Common use of Proceeds of Insurance Clause in Contracts

Proceeds of Insurance. Insurance proceeds shall be applied as follows: (i) If the Lessee believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be less than or equal to $500,000, the Lessee may elect to restore or replace the property affected by such casualty event without the consent of the Lessor so long as no Default shall have occurred and be continuing. (ii) If the Lessee believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be in excess of $500,000, the Lessee may elect to restore or replace the property affected by such casualty event if the Lessee has delivered to the Lessor, within twenty (20) days from the occurrence of such casualty event, a Restoration or Replacement Plan with respect to such casualty that is based upon, or accompanied by, each of the following: (A) (1) a detailed breakdown of the nature and extent of such casualty event and (2) a bona fide assessment (from a contractor reasonably acceptable to the Lessor) of the estimated cost and time needed to restore or replace the affected property; (B) satisfactory evidence that such insurance proceeds and the Lessee’s other available funds are sufficient to make the necessary restorations to or replacement of the affected property; (C) delivery of an officer’s certificate of the Lessee certifying that, at the completion of the restoration or replacement, no Default shall have occurred and be continuing in connection with such casualty event; and (D) confirmation by the Engineering Consultant, of its agreement based on the information available to it with the matters set forth in clauses (A) through (B) above within twenty (20) days after the receipt of the foregoing information and its approval of such Restoration or Replacement Plan; provided, that, if the Lessee does not deliver such Restoration or Replacement Plan within such 20-day period or if the Lessor or the Engineering Consultant provides written notice to Lessee that it rejects the Restoration or Replacement Plan, and following consultation by the Lessee with the Lessor or the Engineering Consultant regarding any proposal by Lessee to modify the Restoration or Replacement Plan but within 20 days after Lessee has received such initial written rejection notice, the Lessor or the Engineering Consultant provides written notice to Lessee that it has rejected Lessee’s modified Restoration or Replacement Plan, the Lessee shall promptly pay, or cause to be paid, proceeds of any insurance to Lessor, as loss payee, which shall be applied, in Lessor’s discretion, toward the replacement, restoration or repair of the Equipment to the condition required by Section 7 or toward the payment of Stipulated Loss Value in accordance with Section 8 hereof. (iii) If a Default shall have occurred and be continuing, then Lessee shall remit to Lessor, as loss payee, proceeds of any insurance covering damage or loss which proceeds shall be applied, in Lessor’s discretion, to replacement, restoration or repair of the Equipment to the condition required by Section 7 or toward the payment of Stipulated Loss Value in accordance with Section 8.

Proceeds of Insurance. Insurance proceeds Proceeds of any insurance covering damage or loss of any Unit, the Equipment and the Facility shall be payable to the Owner as loss payee and, so long as no Construction Agency Event of Default shall occur and be continuing, shall be applied as follows: (i) If the Lessee Construction Agent believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be less than or equal to $500,000U.S.$5,000,000, the Lessee Construction Agent may elect to restore or replace the property affected by such casualty event without the consent of the Lessor so long as no Default shall have occurred and Owner; provided that the Construction Agent certifies to the Owner that Construction Completion can be continuing.achieved for the Facility prior to the Construction Termination Date; (ii) If the Lessee Construction Agent believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be in excess of $500,000U.S.$ 5,000,000, the Lessee Construction Agent may elect to restore or replace the property affected by such casualty event if the Lessee Construction Agent has delivered to the LessorOwner, within twenty (20) days from the occurrence of such casualty event, a Construction Restoration or Replacement Plan with respect to such casualty that is based upon, or accompanied by, each of the following: (A) : (1) a detailed breakdown of the nature and extent of such casualty event and (2) a bona fide assessment (from a contractor reasonably acceptable to the LessorOwner) of the estimated cost and time needed to restore or replace the affected property; (B) satisfactory evidence that such insurance proceeds and the Lessee’s Company's other available funds are sufficient to make the necessary restorations to or replacement of the affected propertyproperty such that Construction Completion will be achieved for the Facility prior to the Construction Termination Date; (C) delivery of an officer’s Authorized Officer's certificate of the Lessee Construction Agent certifying that, at the completion of the restoration or replacement, no Construction Agency Event of Default shall have occurred and be continuing in connection with such casualty event; and (D) confirmation by the Engineering ConsultantConsultant of the Owner, of its agreement (based on the information available to it them) with the matters set forth in clauses (A) through (B) above within twenty (20) days after the receipt of the foregoing information and its approval of such Construction Restoration or Replacement Plan; provided, provided that, if the Lessee Construction Agent does not deliver such Construction Restoration or Replacement Plan within such 20-20 day period or if the Lessor Owner or the its Engineering Consultant provides written notice to Lessee that it rejects the Restoration or Replacement Plan, and following consultation by the Lessee with the Lessor or the Engineering Consultant regarding any proposal by Lessee to modify the Restoration or Replacement Plan but within 20 days after Lessee has received such initial written rejection notice, the Lessor or the Engineering Consultant provides written notice to Lessee that it has rejected Lessee’s modified proposed Construction Restoration or Replacement Plan, the Lessee Construction Agent shall promptly pay, or cause to be paid, proceeds of any insurance to Lessorthe Owner, as loss payee, which shall be applied, in Lessor’s the Owner's discretion, toward the replacement, restoration or repair of any Unit, the Equipment or the Facility to the condition required by Section 7 2.6(d) or toward the (f) and Section 6.2 of this Construction Agency Agreement or towards payment of Stipulated Loss Value in accordance with the Construction Agent's payment obligations under Section 8 hereof.2.8 of this Construction Agency Agreement; and (iii) If a Construction Agency Event of Default shall have occurred and be continuing, then Lessee the Construction Agent shall remit to LessorOwner, as loss payee, proceeds of any insurance covering damage or loss which proceeds shall be applied, in Lessor’s Owner's discretion, to replacementrepair or replace the Facility, restoration the Unit or repair of the Equipment to the condition required by Section 7 or toward the payment of Stipulated Loss Value in accordance with Section 8clause (ii) above.

Proceeds of Insurance. Insurance proceeds shall be applied as follows: (i) If the Lessee believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be less than or equal to $500,000, the Lessee may elect to restore or replace the property affected by such casualty event without the consent of the Lessor so long as no Default shall have occurred and be continuing. (ii) If the Lessee believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be in excess of $500,000, the Lessee may elect to restore or replace the property affected by such casualty event if the Lessee has delivered to the Lessor, within twenty (20) days from the occurrence of such casualty event, a Restoration or Replacement Plan with respect to such casualty that is based upon, or accompanied by, each of the following: (A) (1) a detailed breakdown of the nature and extent of such casualty event and (2) a bona fide assessment (from a contractor reasonably acceptable to the Lessor) of the estimated cost and time needed to restore or replace the affected property; (B) satisfactory evidence that such insurance proceeds and the Lessee’s other available funds are sufficient to make the necessary restorations to or replacement of the affected property; (C) delivery of an officer’s certificate of the Lessee certifying that, at the completion of the restoration or replacement, no Default shall have occurred and be continuing in connection with such casualty event; and (D) confirmation by the Engineering Consultant, of its agreement based on the information available to it with the Conformed Copy through Second Amendment dated October 7, 2011 matters set forth in clauses (A) through (B) above within twenty (20) days after the receipt of the foregoing information and its approval of such Restoration or Replacement Plan; provided, that, if the Lessee does not deliver such Restoration or Replacement Plan within such 20-day period or if the Lessor or the Engineering Consultant provides written notice to Lessee that it rejects the Restoration or Replacement Plan, and following consultation by the Lessee with the Lessor or the Engineering Consultant regarding any proposal by Lessee to modify the Restoration or Replacement Plan but within 20 days after Lessee has received such initial written rejection notice, the Lessor or the Engineering Consultant provides written notice to Lessee that it has rejected Lessee’s modified Restoration or Replacement Plan, the Lessee shall promptly pay, or cause to be paid, proceeds of any insurance to Lessor, as loss payee, which shall be applied, in Lessor’s discretion, toward the replacement, restoration or repair of the Equipment to the condition required by Section 7 or toward the payment of Stipulated Loss Value in accordance with Section 8 hereof. (iii) If a Default shall have occurred and be continuing, then Lessee shall remit to Lessor, as loss payee, proceeds of any insurance covering damage or loss which proceeds shall be applied, in Lessor’s discretion, to replacement, restoration or repair of the Equipment to the condition required by Section 7 or toward the payment of Stipulated Loss Value in accordance with Section 8.

Proceeds of Insurance. Insurance proceeds shall be applied as follows: (i) If the Lessee believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be less than or equal to $500,000U.S.$5,000,000, the Lessee may elect to restore or replace the property affected by such casualty event without the consent of the Lessor so long as no Default shall have occurred and be continuing. (ii) If the Lessee believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be in excess of $500,000U.S.$5,000,000, the Lessee may elect to restore or replace the property affected by such casualty event if the Lessee has delivered to the Lessor, within twenty (20) days from the occurrence of such casualty event, a Restoration or Replacement Plan with respect to such casualty that is based upon, or accompanied by, each of the following: (A) ) (1) a detailed breakdown of the nature and extent of such casualty event and (2) a bona fide assessment (from a contractor reasonably acceptable to the Lessor) of the estimated cost and time needed to restore or replace the affected property; (B) satisfactory evidence that such insurance proceeds and the Lessee’s 's other available funds are sufficient to make the necessary restorations to or replacement of the affected property; (C) delivery of an officer’s 's certificate of the Lessee certifying that, at the completion of the restoration or replacement, no Default shall have occurred and be continuing in connection with such casualty event; and (D) confirmation by the Engineering ConsultantConsultant of the Lessor, of its agreement based on the information available to it them with the matters set forth in clauses (A) through (B) above within twenty (20) days after the receipt of the foregoing information and its approval of such Restoration or Replacement Plan; provided, that, if the Lessee does not deliver such Restoration or Replacement Plan within such 20-20 day period or if the Lessor or the Engineering Consultant provides written notice to Lessee that it rejects the Restoration or Replacement Plan, and following consultation by the Lessee with the Lessor or the Engineering Consultant regarding any proposal by Lessee to modify the Restoration or Replacement Plan but within 20 days after Lessee has received such initial written rejection notice, the Lessor or the Engineering Consultant provides written notice to Lessee that it has rejected Lessee’s modified proposed Restoration or Replacement Plan, the Lessee shall promptly pay, or cause to be paid, proceeds of any insurance to Lessor, as loss payee, which shall be applied, in Lessor’s 's discretion, toward the replacement, restoration or repair of the Facility or the Equipment to the condition required by Section 7 or toward the payment of Stipulated Loss Value in accordance with Section 8 hereof. (iii) If a Default shall have occurred and be continuing, then Lessee shall remit to Lessor, as loss payee, proceeds of any insurance covering damage or loss which proceeds shall be applied, in Lessor’s 's discretion, to replacement, restoration repair or repair of replace the Equipment to the condition required by Section 7 or toward the payment of Stipulated Loss Value Facility in accordance with Section 8clause (ii) above.