Application of insurance money Sample Clauses

Application of insurance money. (a) The Bank can at its discretion require all monies received on any insurance of the Property and effects, whether effected by the Bank or by the Assignor, to be applied – (i) in or towards making good the loss or damage in respect of which the money is received; or (ii) at the option of the Bank, in or towards the discharge of any Indebtedness. (b) The Assignor will hold all monies so received on such insurance in trust for the Bank, and the Bank may receive and give a good discharge for all such monies.
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Application of insurance money. The Bank may at its discretion require all monies received on any insurance of the said Property building fixture structure property and effects whether effected by the Bank or by the Borrower and/or the Security Party to be applied in or towards making good the loss or damage in respect of which the monies are received or at the option of the Bank in or towards the discharge of any monies secured hereby and the Borrower and/or the Security Party shall hold all monies so received on such insurance in trust for the Bank and the Bank may receive and give a good discharge for all such monies.
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Application of insurance money. BPMB may require any moneys received on any insurance of the assets charged making good the loss or damage in respect of which the moneys are received or receivable in or towards the discharge of any principal money and interest owing by the Borrower to BPMB in accordance with the terms and conditions of this Agreement and the Security Documents, and the Borrower shall hold any money received on such insurance in trust for BPMB and BPMB may receive and give a good discharge for any such moneys.
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Application of insurance money. MBSB may at its discretion require all moneys received on any insurance or the said buildings fixtures structures property or effect whether effected by MBSB or by the Chargor(s) and/or the Borrower(s) to be applied in or towards making good the loss or damage in respect of which the money is received or at the option of MBSB or towards the discharge or any money secured hereby and the Chargor(s) and/or the Borrower(s) shall hold moneys so received on such insurance in trust for MBSB and MBSB may receive and give a good discharge of all such money.
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Application of insurance money. In the case of any loss or damage arising from any cause covered by the insurance as referred to in Clause 2.5.1, the Lessee shall immediately make a claim under the relevant insurance policy and apply and expend the moneys received by virtue of such insurances in restoring, replacing, repairing or reinstating the same and where such moneys shall be insufficient for that purpose, the Lessee shall pay the balance out of his own money.
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Application of insurance money. The Bank may require any money received on any insurance relating to the Property whether effected by the Bank or by the Borrower to be applied in or towards making good the loss or damages in respect of which the money received or receivable or in or towards the discharge of any principal money and interest or any moneys secured hereby and the Borrower shall hold any money received on such insurance in trust for the Bank and the Bank may receive and give a good discharge for any such moneys.
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Application of insurance money. MBSB may at its discretion require all moneys received on any insurance or the said buildings fixtures structures property or effect whether effected by MBSB or by the Chargor(s) to be applied in or towards making good the loss or damage in respect of which the money is received or at the option of MBSB or towards the discharge or any money secured hereby and the Chargor(s) shall hold moneys so received on such insurance in trust for MBSB and MBSB may receive and give a good discharge of all such moneys.
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Related to Application of insurance money

  • Application of Insurance Proceeds Grantor shall promptly notify Lender of any loss or damage to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

  • Termination of Insurance A. Your policy will lapse if you do not pay your premium when due. B. We may cancel your policy by mailing written notice to you at your most recent address in our records. We will send you this notice ten (10) days before we cancel your policy. C. You may cancel your policy at any time by notifying us in writing. D. We will refund unearned premiums on a prorated basis if either you or we cancel your policy.

  • Cancellation of Insurance There will be no cancellation or reduction of coverage of any required insurance without thirty (30) days’ written notice to the Contractor. Such notice may be sent by the Subcontractor’s insurance carrier, insurance broker, or the Subcontractor. Waiver of Subrogation. Subcontractor waives all rights against Contractor, Client, other subcontractors, and their agents.

  • Continuation of Insurance All policies of insurance shall provide for at least 30 days prior written cancellation notice to the Secured Party. In the event of failure by the Debtor to provide and maintain insurance as herein provided, the Secured Party may, at its option, provide such insurance and charge the amount thereof to the Debtor. The Debtor shall furnish the Secured Party with certificates of insurance and policies evidencing compliance with the foregoing insurance provision.

  • Maintenance of Insurance Policies The Servicer shall, in accordance with its customary practices, policies and procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Vehicle as of the execution of the related Receivable. The Servicer shall, in accordance with its customary practices, policies and procedures, track such physical damage insurance with respect to each Receivable.

  • Evidence of Insurance Receipt by the Administrative Agent of copies of insurance policies or certificates of insurance of the Loan Parties evidencing liability and casualty insurance meeting the requirements set forth in the Loan Documents, including, but not limited to, naming the Administrative Agent as additional insured (in the case of liability insurance) or loss payee (in the case of hazard insurance) on behalf of the Lenders.

  • Modification of insurance requirements The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

  • Separation of Insureds All liability policies shall provide cross-liability coverage as would be afforded by the standard ISO (Insurance Services Office, Inc.) separation of insureds provision with no insured versus insured exclusions or limitations.

  • Maintenance of Insurance; Policy Provisions The Contractor, at no additional direct cost to NYSERDA, shall maintain or cause to be maintained throughout the term of this Agreement, insurance of the types and in the amounts specified in the Section hereof entitled Types of Insurance. All such insurance shall be evidenced by insurance policies, each of which shall: (a) except policies in evidence of insurance required under Section 11.02(b), name or be endorsed to cover NYSERDA, the State of New York and the Contractor as additional insureds; (b) provide that such policy may not be cancelled or modified until at least 30 days after receipt by NYSERDA of written notice thereof; and (c) be reasonably satisfactory to NYSERDA in all other respects.

  • Maintenance of Insurance The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

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