Distribution of Insurance Proceeds. If the Parties reasonably determine that the estimated cost or cost and time to repair or replace ON Line (or any portion thereof) following an Event of Loss will not exceed any applicable Loss Threshold, or if the Parties reasonably determine that the estimated cost or cost and time to repair or replace ON Line (or the applicable portion thereof) following an Event of Loss will exceed an applicable Loss Threshold but the Parties agree to repair or replace ON Line (or the applicable portion thereof), then any Insurance Proceeds received by a Party in respect of such Event of Loss with respect to ON Line, to the extent there are any, shall be used to repair or replace ON Line (or the applicable portion thereof); provided that in the event the Insurance Proceeds exceed the actual repair and replacement costs (the “Excess Insurance Proceeds”), such Excess Insurance Proceeds shall be distributed to the NVE Parties. If (a) the Parties initiate the Wind-Up Events under Section 13.02 or (b) one Party purchases the Ownership Interests of any other Party under Section 13.05(a), any Insurance Proceeds shall be distributed to each Party in proportion to the aggregate percentage of Total Costs paid by such Party as of the time such Insurance Proceeds are received (prior to giving effect to any Transfer contemplated by Section 13.05(a)) to the extent (if applicable) any such Insurance Proceeds are not needed to pay any costs incurred in connection with the retirement of ON Line. If any Insurance Proceeds related to ON Line are received by a Party after termination of this Agreement, then any such Insurance Proceeds shall be promptly paid to the other Parties to the extent contemplated by this Section 13.03; provided, however, that (a) if this Agreement is terminated following consummation of a transaction whereby the NVE Parties have purchased Great Basin’s Ownership Interests for a price determined in accordance with Section 16.02(d) or Schedule 5, Great Basin shall promptly pay any Insurance Proceeds it receives following such termination to the NVE Parties, and (b) if this Agreement is terminated following consummation of any other transaction involving the purchase by Great Basin of all of the NVE Parties’ Ownership Interests or the purchase by one or both of the NVE Parties of all of Great Basin’s Ownership Interests, and the Insurance Proceeds in question are reflected in the purchase price, then the selling Party or Parties shall promptly pay any such Insurance ...
Distribution of Insurance Proceeds. (a) All Casualty Proceeds paid to Landlord or the Fee Mortgagee on account of such damage or destruction under the policies of insurance provided for in Article 7, less the cost, if any, incurred in connection with the adjustment of the loss and the collection thereof, shall be paid by Landlord (if no Material Monetary Default then exists hereunder which is continuing), either to reimburse Tenant for expenditures made in connection with the Restoration or to pay contractors, subcontractors, materialmen, engineers, architects or other persons who have rendered services or furnished materials for such Restoration, and shall be paid out as hereinafter provided from time to time as such Restoration progresses, upon the written request of Tenant which shall be accompanied by the following:
(i) A certificate of the Construction Manager and also signed by Tenant dated not more than thirty (30) days prior to such request, setting forth in substance: (A) that the sum then requested to be withdrawn either has been paid by Tenant, or is justly due to contractors, subcontractors, materialmen, engineers, architects or other persons (whose names and addresses shall be stated) who have rendered or furnished materials in connection with the Restoration, and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of such persons in respect thereof, and (B) that in the opinion of the persons signing such certificate, the balance of the Casualty Proceeds remaining on deposit with Landlord after withdrawal of the sum then requested to be withdrawn will be sufficient to pay in full for the completion of the Restoration; and
(ii) An affidavit sworn to by an executive officer of Tenant not more than thirty (30) days prior to such request setting forth in substance: (A) that all materials and all property constituting the Restoration described in such certificate and every part thereof, are free and clear of all Encumbrances, as hereinafter defined, except those created by Landlord and undetermined or inchoate liens or charges for indebtedness incidental to the Restoration and which have not at the time been filed pursuant to law, and except Encumbrances, if any, securing indebtedness due to persons (whose names and addresses and the several amounts due them shall be stated) specified in such certificate pursuant to the foregoing subparagraph (i), which Encumbrances will be disch...
Distribution of Insurance Proceeds. If this Lease is terminated pursuant to this Article 10, the insurance proceeds received as the result of such Casualty shall be distributed as follows: (a) if any Leasehold Mortgages are in place, first to the Leasehold Mortgagee to the extent of any indebtedness then owed to such Leasehold Mortgagees; and (b) then to Tenant or Condominium Association.
Distribution of Insurance Proceeds. Unless otherwise agreed to by the parties, the proceeds of any insurance to be maintained by the CRCA under this License which are received by the County and/or the CRCA as a result of the damage or destruction of the Facility, or a portion thereof, shall be applied to the costs of repairing, replacing, or reconstructing the Facility.
Distribution of Insurance Proceeds. Notwithstanding anything contained within this Lease, the proceeds of any insurance received by the City and the Society as a result of the damage or destruction of the Development, or a portion thereof, shall be dealt with as follows:
(a) subject to the provisions of Section 13.1 of this Lease, applied to the costs of repairing, replacing, or reconstructing the Development; and
(b) in the event of a termination pursuant to Section 13.1 of this Lease, the proceeds shall be applied in the following order:
(i) the payment in full of any and all costs incurred in relation to the demolition of the Development and restoration of the Leased Premises to a condition substantially similar to that which existed prior to the construction of the Development; and
(ii) any remaining portion of the insurance proceeds shall be paid to the Society.
Distribution of Insurance Proceeds. Notwithstanding anything contained within this Sublease, the proceeds of any insurance received by the HRRA and the Tenant as a result of the damage or destruction of the Project, or a portion thereof, shall be dealt with as follows:
(a) subject to the provisions of Section 11.1 of this Sublease, applied to the costs of repairing, replacing, or reconstructing the Project; and
(b) in the event of a termination pursuant to Section 11.1 of this Sublease, the proceeds shall be applied in the following order:
(i) the payment in full of any and all costs incurred in relation to the demolition of the Project and restoration of the Subleased Premises to a condition substantially similar to that which existed prior to the construction of the Project; and
(ii) any remaining portion of the insurance proceeds shall be distributed to the Tenant and the HRRA as their respective interests may appear.
Distribution of Insurance Proceeds. In the event insurance proceeds hereafter are realized on the Vessel or related facilities, then the proceeds thereof shall be distributed to the Preferred Mortgagee except that any and all insurance proceeds attributable to the Collateral shall be distributed to the Lender to the extent of the Obligations under the Loan Agreement.
Distribution of Insurance Proceeds. Promptly upon receipt of any insurance proceeds (“Doswell Insurance Proceeds”) received by Acquiror or the Surviving Corporation arising from or in connection with the claims made or to be made by the Company to Liberty Mutual Insurance Company or its Affiliates in connection with the destruction of the Company’s Doswell, Virginia facility, Acquiror shall, or shall cause the Surviving Corporation, to pay to the Paying Agent the amount of any such Doswell Insurance Proceeds. Promptly following receipt by the Paying Agent of any Doswell Insurance Proceeds, the Paying Agent shall pay to each Pre-Closing Shareholder an amount equal to (x) the amount of such Doswell Insurance Proceeds, multiplied by (y) such Pre-Closing Shareholder’s Pro-Rata Share.
Distribution of Insurance Proceeds. In the event of a Casualty and subsequent termination of this Lease pursuant to Section 11.1 hereof, the insurance proceeds received as the result of such Casualty shall be assigned or paid over to Landlord and/or Tenant in accordance with the provisions of Section 10.4 herein.
Distribution of Insurance Proceeds. In the event of any casualty from which the insurance proceeds exceed $35,000, the Mortgagor will give prompt notice to Mortgagee, and will commence proof of loss with the casualty insurer. Mortgagee reserves the right to direct and approve all proof of loss and claims procedures for claims reasonably determined by Mortgagee to exceed $500,000. If proof of loss is not made promptly by the Mortgagor, Mortgagee is authorized by the Mortgagor to do so. Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Mortgagee and not to the Mortgagor and Mortgagee jointly. The term “Net Proceeds” for purposes of this Section 1.7 shall mean: the net amount of all insurance proceeds under the policies carried pursuant to Section 1.6 of this Mortgage as a result of such damage or destruction, after deduction of Mortgagee’s reasonable costs and expenses (including, but not limited to reasonable counsel fees), if any, in collecting the same.
