Common use of Loss Adjustment and Settlement Clause in Contracts

Loss Adjustment and Settlement. A loss under any insurance required to be carried under Sections 3.5(a)(6), (7) and (8), shall be adjusted with the insurance companies, including the filing in a timely manner of appropriate proceedings, by the Construction Agent, subject to the approval of the Lessor and the Agent if such loss is in excess of $1,000,000. In addition the Construction Agent may in its reasonable judgment consent to the settlement of any loss, provided that in the event that the amount of the loss exceeds $1,000,000 the terms of such settlement is concurred with by the Lessor and the Agent.

Loss Adjustment and Settlement. A loss under any insurance required to be carried under Sections 3.5(a)(6), (7) Part B and (8)Part C, shall be adjusted with the insurance companies, including the filing in a timely manner of appropriate proceedings, by the Construction Agent, subject to the approval of the Lessor and the Agent if such loss is in excess of $1,000,0005,000,000. In addition the Construction Agent may in its reasonable judgment consent to the settlement of any loss, provided that in the event that the amount of the loss exceeds $1,000,000 5,000,000 the terms of such settlement is concurred with by the Lessor and the Administrative Agent.. •

Loss Adjustment and Settlement. A loss under any insurance required to be carried under Sections 3.5(a)(6), (7A)(7) and (8), shall be adjusted with the insurance companies, including the filing in a timely manner of appropriate proceedings, by the Construction Agent, subject to the approval of the Lessor and the Agent if such loss is in excess of $1,000,0005,000,000. In addition the Construction Agent may in its reasonable judgment consent to the settlement of any loss, provided that in the event that the amount of the loss exceeds $1,000,000 5,000,000 the terms of such settlement is concurred with by the Lessor and the Agent.