Use and Application of Insurance Proceeds. The Administrative Agent shall apply insurance proceeds to costs of restoring the Project or the Loans as follows:
Use and Application of Insurance Proceeds. Lender shall apply insurance proceeds (other than proceeds of rental income or business interruption insurance which shall constitute Operating Revenues) to costs of restoring a damaged Project or the Loan as follows:
Use and Application of Insurance Proceeds. (a) If any Project shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.
Use and Application of Insurance Proceeds. In the event that any portion of the respective Timeshare Projects subject to the respective, applicable Timeshare Declarations should suffer any casualty loss covered by hazard insurance or other insurance, upon receipt of any insurance proceeds, the respective Timeshare Associations are required (in accordance with the provisions of the respective Timeshare Declarations), during the time such properties are covered by such insurance, under the respective Timeshare Declarations to rebuild or repair the damaged portions of all of the buildings and other improvements within the property described in the respective, applicable Timeshare Program Governing Documents unless provided otherwise pursuant to Article 14 of the Big Cedar Timeshare Declaration, pursuant to Article 14 of the Long Creek Ranch Timeshare Declaration or pursuant to Article VII of the Paradise Point Timeshare Declaration. In the event that any proceeds of insurance are to be delivered to holders of first mortgage liens pursuant to Article 14 of the Big Cedar Timeshare Declaration, pursuant to Article 14 of the Long Creek Ranch Timeshare Declaration or pursuant to Article VII of the Paradise Point Timeshare Declaration, Borrower agrees to deliver to Lender such proceeds relating to the Notes Receivable that are part of the Collateral to the extent received by Borrower.
Use and Application of Insurance Proceeds. Senior Lender shall apply insurance proceeds to costs of restoring any Property or portion thereof damaged by a casualty (a "Damaged Property") or the Loan as follows: (1) if the loss is less than or equal to the Restoration Threshold, Senior Lender shall apply the insurance proceeds to restoration provided (a) no Event of Default or Potential Default exists, and (b) Borrower or the applicable Subsidiary promptly commences and is diligently pursuing restoration of the Damaged Property; (2) if the loss exceeds the Restoration Threshold, Senior Lender shall apply the insurance proceeds to restoration, provided that, the following conditions are satisfied at all times during such restoration: (a) no Event of Default or Potential Default exists; (b) Senior Lender determines that there are sufficient funds available to restore and repair the Damaged Property to a condition and value at least equal and of substantially the same character as prior to such casualty and consistent with the applicable Loan Application; (c) Senior Lender determines that the Net Operating Income (including the proceeds of business or rental interruption insurance as to which the carrier has acknowledged coverage) of the Damaged Property during restoration will be sufficient to pay Debt Service; (d) Senior Lender determines not later than three (3) months after the loss or casualty, that the restoration and repair of the Damaged Property to the condition described in the preceding clause "b" hereof, will be completed within six (6) months after the date of such loss or casualty and in any event at least one hundred eighty (180) days prior to the Maturity Date; and (e) Borrower promptly commences and is diligently pursuing restoration of the Damaged Property; (3) if the conditions set forth above are not satisfied or the loss exceeds the maximum amount specified in Subsection 3.2(2) above, in Senior Lender's sole discretion, Senior Lender may apply any insurance proceeds it may receive to the payment of the applicable Original Allocated Loan Amount or allow all or a portion of such proceeds to be used for the restoration of the Damaged Property; and (4) Insurance proceeds applied to restoration will be disbursed on receipt of satisfactory plans and specifications, contracts and subcontracts, schedules, budgets, lien waivers and architects' certificates, and otherwise in accordance with Senior Lender's then current construction or restoration lending requirements as determined and applie...
Use and Application of Insurance Proceeds. All insurance proceeds shall be paid to Lender, and Lender shall apply insurance proceeds to costs of restoring the Project or payment of the Loan as follows:
Use and Application of Insurance Proceeds. (a) If the Project shall be damaged or destroyed, in whole or in part, by fire or other casualty (a "CASUALTY"), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.
Use and Application of Insurance Proceeds. In the event that any portion of the Property is damaged or destroyed, the provisions of the Mortgage shall govern the repair and restoration obligations and the disposition of insurance proceeds.
Use and Application of Insurance Proceeds. In the event that any portion of the Timeshare Project, the provisions of the Mortgage shall govern the repair and restoration obligations and the disposition of insurance proceeds.
Use and Application of Insurance Proceeds. All insurance proceeds shall be paid to Agent, and Agent shall apply insurance proceeds to costs of restoring the Project or payment of the Loan as follows:
