Recovery Event. (a) In the event that the aggregate Net Cash Proceeds with respect to any Recovery Event capable of being repaired (the “Recovery Event Proceeds”) is $20,000,000 or less, following delivery of a Recovery Event Certificate signed by a Responsible Officer of the Borrower, such amount shall be made available to the Borrower and shall be applied by the Borrower to the payment of the costs of repairing or restoring the damage to or destruction or loss of the Project. Following completion of any such repair or restoration, any remaining Recovery Event Proceeds may be transferred to the Revenue Account in accordance with the terms of the Depositary Agreement.
Appears in 2 contracts
Samples: Credit Agreement (REV Renewables, Inc.), Credit Agreement (REV Renewables, Inc.)
Recovery Event. (a) In the event that the aggregate Net Cash Proceeds with respect to any Recovery Event capable of being repaired (the “Recovery Event Proceeds”) is $20,000,000 15,000,000 or less, following delivery of a Recovery Event Certificate signed by a Responsible Officer of the Borrower, such amount shall be made available to the Borrower and shall be applied by the Borrower to the payment of the costs of repairing or restoring the damage to or destruction or loss of the Project. Following completion of any such repair or restoration, any remaining Recovery Event Proceeds may be transferred to the Revenue Account in accordance with the terms of the Depositary Agreement.
Appears in 2 contracts
Samples: Credit Agreement (REV Renewables, Inc.), Credit Agreement (REV Renewables, Inc.)
Recovery Event. (a) In the event that the aggregate Net Cash Proceeds with respect to any Recovery Event capable of being repaired (the “Recovery Event Proceeds”) is $20,000,000 10,000,000 or less, following delivery of a Recovery Event Certificate signed by a Responsible Officer of the Borrower, such amount shall be made available to the Borrower and shall be applied by the Borrower to the payment of the costs of repairing or restoring the damage to or destruction or loss of the Project. Following completion of any such repair or restoration, any remaining Recovery Event Proceeds may be transferred to the Revenue Account in accordance with the terms of the Depositary Agreement.
Appears in 2 contracts
Samples: Credit Agreement (REV Renewables, Inc.), Credit Agreement (REV Renewables, Inc.)
