Insurance Proceeds Account. (a) All repairs to any Property with respect to which any Insurance Proceeds or Condemnation Proceeds have been deposited to the Insurance Proceeds Account shall be deemed to be renovations and all of the provisions of Section 4.8(a), including the requirements for inspections by the Diligence Agent, shall apply to such Properties.
(b) Upon (i) completion of all repairs to any Property in respect of which Insurance Proceeds or Condemnation Proceeds are held in the Insurance Proceeds Account, (ii) receipt by the Agent and the Diligence Agent of a Repair Completion Certificate of a Responsible Officer of the Borrower Representative and (iii) confirmation by the Diligence Agent to the Agent that such repairs have been completed in compliance with the Renovation Standards, the Agent shall direct Paying Agent to withdraw from the Insurance Proceeds Account the related Insurance Proceeds or Condemnation Proceeds on the next Payment Date and deposit such amount in the Collection Account as Available Funds for such Payment Date.
(c) Upon the occurrence of an Event of Default, the Agent may instruct the Paying Agent in writing to remit all or any portion of the amount on deposit in the Insurance Proceeds Account and apply such funds to (i) the costs of completion of the repairs to any Property in respect of which Insurance Proceeds are held in the Insurance Proceeds Account, or (ii) the Advances Outstanding, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Agent may determine in its sole discretion. The right to instruct the Paying Agent to remit and apply such amounts in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Agent or any Lender under this Agreement and the other Loan Documents. Except as expressly set forth in this Section 4.7, the amounts on deposit in the Insurance Proceeds Account shall not be released to the Borrowers or otherwise available to pay any Obligations.
Insurance Proceeds Account. (a) All cash, cash equivalents, instruments, investments and securities at any time on deposit in the Insurance Proceeds Account, including all interest or other income earned with respect thereto, are herein called the "CASUALTY PROCEEDS DEPOSITS".
(b) The Casualty Proceeds Deposits shall be accumulated in the Insurance Proceeds Account and held therein until paid to or upon the order of the Company as provided in paragraph (c) of this Section, or used by the Administrative Agent as provided in paragraph (d) of this Section, or returned to the Company as provided in Section 8.30.
(c) Subject to the provisions of paragraph (d) of this Section, Casualty Proceeds Deposits shall be paid over to or upon the order of the Company to reimburse it for, or to pay, the cost of repairing, rebuilding or otherwise replacing the damaged or destroyed or lost or condemned property in respect of which such moneys were received, upon the receipt by the Administrative Agent of a certificate of the Company (i) setting forth in reasonable detail the work done or proposed to be done and materials purchased or to be purchased by way of the renewal, repair, rebuilding or other replacement of the damaged or destroyed or lost or condemned property and (ii) stating the specific amount requested to be paid over to or upon the order of the Company (or such other Person) or that such amount is requested to reimburse the Company, as the case may be, for, or to pay, costs actually incurred to repair, rebuild or replace property and that such amount, together with amounts remaining in the Insurance Proceeds Account for such purpose and other funds of the Company available for such purpose, are sufficient to pay in full the costs of such renewal, repair, rebuilding or other replacement. In the event that any amounts remain in the Insurance Proceeds Account after application thereof in accordance with this paragraph, the Administrative Agent shall apply such Casualty Proceeds Deposits to the payment of the Obligations in accordance with Section 2.9(d).
(d) If the Company shall at any time notify the Administrative Agent that an Event of Loss has occurred, then, unless the affected portion of the Project is being repaired, replaced, restored or re-built in accordance with Section 5.20(b), the Administrative Agent shall, on the third Business Day following the date on which the Casualty Proceeds with respect to such Event of Loss are deposited to the Insurance Proceeds Account, withdraw the C...
Insurance Proceeds Account. The Company, its Subsidiaries and the Administrative Agent shall deposit into the Insurance Proceeds Account all Casualty Proceeds.
Insurance Proceeds Account. (a) Unless an Event of Default has occurred and is continuing, all Insurance Proceeds from time to time received by the Borrower, the Security Agent or either Account Bank during the Facility Period shall (after providing for any Losses ranking by law in priority to the Secured Obligations) be applied as follows:
(i) if those Insurance Proceeds are in an amount less than the Major Casualty Amount, an amount equal to those Insurance Proceeds shall be paid to the Operating Account and the Borrower shall use such Insurance Proceeds in repairing or replacing such asset or property and/or in discharging the liability in respect of which they have been paid except to the extent that the repairs or replacement are unnecessary for continued operation or have already been paid for and/or the liability already discharged or those Insurance Proceeds exceed the cost of repair in which case such excess Insurance Proceeds shall be transferred to the Offshore Revenue Account and if a Termination Date has occurred applied in accordance with clause 28.18 (Application after Termination Date);
(ii) if those Insurance Proceeds are in an amount equal to or exceeding the Major Casualty Amount an amount equal to those Insurance Proceeds shall be paid into the Insurance Proceeds Account and thereafter:
Insurance Proceeds Account. The Borrower, its Subsidiaries and the Collateral Trustee shall deposit into the Insurance Proceeds Account all Casualty Proceeds.
Insurance Proceeds Account. The Lessor shall (if there is no Potential Termination Event or Mandatory Prepayment Event on or before the relevant withdrawal date) apply the amounts standing to the credit of the Insurance Proceeds Account (and for this purpose the Lessor hereby instructs and authorises the Lessee Account Bank to apply such amounts accordingly), in accordance with Clause 21.9 (Insurance Proceeds).
Insurance Proceeds Account. The Trust and Retention Account shall have the following deposit and withdrawal accounts/sub-accounts during the Operation Period:
Insurance Proceeds Account. The Borrower and the Administrative Agent -------------------------- shall deposit all Casualty Proceeds in the Insurance Proceeds Account.
Insurance Proceeds Account. (a) Subject to clauses (b) and (c), each relevant Borrower shall procure that all amounts received by it or to its order with respect to Compensation or Insurance proceeds are paid into the Insurance Proceeds Account immediately on receipt by it or on its behalf.
(b) The Borrowers shall procure that Compensation or Insurance proceeds which the Facility Agent has directed shall be used to prepay the Advances pursuant to clause 15.7(b)(i) or (ii), as the case may be, are paid immediately into the Tranche A Borrower Proceeds Account (Rand), Tranche B Borrower Proceeds Account (Rand), or Proceeds Account (Dollars), as directed by the Facility Agent, immediately on receipt by it or on its behalf.
(c) The Borrowers may direct any amount of Insurance proceeds payable to its order to be paid direct to a third party on account of whose claim those Insurance proceeds are payable.
(d) Subject to clause (e), the Tranche A Borrower may make withdrawals from the Insurance Proceeds Account:
(i) where such Insurance proceeds arise under business interruption or similar insurances, to pay Finance Costs or Finance Principal;
(ii) where such Insurance proceeds arise under any form of third party liability insurances, to meet the relevant liability; and
(iii) where such Insurance proceeds arise under any form of physical damages insurances, to repair, reinstate or otherwise replace the assets which were the subject of the insurance claim giving rise to such Insurance proceeds.
(e) The Tranche A Borrower may transfer to the Proceeds Account (Dollars) any amount standing to the credit of the Insurance Proceeds Account following any withdrawals made in accordance with clause (d) if at such time such amount is no longer required by the Tranche A Borrower to meet any liabilities or obligations of the type referred to in clause 17.5(d)(i), (ii) or (iii).
Insurance Proceeds Account. (a) The Borrower and the Agent shall deposit in the Insurance Proceeds
