Distribution of Insurance Proceeds Upon Termination Sample Clauses

Distribution of Insurance Proceeds Upon Termination. Whenever this Agreement is terminated following a Force Majeure Event and insurance proceeds are available in connection with the insurance policies to which the Concessionaire is entitled or should be entitled pursuant to this Agreement with respect to the Project, such proceeds shall, if not used to effect a restoration or to make repairs to the Project, be distributed first, (a) payment of dues, if any, to the Authority; and (b) for the payment towards indebtedness (actual or contingent) owing to the Lenders; (c) the residual amount, if any, to the Concessionaire.
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Distribution of Insurance Proceeds Upon Termination. 62 Section 11.5 Validity of the Insurance Cover 62 ARTICLE 12 REPRESENTATIONS AND WARRANTIES 63 Section 12.1 Mutual Representations and Warranties 63 Section 12.2 Further Representations and Warranties of Concessionaire 63 Section 12.3 Waiver of Sovereign Immunity 64 Section 12.4 Disclaimer 64 ARTICLE 13 LIABILITY AND INDEMNIFICATION 66 Section 13.1 Liability of Concessionaire 66 Section 13.2 Indemnification 66 Section 13.3 Indirect or Consequential Losses 68 Section 13.4 Business Risks 68 ARTICLE 14 FORCE MAJEURE 69 Section 14.1 Force Majeure Event 69 Section 14.1.2 Exceptions to Force Majeure 69 Section 14.2 Notice of Force Majeure Event 70 Section 14.3 Period of Force Majeure 70 Section 14.4 Performance Excused 70 Section 14.5 Resumption of Performance 71 Section 14.6 Costs, Revised Timetable 71 Section 14.7 Termination Due to Force Majeure Event 71 ARTICLE 15 EVENTS OF DEFAULT 71 Section 15.1 Events of Default 71 Section 15.2 Parties Rights 73 Section 15.3 Consultation Notice 73 Section 15.4 Remedial Process 74 Section 15.5 Obligations during Remedial Period 74 Section 15.6 Revocation of Consultation Notice 74 Section 15.7 Termination Due to Events of Default 74 ARFTICLE 16 TERMINATION AND EXPIRY OF AGREEMENT / CONCESSION 75 Section 16.1 Termination Procedure 75 Section 16.2 Obligations During Termination Period 75 Section 16.3 Condition Survey 75 Section 16.4 Consequences of Termination 75 Section 16.5 Vesting Certificate 78 Section 16.6 Compensation on Termination 78 Section 16.6.1 Termination Due to Force Majeure Event or an Event of Default 78 ARTICLE 17 DISPUTE RESOLUTION 80 Section 17.1 Amicable Settlement 80 ARTICLE 18 MISCELLANEOUS PROVISIONS 82 Section 18.1 Governing Law and Jurisdiction 82 Section 18.2 Waiver & Remedies 82 Section 18.3 Survival 82 Section 18.4 Entire Agreement and Amendments 83 Section 18.5 Mode of Delivery of Notices 83 Section 18.6 Severability 84 Section 18.7 No Partnership 84 Section 18.8 Language 84 Section 18.9 Exclusion of Implied Warranties etc 84 Section 18.10 Counterparts 84 Section 18.11 Further Assurances 84 Section 18.12 Regulatory Framework for Infrastructure Projects 85 Section 18.13 Rights of Parties during road widening 85 Section 18.14 Remedies Cumulative 85 Section 18.15 Intellectual Property Rights and Confidentiality 85 Section 18.16 Joint and Several Liability of Consortium/Selected Bidder 86 Section 18.17 No Liability for Review 86 Section 18.8 Depreciation 87 Section 18.19 Assignability 87 Section 18.2...
Sample 1

Related to Distribution of Insurance Proceeds Upon Termination

  • Application of Insurance Proceeds Grantor shall promptly notify Lender of any loss or damage to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

  • Recovery upon Termination H6.1 On the termination of the Contract for any reason, the Contractor shall at its cost:

  • Withdrawals upon Termination 31.4.1 Notwithstanding anything to the contrary contained in this Agreement, all amounts standing to the credit of the Escrow Account shall, upon Termination, be appropriated in the following order:

  • Application of Miscellaneous Proceeds upon Damage to Property If the Property is damaged, any Miscellaneous Proceeds will be applied to restoration or repair of the Property, if Lender deems the restoration or repair to be economically feasible and Lender’s security will not be lessened by such restoration or repair. During such repair and restoration period, Lender will have the right to hold such Miscellaneous Proceeds until Lender has had an opportunity to inspect the Property to ensure the work has been completed to Lender’s satisfaction (which may include satisfying Lender’s minimum eligibility requirements for persons repairing the Property, including, but not limited to, licensing, bond, and insurance requirements) provided that such inspection must be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or in a series of progress payments as the work is completed, depending on the size of the repair or restoration, the terms of the repair agreement, and whether Borrower is in Default on the Loan. Lender may make such disbursements directly to Borrower, to the person repairing or restoring the Property, or payable jointly to both. Unless Lender and Borrower agree in writing or Applicable Law requires interest to be paid on such Miscellaneous Proceeds, Lender will not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If Lender deems the restoration or repair not to be economically feasible or Lender’s security would be lessened by such restoration or repair, the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such Miscellaneous Proceeds will be applied in the order that Partial Payments are applied in Section 2(b).

  • Payments Upon Termination 4.1 The Customer shall pay the Company liquidated damages (total monthly fee as specified in the Sales and Services Agreement x remaining months in the Term) upon the occurrence of any of the following events before the expiry of the Term:

  • TERMINATION OF INSURANCE A. Your policy will lapse if you do not pay your premium when due.

  • Winding Up Affairs Upon Termination In the event that this Contract is terminated for any reason, the parties agree that the provisions of this paragraph survive termination:

  • Payment upon Termination In the event that the City or Consultant terminates this Agreement pursuant to Section 8, the City shall compensate the Consultant for all outstanding costs and reimbursable expenses incurred for work satisfactorily completed as of the date of written notice of termination. Consultant shall maintain adequate logs and timesheets in order to verify costs incurred to that date. The City shall have no obligation to compensate Consultant for work not verified by logs or timesheets.

  • Application of Miscellaneous Proceeds upon Condemnation, Destruction, or Loss in Value of the Property In the event of a total taking, destruction, or loss in value of the Property, all of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking, destruction, or loss in value of the Property (each, a “Partial Devaluation”) where the fair market value of the Property immediately before the Partial Devaluation is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the Partial Devaluation, a percentage of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument unless Borrower and Lender otherwise agree in writing. The amount of the Miscellaneous Proceeds that will be so applied is determined by multiplying the total amount of the Miscellaneous Proceeds by a percentage calculated by taking (i) the total amount of the sums secured immediately before the Partial Devaluation, and dividing it by (ii) the fair market value of the Property immediately before the Partial Devaluation. Any balance of the Miscellaneous Proceeds will be paid to Borrower. In the event of a Partial Devaluation where the fair market value of the Property immediately before the Partial Devaluation is less than the amount of the sums secured immediately before the Partial Devaluation, all of the Miscellaneous Proceeds will be applied to the sums secured by this Security Instrument, whether or not the sums are then due, unless Borrower and Lender otherwise agree in writing.

  • Liability Upon Termination Termination of this Agreement, or any part hereof, for any cause shall not release either Party from any liability which at the time of termination had already accrued to the other Party or which thereafter accrues in any respect to any act or omission occurring prior to the termination or from an obligation which is expressly stated in this Agreement to survive termination.

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