Common use of Use of Insurance Proceeds Clause in Contracts

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, whichever first occurs, the Company shall determine and notify the Director in writing of which of the ways specified in this Section such Net Proceeds shall be applied. In the event that the Company fails to make such a determination or to give such notice within the applicable period, such Net Proceeds shall be applied as determined by the Director, in the Director's sole discretion.

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 not in excess of Fifty Thousand Dollars ($50,000) 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 such Net Proceeds exceed Fifty Thousand Dollars ($50,000), all 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 of as the Director determines either (i) much as may be necessary of such Net Proceeds to the payment of the costs of repair repair, rebuilding or restoration, either on completion thereof or as the work progresses or (ii) to the payment of amounts owing progresses, as directed by the Company under the Loan DocumentsCompany. In the event that the such Net Proceeds from the damage or destruction of any material portion of the Collateral are insufficient to pay in full fun the costs of such repair or restoration, the Company shall will complete such repair or restoration and shall will 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. The Director shall not be obligated to make or authorize any payment from such account if there exists an Event of Default hereunder. Any balance of the such 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 its 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 fees, charges, etc. 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 to the Collateral, or within thirty (30) days of the receipt of any insurance proceeds, whichever first occurs, the Company shall determine and notify the Director in writing of which of the ways specified in this Section such Net Proceeds Proceeds, together with the investment income therefrom, shall be applied. In the event that the Company fails to make such a determination or to give such notice within the applicable period, such Net Proceeds shall be applied as determined by the Director, in the Director's sole discretion.

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 not in excess of One Hundred Thousand Dollars ($100,000) 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 such Net Proceeds exceed One Hundred Thousand Dollars ($100,000), all of Default has occurred and is continuing, such Net Proceeds shall be paid to and held by, or at the direction of, the Director (name of local jurisdiction) in a separate account, for application of as the Director determines either (i) much 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 progresses, as directed by the Company under the Loan DocumentsCompany. In the event that the such 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 (name of local jurisdiction) may, prior to making payment from such account, require the Company to provide evidence that, or deposit with the Director (name of local jurisdiction) moneys to be placed in such account so that, there will be sufficient moneys available for such repair and restoration. The (name of local jurisdiction) shall not be obligated to make or authorize any payment from such account if there exists an Event of Default hereunder. Any balance of the Net Proceeds held by the Director (name of local jurisdiction) 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 (name of local jurisdiction) 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 (name of local jurisdiction) 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, whichever first occurs, the Company shall determine in writing, and notify the Director in writing (name of local jurisdiction) of, which of the ways specified in this Section such Net Proceeds shall be applied. In the event that the Company fails to make such a determination or to give such notice within the applicable period, such Net Proceeds shall be applied as determined by the Director(name of local jurisdiction), in the Director(name of local jurisdiction)'s sole discretion.

Use of Insurance Proceeds. The City covenants that, except as hereinafter provided in this Section, immediately after any loss or damage to any portion of the Telecom System resulting from any cause, whether or not such loss or damage shall be covered by insurance, it will proceed with, and diligently prosecute, the repairing, replacing or reconstructing (either in accordance with the original or a different design) of the damaged or destroyed property, unless it shall determine that the repair, replacement or reconstruction of such property is not essential to the efficient operation of the Telecom System; provided however, that should the amount of such loss or damage exceeds ten percent (10%) of the book value as reported in the most recent financial statements of the Telecom System, the City shall receive the approval of the Lessor that such repair, replacement or reconstruction is not essential to the efficient operating of the Telecom System. Except as hereinafter provided the proceeds of all casualty insurance referred to in this Section shall be available for and shall, to the extent necessary, be applied to the repair, replacement or reconstruction of the damaged or destroyed property or the acquisition of new improvements, and shall be paid out to the City under the Deposit Trust Agreement for such purposes. If such proceeds are more than sufficient for such purpose, the balance remaining shall be devoted to the credit of the Reserve Fund (as defined in the Deposit Trust Agreement). If such proceeds shall be insufficient for such purpose, the deficiency may be supplied out of any moneys in the Reserve Fund. The City shall furnish to the Lessor certificates or other evidence of such insurance coverage throughout the Lease Term. All such casualty and liability insurance shall be with an insurer or insurers that are reasonably satisfactory to the Lessor, shall name the Lessor and it assigns as loss payees and additional insured and shall contain a provision to the effect that such insurance shall not be canceled or modified materially without first giving written notice thereof to the Lessor at least 10 days in advance of such cancellation or modification. Further, all such casualty insurance shall contain a provision making any losses payable to City and the Lessor as their respective interests may appear. protect, hold harmless, save and keep harmless the Lessor from and against any and all liabilities, obligations, losses, claims and damages whatsoever, regardless of cause thereof, and all expenses in connection therewith (including, without limitation, counsel fees and expenses, penalties connected therewith imposed on interest received) arising out of or as a result of (a) In the entering into of this Lease, (b) the ownership of any item of the Equipment, or (c) any accident in connection with the repair operation, use, condition, possession, storage or restoration return of any item of the Collateral pursuant Leased Assets resulting in damage to Section 5.1 hereof, so long property or injury to or death to any person. In no event will any City or State taxpayer revenues other than those identified as there is no Event of Default which has occurred and is continuing, any Net Proceeds of Required Property Insurance Coverage shall Leased Assets or Revenues be paid to available for indemnification. 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 ofextent permitted by law, the Director City shall indemnify, protect, hold harmless, save and keep harmless the Lessor from and against any and all liabilities, obligations, losses, claims and damages whatsoever, regardless of cause thereof, and all expenses 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 connection therewith arising 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 ProceedsPending Litigation. (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, whichever first occurs, the Company shall determine and notify the Director in writing of which of the ways specified in this Section such Net Proceeds shall be applied. In the event that the Company fails to make such a determination or to give such notice within the applicable period, such Net Proceeds shall be applied as determined by the Director, in the Director's sole discretion.