Common use of Damage Covered by Insurance Clause in Contracts

Damage Covered by Insurance. Subject to the provisions in Section 16.5 (Early Termination Due to Force Majeure Event) and any Trustees Consent and Estoppel Certificate if during the Term the System is wholly or partially destroyed or damaged by an event covered by insurance or required to be covered by insurance under this Agreement, the Licensee shall use the proceeds of such insurance to restore the System to its original capacity. If Licensee determines that it is not economically feasible to restore the System after such loss event, Licensee shall give Trustees written notice of such determination as soon as practical. In that case and subject to the terms of any Trustees Consent and Estoppel Certificate, the Agreement shall be terminated and the insurance proceeds shall be paid in the following order of interest: 11.10.1. First, to pay for the reasonable costs to remove the damaged System and restore the Licensed Area and Site to their original condition as of the Effective Date save for normal wear and tear. If the insurance proceeds are insufficient, or there are no insurance proceeds as provided in this Agreement to cover the costs to restore the Licensed Area and Site, Licensee shall be responsible to remove the System and restore the Licensed Area and Site at Licensee’s sole cost. 11.10.2. Second, to make a payment to Licensee in the amount equal to the Termination Fee as of the date immediately preceding the casualty event minus the amount paid to remove the System pursuant to Subsection 11.10.1.