Common use of Dealing with insurance policy proceeds Clause in Contracts

Dealing with insurance policy proceeds. (1) If a claim with respect to Secured Property is greater than US$500,000, or if a claim with respect to Secured Property is less than US$500,000 but the Agent determines that there are not sufficient 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 insurance claim, to irrevocably authorise, instruct and direct the insurer to pay the proceeds of that claim to up to the amount of the Secured Moneys to the Financier. (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 16.24(k)(1) and 16.24(k)(2), must be applied towards the reinstatement of that property. (4) Clauses 16.24(k)(1), (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 16.24(k)(1) or 16.24(k)(2) may be applied by the Agent as a mandatory prepayment of the Principal Outstanding, and clause 10.5 will apply to the prepayment.

Dealing with insurance policy proceeds. In respect of an insurance taken out by the Borrower (1) If if a claim with respect to Secured Property property is greater than US$$500,000, or if a claim with respect to Secured Property property is less than US$$500,000 but the Agent determines that there are not sufficient 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 insurance claim, to irrevocably authoriseauthorize, instruct and direct the insurer to pay the proceeds of that claim to up to the amount of the Secured Moneys to the Financier.; (2) If 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 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 16.24(k)(19.25(k)(1) and 16.24(k)(2)9.25(k)(2) and, must shall be applied towards the reinstatement repair, replacement and reconstruction of that property.; (4) Clauses 16.24(k)(1clauses 9.25(k)(1), (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.; and (5) Any any amount received by the Agent in accordance with clauses 16.24(k)(19.25(k)(1) or 16.24(k)(2) may 9.25(k)(2)may be applied by the Agent as a mandatory prepayment of the Principal Outstanding, and clause 10.5 3.6 will apply to the prepayment.

Dealing with insurance policy proceeds. (1) If a claim with respect to Secured Property is greater than US$500,000, or if a claim with respect to Secured Property is less than US$500,000 but the Agent determines that there are not sufficient 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 insurance claim, to irrevocably authorise, instruct and direct the insurer to pay the proceeds of that claim to up to the amount of the Secured Moneys to the Financier. (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 16.24(k)(19.24(k)(1) and 16.24(k)(29.24(k)(2), must be applied towards the reinstatement of that property. (4) Clauses 16.24(k)(19.24(k)(1), (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 16.24(k)(19.24(k)(1) or 16.24(k)(29.24(k)(2) may be applied by the Agent as a mandatory prepayment of the Principal Outstanding, and clause 10.5 3.5 will apply to the prepayment.

Dealing with insurance policy proceeds. (1) If a claim with respect to Secured Property property is greater than US$$500,000, or if a claim with respect to Secured Property property is less than US$$500,000 but the Agent determines that there are not sufficient funds available to the Borrower Transaction Party to ensure that the Borrower Transaction Party can pay or repay any part of the Secured Moneys due and payable by it, the Agent may direct that insurance claim, to irrevocably authoriseauthorize, instruct and direct the insurer to pay the proceeds of that claim to up to the amount of the Secured Moneys to the Financier. (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 16.24(k)(19.25(k)(1) and 16.24(k)(29.25(k)(2), must be applied towards the reinstatement of that property. (4) Clauses 16.24(k)(19.25(k)(1), (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 16.24(k)(19.25(k)(1) or 16.24(k)(29.25(k)(2) may be applied by the Agent as a mandatory prepayment of the Principal Outstanding, and clause 10.5 3.6 will apply to the prepayment.