subsection 2.4B(iv)(b) and 2.4B(iv)(d); PROVIDED that, notwithstanding any of the foregoing to the contrary, upon and during the continuance of an Event of Default, and upon notice from Agent or Requisite Lenders, all Insurance Proceeds, regardless of reinvestment or other use, received by Company shall be applied to reduce the Revolving Loan Commitments in the manner specified in subsection 2.4B(iv)(b).
Sample 1
Prepayments and Reductions Due to Insurance Proceeds. No later than the fifth Business Day following the date of receipt by Company or any of its Subsidiaries of any Insurance Proceeds or Condemnation Proceeds that constitute Aggregate Excess Proceeds, Company shall prepay the Loans in an amount equal to the aggregate amount of such Insurance Proceeds or Condemnation Proceeds that have not then been applied to reimburse Company or its Subsidiaries for investments previously made in corresponding Productive Assets, in the manner specified in subsection 2.6.B.(ii)(a).
Sample 1
Prepayments and Reductions Due to Insurance Proceeds. No later than the 120th Business Day following the date of receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 net of any costs incurred in collecting such payments ("NET INSURANCE PROCEEDS") which have not been reinvested (as soon as practicable and, in any event, within 120 days from the date of receipt thereof) in productive assets of a kind then used or usable in the business of such Credit Party or used to maintain the business of such Credit Party as a going concern as a consequence of any business interruption, Borrowers shall reduce the Revolving Loan Commitments in an amount equal to the aggregate amount of such Net Insurance Proceeds in the manner specified in subsection 2.4B(iv)(b) and 2.4B(iv)(c).
Sample 1
Prepayments and Reductions Due to Insurance Proceeds. Upon the receipt by any Credit Party of any cash payments under any of the insurance policies maintained pursuant to subsection 6.4 net of any costs incurred in collecting such payments (“Net Insurance Proceeds”) in excess of Ten Million Dollars ($10,000,000) in the aggregate, 100% of such Net Insurance Proceeds in excess of such amount shall either (i) be applied immediately to prepay the Loans or (ii) pursuant to written notice delivered by the Borrower to the Administrative Agent promptly following the receipt of such Net Insurance Proceeds, be reinvested by the Borrower or one of the Subsidiary Guarantors within 365 days of receiving such Net Insurance Proceeds, provided, that the Borrower shall be deemed to have complied with this subclause (ii) if (A) as of such 365th day, the Borrower or one of its Subsidiaries has entered into and not abandoned or rejected a binding agreement to make such reinvestments and such investment will occur no later than 180 days following the 365th day following the receipt of such Net Insurance Proceeds by the Borrower and (B) such reinvestments shall be made in assets, property or capital expenditures used or useful in the business of the Borrower or the Subsidiary Guarantors and, in the case of insurance proceeds received on account of radio towers, in any assets or applied to the payment of expenses used or useful in or to the business of the Borrower or the Subsidiary Guarantors. Any such mandatory prepayments or reductions shall be applied as specified in subsection 2.4B(iv)(b).
Sample 1

Related to Prepayments and Reductions Due to Insurance Proceeds

  • Prepayments After Default Following an Event of Default, if Borrower or anyone on Borrower's behalf makes a tender of payment of all or any portion of the Debt at any time prior to a foreclosure sale (including a sale under the power of sale under the Mortgage), or during any redemption period after foreclosure, (i) the tender of payment shall constitute an evasion of Borrower's obligation to pay any Prepayment Consideration due under this Agreement and such payment shall, therefore, to the maximum extent permitted by law, include a premium equal to the Prepayment Consideration that would have been payable on the date of such tender had the Loan not been so accelerated, or (ii) if at the time of such tender a prepayment of the principal amount of the Loan would have been prohibited under this Agreement had the principal amount of the Loan not been so accelerated, the tender of payment shall constitute an evasion of such prepayment prohibition and shall, therefore, to the maximum extent permitted by law, include an amount equal to the greater of (i) 1% of the then principal amount of the Loan (or the relevant portion thereof being prepaid) and (ii) an amount equal to the excess of (A) the sum of the present values of a series of payments payable at the times and in the amounts equal to the payments of principal and interest (including, but not limited to the principal and interest payable on the Maturity Date) which would have been scheduled to be payable after the date of such tender under this Agreement had the Loan (or the relevant portion thereof) not been accelerated, with each such payment discounted to its present value at the date of such tender at the rate which when compounded monthly is equivalent to the Prepayment Rate, over (B) the then principal amount of the Loan.

  • Insurance Proceeds All proceeds of and any unearned premiums on any insurance policies covering the Property, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the Property;

  • Repayments and Prepayments; Application The Borrower agrees that the Loans shall be repaid and prepaid pursuant to the following terms.

  • Benefits – Prepayment or Repayment of Premiums During Unpaid Portion of Leave 11.4.1 Teachers may prepay or repay benefit premiums payable during the duration of parental leave.

  • Application of Prepayments Reductions (a) Any prepayment of any Loan pursuant to Section 2.11 shall be applied as specified by the Borrower in the applicable notice of prepayment; provided, in the event the Borrower fails to specify the Loans to which any such prepayment shall be applied, such prepayment shall be applied as follows:

  • Payments and Prepayments 1.1 Payments and prepayments of principal and interest on this Note shall be made to Payee at 000 Xxxxxxxxx Xxxx Xxxxx, Xxxxx 000, Xxxxx Xxxxxx, X.X. 10604.

  • Repayments and Prepayments The Borrower shall repay in full the unpaid principal amount of each Loan upon the Stated Maturity Date therefor. Prior thereto, the Borrower

  • Amounts payable on prepayment A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 or otherwise) in respect of the amount prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.1(b) but without premium or penalty.

  • Prepayments, Etc of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation of any subordination terms of, any Indebtedness, except (a) the prepayment of the Credit Extensions in accordance with the terms of this Agreement and (b) regularly scheduled or required repayments or redemptions of Indebtedness set forth in Schedule 7.02 and refinancings and refundings of such Indebtedness permitted pursuant to Section 7.02(d).

  • Condemnation Proceeds all Condemnation Proceeds other than proceeds to be applied to the restoration or repair of the property subject to the related Mortgage or released to the related Mortgagor in accordance with the Servicing Standard, which proceeds shall be deposited by the Master Servicer into an Escrow Account and not deposited in the Collection Account;

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