Common use of Application of Net Proceeds of Insurance or Condemnation Clause in Contracts

Application of Net Proceeds of Insurance or Condemnation. (A) The Net Proceeds from any insurance or condemnation award with respect to the Project Realty or Project Equipment shall be deposited either (1) in the Renewal Fund and applied to pay for the cost of making such repairs, restorations, reconstructions, replacements or relocations, or to reimburse the Borrower, the Authority or the Trustee for payment therefor from time to time as provided in the Indenture or (2) if prepayment of the loan is then permitted and the Borrower exercises its option to prepay the loan, in the Redemption Account of the Debt Service Fund and applied to the payment of the Note and redemption of the Bonds. (B) Notwithstanding the provisions of subsection (A) of this Section, any insurance or condemnation proceeds attributable to improvements, machinery, equipment and other property installed in or about the Project Realty and the Project Equipment, but which do not constitute a portion of the Project Realty and the Project Equipment, shall be paid as the Borrower may direct. The Trustee and the Authority agree to execute such documents as may be reasonably necessary to accomplish the purposes of this subsection. (C) The Borrower, the Authority and the Trustee shall cooperate and consult with each other in all matters pertaining to the settlement or adjustment of any and all claims and demands for damages on account of any taking or condemnation of the Project Realty or the Project Equipment or pertaining to the settlement, compromising or arbitration of any claim on account of any damage or destruction thereof.

Application of Net Proceeds of Insurance or Condemnation. (A) The Net Proceeds from any insurance or condemnation award with respect to the Project Realty Project, or Project Equipment any component thereof, shall be deposited either (1) in the Renewal Fund and applied to pay for the cost of making such repairs, restorations, reconstructions, replacements or relocations, or to reimburse the Borrower, the Authority or the Trustee for payment therefor from time to time as provided in the Indenture or (2) if prepayment of the loan is then permitted and the Borrower exercises its option to prepay the loan, in the Redemption Account of the Debt Service Fund and applied to the payment of the Note and redemption of the Bonds. (B) Notwithstanding the provisions of subsection (A) of this Section, any insurance or condemnation proceeds attributable to improvements, machinery, equipment and other property installed in or about the Project Realty and the Project EquipmentProject, but which do not constitute a portion of the Project Realty and the Project EquipmentProject, shall be paid as the Borrower may direct. The Trustee and the Authority agree to execute such documents as may be reasonably necessary to accomplish the purposes of this subsection. (C) The Borrower, the Authority and the Trustee shall cooperate and consult with each other in all matters pertaining to the settlement or adjustment of any and all claims and demands for damages on account of any taking or condemnation of the Project Realty Project, or the Project Equipment any portion thereof, or pertaining to the settlement, compromising or arbitration of any claim on account of any damage or destruction thereof.

Application of Net Proceeds of Insurance or Condemnation. (A) The Net Proceeds from any insurance or condemnation award with respect to the Project Realty or Project Equipment shall be deposited with the Mortgage Bond Indenture Trustee while the Mortgage is in effect and thereafter shall be deposited either (1) in the Renewal Fund and applied to pay for the cost of making such repairs, restorations, reconstructions, replacements or relocations, or to reimburse the Borrower, the Authority or the Trustee for payment therefor from time to time as provided in the Indenture or (2) if prepayment of the loan is then permitted and the Borrower exercises its option to prepay the loan, in the Redemption Account of the Debt Service Fund and applied to the payment of the Note and redemption of the Bonds. (B) Notwithstanding the provisions of subsection (A) of this Section, any insurance or condemnation proceeds attributable to improvements, machinery, equipment and other property installed in or about the Project Realty and the Project Equipment, but which do not constitute a portion of the Project Realty and the Project Equipment, shall be paid directly to the Mortgage Bond Indenture Trustee while the Mortgage is in effect and thereafter as the Borrower may direct. The Trustee and the Authority agree to execute such documents as may be reasonably necessary to accomplish the purposes of this subsection. (C) The Subject to the applicable requirements of the Mortgage, the Borrower, the Authority and the Trustee shall cooperate and consult with each other in all matters pertaining to the settlement or adjustment of any and all claims and demands for damages on account of any taking or condemnation of the Project Realty or the Project Equipment or pertaining to the settlement, compromising or arbitration of any claim on account of any damage or destruction thereof.

Application of Net Proceeds of Insurance or Condemnation. (A) The Net Proceeds from any insurance or condemnation award with respect to the Project Realty or Project Equipment shall be deposited with the Mortgage Bond Indenture Trustee while the Mortgage is in effect and thereafter shall be deposited either (1) in the Renewal Fund and applied to pay for the cost of making such repairs, restorations, reconstructions, replacements or relocations, or to reimburse the Borrower, the Authority or the Trustee for payment therefor from time to time as provided in the Indenture or (2) if prepayment of the loan is then permitted and the Borrower exercises its option to prepay the loan, in the Redemption Account of the Debt Service Fund and applied to the payment of the Note and redemption of the Bonds. (B) Notwithstanding the provisions of subsection (A) of this Section, any insurance or condemnation proceeds attributable to improvements, machinery, equipment and other property installed in or about the Project Realty and the Project Equipment, but which do not constitute a portion of the Project Realty and the Project Equipment, shall be paid directly to the Mortgage Bond Indenture Trustee while the Mortgage is in effect and thereafter as the Borrower may direct. The Trustee and the Authority agree to execute such documents as may be reasonably necessary to accomplish the purposes of this subsection. (C) The Subject to the applicable requirements of the Mortgage, the Borrower, the Authority and the Trustee shall cooperate and consult with each other in all matters pertaining to the settlement or adjustment of any and all claims and demands for damages on account of any taking or condemnation of the Project Realty or the Project Equipment or pertaining to the settlement, compromising or arbitration of any claim on account of any damage or destruction thereof.. Exhibit 4.28

Application of Net Proceeds of Insurance or Condemnation. (A) The Net Proceeds from any insurance or condemnation award with respect to the Project Realty or Project Equipment shall be deposited with the Mortgage Bond Indenture Trustee while the Mortgage is in effect and thereafter shall be deposited either (1) in the Renewal Fund and applied to pay for the cost of making such repairs, restorations, reconstructions, replacements or relocations, or to reimburse the Borrower, the Authority or the Trustee for payment therefor from time to time as provided in the Indenture or (2) if prepayment of the loan is then permitted and the Borrower exercises its option to prepay the loan, in the Redemption Account of the Debt Service Fund and applied to the payment of the Note and redemption of the Bonds. (B) Notwithstanding the provisions of subsection (A) of this Section, any insurance or condemnation proceeds attributable to improvements, machinery, equipment and other property installed in or about the Project Realty and the Project Equipment, but which do not constitute a portion of the Project Realty and the Project Equipment, shall be paid directly to the Mortgage Bond Indenture Trustee while the Mortgage is in effect and thereafter as the Borrower may direct. The Trustee and the Authority agree to execute such documents as may be reasonably necessary to accomplish the purposes of this subsection. (C) The Subject to the applicable requirements of the Mortgage, the Borrower, the Authority and the Trustee shall cooperate and consult with each other in all matters pertaining to the settlement or adjustment of any and all claims and demands for damages on account of any taking or condemnation of the Project Realty or the Project Equipment or pertaining to the settlement, compromising or arbitration of any claim on account of any damage or destruction thereof.. Exhibit 4.27