Net Insurance Proceeds. “Net Insurance Proceeds” means the total insurance proceeds recovered by Tenant on account of any damage to or destruction of the Building or any part thereof less all expenses (including reasonable attorneys’ fees) incurred in the collection of such proceeds.
Net Insurance Proceeds. To the extent that an Exercise Notice is not timely delivered following Kowaxxxx'x xxxth or the Net Insurance Proceeds exceed the amounts necessary for the Corporation to purchase Stock of the Selling Stockholders pursuant to this Article 4.00, the Corporation shall be entitled to retain the entire amount of the Net Insurance Proceeds or such excess, respectively, without liability to any Stockholder or any other party therefor.
Net Insurance Proceeds. To the extent any Obligor receives Net Insurance Proceeds, then the full amount of such Net Insurance Proceeds received by the Obligors shall be used (or contractually committed to be used) within 180 days to repair, replace or otherwise mitigate the loss or damage giving rise to such Net Insurance Proceeds, provided that, within five (5) Business Days of the earlier of (i) the expiry of such 180 days, and (ii) the Borrower’s or Independent Engineer’s reasonable determination that such replacement, repair or mitigation is not feasible, the Borrower shall make a repayment to the Lenders in the amount of such Net Insurance Proceeds that exceeds $5,000,000, and provided further that if the amount of such Net Insurance Proceeds exceeds $25,000,000 then such Net Insurance Proceeds shall be used within five Business Days of receipt to make a repayment to the Lenders.
Net Insurance Proceeds. The definition of Net Insurance Proceeds is hereby amended by inserting “, or having a Lien on,” immediately after the words “beneficial interest in” in clause (ii)(c) thereof.
Net Insurance Proceeds. Any indemnification obligations under this Section will be net of any insurance proceeds or any indemnity payment, contribution payments or reimbursements actually received by the Purchaser Indemnified Parties from a third party with respect thereto, net of documented associated expenses and costs of recovery.
Net Insurance Proceeds. To the extent any Obligor receives Net Insurance Proceeds, then the full amount of such Net Insurance Proceeds received by the Obligors shall be used within five (5) Business Days of receipt to make a repayment to the Lenders, provided that Net Insurance Proceeds in an amount less than $[REDACTED – Commercially Sensitive Information.] in aggregate in a Fiscal Year may be used to repair or replace the affected assets.
Net Insurance Proceeds. To the extent any Obligor receives Net Insurance Proceeds, (i) if the aggregate amount of such Net Insurance Proceeds received by the Obligors in any Fiscal Year is not greater than $●, the Obligors may retain the entire amount of such proceeds, (ii) if the aggregate amount of such Net Insurance Proceeds received by the Obligors in any Fiscal Year is in excess of $● but less than $●, the Obligors shall use the amount of such proceeds as are in excess of $● either (a) to repair, reconstruct and/or replace the property that was the subject of the loss giving rise to such Net Insurance Proceeds, or (b) to the extent not so used to repair, reconstruct and/or replace such property within 365 days of receipt thereof, to make a repayment to the Lenders pursuant to Section 2.4.5, and (iii) if the aggregate amount of such Net Insurance Proceeds received by the Obligors in any Fiscal Year are in excess of $●, such proceeds shall be paid over to the Administrative Agent to hold, then (A) (I) if the Borrower shall have provided the Lenders with a repair and reconstruction plan and budget which shall demonstrate to the satisfaction of the Majority Lenders, acting reasonably, that the restoration of the Project in accordance with such plan is technically and economically feasible prior to the Maturity Date, (II) the Majority Lenders have consented to such repair and/or reconstruction, such consent not to be unreasonably withheld or delayed, and (III) the Administrative Agent, acting reasonably, is reasonably satisfied that a sufficient amount of funds is or will be available to the Borrower to complete the required repair and/or reconstruction and after the completion thereof, the Project will be able to continue to service the Loans and pay all other amounts due to the Administrative Agent and the Lenders as and when due, such Net Insurance Proceeds shall be made available by the Administrative Agent to the Borrower to pay and satisfy costs incurred by the Borrower in connection with the repair and/or reconstruction and restoration of the Project, or (b) if the foregoing conditions set out in clause (a) are not satisfied, or the Borrower elects not to so repair and/or reconstruct and restore the Project, then the Net Proceeds shall be used to make a repayment to the Lenders as provided for in Section 2.4.5.
Net Insurance Proceeds. Any proceeds from any casualty insurance maintained by Lessee for the macadamia nut trees in the Orchards and other improvements on the Premises used by Lessee in connection with this Lease arising out of or relating to any claim for damage to or destruction of such macadamia nut trees or such other improvements shall paid solely to Lessee and shall be used by Lessee solely for the timely repair and replacement of the insured property.
Net Insurance Proceeds. Any proceeds from any casualty insurance maintained by Lessee for the improvements on the Premises used by Lessee in connection with this Lease arising out of or relating to any claim for damage to or destruction of such improvements shall be used and applied as follows:
