Common use of Use of Insurance Proceeds Clause in Contracts

Use of Insurance Proceeds. (1) Unless otherwise specified in this Section 6.5, all proceeds of insurance required to be maintained by the Obligors under the terms of this Agreement shall be paid to the Agent to be applied by it on account of the Obligations. (2) Proceeds of liability insurance shall be paid to the Person to whom the affected Obligor is liable. Proceeds of insurance covering loss of or damage to Property in an amount of less than US $1,000,000 per claim may be paid by the insurer directly to the affected Obligor unless, if an Event of Default has occurred and is continuing, the Agent requires that payment be made to the Agent to be applied by it on account of the Obligations. Subject to the rights of any holder of a Permitted Lien that has priority over the Security, proceeds paid to an Obligor shall be used to fully repair or replace the property for which the insurance proceeds are payable or, if that is not prudent, shall be paid by the affected Obligor to the Agent to reduce the principal amount of the Obligations. (3) If an Event of Default has occurred, the proceeds of any business interruption insurance shall, upon its requirement that payment be made to it, be paid to the Agent to be applied by it on account of the Obligations as they fall due from time to time (including as a result of any demand for payment of the Obligations) and, to the extent of any surplus, shall be used to repay the Revolving Credit, without prejudice to the Borrower’s rights to further Advances under that Credit; provided that if the Revolving Credit is repaid in full at any such time, the proceeds may be used to carry on the business of the Obligors as long as the Required Lenders are satisfied, acting reasonably, that adequate provision has been made for payment of the Obligations. (4) All insurance proceeds held by the Agent shall, unless and until the proceeds are applied to payment of the Obligations or released to the affected Obligor, be held as part of the Security. The Agent shall place all proceeds in an interest-bearing account with the interest accruing to the benefit of the affected Obligor.

Use of Insurance Proceeds. (1) Unless otherwise specified 8.9.1 The Obligors shall notify the Lender of any material casualty and keep the Lender timely apprised of all insurance claims. All proceeds of Insurance shall be applied as provided in this Section 6.5, all proceeds of insurance required to be maintained by the Obligors under the terms of this Agreement shall be paid to the Agent to be applied by it on account of the Obligations8.9. (2) Proceeds of liability insurance shall be paid to the Person to whom the affected Obligor is liable8.9.2 Below $5,000,000. Proceeds of insurance covering loss Insurance of $5,000,000 or less paid or payable to any Obligor in respect of any single occurrence of property damage to Property in an amount of less than US $1,000,000 per claim may will be paid by the insurer made available directly to the affected such Obligor unlessto, if an necessary, repair, rebuild or replace the damaged assets and such Obligor hereby agrees that it shall apply any such proceeds for such purpose provided that no Default or Event of Default has occurred and is continuing, the Agent requires that payment be made to the Agent to be applied by it on account of the Obligations. Subject to the rights of any holder of a Permitted Lien that has priority over the Security, proceeds paid to an Obligor shall be used to fully repair or replace the property for which the insurance proceeds are payable or, if that is not prudent, shall be paid by the affected Obligor to the Agent to reduce the principal amount of the Obligationsoccurred. (3) If an 8.9.3 Over $5,000,000. Provided that no Default or Event of Default has occurred, proceeds of Insurance of $5,000,000 or more paid or payable to any Obligor in respect of any single occurrence of property damage will be paid by the insurers directly to the Collateral Agent or, if paid to such Obligor, such proceeds of Insurance shall be received by such Obligor only in trust for the Collateral Agent, shall be segregated from other funds of such Obligor. Any such proceeds of Insurance may be used by any Obligor (and the Collateral Agent shall release such proceeds of Insurance or authorize their use) to repair, rebuild or replace the damaged assets upon satisfaction of the following conditions: 8.9.3.1 the damaged assets can be restored to a condition substantially equivalent to its condition immediately preceding the occurrence of the damage in question in accordance with a budget constituting a good faith estimate of the cost of the proposed repairs/replacement, and the Collateral Agent shall have received a certificate of the Borrower, confirmed by the Technical Advisor, to the effect that such budget is a reasonable estimate of such costs and that the restoration of the damaged assets can, subject to force majeure, be substantially completed within the period estimated by the Borrower; 8.9.3.2 receipt by the Collateral Agent of: (a) a certificate of the Borrower stating that such proceeds of Insurance, together with other funds held or arranged by the Borrower (and which sources of funds, in the case of funds arranged and not yet held by the Borrower, are acceptable to the Lender, acting reasonably), are sufficient to repair, rebuild or replace fully the damage or destruction in respect of which the proceeds of any business interruption insurance shallInsurance are payable (together with the particulars thereof); and (b) a covenant by the Borrower to repair, upon its requirement that payment be made to it, be paid to rebuild and replace fully the Agent to be applied by it on account damage or destruction in respect of the Obligations as they fall due from time to time (including as a result of any demand for payment of the Obligations) and, to the extent of any surplus, shall be used to repay the Revolving Credit, without prejudice to the Borrower’s rights to further Advances under that Credit; provided that if the Revolving Credit is repaid in full at any such time, which the proceeds may be used to carry on of Insurance are payable; 8.9.3.3 the business of the Obligors as long as the Required Lenders are satisfiedLender, acting reasonably, is satisfied that adequate provision has been made for there is either sufficient business interruption insurance or other financial support available to the Borrower to allow the Borrower to pay its obligations during the repair, rebuild or replacement period such that no payment default occurs during such period; 8.9.3.4 the Borrower shall have received (and furnished evidence satisfactory to the Lender of such receipt) all consents necessary or desirable to effect the proposed repairs, other than those to be obtained in the ordinary course of business and which are not at the relevant time required to be outstanding given the stage of the Obligations.Project but which the Borrower is reasonably assured of obtaining at the necessary and appropriate time; and (4) All insurance proceeds held by 8.9.3.5 the Agent Borrower shall, unless and until the proceeds are applied to payment pending completion of any repairs, replacement or rebuilding of the Obligations or released damaged assets, maintain the Material Project Contracts in full force and effect (except where fully performed in accordance with the terms thereof), unless with respect to any Material Project Contract, the Borrower indicates in a written notice to the affected Obligor, be held as part of Lender and the Security. The Collateral Agent shall place all proceeds in an interest-bearing account with the interest accruing its intention to the benefit of the affected Obligorobtain a Permitted Replacement Contract.

Use of Insurance Proceeds. (1) 10.6.1 Unless otherwise specified in this Section 6.510.6, all proceeds of insurance required to be maintained by the Obligors Restricted Parties under the terms of this Agreement shall be paid to the Agent to be applied by it on account of the ObligationsTrustee. (2) 10.6.2 Proceeds of liability insurance shall be paid to the Person person to whom the affected Obligor Restricted Party is liable. Proceeds of insurance covering loss of or damage to Property property in an amount of less than US $1,000,000 25,000,000 per claim may be paid by the insurer directly to the affected Obligor Restricted Party unless, if an Event of Default or Pending Event of Default has occurred and is continuing, the Agent requires that payment be made to the Agent Trustee. Proceeds paid to the Restricted Parties shall be applied by it on account of the Obligations. used in accordance with Section 5.1. 10.6.3 Subject to the rights of any holder of a Permitted Lien Encumbrance that has priority over the Security, proceeds of insurance covering loss of or damage to property in an amount of $25,000,000 per claim or more shall be paid to an Obligor the Trustee and the Agent shall be used direct the Trustee to disburse the proceeds to the affected Restricted Party on conditions customary for construction or equipment financing, to fund the repair or replacement of the property in respect of which the insurance proceeds are payable, or to acquire revenue producing Property within the core business of the Restricted Parties, provided that: (a) no Event of Default (including but not limited to one relating to Material Adverse Change) or Pending Event of Default has occurred and is continuing; (b) the Majority Lenders are satisfied, acting reasonably, that, if repair or replacement is contemplated, the proceeds of such insurance together with other resources available to the affected Restricted Party (the use of which would not contravene this Agreement) are sufficient to fully repair or replace the property for in respect of which the insurance proceeds are payable or, if that is not prudent, shall be paid by within the affected Obligor to the Agent to reduce the principal amount remaining term of the Obligationsthen-outstanding Credits or within 365 days, whichever is less. (3) If an Event of Default has occurred, the 10.6.4 The proceeds of any business interruption insurance shall, upon its requirement that payment be made to it, be paid to the Agent to be applied by it on account of the Obligations as they fall due from time to time (including as a result of any demand for payment of the Obligations) and, to the extent of any surplus, shall be used to repay the Revolving Operating Credit, without prejudice to the Borrower’s 's rights to further Advances under that Credit; provided that if . If the Revolving Operating Credit is repaid in full at any such time, the proceeds may be used to carry on the business of the Obligors Restricted Parties as long as the Required Majority Lenders are satisfied, acting reasonably, that adequate provision has been made for payment of the Obligations. (4) All insurance proceeds held Obligations and any other obligations secured by the Agent shall, unless and until the proceeds are applied to Security (payment of the Obligations or released to the affected Obligor, be held as part of the Security. The Agent shall place all proceeds which is permitted in an interest-bearing account accordance with the interest accruing to the benefit of the affected Obligorthis Agreement).

Use of Insurance Proceeds. (1) Unless otherwise specified in this Section 6.5, all proceeds of insurance required to be maintained by the Obligors under the terms of this Agreement shall be paid to the Agent to be applied by it on account of the Obligations. (2) Proceeds of liability insurance shall be paid to the Person to whom the affected Obligor is liable. Proceeds of insurance covering loss of or damage to Property in an amount of less than US $1,000,000 per claim may be paid by the insurer directly to the affected Obligor unless, if an Event of Default has occurred and is continuing, the Agent requires that payment be made to the Agent to be applied by it on account of the Obligations. Subject to the rights of any holder of a Permitted Lien that has priority over the Security, proceeds paid to an Obligor shall be used to fully repair or replace the property for which the insurance proceeds are payable or, if that is not prudent, shall be paid by the affected Obligor to the Agent to reduce the principal amount of the Obligations. (3) If an Event of Default has occurred, the proceeds of any business interruption insurance shall, upon its requirement that payment be made to it, be paid to the Agent to be applied by it on account of the Obligations as they fall due from time to time (including as a result of any demand for payment of the Obligations) and, to the extent of any surplus, shall be used to repay the Revolving Credit, without prejudice to the Borrower’s 's rights to further Advances under that Credit; provided that if the Revolving Credit is repaid in full at any such time, the proceeds may be used to carry on the business of the Obligors as long as the Required Lenders are satisfied, acting reasonably, that adequate provision has been made for payment of the Obligations. (4) All insurance proceeds held by the Agent shall, unless and until the proceeds are applied to payment of the Obligations or released to the affected Obligor, be held as part of the Security. The Agent shall place all proceeds in an interest-bearing account with the interest accruing to the benefit of the affected Obligor.

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 (1whether or not by casualty) Unless 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 specified 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, all such proceeds shall be applied to the costs of insurance required to be maintained replacement or repair as such costs are incurred by the Obligors under Debtor, with the terms of this Agreement shall be paid to the Agent to be applied by it on account of the Obligations. (2) Proceeds of liability insurance shall be paid to the Person to whom the affected Obligor is liable. Proceeds of insurance covering loss of or damage to Property in an amount of less than US $1,000,000 per claim may be paid by the insurer directly to the affected Obligor unlessremaining balance, if an Event of Default has occurred and is continuingany, the Agent requires that payment be made to the Agent to be applied by it on account of the Obligations. Subject to the rights of any holder of a Permitted Lien that has priority over the Security, proceeds paid to an Obligor shall be used to fully repair or replace the property for which the insurance proceeds are payable or, if that is not prudent, shall be paid by the affected Obligor to the Agent to reduce the principal amount of the Obligations. (3) If an Event of Default has occurred, the proceeds of any business interruption insurance shall, upon its requirement that payment be made to it, be paid to the Agent to be applied by it on account of the Obligations as they fall due from time to time (including as a result of any demand for payment of the Obligations) and, to the extent of any surplus, shall be used to repay the Revolving Credit, without prejudice to the Borrower’s rights to further Advances under that Credit; provided that if the Revolving Credit is repaid in full at any such time, the proceeds may be used to carry on the business of the Obligors as long as the Required Lenders are satisfied, acting reasonably, that adequate provision has been made for payment of the Obligations. (4) All insurance proceeds held by the Agent shall, unless and until the proceeds are applied to payment of prepay the Obligations or released to the affected Obligor, be held as part of the Security. The Agent shall place all proceeds in an interest-bearing account with the interest accruing to the benefit of the affected ObligorSeries B Purchase Notes.

Use of Insurance Proceeds. (1) Unless otherwise specified in this Section 6.57.6, all proceeds of insurance required to be maintained by the Obligors under the terms of this Agreement shall be paid to the Agent to be applied by it on account of the Obligations. (2) Proceeds of liability insurance shall be paid to the Person to whom the affected Obligor is liable. Proceeds of insurance covering loss of or damage to Property in an amount of less than US $1,000,000 20,000,000 per claim may be paid by the insurer directly to the affected Obligor unless, if an Event of a Default has occurred and is continuing, the Agent requires that payment be made to the Agent to be applied by it on account of the Obligations. Subject to the rights of any holder of a Permitted Lien that has priority over the Security, proceeds paid to an Obligor the Obligors shall be used to fully repair or replace the property for Property in respect of which the insurance proceeds are payable or, if that is not prudent, shall be paid by the affected Obligor Obligors to the Agent to reduce the principal amount of the Obligations. (3) Subject to the rights of any holder of a Permitted Lien that has priority over the Security, proceeds of insurance covering loss of or damage to Property in an amount of $20,000,000 per claim or more shall be paid to the Agent and shall be disbursed by the Agent to the affected Obligor on conditions appropriate to a construction credit, to fund the repair or replacement of the Property in respect of which the insurance proceeds are payable, provided that: (a) no Default (including one relating to Material Adverse Effect) has occurred and is continuing; and (b) the Required Lenders are satisfied, acting reasonably, that the proceeds of such insurance together with other resources available to the affected Obligor (the use of which would not contravene this Agreement) are sufficient to fully repair or replace the Property in respect of which the insurance proceeds are payable within the remaining term of the then-outstanding Credit or within 365 days, whichever is less. (4) If an Event of a Default has occurredoccurred and is continuing, the proceeds of any business interruption insurance shall, upon its requirement that payment be made to it, shall be paid to the Agent to be applied by it on account of the Obligations and any other obligations secured by the Security (payment of which is permitted in accordance with this Agreement) as they the same fall due from time to time (including as a result of any demand for payment of the Obligations) and, to the extent of any surplus, shall be used to repay the Revolving Credit, without prejudice to the Borrower’s rights to further Advances under that the Credit; provided that . If no Default has occurred and is continuing or if the Revolving Credit is repaid in full at any such time, the proceeds may be used to carry on the business of the Obligors as long as the Required Lenders are satisfied, acting reasonably, that adequate provision has been made for payment of the ObligationsObligations and any other obligations secured by the Security (payment of which is permitted in accordance with this Agreement). (45) All insurance proceeds held by the Agent shall, unless and until the proceeds are applied to payment of the Obligations or released to the affected Obligor, be held as part of the Security. The Agent shall place all proceeds such funds in an interest-bearing account with the interest accruing thereon to accrue to the benefit of the affected Obligor.