Common use of Allocation of Insurance Proceeds Clause in Contracts

Allocation of Insurance Proceeds. Except as otherwise provided in Sections 5.2 and 5.3(a), Insurance Proceeds received with respect to claims, costs and expenses under the Company Policies shall be paid to SNFCo, which shall thereafter administer the Company Policies by paying the Insurance Proceeds, as appropriate, to GranCare with respect to Institutional Pharmacy Liabilities and retaining such proceeds that relate to Skilled Nursing Liabilities (except for Insurance Proceeds that are received in respect of Insured Claims asserted prior to the Time of Distribution relating to occurrences arising prior to the Time of Distribution which Insurance Proceeds will be retained by SNFCo). Payment of the allocable portions of indemnity costs of Insurance Proceeds resulting from such Policies will be made by SNFCo to GranCare where appropriate upon receipt from the insurance carrier. In the event that the aggregate limits on any Company Policies are exceeded by the aggregate outstanding Insured Claims by both of the parties hereto, such parties shall agree on an equitable allocation of Insurance Proceeds based upon their respective bona fide claims. The parties agree to use commercially reasonable efforts to maximize available coverage under those Company Policies applicable to it, and to take all commercially reasonable steps to recover from all other responsible parties in respect of an Insured Claim to the extent coverage limits under a Company Policy have been exceeded or would be exceeded as a result of such Insured Claim. C-17

Allocation of Insurance Proceeds. Except as otherwise provided in Sections 5.2 and 5.3(a)Section 7.02, Insurance Proceeds received with respect to claims, costs and expenses under the Company Policies shall be paid to SNFCoITT Industries in trust, which shall thereafter administer the Company Policies by paying the Insurance Proceeds, as appropriate, to GranCare ITT Industries with respect to Institutional Pharmacy ITT Industries Liabilities, to ITT Destinations with respect to ITT Destinations Liabilities, to ITT Hartford with respect to the ITT Hartford Liabilities and retaining such proceeds that relate as provided in Section 2.04(c) with respect to Skilled Nursing Liabilities (except for Insurance Proceeds that are received in respect of Insured Claims asserted prior to the Time of Distribution relating to occurrences arising prior to the Time of Distribution which Insurance Proceeds will be retained by SNFCo)Shared Liabilities. Payment of the allocable portions of indemnity costs of Insurance Proceeds resulting from such Policies will be made by SNFCo ITT Industries to GranCare where the appropriate party upon receipt from the insurance carrier. In the event that the aggregate limits on any Company Policies are exceeded by the aggregate of outstanding Insured Claims by both two or more of the relevant parties hereto, such parties shall agree on an equitable allocation of Insurance Proceeds based upon their respective bona fide claims. The parties agree to use commercially reasonable efforts to maximize available coverage under those Company Policies applicable to it, and to take all commercially reasonable steps to recover from all other responsible parties in respect of an Insured Claim to the extent coverage limits under a Company Policy have been exceeded or would be exceeded as a result of such Insured Claim. C-17.

Allocation of Insurance Proceeds. Except as otherwise provided in Sections 5.2 and 5.3(a), Insurance Proceeds received with respect to claims, costs and expenses under the Company Policies shall be paid to SNFCo, which shall thereafter administer the Company Policies by paying the Insurance Proceeds, as appropriate, to GranCare with respect to Institutional Pharmacy Liabilities and retaining such proceeds that relate to Skilled Nursing Liabilities (except for Insurance Proceeds that are received in respect of Insured Claims asserted prior to the Time of Distribution relating to occurrences arising prior to the Time of Distribution which Insurance Proceeds will be retained by SNFCo). Payment of the allocable portions of indemnity costs of Insurance Proceeds resulting from such Policies will be made by SNFCo to GranCare where appropriate upon receipt from the insurance carrier. In the event that the aggregate limits on any Company Policies are exceeded by the aggregate outstanding Insured Claims by both of the parties hereto, such parties shall agree on an equitable allocation of Insurance Proceeds based upon their respective bona fide claims. The parties agree to use commercially reasonable efforts to maximize available coverage under those Company Policies applicable to it, and to take all commercially reasonable steps to recover from all other responsible parties in respect of an Insured Claim to the extent coverage limits under a Company Policy have been exceeded or would be exceeded as a result of such Insured Claim. C-17.