Apportionment of recoveries clause Sample Clauses

Apportionment of recoveries clause. It is hereby understood and agreed that where recovery is obtained from a carrier or other third party such recovery shall be apportioned between the assured and the underwriters in the same proportion as the respective parties hereto have borne the loss.
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Apportionment of recoveries clause. Where the Insurer has borne a loss under the Policy, any recovery from a carrier or other third party in respect of such loss shall accrue to the Insurer up to the amount of such loss and the balance shall be allocated to the Assured or whichever party has borne the loss. Any apportionment of recovery shall not include any amount borne by the Assured solely in consequence of trade ullages or other customary deductibles. Bound to Declare Clause It is a condition of the Policy that the Assured is bound to declare hereunder each and every shipment or sending or risk without exception falling within the terms of the Policy whether arrived or not, the Insurer being bound to accept same up to but not exceeding the Policy Limits. Change of Risk Clause Should there be any change in circumstances or any change in the nature of the risks which are the basis of this contract of insurance, the Assured shall immediately notify the Insurer thereof in writing. The Insurer shall only be liable (to the extent of their legal entitlement) under the Policy if they have agreed in writing to the change. Civil Authorities Clause The Policy extends to cover loss of or damage to the Subject-matter insured caused by civil authority during a conflagration or for the purpose of retarding the same provided that neither such conflagration nor such loss or damage is caused or contributed to by War risks otherwise excluded under the Policy. Claused Bills of Lading Clause The Assured’s right of recovery under the Policy is not prejudiced solely by reason of the marking of the xxxx of lading (or like transit document) with a clause indicating that the Subject-matter insured is insufficiently packed.
Sample 1
Apportionment of recoveries clause. It is hereby understood and agreed that where Xxxxx obtains a recovery from a third party such recovery shall be apportioned between the customer and the carrier on the one hand (as the case may be), and Bryte on the other in the same proportion as the respective parties hereto have borne the loss.
Sample 1

Related to Apportionment of recoveries clause

  • Apportionment of Fault In the case of any Loss arising from the negligence or willful misconduct of both Parties, each Party shall bear, and its obligation shall be limited to, that portion of the resulting expense caused by its negligence or misconduct or the negligence or misconduct of such Party's affiliates, agents, contractors or other persons acting in concert with it.

  • COLLECTION OF COST-SHARE (a) The PHP agrees to collect from the beneficiary or the parents or guardian of the beneficiary only those amounts applicable to the patient’s cost-share (copayment) as defined in 32 CFR 199.4, and services and supplies which are not a benefit.

  • Definition of Overpayments An “Overpayment” means any funds that Xxxxxx receives or retains under any Federal health care program to which Xxxxxx, after applicable reconciliation, is not entitled under such Federal health care program.‌

  • Our Right to Make Payments and Recover Overpayments If payments which should have been made by us according to this provision have actually been made by another organization, we have the right to pay those organizations the amounts we decide are necessary to satisfy the rules of this provision. These amounts are considered benefits provided under this plan and we will not have to pay those amounts again. If we make payments for allowable expenses, which are more than the maximum amount needed to satisfy the conditions of this provision, we have the right to recover the excess amounts from: • the person to or for whom the payments were made; • any other insurers; and/or • any other organizations (as we decide). As the subscriber, you agree to pay back any excess amount paid, provide information and assistance, or do whatever is necessary to aid in the recovery of this excess amount. The amount of payments made includes the reasonable cash value of any benefits provided in the form of services.

  • Collection of Fees The Operating Committee shall establish a system for the collection of fees authorized under this Article XI. The Operating Committee may include such collection responsibility as a function of the Plan Processor or another administrator. Alternatively, the Operating Committee may use the facilities of a clearing agency registered under Section 17A of the Exchange Act to provide for the collection of such fees. Participants shall require each Industry Member to pay all applicable fees authorized under this Article XI within thirty (30) days after receipt of an invoice or other notice indicating payment is due (unless a longer payment period is otherwise indicated). If an Industry Member fails to pay any such fee when due (as determined in accordance with the preceding sentence), such Industry Member shall pay interest on the outstanding balance from such due date until such fee is paid at a per annum rate equal to the lesser of: (a) the Prime Rate plus 300 basis points; or (b) the maximum rate permitted by applicable law. Each Participant shall pay all applicable fees authorized under this Article XI as required by Section 3.7(b).

  • OVERPAYMENT OF PURCHASES OR UNDERPAYMENT OF FEES Without limiting any other remedy available to any Purchaser, Contractor shall (a) reimburse Purchasers for any overpayments inconsistent with the terms of this Master Contract or Purchase Orders placed thereunder, at a rate of 125% of any such overpayments, found as a result of the examination of Contractor’s records; and (b) reimburse Enterprise Services for any underpayment of vendor management fees, at a rate of 125% of such fees found as a result of the examination of Contractor’s records (e.g., if Contractor underpays the Vendor Management Fee by $500, Contractor would be required to pay to Enterprise Services $500 x 1.25 = $625); Provided, however, that, in the event Contractor timely discovers and corrects any Purchaser overpayment or Contractor underpayment of vendor management fees and does so prior to the initiation of any audit, Contractor shall be entitled to reimburse Purchaser or pay to Enterprise Services the actual amount of such Purchaser overpayment or such underpayment of vendor management fees.

  • Application of Miscellaneous Proceeds upon Damage to Property If the Property is damaged, any Miscellaneous Proceeds will be applied to restoration or repair of the Property, if Lender deems the restoration or repair to be economically feasible and Lender’s security will not be lessened by such restoration or repair. During such repair and restoration period, Lender will have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect the Property to ensure the work has been completed to Lender’s satisfaction (which may include satisfying Lender’s minimum eligibility requirements for persons repairing the Property, including, but not limited to, licensing, bond, and insurance requirements) provided that such inspection must be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed, depending on the size of the repair or restoration, the terms of the repair agreement, and whether Borrower is in Default on the Loan. Lender may make such disbursements directly to Borrower, to the person repairing or restoring the Property, or payable jointly to both. Unless Lender and Borrower agree in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender will not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If Lender deems the restoration or repair not to be economically feasible or Lender’s security would be lessened by such restoration or repair, the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds will be applied in the order that Partial Payments are applied in Section 2(b).

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Repayment of Overpayments 17.1 Any salary overpayments will be repaid to the employer within a reasonable period of time.

  • Limitation on Collection of Rents Borrower may not collect any of the Rents more than one month in advance of the time when the Rents become due, except for security or similar deposits.

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