Common use of Disposition of Casualty Insurance and Condemnation Award Proceeds Clause in Contracts

Disposition of Casualty Insurance and Condemnation Award Proceeds. Subject to the provisions of Section 6.02 hereof, if the Bank is in default under the terms of the Letter of Credit, and as long as the Company is not in default under the terms of this Agreement, the Company may elect, in its discretion, whether to apply the proceeds of any casualty insurance coverage and/or condemnation awards to: (i) the repair, reconstruction or replacement of damaged, destroyed or injured property comprising the Project Facilities; or (ii) the redemption of Bonds pursuant to the applicable provisions of the Indenture. Absent timely direction from the Company as to the application of any casualty insurance coverage and/or condemnation awards or if the Company shall be in default under the terms of this Agreement, the proceeds thereof shall be applied to the extraordinary redemption of the Bonds at par plus accrued interest through the date of redemption. For purposes of the preceding sentence, "timely direction" shall mean 30 days after the Company has agreed, in connection with any damage to or condemnation of the Project Facilities, upon the settlement or payment with respect to any appraisement or adjustment of loss or damage, as appropriate.

Disposition of Casualty Insurance and Condemnation Award Proceeds. Subject to the provisions of Section 6.02 hereof, if If the Bank is in default under the terms of the Letter of Credit, and as long as the Company Borrower is not in default under the terms of this Agreement, the Company Borrower may elect, in its discretion, whether to apply the proceeds of any casualty insurance coverage and/or condemnation awards to: to (i) the repair, reconstruction or replacement of damaged, destroyed or injured property comprising the Project Facilities; Facilities or (ii) the redemption of Bonds pursuant to the applicable provisions of the Indenture. Absent timely direction from the Company Borrower as to the application of any casualty insurance coverage and/or condemnation awards or if the Company Borrower shall be in default under the terms of this Agreement, the proceeds thereof shall be applied to the extraordinary redemption of the Bonds at par plus accrued interest through the date of redemption. For purposes of the preceding sentence, "timely direction" shall mean 30 thirty (30) days after the Company Borrower has agreed, in connection with any damage to or condemnation of the Project Facilities, upon the settlement or payment with respect to any appraisement or adjustment of loss or damage, as appropriate.

Disposition of Casualty Insurance and Condemnation Award Proceeds. Subject to the provisions of Section 6.02 6.4 hereof, and, if applicable in accordance with Section 6.4 hereof, the Bank is in default under the terms of the Letter of CreditCredit Agreement, and as long as the Company Lessee is not in default under the terms of this Agreement, the Company Lessee may elect, in its discretion, whether to apply the proceeds of any casualty insurance coverage and/or condemnation awards to: (i) the repair, reconstruction or replacement of damaged, destroyed or injured property comprising the Project Facilities; or (ii) the redemption of Bonds pursuant to the applicable provisions of the Indenture. Absent timely direction from the Company Lessee as to the application of any casualty insurance coverage and/or condemnation awards or if the Company Lessee shall be in default under the terms of this Agreement, the proceeds thereof shall be applied to the extraordinary redemption of the Bonds at par plus accrued interest through the date of redemption. For purposes of the preceding sentence, "timely direction" shall mean 30 days after the Company Lessee has agreed, in connection with any damage to or condemnation of the Project Facilities, upon the settlement or payment with respect to any appraisement or adjustment of loss or damage, as appropriate.