Common use of Dealing with insurance policy proceeds Clause in Contracts

Dealing with insurance policy proceeds. (1) If the claim by a Transaction Party is greater than US$1,000,000, or if the claim by a Transaction Party is less than US$1,000,000 but the Agent determines that there is not sufficient business interruption insurance or other funds available to the Borrower to ensure that the Borrower can pay or repay any part of the Secured Moneys due and payable by it, the Agent may direct that Transaction Party with respect to a particular insurance claim, to irrevocably authorise, instruct and direct the insurer to pay the proceeds of that claim up to the amount of the Secured Moneys to the Financiers. (2) If an Event of Default has occurred and is continuing, the proceeds in respect of any insurance policy must be used to repay the Secured Moneys outstanding at that time or for any other purpose which the Agent approves. (3) The proceeds in respect of any claim under an insurance policy in respect of lost, destroyed or damaged property of a Transaction Party that are not being applied in accordance with clauses 10.24(j)(1) and 10.24(j)(2), must be applied towards the replacement or reinstatement of that property. (4) Clauses 10.24(j)(1), 10.24(j)(2)and (3) do not apply to proceeds received from any workers’ compensation or public liability policy to the extent that the proceeds are paid to a person entitled to be compensated under the workers’ compensation or public liability policy. (5) Any amount received by the Agent in accordance with clauses 10.24(j)(1) or 10.24(j)(2) may be applied by the Agent as a prepayment of the Principal Outstanding, and clause 3.4(d) will apply to the prepayment.

Dealing with insurance policy proceeds. (1) If the claim by a Transaction Party is greater than US$1,000,000, or if the claim by a Transaction Party is less than US$1,000,000 but the Agent determines that there is not sufficient business interruption insurance or other funds available to the Borrower to ensure that the Borrower can pay or repay any part of the Secured Moneys due and payable by it, the Agent may direct that Transaction Party with respect to a particular insurance claim, to irrevocably authorise, instruct and direct the insurer to pay the proceeds of that claim up to the amount of the Secured Moneys to the FinanciersFinancier. (2) If an Event of Default has occurred and is continuing, the proceeds in respect of any insurance policy must be used to repay the Secured Moneys outstanding at that time or for any other purpose which the Agent approves. (3) The proceeds in respect of any claim under an insurance policy in respect of lost, destroyed or damaged property of a Transaction Party that are not being applied in accordance with clauses 10.24(j)(18.24(i)(1) and 10.24(j)(28.24(i)(2), must be applied towards the replacement or reinstatement of that property. (4) Clauses 10.24(j)(18.24(i)(1), 10.24(j)(2)and 8.24(i)(2)and (3) do not apply to proceeds received from any workers’ compensation or public liability policy to the extent that the proceeds are paid to a person entitled to be compensated under the workers’ compensation or public liability policy. (5) Any amount received by the Agent in accordance with clauses 10.24(j)(18.24(i)(1) or 10.24(j)(28.24(i)(2) may be applied by the Agent as a prepayment of the Principal Outstanding, and clause 3.4(dclauses 3.5(d) and 3.8(b) will apply to the prepayment.

Dealing with insurance policy proceeds. (1) If the claim by a Transaction Party is greater than US$1,000,000, or if the claim by a Transaction Party is less than US$1,000,000 but the Agent determines that there is not sufficient business interruption insurance or other funds available to the Borrower to ensure that the Borrower can pay or repay any part of the Secured Moneys due and payable by it, the Agent may direct that Transaction Party with respect to a particular insurance claim, to irrevocably authorise, instruct and direct the insurer to pay the proceeds of that claim up to the amount of the Secured Moneys to the Financiers. (2) If an Event of Default has occurred and is continuing, the proceeds in respect of any insurance policy must be used to repay the Secured Moneys outstanding at that time or for any other purpose which the Agent approves. (3) The proceeds in respect of any claim under an insurance policy in respect of lost, destroyed or damaged property of a Transaction Party that are not being applied in accordance with clauses 10.24(j)(19.23(j)(1) and 10.24(j)(29.23(j)(2), must be applied towards the replacement or reinstatement of that property. (4) Clauses 10.24(j)(19.23(j)(1), 10.24(j)(2)and 9.23(j)(2)and (3) do not apply to proceeds received from any workers’ compensation or public liability policy to the extent that the proceeds are paid to a person entitled to be compensated under the workers’ compensation or public liability policy. (5) Any amount received by the Agent in accordance with clauses 10.24(j)(19.23(j)(1) or 10.24(j)(29.23(j)(2) may be applied by the Agent as a prepayment of the Principal Outstanding, and clause 3.4(d3.6(d) will apply to the prepayment.

Dealing with insurance policy proceeds. (1) If the a claim by with respect to property of a Transaction Party which is a Security Provider is greater than US$1,000,000$500,000, or if the a claim by with respect to property of a Transaction Party which is a Security Provider is less than US$1,000,000 $500,000 but the Agent in its reasonable discretion determines that there is are not sufficient business interruption insurance or other funds available to the Borrower a Transaction Party which is a Security Provider to ensure that the Borrower Transaction Party which is a Security Provider can pay or repay any part of the Secured Moneys due and payable by it, the Agent after 3 Business Days’ notice to the Borrower, may direct that Transaction Party with respect to a particular insurance claim, to irrevocably authorise, instruct and direct the insurer to pay the proceeds of that claim up to the amount of the Secured Moneys to the FinanciersFinancier. (2) If an Event of Default has occurred and is continuing, the proceeds in respect of any insurance policy of a Transaction Party which is a Security Provider must be used to repay the Secured Moneys outstanding at that time or for any other purpose which the Agent approves. (3) The proceeds in respect of any claim under an insurance policy in respect of lost, destroyed or damaged property of a Transaction Party which is a Security Provider that are not being applied in accordance with clauses 10.24(j)(19.23(k)(1) and 10.24(j)(29.23(k)(2), must be applied towards the replacement or reinstatement of that property. (4) Clauses 10.24(j)(19.23(k)(1), 10.24(j)(2)and (2) and (3) do not apply to proceeds received from any workers’ compensation or public liability policy to the extent that the proceeds are paid to a person entitled to be compensated under the workers’ compensation or public liability policy. (5) Any amount received by the Agent in accordance with clauses 10.24(j)(19.23(k)(1) or 10.24(j)(29.23(k)(2) may be applied by the Agent as a mandatory prepayment of the Principal Outstanding, and clause 3.4(d3.5(d) will apply to the prepayment.

Dealing with insurance policy proceeds. (1) If the claim by a Transaction Party is greater than US$1,000,000, or if the claim by a Transaction Party is less than US$1,000,000 but the Agent determines that there is not sufficient business interruption insurance or other funds available to the Borrower to ensure that the Borrower can pay or repay any part of the Secured Moneys due and payable by it, the Agent may direct that Transaction Party with respect to a particular insurance claim, to irrevocably authorise, instruct and direct the insurer to pay the proceeds of that claim up to the amount of the Secured Moneys to the FinanciersFinancier. (2) If an Event of Default has occurred and is continuing, the proceeds in respect of any insurance policy must be used to repay the Secured Moneys outstanding at that time or for any other purpose which the Agent approves. (3) The proceeds in respect of any claim under an insurance policy in respect of lost, destroyed or damaged property of a Transaction Party that are not being applied in accordance with clauses 10.24(j)(18.24(i)(1) and 10.24(j)(28.24(i)(2), must be applied towards the replacement or reinstatement of that property. (4) Clauses 10.24(j)(18.24(i)(1), 10.24(j)(2)and 8.24(i)(2)and (3) do not apply to proceeds received from any workers’ compensation or public liability policy to the extent that the proceeds are paid to a person entitled to be compensated under the workers’ compensation or public liability policy. (5) Any amount received by the Agent in accordance with clauses 10.24(j)(18.24(i)(1) or 10.24(j)(28.24(i)(2) may be applied by the Agent as a prepayment of the Principal Outstanding, and clause 3.4(dclauses 3.5(d) and 3.7(b) will apply to the prepayment.