Common use of Use of Certain Insurance Proceeds Clause in Contracts

Use of Certain Insurance Proceeds. Whenever the Energy Purchase Agreement is terminated pursuant to Article XV (Rights and Obligations of Parties upon Termination) thereof following a Force Majeure Event, and the GOP is obligated to pay compensation to the Seller pursuant to this Section 15.1 (Compensation upon Termination) and insurance proceeds are available in connection with the Force Majeure Event, the total amount of the net proceeds made available or to be made available under the insurance policies with respect to the Complex shall, if not used to effect a Restoration or make repairs to the Complex, be used to pay the following items in the following order of priority: (i) to the payment of all indebtedness secured by the Complex; (ii) then to the other compensation, if any, payable by the GOP to the Seller as set forth in Schedule 2; and (iii) then to the Seller.

Use of Certain Insurance Proceeds. Whenever the Energy Purchase Agreement is terminated pursuant to Article XV (Rights and Obligations of Parties upon Termination) thereof following a Force Majeure Event, and the GOP is obligated to pay compensation to the Seller pursuant to this Section 15.1 (Compensation upon Termination) and insurance proceeds are available in connection with the Force Majeure Event, the total amount of the net proceeds made available or to be made available under the insurance policies with respect to the Complex shall, if not used to effect a Restoration or make repairs to the Complex, be used to pay the following items in the following order of priority: (i) : to the payment of all indebtedness secured by the Complex; (ii) ; then to the other compensation, if any, payable by the GOP to the Seller as set forth in Schedule 2; and (iii) and then to the Seller.