Common use of Disbursements of Excess Proceeds Clause in Contracts

Disbursements of Excess Proceeds. If the Insurance Proceeds (and other funds, if any) deposited in the Insurance Fund exceed the entire cost of the Casualty Repair Work, the Parties agree to deposit the amount of any such excess proceeds into the Capital Projects Fund and thereupon such proceeds shall constitute part of the Capital Projects Fund, but only after the Fair Board has been furnished with reasonably satisfactory evidence that all Casualty Repair Work has been completed and paid for and that no Liens exist or may arise in connection with the Casualty Repair Work.

Disbursements of Excess Proceeds. If the Insurance Proceeds (and other funds, if any) deposited in the Insurance Fund exceed the entire cost of the Casualty Repair Work, the Parties agree to deposit the amount of any such excess proceeds into the Capital Projects Repairs Reserve Fund and thereupon such proceeds shall constitute part of the Capital Projects Repairs Reserve Fund, but only after the Fair Board Authority has been furnished with reasonably satisfactory evidence that all Casualty Repair Work has been completed and paid for and that no Liens liens exist or may arise in connection with the Casualty Repair Work.