Adjusting Loss Sample Clauses

Adjusting Loss. Any insured property loss or claim of loss shall be adjusted by Owner, and any settlement payments shall be made payable to Owner as trustee for the insured, as their interests may appear, subject to the requirements set forth herein. Owner shall pay Project Architect and Contractor their just shares of insurance proceeds received by Owner, and by appropriate agreements Project Architect and Contractor shall make payments to their consultants and Subcontractors in similar manner. Any such payment shall be conditioned upon receipt of a release from Contractor with regard to insurance proceeds received in such form acceptable to Owner. Prior to settlement of an insured loss, Owner shall notify Contractor of the terms of the proposed settlement as well as the proposed allocation of the insurance proceeds. Contractor shall have 14 days from receipt of notice to object to the proposed settlement or allocation of the proceeds. If Contractor does not object, Owner shall settle the loss and Contractor shall be bound by the settlement and allocation. Upon receipt, Owner shall deposit the insurance proceeds in a separate account and make the appropriate distributions. Thereafter, if no other agreement is made or Owner does not terminate the Contract for convenience, Owner and Contractor shall execute a Change Order for reconstruction of the damaged or destroyed Work in the amount allocated for that purpose. If Contractor timely objects to either the terms of the proposed settlement or the allocation of the proceeds, Owner may proceed to settle the insured loss, and any dispute between Owner and Contractor arising out of the settlement or allocation of the proceeds shall be resolved by such dispute resolution procedures authorized by the Contract Documents. Pending resolution of any dispute, Owner may issue a Unilateral Change Order for the reconstruction of the damaged or destroyed Work.
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Related to Adjusting Loss

  • Avoiding Foreclosure; Mitigating Losses If Borrower is in Default, Lender may work with Borrower to avoid foreclosure and/or mitigate Lender’s potential losses, but is not obligated to do so unless required by Applicable Law. Lender may take reasonable actions to evaluate Borrower for available alternatives to foreclosure, including, but not limited to, obtaining credit reports, title reports, title insurance, property valuations, subordination agreements, and third-party approvals. Xxxxxxxx authorizes and consents to these actions. Any costs associated with such loss mitigation activities may be paid by Xxxxxx and recovered from Borrower as described below in Section 9(c), unless prohibited by Applicable Law.

  • PROFITS/LOSSES For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • ALLOWANCE FOR LOAN AND LEASE LOSSES 6. (a) Within 10 days of this Agreement, the Bank shall eliminate from its books, by charge-off or collection, all assets or portions of assets classified “loss” in the Report of Examination that have not been previously collected in full or charged off. Thereafter the Bank shall, within 30 days from the receipt of any federal or state report of examination, charge off all assets classified “loss” unless otherwise approved in writing by the Reserve Bank.

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

  • Compensate us for loss damage You will compensate us and hold us harmless against any loss, damage, liability, cost and expense (including legal costs) which we may reasonably incur or suffer as a result of or in connection with your card account and/ or this agreement, including without prejudice to the generality of the foregoing:-

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • DATA LOSS The Company does not accept responsibility for the security of Your account or content. You agree that Your use of the Website or Services is at Your own risk.

  • Gross Income Allocation If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement.

  • Nonrecourse Deductions Nonrecourse Deductions for any taxable period shall be allocated to the Partners in accordance with their respective Percentage Interests. If the General Partner determines that the Partnership’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the safe harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the General Partner is authorized, upon notice to the other Partners, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements.

  • Supervisory Differential Adjustment 99. The Appointing Officer may adjust the compensation of a supervisory employee whose schedule of compensation is set herein subject to the following conditions:

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