Common use of Distribution of Insurance Proceeds Upon Termination Clause in Contracts

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.

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 Authorisee 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 AuthorityGrantor; and (b) for the payment towards indebtedness (actual or contingent) owing to the Lenders; (c) the residual amount, if any, to the ConcessionaireAuthorisee.

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 Licensee 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 ConcessionaireLicensee.

Distribution of Insurance Proceeds Upon Termination. Whenever this Agreement is terminated following a Force Majeure Event 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 first to clearing any outstanding dues whatsoever of dues, if any, the Concessionaire to the Concessioning Authority; and (b) for , then to the payment towards indebtedness (actual or contingent) owing to the Lenders; (c) the residual amount, if any, Lenders and lastly to the Concessionaire.

Distribution of Insurance Proceeds Upon Termination. Whenever this Concession Agreement is terminated following a Force Majeure Event event and insurance proceeds are available in connection with the insurance policies Insurance Policies to which the Concessionaire is entitled or should be entitled pursuant to this Concession Agreement with respect to the Project, such proceeds shall, if not used to effect a restoration or to make repairs to the Project, shall be distributed first, (a) payment first to clearing any outstanding dues whatsoever of dues, if any, the Concessionaire to the Authority; and (b) for ADA, then to the payment towards indebtedness (actual or contingent) owing to the Lenders; (c) the residual amount, if any, Lenders and lastly to the Concessionaire.