Casualty Insurance Proceeds Clause Samples

Casualty Insurance Proceeds. The Borrower shall be required to use all Casualty Insurance Proceeds to prepay Loans and, promptly upon the deposit of any Casualty Insurance Proceeds into the Loss Proceeds Account, the Administrative Agent shall direct the Depositary Agent to (i) transfer such Casualty Insurance Proceeds to the Administrative Agent for application to the prepayment of Loans in accordance with Section 2.1.8 of the Credit Agreement, or (ii) if requested by the Borrower pursuant to the second sentence of Section 2.1.8 of the Credit Agreement, transfer such Casualty Insurance Proceeds to the Prepayment Account."

Casualty Insurance Proceeds. Other than with the consent of the applicable Agency, Investor and Insurer providing mortgage insurance, to extent that such consent was required under the Applicable Requirements, no casualty insurance proceeds for property damage have been used to reduce Mortgage Loan balances or for any other purpose, other than the making of repairs to the Mortgaged Property. There are no uninsured casualty losses or casualty losses where coinsurance has been (and Seller has no reason to believe, will be) claimed by an Insurer or where the loss, exclusive of contents, is greater than the recovery, less actual expenses incurred in such recovery from the Insurer;

Casualty Insurance Proceeds. Subject to Section 8. l(a) of the Lease, moneys received by the Indenture Trustee under any policy of casualty insurance and from self-insurance with respect to matters otherwise covered by casualty insurance shall be paid to the respective parties suffering the injury, loss, damage or liability with respect to which such payment is made.

Casualty Insurance Proceeds. If any part of the Mortgaged Property shall be lost, damaged or destroyed by fire or any other cause, the proceeds of any hazard insurance required hereunder shall be paid to Mortgagee. If Mortgagee delivers insurance proceeds for such loss to Mortgagor, then Mortgagor shall promptly restore the Mortgaged Property to the equivalent of its original condition as determined by Mortgagee, in accordance with the plans, drawings and specifications acceptable to Mortgagee. Mortgagee shall advance all hazard insurance proceeds for the restoration of the Mortgaged Property, so long as: (a) no Event of Default exists and is continuing hereunder; (b) such proceeds, together with any contribution provided by ▇▇▇▇▇▇▇▇▇, are sufficient to restore the Mortgaged Property to its condition prior to the casualty to the satisfaction of Mortgagee; (c) at least five (5) years remain in the term of the Loan; (d) any Subsidy Contracts in effect with respect to the Mortgaged Property before the casualty shall remain in force and effect; (e) Mortgagee shall determine that, upon such restoration, the Mortgaged Property can be operating in a financially feasible manner; (f) rental interruption insurance benefits (or other revenues made available by or through Mortgagor) are available to cover the projected construction period loss in Property Income; and (g) the cost of restoration does not exceed twenty percent (20%) of the replacement value of the Development. Mortgagee shall advance any such insurance proceeds through Mortgagee’s usual and customary procedures for loan advances. Otherwise, hazard insurance proceeds shall, at the option of Mortgagee, be applied to or toward the Indebtedness secured hereby in such order as Mortgagee may determine. Notwithstanding the foregoing, if the insurer denies liability to Mortgagor, Mortgagor shall not be relieved of any obligations under Section 2 of this Mortgage. In the event of loss, ▇▇▇▇▇▇▇▇▇ will give immediate written notice to Mortgagee and Mortgagee is hereby authorized to make proof of loss if not made promptly by ▇▇▇▇▇▇▇▇▇ and, following an Event of Default, to adjust or compromise any loss under any insurance policies on the Mortgaged Property. Each insurance company is hereby authorized and directed to make payment for all losses directly to Mortgagee alone and not to Mortgagor and Mortgagee jointly. Mortgagee may deduct from such insurance proceeds any expenses incurred by Mortgagee in the collection or handling of such funds. P...

Casualty Insurance Proceeds. In the event that any of the assets of the Company have been damaged prior to the Closing Date by a casualty covered by insurance (the "Damaged Assets"), the Seller will cause the Company to use Commercially Reasonable Efforts to collect amounts due (if any) in respect of such Damaged Assets under the Company's insurance policies, which amounts if collected either will be used to repair or replace the Damaged Assets or will be retained in the Company and not distributed to the Company's stockholder.

Casualty Insurance Proceeds. Subject to any prior rights of any party or parties under any of the Operative Documents, all insurance money recovered by Landlord on account of such damage or destruction, less the cost, if any, to Landlord of such recovery, shall be paid out from time to time as provided in Article XI.

Casualty Insurance Proceeds. (a) In the event that any of the USCC Transferred Assets have been damaged or destroyed prior to the Closing Date by a casualty covered by insurance (“Damaged Assets”), USCC shall, and shall cause its Affiliates and Representatives to, (prior to and following Closing) use Commercially Reasonable Efforts to collect amounts due (if any) in respect of such Damaged Assets under applicable insurance policies, which amounts, (i) if collected prior to Closing, will be used to repair or replace the Damaged Assets and (ii) if collected following Closing, will be remitted to ALLTEL promptly, but in any event no later than 30 days after receipt by USCC or its Affiliates or Representatives. (b) In the event that any of the ALLTEL Transferred Assets are Damaged Assets, ALLTEL shall, and shall cause its Affiliates and Representatives to, (prior to and following Closing) use Commercially Reasonable Efforts to collect amounts due (if any) in respect of such Damaged Assets under applicable insurance policies, which amounts, (i) if collected prior to Closing, will be used to repair or replace the Damaged Assets and (ii) if collected following Closing, will be remitted to USCC promptly, but in any event no later than 30 days after receipt by ALLTEL or its Affiliates or Representatives.

Casualty Insurance Proceeds. If all or any part of the Real Property Collateral is damaged or destroyed (the “Damaged Property”), then all proceeds of insurance ("Insurance Proceeds") shall be ☒payable and paid to Lender, and shall be either applied in accordance with Section 2.4(f)(ii) or made available to Borrowers to be used to restore the Damaged ☒Property, as provided below.☒

Casualty Insurance Proceeds. In the event of any casualty, the proceeds of any insurance policies maintained by Tenant pursuant to Section 7.2 or 7.3 shall be held, applied and dealt with as follows: (a) Any proceeds (per occurrence) of such policies attributable to the Premises shall be paid as follows: (1) to Landlord (but only to the extent of the then-existing Lease Investment Balance); and (2) with any remaining excess to be paid to Tenant. (b) Any insurance proceeds paid to Landlord under this Article 14 shall reduce the Lease Investment Balance by a like amount.