Business Interruption Proceeds Sample Clauses

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.
Sample 1Sample 2
AutoNDA by SimpleDocs
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.
Sample 1
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 Xxxxxx and disbursed in accordance with Section 5.4 hereof.
Sample 1
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,
Sample 1
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 ...
Sample 1

Related to Business Interruption Proceeds

  • Business Interruption Lessee shall obtain and maintain loss of income and extra expense insurance in amounts as will reimburse Lessee for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent lessees in the business of Lessee or attributable to prevention of access to the Premises as a result of such perils.

  • Business Interruption Plan ALPS shall maintain in effect a business interruption plan, and enter into any agreements necessary with appropriate parties making reasonable provisions for emergency use of electronic data processing equipment customary in the industry. In the event of equipment failures, ALPS shall, at no additional expense to the Fund, take commercially reasonable steps to minimize service interruptions.

  • Business Interruption Insurance Upon receipt by Company or any of its Subsidiaries of any business interruption insurance proceeds constituting Net Insurance/Condemnation Proceeds, (a) so long as no Event of Default shall have occurred and be continuing, Company or such Subsidiary may retain and apply such Net Insurance/Condemnation Proceeds for working capital purposes, and (b) if an Event of Default shall have occurred and be continuing, Company shall apply an amount equal to such Net Insurance/Condemnation Proceeds to prepay the Loans (and/or the Revolving Loan Commitment Amount shall be reduced) as provided in subsection 2.4B;

  • Interruption A reduction in non-firm transmission service due to economic reasons pursuant to Section 14.7.

  • Vacations – Interruption (a) Where an employee's scheduled vacation is interrupted due to a serious illness which requires hospitalization and commenced before and continues into the scheduled vacation period, the period of such illness shall be considered sick leave provided the employee provides satisfactory documentation of the hospitalization. (b) Where a vacationing employee becomes seriously ill requiring her to be an inpatient in a hospital, the period of such illness shall be considered sick leave provided that the employee provides satisfactory documentation of the hospitalization. (c) The portion of the employee's vacation which is deemed to be sick leave under the above provisions will not be counted against the employee's vacation credits. (d) Where an employee's scheduled vacation is interrupted due to bereavement and jury and witness duty, the employee shall be entitled to bereavement leave and/or jury and witness duty in accordance with Articles 11.04 and 11.06. (e) The portion of the employee's vacation which is deemed to be bereavement and jury and witness duty leave under the above provisions will not be counted against the employee's vacation credits. (a) Employees shall indicate their vacation preference by March 30th of each year, and the Employer shall post the final vacation schedule by May 1st of each year. Choice of vacation period shall be based on seniority but shall be determined by the Director of Resident Care or designate having due regard to the proper operation of the Home. Vacation requests made after the posting of the vacation schedule shall be determined by the Director of Resident Care or designate having due regard to the proper operation of the Home on a first come first served basis, not on the basis of seniority. (b) Employees may request to have the weekend off prior to or following their vacation. The Employer will endeavour to schedule such request subject to the following: i) Where the weekend off is granted and the employee was otherwise scheduled to work on those days, such extra days will be deemed to be vacation days; ii) The employee must have such vacation entitlement available; and, iii) The weekend off being requested must be contiguous with (i.e. consecutive with) the employee’s original vacation.

  • Products and Completed Operations Personal Injury Liability Contractual Liability The policy shall be on an occurrence form and limits shall not be less than: $1,000,000 Each Occurrence $2,000,000 General Aggregate $1,000,000 Products/Completed Operations Aggregate $1,000,000 Personal & Advertising Injury

  • Service Interruption Except where there exists an emergency situation necessitating a more expeditious procedure, the Licensee may interrupt Service for the purpose of non-routine repairing or testing the Cable Television System only during periods of minimum use and, when practical, only after a minimum of forty-eight (48) hours notice to all affected Subscribers.

  • Indemnity Consequential Damages and Insurance 18.1 Indemnity 18.1.1 Indemnified Party 18.1.2 Indemnifying Party 18.1.3 Indemnity Procedures 18.2 Consequential Damages 18.3 Insurance 18.3.1 18.3.2 18.3.3 18.3.4 18.3.5 18.3.6 18.3.7 18.3.8 18.3.9 18.3.10 18.3.11

  • Mail Service Interruption If by reason of any interruption of mail service, actual or threatened, any notice to be given to the Trustee would reasonably be unlikely to reach its destination by the time notice by mail is deemed to have been given pursuant to Section 13.3, such notice shall be valid and effective only if delivered at the appropriate address in accordance with Section 13.3.

  • Business Insurance The Transaction Entities and their respective subsidiaries carry or are entitled to the benefits of insurance, with financially sound and reputable insurers, in such amounts and covering such risks as is generally maintained by companies of established repute engaged in the same or similar business, and all such insurance is in full force and effect. Neither of the Transaction Entities has any reason to believe that it or any of their respective subsidiaries will not be able to (A) renew, if desired, its existing insurance coverage as and when such policies expire or (B) obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to, singly or in the aggregate, result in a Material Adverse Effect.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!