Application of Proceeds of Insurance Sample Clauses

Application of Proceeds of Insurance. Project Co shall ensure that the insurers under any of the policies of Required Insurance pay the proceeds of insurance under such policies as follows: (a) in the case of any policy for the insurance referred to in any of Sections 1.1 [Third Party Liability Insurance During Construction], 1.3 [Automobile Insurance] and 2.1 [Insurance – Operation and Maintenance] of Schedule 15, the proceeds of insurance shall be paid directly to the third party or, where any insured party has discharged the relevant liability to the third party prior to the payment of any relevant insurance proceeds, to the insured party who discharged the relevant liability; (b) in the case of any policy for the insurance referred to in Section 1.4(a) of Schedule 15 [Insurance Requirements] (excluding any delay in start up, extra expense, business interruption, loss of income or loss of profits insurance proceeds payable under any such policy), the proceeds of insurance shall be paid to the Insurance Trustee as first loss payee, except where: (i) Project Co has already Totally Completed the Reinstatement Work in respect of the damage or destruction that gave rise to the proceeds; or (ii) the insurance proceeds payable in respect of any single claim made under the relevant insurance policy is equal to or less than $15,000,000; in either of which cases the Province shall direct that the proceeds be paid directly to Project Co or the relevant insured; provided that, where the proceeds of any such insurance policy (other than any delay in start up, extra expense, business interruption or loss of profits insurance policy proceeds payable to Project Co) are paid to Project Co in respect of any single claim equal to or less than $15,000,000, Project Co shall ensure that such proceeds are applied to the Reinstatement Work in respect of the damage or destruction that gave rise to the proceeds and not for any other purpose; and provided further that, where the proceeds of such policies of insurance are payable in whole or in part to the Insurance Trustee pursuant to this Section 6.18(b) (such proceeds, together with any interest, distribution or other gain from time to time received by the Insurance Trustee in respect thereof pursuant to Section 4.2 [Investment of Property Damage Insurance Records] of the Insurance Trust Agreement, are called the “Property Damage Insurance Proceeds”), then either Section 6.18(c) or Section 6.18(d) as applicable shall apply; (c) if Project Co has, in accordance with...
Sample 1Sample 2See All (5)
AutoNDA by SimpleDocs
Application of Proceeds of Insurance. All insurance proceeds in ------------------------------------ respect of insurance maintained by Charterer hereunder with respect to the Vessel under Article 16(a)(i) and payable under circumstances not constituting an Event of Loss shall be payable to Charterer. All insurance proceeds (up to an amount not exceeding the applicable Termination Value) in respect of insurance maintained by Charterer hereunder with respect to the Vessel under Article 16(a)(i) and payable as the result of an Event of Loss will be paid to the Owner (or, subject to the provisions of the Head Lease, to the Indenture Trustee so long as this Charter Party is subject to the Lien of the Indenture) and shall be applied in reduction of Charterer's obligation to pay Termination Value and the other amounts payable under Article 14 hereof in connection with such Event of Loss, if not already paid by Charterer, or, if already paid by Charterer, shall be applied to reimburse Charterer for its payment of such Termination Value and the other amounts payable under Article 14 hereof, and the balance, if any, of such payments remaining thereafter will be paid over to, or retained by, Charterer.
Sample 1Sample 2Sample 3See All (4)
Application of Proceeds of Insurance. Trustor shall promptly notify Lender of any loss or damage to the Trust Property. Lender may make proof of loss if Trustor fails to do so within fifteen (15) days of the casualty. Whether or not Lender’s security is impaired, Lender may, at Lender’s election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Trust Property, or the restoration and repair of the Trust Property. If Lender elects to apply the proceeds to restoration and repair, Trustor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Trustor from the proceeds for the reasonable cost of repair or restoration if Trustor is not in default under this Deed of Trust. Any proceeds which have not been disbursed within one hundred eighty (180) days after their receipt and which Lender has not committed to the repair or restoration of the Trust Property shall be used first to pay any amount owing to Lender under this Deed of Trust, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Trustor as Trustor’s interests may appear.
Sample 1Sample 2
Application of Proceeds of Insurance. The Obligated Parties shall promptly notify the Administrative Agent and the Lenders of any claim in excess of $2,000,000 under any insurance policy required pursuant to Section 6.7 or of receipt of any such proceeds pursuant to any claim. During the existence of a Default, the Administrative Agent is hereby authorized to directly collect all insurance proceeds in respect of any Facility Collateral. All proceeds of any insurance required pursuant to Section 6.7 shall be delivered to the Administrative Agent and applied to the Obligations in the manner specified in Section 2.16, after deducting from such proceeds the reasonable expenses (if any) incurred by the Administrative Agent in the collection or handling thereof and any amount required to repay Indebtedness owing to the holder of a Permitted Lien which in accordance with the terms of this Agreement has a Lien on such Property which has priority over the Lien of the Collateral Agent.
Sample 1Sample 2
Application of Proceeds of Insurance to Repair or ------------------------------------------------- Restoration. ----------- The Company shall collect the proceeds from all policies of insurance required to be maintained pursuant to Section 4.10 with respect to all losses that may occur. Any such proceeds may be remitted to the Mortgagor toward the restoration or repair of the related property only upon the written consent of the Purchaser unless such proceeds aggregate less than $5,000 or relate to personal property. In such event, the Company shall supervise all such repairs and, in general, shall do all things reasonably necessary to protect the interest of the Purchaser. The Company shall promptly notify the Purchaser of any loss or damage by fire, or from any other cause, to the property which results in a claim for $5,000 or more, and will not make any agreement with respect to the rehabilitation of the property without the written consent of the Purchaser. The Company shall render such services as are requested by the Purchaser in adjusting the loss or supervising the repair of the damage. The Company's notification shall include a recommendation as to the proposed nature and cost of repairs. If necessary, the Company shall notify the insured under the applicable policy and the insurer under any applicable Primary Mortgage Insurance Policy, and shall determine that all required inspections have been made and that the necessary determinations of the adequacy of the proposed repairs shall be obtained before repair work commences. The Company shall send the Purchaser, to the extent available, copies of all inspection reports and other reports with respect thereto.
Sample 1
Application of Proceeds of Insurance. If the proceeds of the insurance described in Paragraph 1.2 above are to be used for restoration, repair or replacement of the Property (hereinafter referred to as the "Work"), such proceeds shall be paid out by Beneficiary from time to time to Trustor (or, at the option of Beneficiary, jointly to Trustor and the persons furnishing labor and/or material incident to the Work or directly to such persons) as the Work progresses, subject to the following conditions: (a) if the cost of the Work estimated by Beneficiary shall exceed * , prior to the commencement thereof (other than Work to be performed on an emergency basis to protect the Property or prevent interference therewith), (i) an architect or engineer, approved by Beneficiary, shall be retained by Trustor (at Trustor's expense) and charged with the supervision of the Work, and (ii) Trustor shall have prepared, submitted to Beneficiary and secured Beneficiary's written approval of the plans and specifications for such Work; (b) each request for payment by Trustor shall be made on ten (10) days' prior written notice to Beneficiary and shall be accompanied by a certificate to be executed by the architect or engineer supervising the Work (if one is required pursuant to subparagraph (a) above), otherwise by Trustor or an executive officer or general partner of Trustor, stating, among such other matters as may be reasonably required by Beneficiary, that: (i) all of the Work completed has been done in compliance with the approved plans and specifications (if any be required pursuant hereto); (ii) the sum requested is justly required to reimburse Trustor for payments by Trustor to, or is justly due to, the contractor, subcontractors, materialmen, laborers, engineers, architects or other persons rendering services or materials for the Work (giving a description of such services and materials); (iii) when added to all sums previously paid out by Trustor, the sum requested does not exceed the value of the Work done to the date of such certificate; and (iv) the amount of insurance proceeds remaining in the hands of Beneficiary when combined with the Trustor's funds, if any, to be utilized for payment of the Work will be sufficient on completion of the Work to pay for the same in full (giving, in such reasonable detail as the Beneficiary may require, an estimate of the cost of such completion); (c) each request shall be accompanied by waivers of lien, satisfactory in form and substance to Beneficiary, covering that...
Sample 1
Application of Proceeds of Insurance. 11.5.1 The Company shall diligently pursue any claims on insurance and shall fulfil the conditions precedent to any such claim; 11.5.2 All proceeds of those insurances set out in Clause 11.3.1(i) and (iv), and Paragraphs 1 and 2 of Part 1 and Paragraphs 1 and 3 of Part 2 of Schedule 13 (Minimum Insurance to be Maintained by the Company) shall following receipt thereof by or on behalf of the Company be applied to the repair and replacement (temporary and permanent) of such structures, plant and equipment. 11.5.3 In the event of a Buy-Out there shall be deducted from the Buy-Out Price: all proceeds of those insurances set out in Clause 11.3.1(i) and (iv) which are received by the Company to the extent those proceeds have not been applied in accordance with Clause 11.5.2; and all anticipated proceeds of those insurances set out in Clause 11.3.1(i) and (iv) (as determined by the loss adjuster appointed on behalf of the Company or, if such determination is disputed by the CEB, as determined by an Expert appointed under Part 1 of Schedule 12 (Disputes Resolution Procedure)) in respect of any claims under any insurance policies outstanding at the time of such Buy-Out unless the rights to such proceeds have been absolutely assigned to the CEB and the Company has provided the CEB with all evidence and assistance necessary to pursue any such claim. 11.5.4 Where, following payment of the Buy-Out Price: proceeds of those insurances set out in Clause 11.3.1(i) and (iv) are subsequently received by the Company from the insurer, then to the extent there has been no deduction of such insurance proceeds pursuant to Clause 11.5.3(ii), the Company shall promptly pay those proceeds to the CEB; or any insurance policy set out in Clause 11.3.1(i), (iii) and (iv) is subsequently avoided by the insurer due to an alleged breach by the Company of the terms of such policy, the Company shall pay to the CEB an amount equal to the insurance proceeds which the CEB should reasonably have received had such policy not been avoided as a result of such breach provded however that the Company shall have the right to dispute such avoidance by the insurer and the Company shall be liable to pay such amount to the CEB only if the insurer is determined not to be liable under the Policy due to a breach by the Company. .For the avoidance of doubt CEB shall be entitled to receive any proceeds determined to be payable by the insurer following the resolution of this dispute.
Sample 1
AutoNDA by SimpleDocs
Application of Proceeds of Insurance. The Obligated Parties shall promptly notify the Agent and the Lenders of any claim in excess of $2,000,000 under any insurance policy required pursuant to Section 6.7 or of receipt of any such proceeds pursuant to any claim. During the existence of a Default, the Agent is hereby authorized to directly collect all insurance proceeds in respect of any Facility Collateral. All proceeds of any insurance required pursuant to Section 6.7 shall be delivered to the Agent and applied to the Obligations in the manner specified in Section 2.16, after deducting from such proceeds the reasonable expenses (if any) incurred by the Agent in the collection or handling thereof and any amount required to repay Indebtedness owing to the holder of a Permitted Lien which in accordance with the terms of this Agreement has a Lien on such Property which has priority over the Lien of the Agent.
Sample 1

Related to Application of Proceeds of Insurance

  • 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.

  • Application of Proceeds of Sale The proceeds of any sale of Collateral pursuant to Section 6, as well as any Collateral consisting of cash, shall be applied by the Collateral Agent as follows: FIRST, to the payment of all costs and expenses incurred by the Collateral Agent in connection with such sale or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under any other Loan Document on behalf of any Pledgor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of the Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and THIRD, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

  • Application of Proceeds of Collateral Except as provided in subsection 2.4B(iii)(a) with respect to prepayments from Net Asset Sale Proceeds, all proceeds received by Administrative Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Collateral Document may, in the discretion of Administrative Agent, be held by Administrative Agent as Collateral for, and/or (then or at any time thereafter) applied in full or in part by Administrative Agent against, the applicable Secured Obligations (as defined in such Collateral Document) in the following order of priority: (a) To the payment of all costs and expenses of such sale, collection or other realization, including reasonable compensation to Administrative Agent and its agents and counsel, and all other expenses, liabilities and advances made or incurred by Administrative Agent in connection therewith, and all amounts for which Administrative Agent is entitled to indemnification under such Collateral Document and all advances made by Administrative Agent thereunder for the account of the applicable Loan Party, and to the payment of all costs and expenses paid or incurred by Administrative Agent in connection with the exercise of any right or remedy under such Collateral Document, all in accordance with the terms of this Agreement and such Collateral Document; (b) thereafter, to the extent of any excess such proceeds, to the payment of all other such Secured Obligations for the ratable benefit of the holders thereof; and (c) thereafter, to the extent of any excess such proceeds, to the payment to or upon the order of such Loan Party or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

  • Application of Proceeds Subject to the terms of the First Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement, in each case, if executed, any amount received by the Administrative Agent or the Collateral Agent from any Credit Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement or any Event of Default with respect to the Borrower under Section 11.4 shall be applied: (i) first, to the payment of all reasonable and documented costs and expenses incurred by the Administrative Agent or the Collateral Agent in connection with any collection or sale of the Collateral or otherwise in connection with any Credit Document, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent hereunder or under any other Credit Document on behalf of any Credit Party and any other reasonable and documented costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent reimbursable hereunder or thereunder; (ii) second, to the Secured Parties, an amount (x) equal to all Obligations owing to them on the date of any distribution and (y) sufficient to Cash Collateralize all Letters of Credit Outstanding on the date of any distribution, and, if such moneys shall be insufficient to pay such amounts in full and Cash Collateralize all Letters of Credit Outstanding, then ratably (without priority of any one over any other) to such Secured Parties in proportion to the unpaid amounts thereof and to Cash Collateralize the Letters of Credit Outstanding; and (iii) third, any surplus then remaining shall be paid to the applicable Credit Parties or their successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct; provided that any amount applied to Cash Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Borrower for Unpaid Drawings under the applicable Letters of Credit at the time of expiration of all such Letters of Credit shall be applied by the Administrative Agent in the order specified in clauses (i) through (iii) above. Notwithstanding the foregoing, amounts received from any Guarantor that is not an “Eligible Contract Participant” (as defined in the Commodity Exchange Act) shall not be applied to its Obligations that are Excluded Swap Obligations.

  • Use of Insurance Proceeds In case the buildings, improvements or fixtures required to be insured in Section 6.1 or any part thereof shall be destroyed or damaged by fire or such other casualty required to be insured against, then and as often as the same shall happen, all proceeds of such insurance shall be available for and used with all reasonable dispatch by the Lessee in rebuilding, repairing, replacing or otherwise reinstating the buildings, improvements or fixtures so destroyed or damaged in a good and substantial manner according to the plan and elevation thereof, or according to such modified plan as shall be approved under Section 4.1(a), and to pay the rent due the Lessor. If the available insurance proceeds shall be insufficient for rebuilding, repairing, replacing or otherwise reinstating such buildings, improvements or fixtures in the manner provided in this section above, then the Lessee shall provide the balance of all funds required to completely rebuild, repair, replace or otherwise reinstate such buildings, improvements or fixtures. Lessee shall undertake promptly to reinstate the building or buildings, or portions thereof, so destroyed or damaged according to the original plan and elevation thereof, or according to such modified plan as shall be approved by Lessor pursuant to Section 4.1(a). If a casualty under this Section 6.1 shall occur in the last ten (10) years of the Term of this Lease, the Lessee shall have the option of notifying the Lessor that the Lessee does not intend to rebuild the buildings, improvements, or fixtures so destroyed, but rather elects to terminate the Lease as of the date of the casualty, by giving Lessor written notice at least thirty (30) days after the date of the casualty, and then Lessee will, at its own expense, pay all real property taxes and any assessments then outstanding and shall pay over all insurance proceeds to the Lessor, except if requested by Lessor, Lessee shall use the insurance proceeds to promptly remove from the Premises, all buildings, improvements and trade fixtures, and restore the Land then remaining to good, orderly and sanitary condition and even grade, and upon so doing the Lessee shall then surrender any remaining balance of the insurance proceeds (if any), surrender this Lease and Lessee shall be relieved of further performance under this Lease. If the available insurance proceeds shall be insufficient, then Lessee shall provide the balance of all funds required to remove from the Premises, all buildings, improvements and trade fixtures, and restore the Land then remaining to good, orderly and sanitary condition and even grade.

  • Types of Insurance The types and amounts of insurance required to be maintained under this Article are as follows: (a) Commercial general liability insurance for bodily injury liability, including death, and property damage liability, incurred in connection with the performance of this Agreement, with minimum limits of $1,000,000 in respect of claims arising out of personal injury or sickness or death of any one person, $1,000,000 in respect of claims arising out of personal injury, sickness or death in any one accident or disaster, and $1,000,000 in respect of claims arising out of property damage in any one accident or disaster; and (b) Workers Compensation, Employers Liability, and Disability Benefits as required by New York State.

  • Applications of Proceeds The proceeds of any such sale, lease or other disposition of the Collateral hereunder shall be applied first, to the expenses of retaking, holding, storing, processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs incurred in connection therewith) of the Collateral, to the reasonable attorneys' fees and expenses incurred by the Secured Party in enforcing its rights hereunder and in connection with collecting, storing and disposing of the Collateral, and then to satisfaction of the Obligations, and to the payment of any other amounts required by applicable law, after which the Secured Party shall pay to the Company any surplus proceeds. If, upon the sale, license or other disposition of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Party is legally entitled, the Company will be liable for the deficiency, together with interest thereon, at the rate of 15% per annum (the "Default Rate"), and the reasonable fees of any attorneys employed by the Secured Party to collect such deficiency. To the extent permitted by applicable law, the Company waives all claims, damages and demands against the Secured Party arising out of the repossession, removal, retention or sale of the Collateral, unless due to the gross negligence or willful misconduct of the Secured Party.

  • 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 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.

  • Requirements of Insurance All such insurance shall (i) provide that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least 10 days (or, to the extent reasonably available, 30 days) after receipt by the Collateral Agent of written notice thereof (the Borrower shall deliver a copy of the policy (and to the extent any such policy is cancelled or renewed, a renewal or replacement policy) or other evidence thereof to the Administrative Agent and the Collateral Agent, or insurance certificate with respect thereto) and (ii) name the Collateral Agent as loss payee (in the case of property insurance) or additional insured on behalf of the Secured Parties (in the case of liability insurance) (it being understood that, absent an Event of Default, any proceeds of any such property insurance shall be delivered by the insurer(s) to the Borrower or one of its Subsidiaries and applied in accordance with this Agreement), as applicable.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!