Major Casualty Event. (a) Within 21 days of the occurrence of any Major Casualty Event in respect of its Vessel, submit to the Intercreditor Agent for approval by the Intercreditor Agent a reasonably detailed written proposal in respect of the repair of its Vessel following such Major Casualty Event (a “Repair Plan”). In determining whether to approve such plan the Intercreditor Agent shall give due regard to any off-hire or loss of earnings insurance that may be payable in respect of the relevant Major Casualty Event.
(b) If the Intercreditor Agent notifies a Borrower that it has approved any Repair Plan delivered by such Borrower in accordance with Clause 19.34(a), such Borrower promptly shall apply any insurance proceeds or other proceeds received by it in respect of such Major Casualty Event to the repair of its Vessel in accordance with such Repair Plan and Clause 26.5 and promptly following such application shall provide to the Intercreditor Agent reasonably detailed documentation satisfactory to the Intercreditor Agent demonstrating that such insurance proceeds or other proceeds have been applied by it in accordance with such approved Repair Plan.
(c) If the Intercreditor Agent notifies a Borrower that it has not approved any Repair Plan delivered by such Borrower in accordance with Clause 19.34(a), such Borrower shall apply any insurance proceeds or other proceeds received by it in respect of such Major Casualty Event towards the prepayment of its Term Loan in accordance with Clause 5.9 and Clause 26.5.
Major Casualty Event. If a Major Casualty Event occurs, then LTES Operator must provide SFV with either:
(a) a notice that LTES Operator elects to reinstate the Project (“Election to Reinstate”), including LTES Operator’s proposed plan to reinstate the Project as soon as reasonably practicable (“Proposed Reinstatement Plan”); or
(b) a notice that LTES Operator elects to not reinstate the Project, provided that if LTES Operator does not provide an Election to Reinstate by the date that is 6 months after the occurrence of the Major Casualty Event (or any such longer period agreed by both parties, acting reasonably), then LTES Operator will be taken to have elected to not reinstate the Project.
Major Casualty Event. If a Major Casualty Event occurs, then Project Operator must provide to the Commonwealth either:
(a) a notice that Project Operator elects to reinstate the Project (“Election to Reinstate”), including Project Operator’s proposed plan to reinstate the Project to the condition it was in immediately prior to the Major Casualty Event (applying Good Industry Practice) as soon as reasonably practicable (including a reasonable period for contingency) (“Proposed Reinstatement Plan”); or
(b) a notice that Project Operator elects to not reinstate the Project, provided that if Project Operator does not provide an Election to Reinstate by the date that is 6 months after the occurrence of the Major Casualty Event (or any such longer period agreed by both parties, acting reasonably), then Project Operator will be taken to have elected to not reinstate the Project.
Major Casualty Event. Major Casualty Event If a Major Casualty Event occurs, then Project Operator must provide to the Commonwealth either:
Major Casualty Event. Major Casualty Event If a Major Casualty Event occurs, then Project Operator must provide to the Commonwealth either: a notice that Project Operator elects to reinstate the Project (“Election to Reinstate”), including Project Operator’s proposed plan to reinstate the Project to the condition it was in immediately prior to the Major Casualty Event (applying Good Industry Practice) as soon as reasonably practicable (including a reasonable period for contingency) (“Proposed Reinstatement Plan”); or a notice that Project Operator elects to not reinstate the Project, provided that, if Project Operator does not provide an Election to Reinstate by the date that is 6 months after the occurrence of the Major Casualty Event (or any such longer period agreed by both parties, acting reasonably), then Project Operator will be taken to have elected to not reinstate the Project. Reinstatement plan If the Commonwealth receives an Election to Reinstate, then: the Commonwealth must either: request any changes to the Proposed Reinstatement Plan that it considers (acting reasonably) are appropriate; or approve the Proposed Reinstatement Plan, provided that if the Commonwealth does not request any changes to the Proposed Reinstatement Plan within 30 Business Days after receipt of the Election to Reinstate, the Commonwealth will be taken to have approved the Proposed Reinstatement Plan; and if the Commonwealth requests any changes to the Proposed Reinstatement Plan in accordance with subparagraph (a)(i)(A), then: within 20 Business Days after the Commonwealth’s request, Project Operator must provide an amended Proposed Reinstatement Plan to the Commonwealth; and within 20 Business Days after receipt of Project Operator’s amended Proposed Reinstatement Plan, the Commonwealth must (acting reasonably) approve or reject the amended Proposed Reinstatement Plan. Without limitation, it will be unreasonable for the Commonwealth to request changes to the Proposed Reinstatement Plan or to reject it if it: is prepared in accordance with the requirements of this agreement; identifies an express date for the completion of the reinstatement, which is as soon as reasonably practicable after the Major Casualty Event occurred; and demonstrates that Project Operator will be able to reinstate the Project to the condition it was in immediately prior to the Major Casualty Event (applying Good Industry Practice) by that date. If the Commonwealth approves a Proposed Reinstatement Plan or amended Prop...
