Partial Loss Proceeds Sample Clauses

Partial Loss Proceeds. 5.1. The Managing Agent agrees that all Insurance Proceeds recovered in relation to a Partial Loss (Partial Loss Proceeds) shall be deposited into a bank account designated by the Bank and notified to the Managing Agent. 5.2. The Managing Agent shall apply such proceeds towards the restoration or repair of the Asset within 3 months of the date of receipt of such proceeds. In the event that the proceeds are not sufficient to cover the cost of restoration or repair of the Asset, the Managing Agent shall cover shall shortfall. 5.3. The Managing Agent shall immediately following the end of such 3 month period, apply amounts, that are not applied towards the restoration or repair of the Musharaka Asset, towards purchasing the Bank's Musharaka Units on the next succeeding Musharaka Unit(s) Payment Date in accordance with the terms of the Purchase Undertaking. 5.4. Where the Bank is named on any insurance policy as an insured party, it shall not be responsible for any loss due to any failure to notify the insurers of any material fact relating to the risk assumed by the insurers or any other information.