Application of Loss Proceeds. The Borrower shall irrevocably direct that all proceeds in respect of any insurance policy covering it or the Collateral, (“Insurance Proceeds”) shall be paid by the respective insurers directly to the Loss Proceeds Account or, in the case of the Insurance Proceeds of any insurance policy as to business interruption insurance, to the Revenue Account. The Borrower shall irrevocably direct that all proceeds in respect of any action to condemn, seize or appropriate all or any part of the Collateral or any right to develop, construct, finance, manage, use or operate the Collateral (“Condemnation Proceeds”) shall be paid to the Loss Proceeds Account. If any Insurance Proceeds or Condemnation Proceeds (collectively, “Loss Proceeds”) are received by the Borrower or any other Person on behalf of Borrower, such Loss Proceeds shall be received in trust for the Collateral Agent, shall be segregated from other funds of the recipient, and shall be forthwith paid into the Loss Proceeds Account (with any necessary endorsement).
Application of Loss Proceeds. (1) Lender shall make Loss Proceeds available for restoration of the Project in the following circumstances:
Application of Loss Proceeds. (a) All Loss Proceeds in respect of Events of Loss or Events of Total Loss received by or on behalf of the Parties during the Construction Term, shall be paid to the account of Lessor as Lessor shall from time to time direct in writing for application toward the TO THE FACILITY LEASE replacement, restoration or repair of the Xxxx 0 or the Unit 2 Facility, by Lessor or otherwise in accordance with the terms and conditions of the Facility Lease and the other Lease Documents.
Application of Loss Proceeds. (a) All Loss Proceeds shall be applied as provided in this Section 6.26. All Loss Proceeds shall be paid by the relevant insurers, reinsurers and Governmental Authorities, as applicable, directly to the Administrative Agent in its capacity as the Collateral Agent as loss payee and, if paid to the Borrower, such Loss Proceeds shall be received in trust and for the benefit of the Administrative Agent in its capacity as the Collateral Agent segregated from other funds of the Borrower, and shall be forthwith paid over to the Administrative Agent in its capacity as the Collateral Agent in the same form as received (with any necessary endorsement). The Administrative Agent in its capacity as the Collateral Agent as directed by the Loan Servicer shall apply all such Loss Proceeds in accordance with the provisions of this Section 6.26.
Application of Loss Proceeds. If the Borrower receives any Loss Proceeds, then the Borrower shall cause the Net Available Amount of all such Loss Proceeds to be deposited into the TrAILCo Operating Account. If such Net Available Amount exceeds $5,000,000, then the Borrower shall (a) within 10 Business Days of receipt thereof, provide the Administrative Agent with written notice as to whether the Borrower elects to apply such proceeds to rebuild, restore or replace the portion of the Project affected by the event giving rise to such Loss Proceeds and (b) (i) if the Borrower has elected not to rebuild, restore or replace such portion of the Project, the Borrower shall, within 5 Business Days of making such election, apply such Net Available Amount to the prepayment of Loans in accordance with Section 2.09(b) or (ii) if the Borrower has elected to rebuild, restore or replace such portion of the Project, the Borrower shall commence applying such Net Available Amount to such restoration or rebuilding within 360 days of receipt of such funds.
Application of Loss Proceeds. (a) All Insurance Proceeds and Condemnation Proceeds (collectively, “Loss Proceeds”) relating to the Property and the Improvements are hereby assigned to the Administrative Agent and shall be applied as provided in this clause (a). All Loss Proceeds in excess of $10,000,000 shall be paid by the insurers, reinsurers, Governmental Instrumentalities or other payors directly to the Administrative Agent for deposit in an account (the “Loss Proceeds Account”) which will be established by the Borrower and the Administrative Agent after the occurrence of an Event of Loss (and, prior to the occurrence of an Event of Default, as to which the Borrower shall have direct access); such Loss Proceeds shall be disbursed in accordance with the terms hereof. If any such Loss Proceeds in excess of $10,000,000 are paid directly to the Borrower or any other Person by any insurer, reinsurer, Governmental Instrumentality or such other payor, (x) such Loss Proceeds shall be received in trust for the Administrative Agent, (y) such Loss Proceeds shall be segregated from other funds of the Borrower or such other Person and (z) the Borrower shall deposit (or, if applicable, the Borrower shall cause such other Person to pay) such Loss Proceeds into the Loss Proceeds Account. In the event the Loss Proceeds are $10,000,000 or less, the Borrower shall be entitled to receive the Loss Proceeds directly and apply such Loss Proceeds to restoration in accordance with this Section 7.1.15.
Application of Loss Proceeds. (a) All Loss Proceeds shall be applied as provided in this Section 6.26. All Loss Proceeds shall be paid by the relevant insurers, reinsurers and Governmental Authorities, as applicable, directly to the Collateral Agent as loss payee and, if paid to the Borrower, such Loss Proceeds shall be received in trust and for the benefit of the Collateral Agent segregated from other funds of the Borrower, and shall be forthwith paid over to the Collateral Agent in the same form as received (with any necessary endorsement). The Collateral Agent as directed by DOE shall apply all such Loss Proceeds in accordance with the provisions of this Section 6.26.
Application of Loss Proceeds. If all or any part of the Property shall be damaged or destroyed by fire or other casualty or shall be damaged or taken through the exercise of the power of eminent domain or other cause described in Section 6.1.2, Borrower shall promptly and with all due diligence restore and repair the Property whether or not the Loss Proceeds are sufficient to pay the cost of such restoration or repair. At Lender’s election, to be exercised by Notice to Borrower within 30 days following Lender’s unrestricted receipt in cash or the equivalent thereof of the Loss Proceeds, the entire amount of the Loss Proceeds shall either (i) be applied to the Indebtedness in such order and manner as Lender may elect or (ii) be made available to Borrower on such terms and conditions as Lender may impose, including without limitation the terms and conditions set forth in this Article 6, for the purpose of financing the cost of restoration or repair with any excess to be applied to the Indebtedness. Notwithstanding the foregoing, if (a) in the reasonable judgment of Lender, the Improvements can be repaired or restored to an architectural and economic unit of the same character and not less valuable than they were prior to such loss, damage or destruction, (b) in the reasonable judgment of Lender, the repair or restoration of the Improvements will be completed no later than 180 days prior to the Maturity Date then in effect, (c) the insurers do not deny liability to the insured, (d) Borrower shall have delivered evidence satisfactory to Lender in its reasonable judgment that all Leases shall continue in full force and effect and the tenants thereunder shall continue paying rent unabated, or any rents which are abated are covered by loss of rents insurance; (e) the amount necessary to repair or restore the Improvements as determined by Lender shall be less than $500,000 and (f) no Default or Event of Default shall have occurred and be continuing, then Lender will make the Loss Proceeds, after deducting all expenses incurred by Lender in the collection thereof, including attorneys’ fees, available for repair or restoration according to disbursement terms and conditions customarily required by Lender for construction projects.
Application of Loss Proceeds. (a) If an Event of Loss with respect to either Borrower’s Property (other than a Drilling Unit Loss Event) shall occur and the amount of Loss Proceeds thereunder is thirty-five million Dollars ($35,000,000) or less, so long as no Default or Event of Default shall then have occurred and be continuing (other than a Default or Event of Default arising directly from the event as to which such Loss Proceeds have been paid), the relevant Borrower shall be permitted (without the consent of the Lenders) to apply the Net Available Amount of such Loss Proceeds to the payment of the costs of Restoring such Borrower’s Affected Property that was the subject of such Event of Loss in accordance with the terms of the Accounts Agreement. Each Borrower shall take, as and when appropriate, all steps necessary or advisable in the reasonable opinion of the Administrative Agent to ensure that the Property of such Borrower which will result from the Restoration Work shall be subject to first priority Liens in favor of the Collateral Agent for the benefit of the Secured Parties (whether by amendment of the Security Documents or by entering into new security documents or otherwise).
Application of Loss Proceeds. All loss proceeds received by the Borrower are to be dealt with in accordance with Clause 10.5 of this Agreement (Insurance Receipts).
