Application of Recoveries. All sums paid under the Insurances to anyone other than the Security Agent shall be applied in repairing the damage and/or in discharging the liability in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already discharged.
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Samples: Facility Agreement (GasLog Ltd.), Facility Agreement (Teekay Tankers Ltd.), Facility Agreement (Teekay Tankers Ltd.)
Application of Recoveries. All Any sums paid under the Insurances to anyone obligatory insurances other than to the Security Agent shall be applied in repairing the damage and/or in discharging the liability in respect of which they have been paid except paid, save to the extent that the repairs have already been completed and paid for and/or the liability has already been fully discharged.
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