Damage or Destruction of Project. In the event that the Project is damaged or destroyed by any cause whatsoever, the Tenant shall promptly repair such damage subject to the following provisions:
Damage or Destruction of Project. Subject in all events to any obligation on the part of the Company to make any Equalization Payments which may be due on any Removed Component:
Damage or Destruction of Project. In the event that the Other Loans and the City Loans have been paid in full, and if the Project or any part of it is to be repaired or reconstructed, after damage or destruction of the Project or its condemnation, all proceeds collected under any and all policies of insurance referred to in Article V above covering such damage or destruction, or all compensation received by Lessee for such taking by the exercise of the power of eminent domain, shall be paid into a special fund to be created and held by the Lessee and to be designated as the construction fund, during such repairing or reconstructing. Any surplus of such insurance or condemnation proceeds remaining after the completion of all payments for such repairing or reconstructing shall be held or applied by the Lessee in a manner consistent with the applicable provision of Article V or this Article.
Damage or Destruction of Project. In the event of the damage or destruction of all or a part of the Project and the receipt of Net Proceeds equaling or exceeding $500,000, the Issuer shall either (a) repair and restore the Project or portion thereof to substantially its condition or condition of at least equivalent value, immediately prior to such event, in which instance the Net Proceeds shall be paid to the Issuer for the purpose of such repair and restoration, or (b) direct that a redemption of a portion of the Bonds shall occur in accordance with the provisions of Section 3.04 hereof, in which instance the Net Proceeds shall be paid into the Bond Fund. If the Net Proceeds are less than $500,000, the Net Proceeds shall be used as provided in clause (a) of the preceding sentence, provided, however, that repair and restoration shall not be required in the event that after such casualty the Issuer remains in compliance with the requirements of Section 4.07 hereof.
Damage or Destruction of Project. In the event of the destruction of the Project or Material Damage to the Project, then in any such case, the Borrower shall, within thirty (30) days following occurrence of such event, make a prepayment of the Construction Loan(s), plus all accrued and unpaid interest thereon; provided, however, that if (i) the Borrower desires that the Project be repaired or replaced, and (ii) each of the Power Purchase Agreement and Sublease Agreements permits sufficient time for such repair or replacement without termination, then the Borrower may repair or replace the Project and no prepayment shall be required under this Section 2.4(a) in respect of such destruction or Material Damage; provided, further, that the Lender shall be entitled to retain all insurance proceeds received in respect of such destruction or Material Damage and release the same to the Borrower for application to Project costs on the same terms and conditions as apply to the making of Construction Loans in respect of the Project, as applicable; and provided, further, that all such Construction Loans shall remain subject to prepayment in respect of any other events or circumstances that would otherwise require prepayment hereunder.
Damage or Destruction of Project
