Common use of Application of Insurance Moneys Clause in Contracts

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;

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 Construction Loan Facility and all sums due under this Agreement;

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 Land Loan Facility and all sums due under this Agreement;