Application of Loss Proceeds Sample Clauses

Application of Loss Proceeds. (a) All Loss Proceeds shall be applied as provided in this Section 6.21. All Loss Proceeds shall be paid by the relevant insurers, reinsurers and Governmental Authorities, as applicable, directly to the Collateral Agent as loss payee and, if paid to the Borrower, such Loss Proceeds shall be received in trust for the benefit of the Collateral Agent segregated from other funds of the Borrower, and shall be forthwith paid over to the Collateral Agent in the same form as received (with any necessary endorsement). (b) Upon the occurrence of any Event of Loss with respect to which Loss Proceeds are payable in amounts less than or equal to one hundred thousand Dollars ($100,000) arising from any single loss or series of related losses, the Borrower shall apply or cause to be applied the Loss Proceeds directly for the replacement or repair of damaged assets as provided in Section 13.1.2(a) of the Depositary Agreement. (c) Upon the occurrence of any Event of Loss with respect to which Loss Proceeds are payable in amounts greater than one hundred thousand Dollars ($100,000)) but less than or equal to four million Dollars ($4,000,000) arising from any single loss or series of related losses, the Borrower shall apply or cause to be applied the Loss Proceeds directly for the replacement or repair of damaged assets as provided in Section 13.1.2(b) of the Depositary Agreement if, and only if, the Loan Servicer shall have determined and advised the Collateral Agent in writing that: (i) within ninety days after the occurrence of the Event of Loss giving rise to such proceeds, the Borrower delivers a satisfactory Restoration or Replacement Plan to the Loan Servicer and the Independent Engineer with respect to such Event of Loss demonstrating that repair or replacement of the relevant portion of the Project is technically and economically feasible; (ii) no Event of Default has occurred and is continuing, and the proposed repair and replacement in accordance with the Restoration or Replacement Plan delivered (including the anticipated time to complete the same) shall not result in a Potential Default or Event of Default; and (iii) the Borrower is in compliance with the conditions set forth in Section 13.1.2(b) of the Depositary Agreement and such other conditions and requirements as the Loan Servicer shall consider appropriate in the circumstances. (d) if (A) the Borrower does not deliver a Restoration or Replacement Plan and the accompanying deliveries referred to in Section...

Application of Loss Proceeds. (1) Lender shall make Loss Proceeds available for restoration of the Project in the following circumstances: (a) if the loss is less than or equal to the Restoration Threshold; or (b) if the loss exceeds the Restoration Threshold, but is not more than twenty-five percent (25%) of the replacement value of the improvements (if the Project contains multiple phases or stand-alone structures, such calculation to be based on the damaged phase or structure, not the Project as a whole), provided Lender determines that (i) the Net Operating Income during restoration will be sufficient to pay Debt Service during restoration; and (ii) restoration and repair of the Project to a condition approved by Lender will be completed within one (1) year (unless any lease requires earlier completion) after the date of loss or casualty and in any event ninety (90) days prior to the Maturity Date. (2) If Lender determines that the projected costs to complete the restoration and repair of the Project exceed the Loss Proceeds available to pay such costs (a "Shortfall"), then prior to any disbursement of Loss Proceeds to pay such costs, Borrower shall have provided Lender with satisfactory evidence that Borrower has sufficient sources of funds from which to pay the Shortfall. If required by Lender, Borrower shall first pay restoration and repair costs in an amount equal to the Shortfall prior to receiving any Loss Proceeds. (3) If Borrower does not qualify for Loss Proceeds under either Sections 4.2(1)(a) or 4.2(1)(b), Lender in its sole discretion may either apply Loss Proceeds to the payment of amounts owing under the Loan Documents or allow all or a portion of such Loss Proceeds to be used for the restoration of the Project. (4) Loss Proceeds applied to restoration will be disbursed in accordance with the advance conditions under Sections 3.5(1), 3.5(2) and 3.5(3). Any Loss Proceeds remaining after payment of all restoration costs shall be applied by Lender to the payment of amounts owing under the Loan Documents. (5) If Lender makes the Loss Proceeds from a casualty available to Borrower, Borrower shall promptly commence and diligently pursue to completion restoration of the Project such that, after restoration, the Project will be in compliance with and permitted under all applicable zoning, building and land use laws, rules, regulations and ordinances.

Application of Loss Proceeds. (a) All Loss Proceeds shall be applied as provided in this Section 6.26. All Loss Proceeds shall be paid by the relevant insurers, reinsurers and Governmental Authorities, as applicable, directly to the Administrative Agent in its capacity as the Collateral Agent as loss payee and, if paid to the Borrower, such Loss Proceeds shall be received in trust and for the benefit of the Administrative Agent in its capacity as the Collateral Agent segregated from other funds of the Borrower, and shall be forthwith paid over to the Administrative Agent in its capacity as the Collateral Agent in the same form as received (with any necessary endorsement). The Administrative Agent in its capacity as the Collateral Agent as directed by the Loan Servicer shall apply all such Loss Proceeds in accordance with the provisions of this Section 6.26. (b) Upon the occurrence of a Event of Loss with respect to which Loss Proceeds are payable in respect of a single loss in [*****], the Borrower shall apply such Loss Proceeds to the payment of the costs of repair or restoration of the portion of the Project lost or damaged, and disbursement of such funds by the Administrative Agent in its capacity as the Collateral Agent shall be made in accordance with this Section 6.26. (c) Upon the occurrence of any Event of Loss with respect to which Loss Proceeds are payable in respect of a single loss in [*****], disbursement of funds by the Administrative Agent in its capacity as the Collateral Agent to the Borrower shall be permitted if, and only if, the Loan Servicer after consultation with the Lender’s Engineer, if any, shall have determined that: (i) repair or replacement of the relevant portion of the Project is technically and economically feasible; and (ii) the Borrower is in compliance with such other conditions and requirements as the Loan Servicer shall consider appropriate in the circumstances. (d) Upon the occurrence of an Event of Loss, if the Project is to be restored or repaired in accordance with subsection (b) or (c) hereof, the Borrower shall, on the first Business Day of each month until such restoration and repair has been completed and the contractors performing such restoration or repair work have been paid in full, deliver to the Collateral Agent and the Loan Servicer the following: (i) A detailed summary of the work performed in connection with any such restoration or repair during the preceding month and the itemized expenses that are then due and payable, together wi...

Application of Loss Proceeds. (a) All Loss Proceeds in respect of Events of Loss or Events of Total Loss received by or on behalf of the Parties during the Construction Term, shall be paid to the account of Lessor as Lessor shall from time to time direct in writing for application toward the replacement, restoration or repair of the Unit 1 Facility by Lessor or otherwise in accordance with the terms and conditions of the Facility Lease and the other Lease Documents. (b) All Loss Proceeds in respect of Events of Loss received by or on behalf of the Parties during the Lease Term, shall, provided no Lessee Event of Default has occurred and is continuing, be paid to the account of Lessee as Lessee shall from time to time direct in writing for application toward the replacement, restoration or repair of the Unit 1 Facility by Lessee or otherwise in accordance with the terms and conditions of the Facility Lease and the other Lease Documents. (c) All Loss Proceeds in respect of Events of Total Loss or, if a Lessee Event of Default has occurred and is outstanding, Events of Loss received by or on behalf of the Parties during the Lease Term, shall be paid to the account of Lessor as Lessor shall from time to time direct in writing in accordance with the terms and conditions of the Facility Lease and the other Lease Documents.

Application of Loss Proceeds. The Borrower shall irrevocably direct that all proceeds in respect of any insurance policy covering it or the Collateral, (“Insurance Proceeds”) shall be paid by the respective insurers directly to the Loss Proceeds Account or, in the case of the Insurance Proceeds of any insurance policy as to business interruption insurance, to the Revenue Account. The Borrower shall irrevocably direct that all proceeds in respect of any action to condemn, seize or appropriate all or any part of the Collateral or any right to develop, construct, finance, manage, use or operate the Collateral (“Condemnation Proceeds”) shall be paid to the Loss Proceeds Account. If any Insurance Proceeds or Condemnation Proceeds (collectively, “Loss Proceeds”) are received by the Borrower or any other Person on behalf of Borrower, such Loss Proceeds shall be received in trust for the Collateral Agent, shall be segregated from other funds of the recipient, and shall be forthwith paid into the Loss Proceeds Account (with any necessary endorsement).

Application of Loss Proceeds. If the Borrower receives any Loss Proceeds, then the Borrower shall cause the Net Available Amount of all such Loss Proceeds to be deposited into the TrAILCo Operating Account. If such Net Available Amount exceeds $5,000,000, then the Borrower shall (a) within 10 Business Days of receipt thereof, provide the Administrative Agent with written notice as to whether the Borrower elects to apply such proceeds to rebuild, restore or replace the portion of the Project affected by the event giving rise to such Loss Proceeds and (b) (i) if the Borrower has elected not to rebuild, restore or replace such portion of the Project, the Borrower shall, within 5 Business Days of making such election, apply such Net Available Amount to the prepayment of Loans in accordance with Section 2.09(b) or (ii) if the Borrower has elected to rebuild, restore or replace such portion of the Project, the Borrower shall commence applying such Net Available Amount to such restoration or rebuilding within 360 days of receipt of such funds.

Application of Loss Proceeds. Each policy for property damage insurance may provide for all amounts payable by the insurer with respect to any property damage or losses of less than U.S.$2,500,000 per occurrence, so long as the Intercreditor Agent has not notified the payor under any such insurance policy that a Default or an Event of Default has occurred and is continuing, to be paid in U.S. Dollars by the local insurer and reinsurer on or following the Construction Facility Closing Date directly to the Offshore Depositary Bank for deposit into the Dollar Loss Proceeds Deposit Account pursuant to a standard first mortgage endorsement substantially equivalent to Lenders Loss Payable Endorsement 438 BFU of ISO CF 1218, without contribution. Each policy insuring business interruption (of a "delay", "delay in startup" or "alop" nature) shall provide for (i) all amounts payable on or following the Construction Facility Closing Date by the insurer in respect of Debt Service with respect to any such business interruption to be paid in U.S. Dollars directly to the Offshore Depositary Bank for deposit into the Dollar DSU Account and (ii) all amounts payable by the insurer in respect of fixed costs with respect to any such business interruption to be paid in U.S. Dollars on or following the Construction Facility Closing Date directly to the Offshore Depositary Bank for deposit into the Dollar Construction Account, in each case pursuant to a standard first mortgage endorsement substantially equivalent to Lenders Loss Payable Endorsement 438 BFU of ISO CF 1218, without contribution. Subject to the terms of the Depositary Agreement (once executed), (A) in case of any loss not exceeding U.S.$2,500,000 involving damage to or loss of any Works, the Borrower shall make or cause to be made the necessary repairs to or replacements of such Works; and (B) in case of any loss in excess of U.S.$2,500,000 but not greater than U.S.$25,000,000 involving damage to or loss of any Works, the Borrower shall be entitled to receive from the Offshore Depositary Bank, pursuant to the terms of the Depositary Agreement (once executed), insurance proceeds in respect of such loss as reimbursement for, or payment of, the costs of repair and replacement of such Works if, and only if, prior to application of such insurance proceeds, the Borrower shall have provided the following to the Intercreditor Agent and the Independent Engineer for their prior written approval (which approval shall be in their sole but reasonable discr...

Application of Loss Proceeds. All Loss Proceeds shall be directed by the Borrower to be paid by the insurers, reinsurers, Governmental Authorities or other payors directly to the Administrative Agent (as agent in trust for itself and the other Secured Parties, as their respective interests may appear) for deposit in the Construction Funds Account and distribution pursuant to the terms of this Agreement and the other Loan Documents. If any Loss Proceeds are paid directly to the Borrower, any affiliate of the Borrower or any Secured Party by any insurer, reinsurer, Governmental Authority or such other payor, (i) such Loss Proceeds shall be received in trust for the Administrative Agent (as agent in trust for itself and the other Secured Parties, as their respective interests may appear), (ii) such Loss Proceeds shall be segregated from other funds of the Borrower or such other Person, and (iii) the Borrower or such other Person shall pay (or, if applicable, the Borrower shall cause such of its affiliates to pay) such Loss Proceeds over to the Administrative Agent (as agent in trust for itself and the other Secured Parties, as their respective interests may appear) in the same form as received (with any necessary endorsement) for deposit in the Construction Funds Account.

Application of Loss Proceeds. All loss proceeds received by the Borrower are to be dealt with in accordance with Clause 10.5 of this Agreement (Insurance Receipts).

Application of Loss Proceeds. All loss proceeds received by an Obligor are to be dealt with in accordance with Clause 10.5 of the Restated Facility Agreement (Insurance Receipts).