Common use of Loss After the Financing Agreements Have Expired Clause in Contracts

Loss After the Financing Agreements Have Expired. If after the expiration of the Financing Agreements all or a portion of the Facilities is damaged, destroyed, or rendered unfit for normal operation, the Company shall apply the insurance proceeds (except the proceeds of business interruption insurance) in accordance with the following provisions: (a) If the Company determines that the Facilities can be rebuilt, repaired, and restored to permit operation on a commercially viable basis and the insurance proceeds are sufficient to restore such Facilities, then all the proceeds shall be applied toward the cost of rebuilding, repairing, and/or restoring the Facilities. (b) If the Company determines that the Facilities cannot be rebuilt or can only be partially rebuilt, repaired, and restored or that the insurance proceeds are insufficient to restore such Facilities, then either Party may elect to terminate this Agreement in accordance with Section 20.2.3 (Termination by Either Party) and all of the insurance proceeds shall be distributed in the following order of priority: (i) to the payment of any amount that may be due the Agency under this Agreement; then, (ii) any remaining amount from such proceeds shall be given to the Company or its successors or assigns or to whomever may be lawfully entitled to receive it.

Loss After the Financing Agreements Have Expired. If after the expiration of the Financing Agreements all or a portion of the New ICT Services and Facilities is damaged, destroyed, or rendered unfit for normal operation, the Company shall apply the insurance proceeds (except the proceeds of business interruption insurance) in accordance with the following provisions: (a) If the Company determines that the New ICT Services and Facilities can be rebuilt, repaired, and restored to permit operation on a commercially viable basis and the insurance proceeds are sufficient to restore such New ICT Services and Facilities, then all the proceeds shall be applied toward the cost of rebuilding, repairing, and/or restoring the New ICT Services and Facilities. (b) If the Company determines that the New ICT Services and Facilities cannot be rebuilt or can only be partially rebuilt, repaired, and restored or that the insurance proceeds are insufficient to restore such New ICT Services and Facilities, then either Party may elect to terminate this Agreement in accordance with Section 20.2.3 21.2.3 (Termination by Either Party) and all of the insurance proceeds shall be distributed in the following order of priority: (i) to the payment of any amount that may be due the Agency under this Agreement; then, (ii) any remaining amount from such proceeds shall be given to the Company or its successors or assigns or to whomever may be lawfully entitled to receive it.

Loss After the Financing Agreements Have Expired. If after the expiration of the Financing Agreements all or a portion of the Facilities is damaged, destroyed, or rendered unfit for normal operation, the Company shall apply the insurance proceeds (except the proceeds of business interruption insurance) in accordance with the following provisions: (a) If the Company determines that the Facilities can be rebuilt, repaired, and restored to permit operation on a commercially viable basis and the insurance proceeds are sufficient to restore such Facilities, then all the proceeds shall be applied toward the cost of rebuilding, repairing, and/or restoring the Facilities. (b) If the Company determines that the Facilities cannot be rebuilt or can only be partially rebuilt, repaired, and restored or that the insurance proceeds are insufficient to restore such Facilities, then either Party may elect to terminate this Agreement in accordance with Section 20.2.3 16.2.3 (Termination by Either Party) and all of the insurance proceeds shall be distributed in the following order of priority: (i) to the payment of any amount that may be due the Agency LGU under this Agreement; then, (ii) any remaining amount from such proceeds shall be given to the Company or its successors or assigns or to whomever may be lawfully entitled to receive it.