Common use of Use and Application of Insurance Proceeds Clause in Contracts

Use and Application of Insurance Proceeds. Administrative Agent shall apply insurance proceeds to costs of restoring the Property or the Loan as follows: if the loss is less than or equal to $___________, Administrative Agent 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 $___________, Administrative Agent shall apply the insurance proceeds to restoration; provided, that at all times during such restoration: (i) no Event of Default or Default exists; (ii) Administrative Agent reasonably determines that there are sufficient funds available to restore and repair the Property to a condition approved by Administrative Agent; (iii) Administrative Agent 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) Administrative Agent 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) Administrative Agent reasonably determines that restoration and repair of the Property to a condition approved reasonably by Administrative Agent 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 Administrative Agent’s reasonable discretion the loss exceeds $__________, Administrative Agent 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 Administrative Agent’s sole discretion; with respect to a loss in excess of $__________ for which Administrative Agent 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 construction loan advances; and the net proceeds of rent loss and/or business interruption insurance shall be paid to Administrative Agent upon the occurrence of an Event of Default; otherwise, to Borrower to be used in accordance with the provisions hereof.

Use and Application of Insurance Proceeds. The Administrative Agent shall apply insurance proceeds to costs of restoring the Property or the Loan as follows: if the loss is less than or equal to $___________, the Administrative Agent shall upon receipt thereof release the insurance proceeds to the Borrower for restoration of the Property; provided, that: (i) no Event of Default or Default exists; and (ii) the Borrower promptly commences and is diligently pursuing restoration of the Property; if the loss exceeds $____________ but is not more than $___________, the Administrative Agent shall apply the insurance proceeds to restoration; provided, that at all times during such restoration: (i) no Event of Default or Default exists; (ii) the Administrative Agent reasonably determines that there are sufficient funds available to restore and repair the Property to a condition approved by the Administrative Agent; (iii) the Administrative Agent 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) the Administrative Agent 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) the Administrative Agent reasonably determines that restoration and repair of the Property to a condition approved reasonably by the Administrative Agent 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) the Borrower promptly commences and diligently pursues restoration of the Property; if the conditions set forth above are not satisfied or if in the Administrative Agent’s reasonable discretion the loss exceeds $__________, the Administrative Agent 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 the Administrative Agent’s sole discretion; with respect to a loss in excess of $__________ for which the Administrative Agent is required or elects, as applicable, to make insurance proceeds available to the 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 construction loan advances; and the net proceeds of rent loss and/or business interruption insurance shall be paid to the Administrative Agent upon the occurrence of an Event of Default; otherwise, to the Borrower to be used in accordance with the provisions hereof.

Use and Application of Insurance Proceeds. Administrative Agent 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 $___________, Administrative Agent 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 $___________, Administrative Agent 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) Administrative Agent Lender reasonably determines that there are sufficient funds available to restore and repair the Property to a condition approved by Administrative AgentLender; (iii) Administrative Agent 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) Administrative Agent 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) Administrative Agent Lender reasonably determines that restoration and repair of the Property to a condition approved reasonably by Administrative Agent 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 Administrative AgentLender’s reasonable discretion the loss exceeds $__________, Administrative Agent 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 Administrative AgentXxxxxx’s sole discretion; with respect to a loss in excess of $__________ for which Administrative Agent 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 construction loan advances; and the net proceeds of rent loss and/or business interruption insurance shall be paid to Administrative Agent Lender upon the occurrence of an Event of Default; otherwise, to Borrower to be used in accordance with the provisions hereof.

Use and Application of Insurance Proceeds. Administrative Agent The 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 $___________, Administrative Agent the Lender shall upon receipt thereof release the insurance proceeds to the Borrower for restoration of the Property; provided, that: (i) no Event of Default or Default exists; and (ii) the Borrower promptly commences and is diligently pursuing restoration of the Property; if the loss exceeds $____________ but is not more than $___________, Administrative Agent the 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) Administrative Agent the Lender reasonably determines that there are sufficient funds available to restore and repair the Property to a condition approved by Administrative Agentthe Lender; (iii) Administrative Agent the 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) Administrative Agent the 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) Administrative Agent the Lender reasonably determines that restoration and repair of the Property to a condition approved reasonably by Administrative Agent the 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) the Borrower promptly commences and diligently pursues restoration of the Property; if the conditions set forth above are not satisfied or if in Administrative Agentthe Lender’s reasonable discretion the loss exceeds $__________, Administrative Agent the 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 Administrative Agentthe Lender’s sole discretion; with respect to a loss in excess of $__________ for which Administrative Agent the Lender is required or elects, as applicable, to make insurance proceeds available to the 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 construction loan advances; and the net proceeds of rent loss and/or business interruption insurance shall be paid to Administrative Agent the Lender upon the occurrence of an Event of Default; otherwise, to the Borrower to be used in accordance with the provisions hereof.

Use and Application of Insurance Proceeds. Administrative Agent Senior Lender shall apply insurance proceeds to costs of restoring the any Property or portion thereof damaged by a casualty (a "Damaged Property") or the Loan as follows: (1) if the loss is less than or equal to $___________the Restoration Threshold, Administrative Agent Senior Lender shall upon receipt thereof release apply the insurance proceeds to Borrower for restoration of the Property; provided, that: provided (ia) no Event of Default or Potential Default exists; , and (iib) Borrower or the applicable Subsidiary promptly commences and is diligently pursuing restoration of the Damaged Property; (2) if the loss exceeds $____________ but is not more than $___________the Restoration Threshold, Administrative Agent Senior Lender shall apply the insurance proceeds to restoration; provided, that provided that, the following conditions are satisfied at all times during such restoration: (ia) no Event of Default or Potential Default exists; (iib) Administrative Agent reasonably Senior Lender determines that there are sufficient funds available to restore and repair the Damaged Property to a condition approved by Administrative Agentand value at least equal and of substantially the same character as prior to such casualty and consistent with the applicable Loan Application; (iiic) Administrative Agent reasonably Senior Lender determines that the aggregate of the Net Operating Income (including the proceeds of business or rental interruption insurance as to which the carrier has acknowledged coverage) of the Damaged Property during restoration and the business interruption insurance proceeds to be received during restoration will be sufficient to pay Debt Service; (ivd) Administrative Agent reasonably Senior Lender determines not later than three (based on Approved Leases which will remain in effect 3) months after restoration is complete and the like) loss or casualty, 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) Administrative Agent reasonably determines that restoration and repair of the Damaged Property to a the condition approved reasonably by Administrative Agent described in the preceding clause "b" hereof, will be completed within eighteen six (186) months after the date of such loss or casualty and in any event at least one hundred eighty (180) days prior to the Maturity Date; and (vie) Borrower promptly commences and is diligently pursues pursuing restoration of the Damaged Property; (3) if the conditions set forth above are not satisfied or if in Administrative Agent’s reasonable discretion the loss exceeds $__________the maximum amount specified in Subsection 3.2(2) above, Administrative Agent in Senior Lender's sole discretion, Senior Lender may apply any insurance proceeds it may receive to the payment of the applicable Original Allocated Loan Amount or allow all or a portion of such proceeds to be used for the restoration of the Damaged Property, in Administrative Agent’s sole discretion; with respect to a loss in excess of $__________ for which Administrative Agent is required or elects, as applicable, to make insurance proceeds available to Borrower for restoration, insurance and (4) 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 Senior Lender's then current construction or restoration lending practices for construction loan advances; requirements as determined and the net proceeds of rent loss and/or business interruption insurance shall be paid to Administrative Agent upon the occurrence of an Event of Default; otherwise, to Borrower to be used applied by Senior Lender in accordance with the provisions hereof.its reasonable discretion. Section 3.3