Asset Loss definition

Asset Loss shall have the meaning given to such term in Section 7.10.
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Asset Loss any of the following events in relation to a Participation asset purchased by the Borrower (which may be in relation to the Participation or the related loan underlying the Participation (an “Underlying Loan”)): (i) the Borrower incurs a loss upon the sale of the Participation or Underlying Loan, (ii) the Underlying Loan is restructured by agreement, bankruptcy, insolvency or similar proceeding affecting creditor’s rights generally,
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Examples of Asset Loss in a sentence

  • Each Borrower will, and will cause each of its Subsidiaries to, diligently file and prosecute its claim or claims for any award or payment in connection with an Asset Loss.

  • The Agent may, with the consent of the Existing Required Lenders or Term B Required Lenders, as applicable, either (a) apply the proceeds realized from Asset Losses, as set forth in Section 2.3(b)(vi) or (b) pay such proceeds to the applicable Borrower or the applicable Subsidiary to be used to repair, replace or rebuild the asset or property or portion thereof that was the subject of the Asset Loss.

  • In the event of an Asset Loss, each Borrower will, and will cause each Subsidiary (other than an Excluded Entity) to, pay to the Agent, promptly upon receipt thereof, any and all insurance proceeds and payments received by any such Subsidiary on account of damage, destruction or loss of all or any portion of the assets of CBI or its Subsidiaries (other than an Excluded Entity) to which the Agent is entitled.

  • The Agent's right to retain such insurance proceeds is subject to (i) the limitations set forth in the definition of Asset Loss, and until there is an Asset Loss and unless an Event of Default shall have occurred and be continuing, the Agent shall pay to Borrower (or as directed by Borrower) any such insurance proceeds to which Borrower is entitled and (ii) the rights of any lessor or secured creditor senior to Agent, if the underlying obligation is permitted by this Credit Agreement.

  • The Borrower will, and will cause each Subsidiary to, diligently file and prosecute its claim or claims for any award or payment in connection with an Asset Loss.

  • In the event of an Asset Loss, the Borrower will, and will cause each Subsidiary (other than an Excluded Entity) to, pay to the Agent, promptly upon receipt thereof, any and all insurance proceeds and payments received by a Subsidiary on account of damage, destruction or loss of all or any portion of the assets of the Borrower or its Subsidiaries (other than an Excluded Entity) to which the Agent is entitled.

  • Thereafter, and subject to the next sentence, Seller shall either (i) repair, replace (with comparable used equipment) or restore any Purchased Asset as soon as possible after the Asset Loss or (ii) if insurance proceeds are sufficient to repair, replace or restore the Purchased Asset, pay such proceeds to Buyer (it being understood that the cost for comparable used replacement equipment ("Replacement Cost") shall be "sufficient").

  • In the event of any such Asset Loss, the proceeds of, or any claim for any loss payable under, Seller's insurance policies, or any judgment or award with respect thereto shall be payable to Seller, as the case may be.

  • If Seller fails to either repair, replace or restore any Purchased Asset or pay over the Replacement Cost for any Asset Loss and the amount of any uncured Asset Loss exceeds $3,000,000, Buyer may terminate this Agreement without any liability on the part of either Buyer or Seller, except as otherwise provided herein.

  • To the extent of Net Cash Proceeds received in ---------- connection with an Asset Loss, the Borrower shall prepay the Loans in an amount equal to one hundred percent (100%) of such Net Cash Proceeds unless the Agent shall have elected not to apply the proceeds realized from such Asset Loss to the prepayment of the Loans (such prepayment to be applied as set forth in clause (v) below).