Use and Application of Insurance Proceeds. The Administrative Agent shall apply insurance proceeds to costs of restoring the Project or the Loans as follows:
Use and Application of Insurance Proceeds. (a) If any Project shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.
Use and Application of Insurance Proceeds. Lender shall apply insurance proceeds to costs of restoring a damaged Project or the Loan as follows:
Use and Application of Insurance Proceeds. In the event that any portion of the respective Timeshare Projects subject to the respective, applicable Timeshare Declarations should suffer any casualty loss covered by hazard insurance or other insurance, upon receipt of any insurance proceeds, the respective Timeshare Associations are required (in accordance with the provisions of the respective Timeshare Declarations), during the time such properties are covered by such insurance, under the respective Timeshare Declarations to rebuild or repair the damaged portions of all of the buildings and other improvements within the property described in the respective, applicable Timeshare Program Governing Documents unless provided otherwise pursuant to Article 14 of the Big Cedar Timeshare Declaration, pursuant to Article 14 of the Long Creek Ranch Timeshare Declaration or pursuant to Article VII of the Paradise Point Timeshare Declaration. In the event that any proceeds of insurance are to be delivered to holders of first mortgage liens pursuant to Article 14 of the Big Cedar Timeshare Declaration, pursuant to Article 14 of the Long Creek Ranch Timeshare Declaration or pursuant to Article VII of the Paradise Point Timeshare Declaration, Borrower agrees to deliver to Lender such proceeds relating to the Notes Receivable that are part of the Collateral to the extent received by Borrower.
Use and Application of Insurance Proceeds. Lender shall apply insurance proceeds to costs of restoring the Property or the Loan as follows: if the loss is less than or equal to $___________, Lender shall upon receipt thereof release the insurance proceeds to Borrower for restoration of the Property; provided, that: (i) no Event of Default or Default exists; and (ii) Borrower promptly commences and is diligently pursuing restoration of the Property; if the loss exceeds $____________ but is not more than $___________, Lender shall apply the insurance proceeds to restoration; provided, that at all times during such restoration: (i) no Event of Default or Default exists; (ii) Lender reasonably determines that there are sufficient funds available to restore and repair the Property to a condition approved by Lender; (iii) Lender reasonably determines that the aggregate of the Net Operating Income of the Property during restoration and the business interruption insurance proceeds to be received during restoration will be sufficient to pay Debt Service; (iv) Lender reasonably determines (based on Approved Leases which will remain in effect after restoration is complete and the like) that after restoration and the extended period of indemnity during which business interruption insurance proceeds continue to be received, the Debt Yield will be at least equal to _____%; (v) Lender reasonably determines that restoration and repair of the Property to a condition approved reasonably by Lender will be completed within eighteen (18) months after the date of loss or casualty and in any event one hundred eighty (180) days prior to the Maturity Date; and (vi) Borrower promptly commences and diligently pursues restoration of the Property; if the conditions set forth above are not satisfied or if in Lender’s reasonable discretion the loss exceeds $__________, Lender may apply any insurance proceeds it may receive to the payment of the Loan or allow all or a portion of such proceeds to be used for the restoration of the Property, in Xxxxxx’s sole discretion; with respect to a loss in excess of $__________ for which Lender is required or elects, as applicable, to make insurance proceeds available to Borrower for restoration, insurance proceeds applied to restoration will be disbursed on receipt of satisfactory plans and specifications, contracts and subcontracts, schedules, budgets, lien waivers and architects’ certificates, and otherwise in accordance with prudent commercial construction lending practices for constructi...
Use and Application of Insurance Proceeds. All insurance proceeds shall be paid to Lender, and Lender shall apply insurance proceeds to costs of restoring the Project or payment of the Loan as follows:
Use and Application of Insurance Proceeds. (a) If the Project shall be damaged or destroyed, in whole or in part, by fire or other casualty (a "CASUALTY"), Borrower shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, Borrower, regardless of whether insurance proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the same to be of at least equal value and of substantially the same character as prior to such damage or destruction, all to be effected in accordance with applicable law.
Use and Application of Insurance Proceeds. In the event that any portion of the Property is damaged or destroyed, the provisions of the Mortgage shall govern the repair and restoration obligations and the disposition of insurance proceeds.
Use and Application of Insurance Proceeds. In the event that any portion of the Timeshare Project, the provisions of the Mortgage shall govern the repair and restoration obligations and the disposition of insurance proceeds.
Use and Application of Insurance Proceeds. Lender shall apply insurance proceeds to costs of restoring the Project or the Loan as follows:
