Option A - Repairs and Improvements. The Borrower may elect to use the Net Proceeds of the award made in connection with such condemnation or taking for additions, repairs and improvements to the Project. In such event, so long as no Event of Default exists, the Borrower shall have the right to receive such Net Proceeds from the Trustee from time to time upon receipt by the Trustee of:
Option A - Repairs and Improvements. The Obligor may elect to use such Net Proceeds to repair, reconstruct, restore, replace and improve the Project and, in such event, such Net Proceeds shall be deposited in a separate account and, so long as no Default exists, shall be disbursed from time to time by the Trustee in the manner and upon receipt of the documents described in Section 4.3. Upon the completion of such use, as certified to the Trustee by a written certificate signed by the Authorized Borrower Representative, any remaining balance not required for such repair, reconstruction, restoration, replacement and improvement shall be deposited in the Bond Fund.
Option A - Repairs and Improvements. The Borrower may elect to use the Net Proceeds of the award made in connection with such condemnation or taking for additions, repairs and improvements to the Project. Net Proceeds not required for the repairs and improvements shall be applied to the prepayment of the Bonds or in such other manner as the Borrower, based upon an opinion of Bond Counsel, determines will not cause interest on the Bonds to be included in gross income for purposes of federal income taxation.
Option A - Repairs and Improvements. The Sublessee may elect to make any necessary or desirable additions, repairs or improvements to the Facilities, as determined by the Sublessee. In such event, all Net Proceeds of such condemnation award shall be paid directly to the Trustee for deposit in the Repair and Replacement Fund and applied to pay the costs of such additions, repairs and improvements as determined by the Sublessee to be necessary or desirable. If the Net Proceeds are insufficient to pay the costs of such additions, repairs and improvements, the Sublessee will deposit with the Trustee that portion of the cost thereof in excess of the amount of the Net Proceeds. The Sublessee's obligations hereunder shall continue in full force and effect, including its obligation to make payments of Basic Rent and Additional Rent.
Option A - Repairs and Improvements. The Hospital Corporation may elect to use all or part of the Net Proceeds of the award made in connection with such condemnation or taking or of such insurance for replacement of or repairs and improvements to the Facility or, in the event the Hospital Corporation elects to have part of such Net Proceeds applied to the redemption of Bonds pursuant to Option B below, to use part of such Net Proceeds for replacement and restoration of the Facility. In such event the Hospital Corporation shall, to the extent permitted by law, forthwith replace and restore the Facility, other than any portion of the Facility covered by such certificate of the Hospital Corporation Representative, to substantially the same or an improved condition or utility value as existed prior to such condemnation or taking or as would have existed but for the defect in title resulting in such realization on said title insurance and will apply such Net Proceeds to the payment or reimbursement of the costs of such replacement and restoration. So long as the Hospital Corporation is not in default hereunder, any Net Proceeds of the award made in connection with such condemnation or taking or of such insurance received by the Bond Trustee shall be deposited in a separate account to be established in the Project Fund and so long as the Hospital Corporation is not in default hereunder, the Hospital Corporation shall have the right to receive such Net Proceeds from the Bond Trustee from time to time upon the receipt by the Bond Trustee of:
