Mandatory prepayment - Insurance Proceeds Clause Samples
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Mandatory prepayment - Insurance Proceeds. (a) If the total Net Proceeds from any insurance claim due to the loss of or damage to assets (excluding in respect of interruption of business, loss of profit or similar) made after the date of this Agreement exceeds L750,000, the Company must apply (or procure that there is applied) an amount equal to those Net Proceeds towards prepaying the Credits in accordance with Clause 11.10 (Order of application of prepayments) unless and to the extent that those proceeds have been applied or contractually committed with third party contractors for application in replacement or reinstatement of damaged assets within 9 months of receipt of such proceeds.
(b) Any prepayment under this Subclause must be made on or before the last day of the Interest Period or Term (as applicable) of the Credit to be prepaid in which receipt of the relevant insurance proceeds occurred.
Mandatory prepayment - Insurance Proceeds. (a) In this Clause 9.5:
Mandatory prepayment - Insurance Proceeds. (a) The Company shall ensure that an amount equal to all Insurance Proceeds is applied in accordance with Clause 11.8 (Application of Insurance Proceeds prepayment) below.
(b) Paragraph (a) above does not apply to any Insurance Proceeds to the extent that:
(i) such Insurance Proceeds are intended to be applied within 24 months of receipt to replace, repair or reinstate the asset(s) to which those Insurance Proceeds relate, provided that a document, setting out in reasonable detail any planned replacement, repair or reinstatement is provided to the Agent within 12 Months of receipt of such Insurance Proceeds; and
(ii) such Insurance Proceeds do not exceed €1,000,000 (or its equivalent in another currency or currencies) in respect of any single claim or, when aggregated with any other Insurance Proceeds received since the date of this Agreement, exceed €3,000,000 (or its equivalent in another currency or currencies).
Mandatory prepayment - Insurance Proceeds. The Borrower shall prepay the outstanding Loans in accordance with Clause 21.7 (Insurance Proceeds Account).
Mandatory prepayment - Insurance Proceeds. (a) Each Obligor shall ensure that the Borrower prepays the Loan in an amount equal to all Insurance Proceeds as soon as practicable, and in any event within five (5) Business Days, after receipt of such Insurance Proceeds.
(b) Paragraph (a) above does not apply to any Insurance Proceeds to the extent that such Insurance Proceeds are applied, committed to be applied or designated by the management of the Borrower for application by the Borrower in reinstatement of the relevant asset or the purchase of replacement assets within thirty (30) Business Days of receipt and if committed or designated to be so applied within such period actually applied within six (6) Months thereafter.
Mandatory prepayment - Insurance Proceeds. (a) The Parent shall ensure that an amount equal to all Insurance Proceeds is applied in accordance with Clause 11.8 (Application of Insurance Proceeds prepayment) below.
(b) Paragraph (a) above does not apply to any Insurance Proceeds to the extent that:
(i) such Insurance Proceeds are applied within 12 Months of receipt (or if a contractual commitment is entered into within 12 Months of receipt to apply the proceeds in the manner provided above, such proceeds are actually applied within 18 Months of receipt)) to replace, repair or reinstate the asset(s) to which those Insurance Proceeds relate, provided that a document, setting out in reasonable detail any planned replacement, repair or reinstatement is provided to the Agent within 12 Months of receipt of such Insurance Proceeds; or
(ii) such Insurance Proceeds do not exceed €1,000,000 (or its equivalent in another currency or currencies) in respect of any single claim or, when aggregated with any other Insurance Proceeds received in any Financial Year of the Parent, exceed €3,000,000 (or its equivalent in another currency or currencies).
Mandatory prepayment - Insurance Proceeds. If –
8.4.1 any assets of the Borrower are damaged, lost or destroyed; and
8.4.2 the Borrower recovers any proceeds of Insurance in excess of ZAR25,000,000 on account of such assets from any insurer, other than any amounts recovered as a result of business interruption and/or third-party claims ("Insurance Proceeds"),
Mandatory prepayment - Insurance Proceeds. (a) The Borrowers shall apply all Total Loss Insurance Proceeds (other than Excluded Insurance Proceeds) in prepayment of the outstanding Loans within five (5) Business Days of these proceeds ceasing to be Excluded Insurance Proceeds or at any earlier time when the Company determines that such proceeds are not Excluded Insurance Proceeds.
(b) In this clause 7.8:
Mandatory prepayment - Insurance Proceeds. (a) If the total Net Proceeds from any insurance claim due to the loss of or damage to assets (excluding in respect of interruption of business, loss of profit or similar) made after the date of this Agreement exceeds £750,000, the Company must apply (or procure that there is applied) an amount equal to those Net Proceeds towards prepaying the Credits in accordance with Clause 11.10 (Order of application of prepayments) unless and to the extent that those proceeds have been applied or contractually committed with third party contractors for application in replacement or reinstatement of damaged assets within 9 months of receipt of such proceeds.
(b) Any prepayment under this Subclause must be made on or before the last day of the Interest Period or Term (as applicable) of the Credit to be prepaid in which receipt of the relevant insurance proceeds occurred.