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.
(b) Lender shall apply insurance proceeds to costs of restoring a Project or to the payment of the Loan as follows:
(i) if the loss is less than or equal to $100,000, Lender shall apply the insurance proceeds to restoration provided (A) no Event of Default or Potential Default exists, and (B) Borrower promptly commences and is diligently pursuing restoration of the Project;
(ii) if the loss exceeds $100,000 but is not more than 25% of the replacement value of the improvements, Lender shall apply the insurance proceeds to restoration provided that (A) at all times during such restoration no Event of Default or Potential Default exists; (B) Lender determines throughout the restoration that there are sufficient funds available to restore and repair the Project to a condition approved by Lender; (C) Lender determines that the net operating income of the Projects during restoration, taking into account rent loss or business interruption insurance, will be sufficient to pay Debt Service; (D) Lender determines (based on leases which will remain in effect after restoration is complete if the Project is not a multi-family project) that after restoration the ratio of net operating income to Debt Service will equal at least the ratio that existed on the Closing Date; (E) Lender determines that the ratio of the outstanding principal balance of the Loan to appraised value of the Projects after restoration will not exceed the loan-to-value ratio that existed on the Closing Date; (F) Lender determines that restoration and repair of the Project to a condition approved by Lender will be completed within six months after the date of loss or casualty and in any event ninety (90) days prior to the Maturity Date; (G) Borrower promptly commences and is diligently pursuing restoration of the Project; and (H) the Project after the restoration will be in compliance with and permitted under all applicable zoning, building and land use laws, rules, regulations and ordinances; and
(iii)...
Use and Application of Insurance Proceeds. Except as otherwise provided in Section 9.17(2), the Administrative Agent shall apply insurance proceeds to costs of restoring the Project or the Loans as follows:
(1) If the loss is less than or equal to the Threshold Amount, the Administrative Agent shall apply the insurance proceeds to restoration provided (a) no Event of Default or Potential Default exists; (b) Borrower promptly commences and is diligently pursuing restoration of the Project; and (c) the Hotel Management Agreement in effect as of the date of the occurrence of such casualty or condemnation, whichever the case may be, shall (i) remain in full force and effect during such restoration and shall not otherwise terminate as a result of the casualty or condemnation or the restoration; or (ii) if terminated, shall have been replaced with a replacement Hotel Management Agreement with a Qualified Hotel Manager, prior to the opening or reopening of the Project or any portion thereof for business with the public.
(2) If the loss exceeds the Threshold Amount but is not more than ten percent (10%) of the replacement value of the improvements, the Administrative Agent shall apply the insurance proceeds to restoration provided that at all times during such restoration (a) no Event of Default or Potential Default exists; (b) the Administrative Agent determines that there are sufficient funds available to restore and repair the Project to a condition approved by the Administrative Agent; (c) the Administrative Agent determines that the Net Operating Income of the Project during restoration will be sufficient to pay Debt Service; (d) the Administrative Agent determines that restoration and repair of the Project to a condition approved by the Administrative Agent will be completed within six (6) months after the date of loss or casualty and in any event ninety (90) days prior to the Maturity Date; (e) Borrower promptly commences and is diligently pursuing restoration of the Project; and (f) the Hotel Management Agreement in effect as of the date of the occurrence of such casualty or condemnation, whichever the case may be, shall (i) remain in full force and effect during such restoration and shall not otherwise terminate as a result of the casualty or condemnation or the restoration or (ii) if terminated, shall have been replaced with a replacement Hotel Management Agreement with a Qualified Hotel Manager, prior to the opening or reopening of the Project or any portion thereof for business with the public....
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. 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:
(a) if the loss is less than or equal to $300,000, Lender shall apply the insurance proceeds to restoration provided (1) no Event of Default or Potential Default exists, and (2) Borrower promptly commences and is diligently pursuing restoration of the Project;
(b) if the loss exceeds $300,000 but is not more than 10% of the replacement value of the improvements (for projects containing multiple phases or stand alone structures, such calculation to be based on the damaged phase or structure, not the project as a whole), Lender shall apply the insurance proceeds to restoration provided that at all times during such restoration (1) no Event of Default or Potential Default exists; (2) Lender determines that there are sufficient funds available to restore and repair the Project to a condition approved by Lender;
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. Lender shall apply insurance proceeds to costs of restoring the Project or the Loan as follows:
(a) if the loss occurs (i) prior to the sixth (6th) Loan Year or (ii) during the sixth (6th) Loan Year and the loss is less than $2,000,000.00, Lender shall apply the insurance proceeds to restoration provided (1) no Event of Default exists, and (2) Borrower promptly commences and is diligently pursuing restoration of the Project;
(b) if the loss exceeds $2,000,000.00 and occurs during the sixth (6th) Loan Year, the insurance proceeds shall be deposited with a financial institution or third-party insurance intermediary reasonably acceptable to Lender and Borrower and shall be disbursed upon joint approval of Lender and Borrower; provided that application of insurance proceeds to restoration pursuant to this clause (b) shall be permitted only if at all times during such restoration (1) no Event of Default exists; (2) Lender determines that there are sufficient funds available to restore and repair the Project to a condition approved by Lender in its reasonable discretion, and to the extent such funds are not sufficient to repair and restore the Project in accordance with the foregoing, Lender shall inform Borrower of the same, and Borrower has, at any time within twenty (20) days of Lender’s notice, deposited such insufficiency with Lender;
Use and Application of Insurance Proceeds. The Administrative ----------------------------------------- Agent shall apply insurance proceeds relating to any of the Projects to costs of restoring a Project or to the Obligations as follows:
(1) if the loss is less than or equal to $250,000, the Administrative Agent shall apply the insurance proceeds to restoration provided (a) no Event of Default, Potential Default or Borrowing Base Imbalance exists, and (b) Borrower promptly commences and is diligently pursuing restoration of the Project;
(2) if the loss (A) exceeds $250,000 but is not more than (B) $1,000,000, then the Administrative Agent shall apply the insurance proceeds to restoration provided that at all times during such restoration (a) no Event of Default, Potential Default or Borrowing Base Imbalance exists; (b) the Administrative Agent determines that there are sufficient funds available to restore and repair the Project to a condition reasonably approved by the Administrative Agent;
Use and Application of Insurance Proceeds. The Administrative Agent shall apply insurance proceeds to costs of restoring any Project or the Loans as follows:
(1) if the loss is less than or equal to $100,000 for any Project, the Administrative Agent shall apply the insurance proceeds to restoration provided (a) no Event of Default or Potential Default exists, and (b) the Borrowers promptly commence and are diligently pursuing restoration of the affected Project;
(2) if the loss exceeds $100,000 for any Project, but is not more than 10% of the replacement value of the improvements (for Projects containing multiple phases or stand alone structures, such calculation to be based on the damaged phase or structure, not the applicable Project as a whole), the Administrative Agent shall apply the insurance proceeds to restoration provided that at all times during such restoration (a) no Event of Default or Potential Default exists; (b) the Administrative Agent determines that there are sufficient funds available to restore and repair the affected Project to a condition approved by the Administrative Agent;
Use and Application of Insurance Proceeds. Agent shall apply insurance proceeds to costs of restoring a Project or Projects or the Loan as follows:
(a) if a loss is less than or equal to thirty-five percent (35%) of the Allocated Loan Amount shown on Schedule 3.2
(a) with respect to the Project or Projects affected by such loss, Agent shall apply the insurance proceeds to restoration provided that: (a) no monetary default or material non-monetary default exists and no Event of Default has occurred and is continuing under this Agreement or any of the other Loan Documents, and (b) Borrowers promptly commence and diligently pursues restoration of the Projects;
(b) if the loss exceeds thirty-five percent (35%) of the Allocated Loan Amount with respect to the Project or Projects affected by the loss, but is not more than twenty-five percent (25%) of the replacement value of the affected improvements (for projects containing multiple phases or stand alone structures, such calculation to be based on the damaged phase or structure, not the Project or Projects as a whole), Agent shall apply the insurance proceeds to restoration provided that at all times during such restoration: (1) no monetary default, material non-monetary default or Event of Default exists hereunder or under any of the other Loan Documents; (2) Agent reasonably determines that there are sufficient funds available to restore and repair the Projects to a condition approved by Agent;
