Casualty Insurance Proceeds. The Borrower shall be required to use all Casualty Insurance Proceeds to prepay Loans and, promptly upon the deposit of any Casualty Insurance Proceeds into the Loss Proceeds Account, the Administrative Agent shall direct the Depositary Agent to (i) transfer such Casualty Insurance Proceeds to the Administrative Agent for application to the prepayment of Loans in accordance with Section 2.1.8 of the Credit Agreement, or (ii) if requested by the Borrower pursuant to the second sentence of Section 2.1.8 of the Credit Agreement, transfer such Casualty Insurance Proceeds to the Prepayment Account."
Casualty Insurance Proceeds. With respect to each Primary Mortgage Loan, during the time that Seller has serviced such Primary Mortgage Loan, Seller has applied all casualty insurance proceeds for property damage in accordance with Applicable Requirements.
Casualty Insurance Proceeds. If any part of the Mortgaged Property shall be lost, damaged or destroyed by fire or any other cause, the proceeds of any hazard insurance required hereunder shall be paid to Mortgagee. If Mortgagee delivers insurance proceeds for such loss to Mortgagor, then Mortgagor shall promptly restore the Mortgaged Property to the equivalent of its original condition as determined by Mortgagee, in accordance with the plans, drawings and specifications acceptable to Mortgagee. Mortgagee shall advance all hazard insurance proceeds for the restoration of the Mortgaged Property, so long as: (a) no Event of Default exists and is continuing hereunder; (b) such proceeds, together with any contribution provided by Mortgagor, are sufficient to restore the Mortgaged Property to its condition prior to the casualty to the satisfaction of Mortgagee; (c) at least five (5) years remain in the term of the Loan; (d) any Subsidy Contracts in effect with respect to the Mortgaged Property before the casualty shall remain in force and effect; (e) Mortgagee shall determine that, upon such restoration, the Mortgaged Property can be operating in a financially feasible manner; (f) rental interruption insurance benefits (or other revenues made available by or through Mortgagor) are available to cover the projected construction period loss in Property Income; and (g) the cost of restoration does not exceed twenty percent (20%) of the replacement value of the Development. Mortgagee shall advance any such insurance proceeds through Mortgagee’s usual and customary procedures for loan advances. Otherwise, hazard insurance proceeds shall, at the option of Mortgagee, be applied to or toward the Indebtedness secured hereby in such order as Mortgagee may determine. Notwithstanding the foregoing, if the insurer denies liability to Mortgagor, Mortgagor shall not be relieved of any obligations under Section 2 of this Mortgage. In the event of loss, Mortgagor will give immediate written notice to Mortgagee and Mortgagee is hereby authorized to make proof of loss if not made promptly by Mortgagor and, following an Event of Default, to adjust or compromise any loss under any insurance policies on the Mortgaged Property. Each insurance company is hereby authorized and directed to make payment for all losses directly to Mortgagee alone and not to Mortgagor and Mortgagee jointly. Mortgagee may deduct from such insurance proceeds any expenses incurred by Mortgagee in the collection or handling of such funds. P...
Casualty Insurance Proceeds. No casualty insurance proceeds for property damage have been used by Seller to reduce Mortgage Loan balances or for any other purpose, other than the making of repairs to the Mortgaged Property and other than with the consent of the applicable Insurer providing mortgage insurance, to the extent that such consent was required under the Applicable Requirements. Additionally, there are no uninsured casualty losses or casualty losses where coinsurance has been (and the Seller has no reason to believe, will be) claimed by an Insurer or where the loss, exclusive of contents, is greater than the recovery, less actual expenses incurred in such recovery from the Insurer.
Casualty Insurance Proceeds. (i) Promptly upon deposit into the Loss Proceeds Account of any Casualty Insurance Proceeds in an aggregate amount of less than $15,000,000, the Collateral Agent shall direct the Depositary Agent to transfer all or such portion of such Casualty Insurance Proceeds to the affected Project Company required to restore, rebuild or replace the affected Project or part thereof as so certified by a Responsible Officer of the Issuer, in such Responsible Officer's capacity as an officer of the Issuer, to the Collateral Agent (with a copy to the Depositary Agent). Any such Casualty Insurance Proceeds not so disbursed after the completion of the restoration, rebuilding or replacement shall be transferred to the Revenue Account. (ii) Any Casualty Insurance Proceeds other than those described in clause (i) immediately above shall be applied in accordance with this clause (ii). If such Casualty Insurance Proceeds are with respect to a Significant Casualty Event, the Issuer may apply such Casualty Insurance Proceeds to effect a Permitted Peaker Buyout (Completion / Loss Event) or Peaker Collateralization in order to cure the resulting Issuer Event of Default pursuant to Section 7.1(o)(i) of the Common Agreement. If such Casualty Insurance Proceeds are with respect to a Casualty Event that is not a Significant Casualty Event and the Issuer elects to use such Casualty Insurance Proceeds to restore, rebuild or replace the affected Project or part thereof, the Issuer shall, within 60 days after such Casualty Event, deliver to the Collateral Agent (with a copy to the Depositary Agent) a certificate of a Responsible Officer of the Issuer, in such Responsible Officer's capacity as an officer of the Issuer, stating that (1) such Casualty Event is not a Significant Casualty Event and (2) the Issuer has reasonably determined and certified (and XLCA (if XLCA is the Controlling Party) after consultation with the Independent Engineer has consented thereto or the Independent Engineer (if XLCA is not the Controlling Party) has confirmed the statements set forth in such certificate) that (x) the affected Project or part thereof can be restored, rebuilt or replaced on a commercially feasible basis and (y) such Casualty Insurance Proceeds, together with any other amounts available to Issuer or the applicable Project Company for such purpose under the Financing Documents or otherwise available to the Issuer or such Project Company on terms reasonably satisfactory to XLCA (if XLCA is the Con...
Casualty Insurance Proceeds. In the event that any of the USCC Assets have been damaged prior to the Closing Date by a casualty covered by insurance ("Damaged Assets"), USCC shall (prior to and following Closing) use Commercially Reasonable Efforts to collect amounts due (if any) in respect of such Damaged Assets under applicable insurance policies, which amounts, (i) if collected prior to Closing, will be used to repair or replace the Damaged Assets and (ii) if collected following Closing, will be remitted to AWS.
Casualty Insurance Proceeds. If all or any part of the Real Property Collateral is damaged or destroyed (the “Damaged Property”), then all proceeds of insurance ("Insurance Proceeds") shall be ☒payable and paid to Lender, and shall be either applied in accordance with Section 2.4(f)(ii) or made available to Borrowers to be used to restore the Damaged ☒Property, as provided below.☒
Casualty Insurance Proceeds. In the event of any casualty, the proceeds of any insurance policies maintained by Tenant pursuant to Section 7.2 or 7.3 shall be held, applied and dealt with as follows:
Casualty Insurance Proceeds. Subject to Section 8. l(a) of the Lease, moneys received by the Indenture Trustee under any policy of casualty insurance and from self-insurance with respect to matters otherwise covered by casualty insurance shall be paid to the respective parties suffering the injury, loss, damage or liability with respect to which such payment is made.
Casualty Insurance Proceeds. Subject to any prior rights of any party or parties under any of the Operative Documents, all insurance money recovered by Landlord on account of such damage or destruction, less the cost, if any, to Landlord of such recovery, shall be paid out from time to time as provided in Article XI.
