Common use of Damage Covered by Insurance Clause in Contracts

Damage Covered by Insurance. If during the Term, the System is wholly or partially destroyed or damaged by an event covered by insurance or required to be covered by insurance under this SLA, the Licensee shall use the proceeds of such insurance to restore the System to its original capacity. If Licensee reasonably determines that it is not economically feasible to restore the System after such loss event, Licensee shall give the Judicial Council written notice of such determination as soon as practical. In that case, this SLA shall be terminated, and the Judicial Council shall have no obligation to pay actual damages except as provided immediately below. Upon receipt of such notice of election by Licensee to terminate this SLA and abandon the System, the Judicial Council shall have the option to take title to the System at no cost. In such event, the insurance proceeds shall be paid in the following order of priority:

Damage Covered by Insurance. If during the Term, the System is wholly or partially destroyed or damaged by an event covered by insurance or required to be covered by insurance under this SLA, the Licensee shall use the proceeds of such insurance to restore the System to its original capacity. If Licensee reasonably determines that it is not economically feasible to restore the System after such loss event, Licensee shall give the Judicial Council written notice of such determination as soon as practical. In that case, this SLA shall be terminated, and the Judicial Council shall have no obligation to pay actual damages Actual Damages except as provided immediately below. Upon receipt of such notice of election by Licensee to terminate this SLA and abandon the System, the Judicial Council shall have the option to take title to the System at no cost. In such event, the insurance proceeds shall be paid in the following order of priority:priority:‌

Damage Covered by Insurance. If during the Term, the System is wholly or partially destroyed or damaged by an event covered by insurance or required to be covered by insurance under this SLA, the Licensee shall use the proceeds of such insurance to restore the System to its original capacity. If Licensee reasonably determines that it is not economically feasible to restore the System after such loss event, Licensee shall give the Judicial Council written notice of such determination as soon as practical. In that case, this SLA shall be terminated, and the Judicial Council shall have no obligation to pay actual damages Actual Damages except as provided immediately below. Upon receipt of such notice of election by Licensee to terminate this SLA and abandon the System, the Judicial Council shall have the option to take title to the System at no cost. In such event, the insurance proceeds shall be paid in the following order of priority:

Damage Covered by Insurance. If during the Term, the System is wholly or partially destroyed or damaged by an event covered by insurance or required to be covered by insurance under this SLA, the Licensee shall use the proceeds of such insurance to restore the System to its original capacity. If Licensee reasonably determines that it is not economically feasible to restore the System after such loss event, Licensee shall give the Judicial Council written notice of such determination as soon as practical. In that case, this SLA shall be terminated, and the Judicial Council shall have no obligation to pay actual damages Actual Damages except as provided immediately below. Upon receipt of such notice of election by Licensee to terminate this SLA and abandon the System, the Judicial Council shall have the option to take title to the System at no cost. In such event, the insurance proceeds shall be paid in the following order of priority:: 41