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.
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:
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.
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.
Application of Proceeds of Insurance. The Concessionaire shall ensure that the insurers under any of the policies of Required Insurance pay the proceeds of insurance under such policies as follows:
Application of Proceeds of Insurance. The Primary Contractor shall ensure that the insurers under any of the policies of Required Insurance pay the proceeds of insurance under such policies as follows:
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.
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...
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.
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;
