Loss Proceeds Account Sample Clauses
Loss Proceeds Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of depositing any Loss Proceeds (the “Loss Proceeds Account”).
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds account shall be applied in accordance with Section 5.16.
Loss Proceeds Account. The Borrower and the Security Agent have established with the Securities Intermediary an account entitled the “Stetson Loss Proceeds Account” (account number 0000000) (the “Loss Proceeds Account”). All Loss Proceeds paid or payable to or for the account of the Borrower or any Project Company under any insurance policies maintained by the Borrower or any Project Company or otherwise shall be deposited in the Loss Proceeds Account, except for any such Loss Proceeds that the Security Agent determines the Borrower is entitled to pursuant to the proviso set forth in the definition of Restoration Conditions in the Financing Agreement, which shall be paid to an unrestricted account directed by the Borrower. If the amount of Loss Proceeds received for a single event is $1,500,000 or less and Borrower and the Independent Engineer certify to the satisfaction of the Security Agent, that repair or restoration of the affected portion of the Project is technically and economically feasible prior to the Maturity Date under the Financing Agreement (or, to the extent applicable, such shorter period during which Insurance Proceeds are available under the business interruption insurance maintained by or on behalf of Borrower or any Project Company), and Borrower demonstrates to the Security Agent and the Independent Engineer that a sufficient amount of funds are available to Borrower in the Loss Proceeds Account to make such repairs and restorations, such funds on deposit in the Loss Proceeds Account shall be transferred to the Borrower from time to time to rebuild, repair, restore or replace the affected portion of the Project. If the Borrower elects to satisfy the Restoration Conditions with respect to a single event for Loss Proceeds paid to the Borrower in excess of $1,500,000 and such Restoration Conditions are satisfied, such funds on deposit in the Loss Proceeds Account shall be transferred to the Borrower from time to time to rebuild, repair, restore or replace the affected portion of the Project. If the Borrower elects not to satisfy the Restoration Conditions (or if the Restoration Conditions are not otherwise satisfied) with respect to a single event for Loss Proceeds paid to the Borrower or any Project Company in excess of $1,500,000, such funds on deposit in the Loss Proceeds Account shall be transferred to the Revenue Account to be applied pursuant to Section 6(b).
Loss Proceeds Account. (a) Upon the occurrence of a Casualty or Condemnation, Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of depositing any Loss Proceeds (the “Loss Proceeds Account”).
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds Account shall be applied in accordance with Section 5.16.
Loss Proceeds Account. (a) Lender will maintain an Eligible Account (which may be a book-entry subaccount) for the purpose of depositing any Loss Proceeds (the “Loss Proceeds Account”).
(b) Provided no Event of Default is continuing, funds in the Loss Proceeds Account shall be applied in accordance with Section 5.16.
Loss Proceeds Account. Amounts on deposit in the Loss Proceeds Account shall be transferred by the Depositary Agent from time to time in accordance with a Funding Date Certificate setting forth the amounts to be transferred, the Persons to receive such transferred amounts and that each such transfer is authorized and otherwise in accordance with the applicable Leases and Participation Agreements. Any income from the investment of monies on deposit in the Loss Proceeds Account shall be transferred to the Revenue Account in accordance with Section 3.13 hereof.
Loss Proceeds Account. All Loss Proceeds shall be deposited in the Collateral Account immediately upon receipt, shall be immediately transferred by the Collateral Agent from the Collateral Account to the Loss Proceeds Account and shall be applied as provided in Section 3.4.3(a)(ii) and Section 6.26 of the Common Agreement.
Loss Proceeds Account. Borrower shall cause all Casualty Insurance Proceeds or Condemnation Proceeds to be paid directly to an account designated by Agent for such purpose and under the sole dominion and control of Agent for the purposes of receiving and disbursing Loss Proceeds (the "LOSS PROCEEDS ACCOUNT"), on behalf of Lenders. If any Loss Proceeds are received by Borrower, the same shall be received in trust for Lenders, shall be segregated from other funds of Borrower, and shall be paid directly to the Loss Proceeds Account to be applied or disbursed in accordance with this Agreement. Borrower hereby authorizes and directs any affected insurance company to make payment of Loss Proceeds directly to the Loss Proceeds Account and Borrower agrees to execute such additional instruments as any such affected insurance company may request as a condition to making such payment of Loss Proceeds.
Loss Proceeds Account. Borrower and Administrative Agent have established at the Depositary Agent's New York Office the Loss Proceeds Account. On or prior to the Effective Date, Borrower and Administrative Agent shall establish within the Loss Proceeds Account a sub-account for each Initial Project and the Lost Pines Project. On or prior to the initial funding of Construction Loans in respect of a Subsequent Project, Borrower and Administrative Agent shall establish a sub-account within the Loss Proceeds Account for such Project. Except where a Project Document for a Funded Project that is not directly or indirectly wholly-owned by Borrower may, with the approval of the Technical Committee, direct otherwise, all Insurance Proceeds, Eminent Domain Proceeds and damage payments described in Section 7.7 shall be deposited in the appropriate subaccount in the Loss Proceeds Account and applied (a) as specified in Sections 7.5 through 7.7 and (b) if no such application is specified, to the prepayment of the Loans, and thereafter to payment of all other Obligations of Borrower.
Loss Proceeds Account. (a) All Loss Proceeds shall be deposited into the Loss Proceeds Account and, subject to the provisions of this Section 3.10, applied to the payment, or reimbursement to the extent the same have been paid or satisfied by the Company, of the costs of (i) rebuilding, repairing and restoring the Energy Complex or any part thereof that has been affected by an Event of Loss or Event of Eminent Domain or (ii) building a Replacement Facility.
(b) The Collateral Agent is hereby authorized to disburse from the Loss Proceeds Account the amount required to be paid for the rebuilding, repair or restoration of the Energy Complex or any part thereof, or the building of a Replacement Facility, as specified in Section 3.10(a). The Collateral Agent is hereby authorized and directed to issue its checks or transfer funds electronically for each disbursement from the Loss Proceeds Account, upon receipt of a requisition in substantially the form of Exhibit A, submitted to the Collateral Agent, signed by an Authorized Officer of the Company, together with an Independent Engineer Confirmation; provided, however, that such Independent Engineer Confirmation shall not be required if such requisition includes a certification that the amount requested pursuant to such requisition, together with the amounts requested or to be requested pursuant to all other such requisitions made or reasonably expected to be made (i) during the same Fiscal Year in which such requisition is so submitted to the Collateral Agent, does not exceed $5,000,000 in the aggregate or (ii) in respect of any Event of Loss or Event of Eminent Domain, does not exceed $7,500,000 in the aggregate. The Collateral Agent shall be entitled to rely on all certifications and statements in such requisitions. The Collateral Agent shall keep and maintain adequate records pertaining to the Loss Proceeds Account and all disbursements therefrom and shall file an accounting thereof with the Company, the Independent Engineer and the Mill Owners within three (3) months following the end of each Fiscal Year.
(c) If an Event of Loss or an Event of Eminent Domain shall occur, as soon as reasonably practicable but no later than the date of receipt of Loss Proceeds with respect thereto, the Company shall make a reasonable good faith determination as to (i) (A) whether or not (1) the Energy Complex or any portion thereof can be rebuilt, repaired or restored to permit operation of the Energy Complex at substantially the same level of perfor...
Loss Proceeds Account. All Loss Proceeds shall to be deposited directly into the Loss Proceeds Account; provided that any Loss Proceeds deposited into the Loss Proceeds Account that are required to be deposited in the Physical Damage Proceeds Reserve (as defined in the Project Agreement) in accordance with Section 25.5.2 of the Project Agreement shall be promptly transferred to the Physical Damage Proceeds Reserve in accordance with Section 25.5.2.a of the Project Agreement, at the instruction of the Borrower in accordance with a Funds Transfer Certificate pursuant to Section 5.24. For the avoidance of doubt, any Physical Damage Proceeds that are returned to the Borrower by the Enterprises pursuant to Section 25.5.2.c of the Project Agreement (such proceeds, “Returned Loss Proceeds”) shall be deposited directly into the Loss Proceeds Account.