Common use of ApplicationofInsuranceProceeds Clause in Contracts

ApplicationofInsuranceProceeds. 8.2.1 In case of the Project not being implemented through Financing Agreement(s), saveas expressly provided in this Agreement or the Insurances, the proceeds of anyinsurance claim made due to loss or damage to the Power Project or any part of thePower Project shall be first applied to reinstatement, replacement or renewal ofsuch lossordamage. IncaseoftheProjectbeingfinancedthroughFinancingAgreement(s),saveasexpresslypro videdinthisAgreementortheInsurances,theproceedsofanyinsurance claim made due to loss or damage to the Power Project or any part of thePowerProjectshallbeappliedaspersuchFinancing Agreements.