Collateral Loss definition
Examples of Collateral Loss in a sentence
In the event of a Collateral Loss, the Borrowers will pay to the Agent, promptly upon receipt thereof, any and all insurance proceeds and payments received by any Borrower or any of its Subsidiaries on account of damage, destruction or loss of all or any portion of the Collateral.
Each Borrower will diligently file and prosecute its claim or claims for any award or payment in connection with a Collateral Loss.
The tables below show the Collateral Loss to Maturity and the Weighted-Average Life (WAL) of the referenced class at the Breakeven Percentage of the BlackRock Ramp Loss Distribution.
After the occurrence and during the continuance of an Event of Default, (i) no settlement on account of any such Collateral Loss shall be made without the consent of the Lenders and (ii) the Agent may participate in any such proceedings and the Borrowers will deliver to the Agent such documents as may be requested by the Agent to permit such participation and will consult with the Agent, its attorneys and agents in the making and prosecution of such claim or claims.
The Agent may, at its election and in its sole discretion, upon consultation with the Lenders, either (a) apply the proceeds realized from Collateral Losses to payment of accrued and unpaid interest or outstanding principal of the Term Loans or the Revolving Loans, as set forth in Section 2.3(b) or (b) pay such proceeds to the Borrowers to be used to repair, replace or rebuild the asset or property or portion thereof that was the subject of the Collateral Loss.
To the extent of net cash proceeds received in connection with a Collateral Loss, the Borrowers shall prepay the Loans in an amount equal to one hundred percent (100%) of such net cash proceeds if the Agent shall have elected to apply the proceeds realized from such Collateral Loss to the prepayment of the Loans (such prepayment to be applied as set forth in clause (v) below).
In the event that the Class M Notes and overcollateralization have been reduced to zero, the Class Note Balances of the Class A-2B and Class A-2C Notes will be reduced, pro rata by Class Note Balance, by an amount equal to the Group II Collateral Loss Amount.
To the extent of net cash proceeds received --------------- in connection with a Collateral Loss, the Borrowers shall prepay the Loans in an amount equal to one hundred percent (100%) of such net cash proceeds if the Agent shall have elected to apply the proceeds realized from such Collateral Loss to the prepayment of the Loans (such prepayment to be applied as set forth in clause (v) below).
A default under any Loan Document Collateral Loss or Destruction.
If the prepayment shall occur prior to the date of the Basic Loans, the Commitments shall be permanently reduced, pro rata as amongst the Lenders in accordance with their Pro Rata Shares, in an aggregate amount equal to the amount of Collateral Loss Net Proceeds (other than Excepted Loss Proceeds) so received and applied to the payment of principal.