Insurance Proceeds for Loss. In the event the Grantor or any of its Affiliates receives insurance proceeds for loss of Minerals from the Property or in connection with business interruption relating to operations pertaining to the Property, the Grantor shall pay to the Grantee the relevant Royalty percentage of any such insurance proceeds, which are received by the Grantor or any of its Affiliates for such loss of production. The Grantor shall pay such amount in cash within ten (10) days of the Grantor receiving such insurance proceeds in cash by wire transfer to an account to be designated by the Grantee and notified to the Grantor in writing at least three (3) Business Days prior to the payment date. The gross proceeds received by Grantor on account of: (a) the lost or damaged Minerals; or (b) loss relating to business interruption, shall be conclusively determined by the final, uncontested insurance settlement documents.
Insurance Proceeds for Loss. In the event the Owner or any of its Affiliates receives insurance proceeds for Loss of Products from the Property or in connection with business interruption relating to operations pertaining to the Property, the Owner shall pay to the Holder the Relevant Percentage of any such insurance proceeds, which are received by the Owner or any of its Affiliates for such loss of production. The Owner shall pay such amount in cash within ten (10) days of the Owner receiving such insurance proceeds in cash by wire transfer to an account to be designated by the Holder and notified to the Owner in writing at least three (3) Business Days prior to the payment date. The gross proceeds received by Owner on account of (a) the lost or damaged Products, or (b) loss relating to business interruption, shall be conclusively determined by the final, uncontested insurance settlement documents.
