Business Interruption Proceeds Clause Samples
The Business Interruption Proceeds clause defines how insurance payments received due to a disruption in business operations are handled under the agreement. Typically, this clause specifies the allocation and use of such proceeds, such as whether they are to be used for repairing damages, compensating for lost income, or distributed among stakeholders. Its core function is to ensure clarity and prevent disputes by establishing clear rules for the management and distribution of insurance funds following a business interruption event.
Business Interruption Proceeds. Proceeds actually received from or under the business interruption insurance obtained and maintained by Manager pursuant to Section 10.1 above shall be deemed revenues and receipts of the Enterprise for the purposes of this Agreement.
Business Interruption Proceeds. (a) The parties to this Agreement hereby agree that the Note Agent (and any successor to the Note Agent in such capacity under the Indenture or if there is no Note Agent any successor appointed pursuant to the Indenture) shall act as the depositary for the purpose of receiving and distributing Business Interruption Proceeds on the terms and conditions set forth in this Section 3.11 and further agree that the Note Agent shall be authorized to exercise such powers as are expressly delegated to the Loan Agent by the provisions of this Section 3.11, together with such powers as are reasonably incidental thereto.
(b) The Borrower, the Note Agent, the Notes Trustee and the Loan Agent agree to cause any Business Interruption Proceeds to be made payable to the Note Agent or to deal with the policies of insurance in a manner to enable Business Interruption Proceeds to be collected by the Note Agent alone and from time to time will do, assign, execute and endorse all transfers, assignments, cheques, loss claims, receipts, writings and things necessary or desirable for that purpose, and for that purpose irrevocably do appoint the Note Agent their attorney to do, assign, execute and endorse all transfers, assignments, cheques, loss claims,
Business Interruption Proceeds. (a) The parties to this Agreement hereby agree that the First Lien Bridge Agent (and any successor to the First Lien Bridge Agent in such capacity under the First Lien Interim Loan Agreement or if there is no First Lien Bridge Agent any successor appointed pursuant to the Bridge Intercreditor Agreement) shall act as the depositary for the purpose of receiving and distributing Business Interruption Proceeds on the terms and conditions set forth in this Section 3.11 and further agree that the First Lien Bridge Agent shall be authorized to exercise such powers as are expressly delegated to the Loan Agent by the provisions of this Section 3.11, together with such powers as are reasonably incidental thereto.
(b) The Borrower, the First Lien Bridge Agent, the Second Lien Bridge Agent and the Loan Agent agree to cause any Business Interruption Proceeds to be made payable to the First Lien Bridge Agent or to deal with the policies of insurance in a manner to enable Business Interruption Proceeds to be collected by the First Lien Bridge Agent alone and from time to time will do, assign, execute and endorse all transfers, assignments, cheques, loss claims, receipts, writings and things necessary or desirable for that purpose, and for that purpose irrevocably do appoint the First Lien Bridge Agent their attorney to do, assign, execute and endorse all transfers, assignments, cheques, loss claims, receipts, writings and things in their name or in the name of any of them as appropriate and on their behalf as the First Lien Bridge Agent may consider necessary or desirable.
(c) In the event that any Business Interruption Proceeds are paid to the First Lien Bridge Agent, such Business Interruption Proceeds shall be disbursed as follows:
(i) to the Loan Agent, the Liquidity Proportionate Share of Business Interruption Proceeds in respect of such Business Interruption Proceeds so received (for immediate delivery to the Borrower provided no Event of Default under the Loan Agreement has occurred and is continuing), and
(ii) to the First Lien Bridge Agent, the Bridge Proportionate Share of Business Interruption Proceeds in respect of such Business Interruption Proceeds so received for immediate delivery to the Borrower provided no Event of Default as defined in the Interim Loan Agreements has occurred and is continuing.
(d) If, with respect to a proposed action to be taken by it, the First Lien Bridge Agent shall determine in good faith that the provisions of this Section 3.11 ...
Business Interruption Proceeds. In the event that BPUSHA receives proceeds from business interruption insurance in connection with any of the Facilities and if such proceeds are based on a market price (the “Market Price”) per MWh less than or equal to the Fixed Price, (i) BEM LP shall pay BPUSHA the difference between the Fixed Price and the Market Price in respect of each lost MWh in respect of which such insurance proceeds were paid and (ii) BPUSHA shall pay 100% of the deductible associated with such business interruption proceeds. In the event that BPUSHA receives proceeds from business interruption insurance in connection with any of the Facilities and if such proceeds are based on a Market Price per MWh greater than the Fixed Price, (i) BPUSHA shall pay to BEM LP an amount equal to the difference between the Market Price and the Fixed Price in respect of each lost MWh in respect of which such insurance proceeds were paid and the Fixed Price and (ii) the parties shall share the cost of the deductible associated with such business interruption proceeds in the same proportion as the proceeds themselves.
Business Interruption Proceeds. Notwithstanding the foregoing provisions of this Article 5 to the contrary: (a) Subject to Section 5.5(b), payments received on account of the business interruption insurance specified in Section 5.1(a)(iii) above shall be deposited directly into the Casualty and Condemnation Account. Notwithstanding the last sentence of Section 5.1(a)(iii) above, and provided that no Event of Default shall have occurred and be continuing, proceeds received by Lender on account of business or rental interruption or other loss of income insurance specified in Section 5.1(a)(iii) above shall be deposited by Lender into the Cash Management Account (in installments relating to the relevant period) to the extent such proceeds (or a portion thereof) reflect a replacement for lost Rents for the relevant period, as determined by Lender in good faith, and such proceeds shall be applied by Lender in accordance with Section 8.3 hereof. All other such proceeds not reflecting a replacement for lost Rents shall be held by ▇▇▇▇▇▇ and disbursed in accordance with Section 5.4 hereof.