85006350 - Laserfiche WebLink

Browse

006350 ARTICLE VI DAMAGE, DESTRUCTION AND CONDEMNATION; USE OF NET PROCEEDS Section 6.1. Damage, Destruction and Condemnation. If, prior to full payment of the Bonds (or provisions for payment thereof in accordance with the provisions of the Indenture), (i) the Project or any portion thereof is destroyed (in whole or in part) or is damaged by fire or other casualty, or (ii) title to, or the temporary use of, the Project or any portion thereof shall be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, Company shall be obligated to continue to pay the amounts specified in Sections 5.2, 5.3 and 5.4 hereof. Section 6.2. _Application of Net Proceeds. Trustee and Company shall cause the Net Proceeds of any insurance proceeds or condemnation award resulting from any event described in Section 6.1 hereof to be deposited in a separate trust fund with the Trustee. So long as Company is not in default under this Agreement, all Net Proceeds so deposited shall be applied in one or more of the following ways as shall be elected by Company in a written notice to Trustee and Issuer: (a) To the prompt repair, restoration or improvement of the Project by Company, and Trustee is authorized to make payments from such separate fund for such purposes or to reimburse Company for costs paid by it in connection therewith upon receipt of a requisition acceptable to Trustee executed by the Company Representative stating with respect to each payment to be made: (i) a statement of the amount and nature and the name and address of the payee of each item in excess of $500, and total of all items of $500 or less, certified to have been paid by and requested to be reimbursed to Company; (ii) a statement, signed by the payee, of the amount and nature of each item in connection with the repair, restoration or improvement of the Project certified to be due and payable and requested to be paid to a person other than Company; (iii) a statement that each item in connection with the repair, restoration or improvement of the Project for which payment or reimbursement is requested is or was necessary in connection with the Project and none of Such items has formed the basis for any previous payment; and (iv) a statement that every general contractor has filed with Company Representative receipts or waivers of liens by subcontractors for all amounts theretofore certified for payment to him for work, materials and equipment furnished by such subcontractors. Upon request of Trustee, Company will -32- L J