Common use of Loss, damage, etc of Assets Clause in Contracts

Loss, damage, etc of Assets. If any of the Assets are lost, damaged or destroyed, the Funding Recipient agrees to ensure that the Asset is promptly reinstated, including from the proceeds of the insurance, and this clause 5.4 continues to apply to the reinstated Assets. The proportion of any surplus from the proceeds of the insurance that the Funding Recipient receives, which reflects the proportion of cost of the Asset that was funded from the Project Funds, must be notified in writing to GBRF, and forms part of the Project Funds and must be used for the Project.

Loss, damage, etc of Assets. SAMPLE If any of the Assets are lost, damaged or destroyed, the Funding Recipient agrees to ensure that the Asset is promptly reinstated, including from the proceeds of the insurance, and this clause 5.4 continues to apply to the reinstated Assets. The proportion of any surplus from the proceeds of the insurance that the Funding Recipient receives, which reflects the proportion of cost of the Asset that was funded from the Project Funds, must be notified in writing to GBRF, and forms part of the Project Funds and must be used for the Project.