Use of Insurance Proceeds. The Contractor shall immediately use any payment received from insurance coverages to remediate civil or environmental damages, and to repair or replace any damaged or destroyed Materials. If an insurance company withholds payment on a claim, the Contractor shall assume the Costs of repair or replacement.
Use of Insurance Proceeds. Mortgagee shall make the net insurance proceeds received by it (after reimbursement of Mortgagee’s reasonable out-of pocket costs of collecting and disbursing the same) available to Mortgagor to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedent:
(a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds;
(b) Mortgagee shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Mortgagor with Mortgagee for restoration and repair of the Mortgaged Property;
(c) Mortgagee shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee (such approval not to be unreasonably withheld), and in accordance with applicable laws, codes, regulations and ordinances;
(d) All funds shall be disbursed, at Mortgagee’s option, in accordance with Mortgagee’s customary disbursement procedures for construction loans;
(e) The Casualty results in damage of $1,000,000.00 or less; and
(f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (9) months following the date of the Casualty, or such additional period of time as Mortgagee, in its reasonable discretion, shall permit. If any of these conditions shall not be satisfied, then Mortgagee shall have the right to either use the insurance proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of the Mortgaged Property. If any insurance proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or the Person legally entitled thereto, or at the Mortgagee’s discretion, used to prepay the Obligations. In the event such insurance proceeds are made available for restoration and repair by the Mortgagee, Mortgagor shall pay all costs incurred by Mortgagee in connection with the application of such insurance proceeds (including but not limited to reasonable costs incurred by Mortgagee, and a title company or agent approved by Mortgagee in overseeing the disbursement of such insurance proceeds), and the Improvements shall be restored or rebuilt so as to be of at least equal value ...
Use of Insurance Proceeds. Any insurance proceeds recovered by reason of damage to or destruction of improvements on the Premises shall be made available to Tenant and must be used to repair, restore or replace the improvements so damaged or destroyed with any excess proceeds made available to Tenant.
Use of Insurance Proceeds. All insurance or condemnation proceeds payable by reason of any physical loss of any of the improvements comprising the facilities or the furniture, fixtures and equipment used by the Practice Offices, shall be available for the reconstruction, repair or replacement, as the case may be, of any damage, destruction or loss. The Policy Board, in consultation with ROAII, shall review and approve such reconstruction, repair or replacement.
Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of Lender's out-of pocket costs of collecting and disbursing the same) available to Borrower to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions:
(a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds.
(b) Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower with Lender.
(c) Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Lender (such approval not to be unreasonably withheld), in accordance with codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination, of any Lease, and in any event not less than six (6) months prior to the Maturity Date.
(d) All funds shall be disbursed, at Lender's option, in accordance with Lender's customary disbursement procedures for construction loans.
(e) The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date.
Use of Insurance Proceeds. Unless the Parties otherwise agree in writing, Seller shall promptly restore the System to the condition prior to such loss, and Seller shall use all proceeds received by Seller from any policy of insurance providing coverage for such loss, to make all necessary repairs or replacements to the System and to promptly restore deliveries of Output to Purchaser.
Use of Insurance Proceeds. (a) In connection with the repair or restoration of the Collateral pursuant to Section 5.1 hereof, so long as there is no Event of Default which has occurred and is continuing, any Net Proceeds of Required Property Insurance Coverage shall be paid to the Company for application of as much of such Net Proceeds as may be necessary for such repair and restoration. If an Event of Default has occurred and is continuing, such Net Proceeds shall be paid to and held by, or at the direction of, the Director in a separate account, for application as the Director determines either (i) as may be necessary of such Net Proceeds to the payment of the costs of repair or restoration, either on completion thereof or as the work progresses or (ii) to the payment of amounts owing by the Company under the Loan Documents. In the event that the Net Proceeds from the damage or destruction of any material portion of the Collateral are insufficient to pay in full the costs of such repair or restoration, the Company shall complete such repair or restoration and shall provide for the payment of the costs of such completion. The Director may, prior to making payment from such account, require the Company to provide evidence that, or deposit with the Director moneys to be placed in such account so that, there will be sufficient moneys available for such repair and restoration. Any balance of the Net Proceeds held by the Director remaining after payment of all costs of such repair or restoration shall be paid at the direction of the Company. Notwithstanding the foregoing, nothing contained herein shall cause the Director to be deemed a trustee of the Net Proceeds or any other moneys deposited with the Net Proceeds or to be obligated to allow or pay any amounts in excess of the Net Proceeds and any other moneys deposited with the Net Proceeds.
(b) If, in lieu of repair or restoration, the Company has exercised the Company's option to prepay the entire unpaid principal balance of the Note, plus interest accrued to the date thereof, any monthly service fees then due and unpaid and any other fees and charges due with respect to the Loan Documents, an amount equal to any Net Proceeds received by the Director prior to such prepayment shall be credited against the amount payable by the Company under the Note to effect such prepayment.
(c) Within ninety (90) days from the date of any damage to or destruction of the Collateral, or within thirty (30) days of the receipt of any insurance proceeds,...
Use of Insurance Proceeds. Any proceeds or other amount that may be paid to You under a policy of insurance described in clauses 20.1(a)(ii) or (iii) must be applied by You towards the repair or replacement of the Funded Asset, except to the extent that We may otherwise require You to pay that amount to Us in payment of any amount owing to Us by You under clause 20.1(d).
Use of Insurance Proceeds. All insurance proceeds in ------------------------- excess of $50,000 per loss occurrence paid to the Debtor in respect of a loss claimed or for which a claim can be made under any property damage policy or policies or the property loss (whether or not by casualty) coverage provisions of any windsystem performance policy or policies maintained by or for the benefit of Debtor (an "Insured Property Loss") shall be used by the Debtor in accordance with the following:
(a) Upon the occurrence of an Insured Property Loss in respect of which insurance proceeds are received by the Debtor in excess of $50,000, the Debtor may elect to replace or repair any property with respect to which such proceeds were paid by so notifying ZCC III within 60 days after receipt of such payment, and upon making such election shall have 320 days to complete the replacement or repair of such property.
(b) If the Debtor does not elect to replace or repair all or any Turbines included in such property within such 60 day period, the Debtor shall prepay the Series B Purchase Notes in an amount which bears the same proportion to the then outstanding principal balance of the Series B Purchase Notes plus accrued interest thereon as the rated capacity of all Turbines damaged by such Insured Property Loss and which the Debtor does not so elect to repair or replace, bears to the total rated capacity of all Turbines (including such damaged Turbines) then owned by the Debtor. The amount of any such prepayment shall be allocated among the Series B Purchase Notes in proportion to their respective unpaid balances of principal and accrued interest. Any such prepayment shall be applied pro rata or as otherwise required by applicable tax law or regulation to each outstanding installment so as to maintain the level payment character of the Series B Purchase Notes.
(c) In the event that the Debtor makes an election to replace or repair as provided for in paragraph (b) of this Section 6.5, such proceeds shall be applied to the costs of replacement or repair as such costs are incurred by the Debtor, with the remaining balance, if any, applied to prepay the Series B Purchase Notes.
Use of Insurance Proceeds. In the event any of the Premises covered by such insurance is destroyed or damaged by fire, explosion, windstorm, hail or by any other casualty against which insurance shall have been required hereunder, (i) Lender may, but shall not be obligated to, make proof of loss if not made promptly by Borrower; (ii) each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender instead of to Borrower; and (iii) Lender shall have the right to apply the insurance proceeds as follows:
(a) first, to reimburse Lender for all costs and expenses, including reasonable attorney’s fees, incurred in connection with the collection of such proceeds; and
(b) second, the remainder of said proceeds shall be applied, at the sole discretion of Lender, in payment (without premium or penalty) of the Debt, either in whole or in part, in the order determined by Lender in its sole discretion, or to the repair, restoration or replacement, either partly or entirely, of the Premises so destroyed or damaged, provided that, any insurance proceeds held by Lender to be applied to the repair, restoration or replacement of the Premises shall be so held without payment or allowance of interest thereon and shall be paid out from time to time upon compliance by Borrower with such terms, conditions and requirements as may be imposed by Lender; provided, however, if (1) in the judgment of Lender, the restoration, repair and replacement of the Premises can be completed prior to the earlier of (x) the Maturity Date or (y) the date by which the Premises must be completely repaired and restored under the terms of the Required Lease, (2) no Event of Default or Default is then existing, (3) the insurance proceeds, together with any funds made available by Borrower, are sufficient to rebuild and restore the Premises to its condition existing immediately prior to such casualty, (4) the amount of the damage or loss is less than $1,000,000, (5) the Required Lease requires that Borrower use the insurance proceeds to repair, restore and rebuild the Premises, and (6) the tenant under the Required Lease does not have the right to terminate the Required Lease on account of such casualty (or if such tenant has the right to terminate the Required Lease on account of such casualty, such tenant has waived in writing to Lender such right and has confirmed to Lender that such tenant will continue to occupy the Premises under the remaining term of the Required Lease upon...
