Restoration Conditions is defined in Section 6.3(b).
Restoration Conditions. As defined in Section 12.1(a).
Restoration Conditions means in the event Borrower wishes to restore any Project or the Project Site affected by an Event of Eminent Domain or any event of loss for which Borrower or any Project Company has received Loss Proceeds in an amount in excess of $1,500,000, Borrower has promptly delivered to the Administrative Agent a Restoration Plan and, such Restoration Plan has been approved by the Lenders and the Administrative Agent in their sole discretion, in consultation with the Independent Engineer; provided, however, that to the extent the Restoration Plan is otherwise approved as set forth above and prior to the receipt of such Loss Proceeds from the relevant insurance company, the Borrower may use Borrower Equity to restore the Project or the Project Site affected by such Event of Eminent Domain or event of loss and, following such restoration to the satisfaction of the Administrative Agent (acting in consultation with the Independent Engineer), the Borrower may be subsequently reimbursed in an amount up to the Loss Proceeds, if any, actually received in the Loss Proceeds Account with respect to such Event of Eminent Domain or event of loss, as applicable.
Examples of Restoration Conditions in a sentence
The Restoration shall be completed in a good and workmanlike manner, in accordance with all applicable Laws, and with other provisions for the preservation of the security hereunder reasonably established by Xxxxxx, including, the Restoration Conditions (as defined below).
More Definitions of Restoration Conditions
Restoration Conditions has the meaning set forth in Section 9.1(d) of this Agreement.
Restoration Conditions means (i) no Event of Default shall have occurred and be continuing beyond any applicable notice and cure period, (ii) within sixty (60) days after the occurrence of the Casualty, Borrower delivers to Lenders a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration of the affected Properties in accordance with the terms of this Agreement, (iii) Required Lenders shall be satisfied that any Debt Service and operating deficits which will be incurred with respect to the Properties as a result of the occurrence of the Casualty will be covered out of (A) the applicable Net Proceeds, (B) the insurance coverage referred to in paragraph (a)(ii) of Exhibit A, if applicable, or (C) by other funds of Borrower; (iv) Required Lenders shall be satisfied that the Restoration will be completed on or before the earliest of (A) six (6) months prior to the Maturity Date, (B) such time as may be required under applicable Legal Requirements or (C) six (6) months prior to the expiration of the insurance coverage referred to in paragraph (a)(ii) of Exhibit A and (v) the Net Proceeds together with any Net Proceeds Deficiency deposited by Borrower with Lender are sufficient to cover the cost of the Restoration, as determined by Required Lenders in their commercially reasonable discretion .
Restoration Conditions as such term is defined in Section 8.1(a).
Restoration Conditions has the meaning set forth in Section 9.1(d) of this Agreement. “Secretary of State” means the Secretary of State of the State of California.
Restoration Conditions means (a) no Default or Event of Default shall have occurred and be continuing and (b) the Borrower shall have delivered to the Administrative Agent (I) contracts for such repair or replacement demonstrating the Borrower’s ability to effect such repair or replacement at a cost not greater than the insurance proceeds therefor (or, if such cost is greater, accompanied by an explanation of the source of funds for such excess amounts satisfactory to the Required Lenders), (II) cash-flow projections and other assurances satisfactory to the Required Lenders providing for the Borrower’s ability to meet its obligations under the Loan Documents during the period from such loss until and following completion of such repair or replacement and (III) assurances that all Project Documents and Governmental Approvals shall remain in full force and effect during such period and thereafter to the satisfaction of the Required Lenders and that the Borrower and the Project are in compliance with all Governmental Requirements.
Restoration Conditions means (i) no Event of Default shall have occurred and be continuing, (ii) within sixty (60) days after the occurrence of the Casualty, Borrower delivers to Lender a written undertaking to expeditiously commence and to satisfactorily complete with due diligence the Restoration of the affected Properties in accordance with the terms of this Agreement, (iii) Lender shall be satisfied that any Debt Service and operating deficits which will be incurred with respect to the Properties as a result of the occurrence of the Casualty will be covered out of (A) the Net Proceeds, (B) the insurance coverage referred to in paragraph 2 of Exhibit B, if applicable, or (C) by other funds of Borrower; (v) Lender shall be satisfied that the Restoration will be completed on or before the earliest of (A) six (6) months prior to the Maturity Date, (B) such time as may be required under applicable Legal Requirements or (C) six (6) months prior to the expiration of the insurance coverage referred to in paragraph 2 of Exhibit B and (vi) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in Lender’s discretion to cover the cost of the Restoration.
Restoration Conditions means the satisfaction of the following conditions precedent: (A) the restoration cost is in an aggregate amount of less than twenty-five percent (25%) of the original principal balance of the Note, (B) in the reasonable judgment of Mortgagee, the Mortgaged Property can be restored within six (6) months after insurance or condemnation proceeds (as applicable) are made available to an economic unit not less valuable (including an assessment of the impact of the termination of any Leases due to such Insured Casualty or Condemnation Loss) and not less useful than the same was prior to the Insured Casualty or Condemnation Loss (as applicable), and after such restoration will adequately secure the outstanding balance of the Debt, and (C) no Event of Default (hereinafter defined) shall have occurred and be then continuing, and (D) with respect to an Insured Casualty, such restoration can occur at least ninety (90) days prior to the cessation of payments under the foregoing rental loss insurance.