Application of Insurance Moneys Sample Clauses

Application of Insurance Moneys. All moneys received or receivable under any of the policies of insurance aforesaid by whomsoever effected shall be paid to the Lender and applied towards making good the loss or damage incurred or at the election of the Lender towards payment to the Lender under this Agreement in reduction of the Facilities and all sums due under this Agreement;
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Application of Insurance Moneys. The Bank may require any moneys received on any insurance relating to the Property whether effected by the Bank or by the Assignor to be applied in or towards making good the loss or damage in respect of which the moneys are received or receivable or in or towards the discharge of the Monies Hereby Secured or any other monies secured hereunder or if no moneys are for the time being owing by the Assignor and/or any Security Party to the Bank, to be paid into a cash collateral account to be opened by the Assignor and to be maintained with the Bank or any financial institutions as stipulated by the Bank and the Assignor shall hold any moneys 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 Moneys. (1) Upon the occurrence of any damage, losses or injury to the Works or unfixed Plant, materials or goods prior to completion from any cause whatsoever the Contractor shall [subject to Clause 25.1(3)] proceed immediately to rectify and make good the same free of charge. Any moneys, if and when received under the policies of insurance under this Clause shall be paid in the first place to the Employer and then (less only the aforesaid percentage for professional fees, if any) release to the Contractor by instalments on the interim certificates of the Superintending Officer. (2) The amounts released as aforesaid shall be calculated as from the date of receipt of the moneys in proportion to the extent of the work of restoration, replacement or repair previously carried out by the Contractor.
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Application of Insurance Moneys. All claims and moneys received or receivable under any such Insurances as aforesaid shall (subject to the rights and claims of any person with a security interest ranking in priority to or PARI PASSU with this Debenture over any part of the Charged Property) be held by the Chargor on trust for the Chargee and shall be applied by the Chargor in repaying or reducing the Secured Debt or, if prior to the security created by this Debenture becoming enforceable pursuant to Clause 12.1, in replacing, restoring or reinstating the Charged Property so destroyed or damaged.
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Application of Insurance Moneys. Until the security created by this Assignment becomes enforceable in accordance with this Assignment and the Facility Letter.: (a) Proceeds of any claim under any obligatory Insurance (other than in respect of a Total Loss) shall be applied by the Assignor in making good the loss or damage in respect of which the claim was made or, in the event that the proceeds of any claim are received by the Bank such proceeds shall be paid by the Bank to the Assignor (or to such other person entitled) in reimbursement of moneys expended by it for such purpose, upon satisfactory evidence (such as an adjuster’s report) being furnished to the Bank that such sums have been or are to be applied for such purpose; and (b) Proceeds of any claim in respect of any protection and indemnity Insurance shall be paid directly to the person to which that liability was incurred or to the Assignor to reimburse it for moneys expended in satisfaction of such liability.
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Application of Insurance Moneys. All monies payable under, pursuant to or in respect of the insurances shall be applied as provided pursuant to Clause 11 of the Master Lease.
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Application of Insurance Moneys. 9.1 Prior to an Event of Default Prior to the occurrence of an Event of Default which is continuing, the proceeds of any claim under any of the Obligatory Insurances (other than in respect of a total loss or a Damage Notification Event) shall be applied, in full, by the Subsidiary Guarantor in or towards making good the loss or damage in respect of which such proceeds have been paid (and in the event that the proceeds of any claim are received by the Security Trustee, such proceeds (provided that the Subsidiary Guarantor is not in breach of any of its obligations under any Finance Document to which it is a party) shall be paid by the Security Trustee to the Subsidiary Guarantor in reimbursement of moneys expended by it for such purpose upon providing evidence satisfactory to the Security Trustee that such sums have been or are to be applied for such purpose). 9.2 After the occurrence of an Event of Default Upon the occurrence of an Event of Default which is continuing, the Subsidiary Guarantor shall ensure that the proceeds of any claim in respect of protection and indemnity insurance shall be paid directly by the relevant insurers to the person to which the liability covered by such insurance was incurred.
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Related to Application of Insurance Moneys

  • 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.

  • 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.

  • 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.

  • Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies (a) The Master Servicer shall maintain, for each Mortgage Loan, hazard insurance with extended coverage in an amount that is at least equal to the lesser of (i) the maximum insurable value of the improvements securing the Mortgage Loan and (ii) the greater of (y) the outstanding principal balance of the Mortgage Loan and (z) an amount such that the proceeds of the policy are sufficient to prevent the Mortgagor or the mortgagee from becoming a co-insurer. Each policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. Any amounts collected under the policies (other than the amounts to be applied to the restoration or repair of the related Mortgaged Property or amounts released to the Mortgagor in accordance with the Master Servicer's normal servicing procedures) shall be deposited in the Certificate Account. Any cost incurred in maintaining any insurance shall not, for the purpose of calculating monthly distributions to the Certificateholders or remittances to the Trustee for their benefit, be added to the principal balance of the Mortgage Loan, notwithstanding that the Mortgage Loan so permits. Such costs shall be recoverable by the Master Servicer out of late payments by the related Mortgagor or out of Liquidation Proceeds to the extent permitted by Section 3.09. No earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage other than pursuant to any applicable laws and regulations in force that require additional insurance. If the Mortgaged Property is located at the time of origination of the Mortgage Loan in a federally designated special flood hazard area and the area is participating in the national flood insurance program, the Master Servicer shall maintain flood insurance for the Mortgage Loan. The flood insurance shall be in an amount equal to the least of (i) the original principal balance of the related Mortgage Loan, (ii) the replacement value of the improvements that are part of the Mortgaged Property, and (iii) the maximum amount of flood insurance available for the related Mortgaged Property under the national flood insurance program. If the Master Servicer obtains and maintains a blanket policy insuring against hazard losses on all of the Mortgage Loans, it shall have satisfied its obligations in the first sentence of this Section 3.10. The policy may contain a deductible clause on terms substantially equivalent to those commercially available and maintained by comparable servicers. If the policy contains a deductible clause and a policy complying with the first sentence of this Section 3.10 has not been maintained on the related Mortgaged Property, and if a loss that would have been covered by the required policy occurs, the Master Servicer shall deposit in the Certificate Account, without any right of reimbursement, the amount not otherwise payable under the blanket policy because of the deductible clause. In connection with its activities as Master Servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Depositor, and the Trustee for the benefit of the Certificateholders, claims under any blanket policy. (b) The Master Servicer shall not take any action that would result in non-coverage under any applicable Primary Insurance Policy of any loss that, but for the actions of the Master Servicer, would have been covered thereunder. The Master Servicer shall not cancel or refuse to renew any Primary Insurance Policy that is in effect at the date of the initial issuance of the Certificates and is required to be kept in force hereunder unless the replacement Primary Insurance Policy for the canceled or non-renewed policy is maintained with a Qualified Insurer. The Master Servicer need not maintain any Primary Insurance Policy if maintaining the Primary Insurance Policy is prohibited by applicable law. The Master Servicer agrees, to the extent permitted by applicable law, to effect the timely payment of the premiums on each Primary Insurance Policy, and any costs not otherwise recoverable shall be recoverable by the Master Servicer from the related liquidation proceeds. In connection with its activities as Master Servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Trustee and the Certificateholders, claims to the insurer under any Primary Insurance Policies and, in this regard, to take any reasonable action in accordance with the Servicing Standard necessary to permit recovery under any Primary Insurance Policies respecting defaulted Mortgage Loans. Any amounts collected by the Master Servicer under any Primary Insurance Policies shall be deposited in the Certificate Account or the Collection Account (as applicable).

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