Common use of Application of Insurance Proceeds Clause in Contracts

Application of Insurance Proceeds. Subject to the provisions of the Financing Documents and unless otherwise provided herein, the proceeds of all insurance policies received shall be promptly applied by the Developer towards repair, development, restoration or re-instatement of the Project Facilities or any part thereof which may have been damaged or destroyed. The Developer may designate the Lenders as the loss payees under the insurance policies or assign the insurance policies in their favour as security for the financial assistance provided by them to the Project. The Developer shall carry out such repair, development, restoration or re-instatement to the extent possible in such manner that the Project after such repair, development, restoration or re-instatement be as far as possible in the same condition as it were prior to such damage or destruction, normal wear and tear excepted.

Application of Insurance Proceeds. Subject to the provisions of the Financing Documents and unless otherwise provided herein, the proceeds of all insurance policies received shall be promptly applied by the Developer towards repair, development, restoration or re-instatement of the Project Facilities or any part thereof which may have been damaged or destroyed. The Developer may designate the Lenders as the loss payees under the insurance policies or assign the insurance policies in their favour favor as security for the financial assistance provided by them to the Project. The Developer shall carry out such repair, development, restoration or re-instatement to the extent possible in such manner that the Project after such repair, development, restoration or re-instatement be as far as possible in the same condition as it were prior to such damage or destruction, normal wear and tear excepted.

Application of Insurance Proceeds. Subject to the provisions of the Financing Documents and unless otherwise provided herein, the proceeds of all insurance policies received shall be promptly applied by the Developer towards repair, developmentrenovation, restoration or re-instatement of the Project Facilities or any part thereof which may have been damaged or destroyed. The Developer may designate the Lenders as the loss payees under the insurance policies or assign the insurance policies in their favour favor as security for the financial assistance provided by them to the Project. The Developer shall carry out such repair, developmentrenovation, restoration or re-instatement to the extent possible in such manner that the Project after such repair, developmentrenovation, restoration or re-re- instatement be as far as possible in the same condition as it were prior to such damage or destruction, normal wear and tear excepted.

Application of Insurance Proceeds. Subject to the provisions of the Financing Documents and unless otherwise provided herein, the proceeds of all insurance policies received shall be promptly applied by the Developer towards repair, developmentrenovation, restoration or re-instatement of the Project Facilities or any part thereof which may have been damaged or destroyed. The Developer may designate the Lenders as the loss payees under the insurance policies or assign the insurance policies in their favour as security for the financial assistance provided by them to the Project. The Developer shall carry out such repair, developmentrenovation, restoration or re-re- instatement to the extent possible in such manner that the Project after such repair, developmentrenovation, restoration or re-instatement be as far as possible in the same condition as it were prior to such damage or destruction, normal wear and tear excepted.