Application of Loss Proceeds Sample Clauses

Application of Loss Proceeds. (a) If an Event of Loss (other than a Drilling Unit Loss Event) shall occur and the amount of Loss Proceeds thereunder is $35,000,000 or less, so long as no Default or Event of Default shall then have occurred and be continuing (other than a Default or Event of Default arising directly from the event as to which such Loss Proceeds have been paid), the Borrower shall be permitted (without the consent of the Lenders) to apply the Net Available Amount of such Loss Proceeds to the payment of the costs of Restoring the Affected Property that was the subject of such Event of Loss in accordance with the terms of the Accounts Agreement. The Borrower shall take, as and when appropriate, all steps necessary or advisable in the reasonable opinion of the Administrative Agent to ensure that the Property of the Borrower which will result from the Restoration Work shall be subject to first priority Liens in favor of the Collateral Agent for the benefit of the Secured Parties (whether by amendment of the Security Documents or by entering into new security documents or otherwise). (b) If an Event of Loss (other than a Drilling Unit Loss Event) shall occur and the amount of Loss Proceeds thereunder is greater than $35,000,000, so long as no Default or Event of Default shall then have occurred and be continuing (other than a Default or Event of Default arising directly from the event as to which such Loss Proceeds have been paid), the Borrower shall be permitted (with the consent of the Required Lenders, such consent to be obtained within forty-five (45) days after receipt of such proceeds unless the Required Lenders and the Borrower agree otherwise) to apply the Net Available Amount of such Loss Proceeds to the payment of the costs of Restoring the Affected Property that was the subject of such Event of Loss and the Net Available Amount of such Loss Proceeds shall be remitted to the Borrower from time to time in order to enable the Borrower to pay the costs of the Restoration Work, such remittance to be made pursuant to the terms of the Accounts Agreement; provided, however, that notwithstanding the foregoing, the consent of the Required Lenders shall not be required so long as the Independent Engineer shall have been satisfied with each of the following conditions: (i) the Net Available Amount of the Loss Proceeds (together with all other funds reasonably expected to be available to the Borrower pursuant to the Transaction Documents or otherwise) shall be sufficient to Res...

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. 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. (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 Unit 1 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 Leased 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. 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. 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).

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. 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 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 Unit 2 by Lessor or otherwise in accordance with the terms and conditions of the Facility Lease and the other Lease Documents. 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 Leased Facility by Lessee or otherwise in accordance with the terms and conditions of the Facility Lease and the other Lease Documents. 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.