Payment of Insurance Proceeds. (i) The Owners agree that any amounts which may become due under any protection and indemnity entry or insurance shall be paid to the Charterers to reimburse the Charterers for, and in discharge of, the loss, damage or expense in respect of which they shall have become due, unless, at the time the amount in question becomes due, a Termination Event shall have occurred and is continuing, in which event the Owners shall be entitled to receive the amounts in question and to apply them either:
(A) in reduction of the Termination Sum owed by the Charterers pursuant to paragraph (e) of Clause 52 (Termination Events); or
(B) at the option of the Owners, to the Charterers and/or other third parties in discharge of the liability in respect of which they were paid.
(ii) Without prejudice to the foregoing and subject to the terms of the Finance Documents (if any), all other claims in relation to the Insurances (other than in respect of a Total Loss), shall, unless and until the occurrence of a Termination Event which is continuing, in which event all claims under the relevant policy shall be payable directly to the Owners, be payable as follows:
(A) a claim in respect of any one casualty where the aggregate claim against all insurers does not exceed the Major Casualty Amount, prior to adjustment for any franchise or deductible under the terms of the relevant policy, shall be paid directly to the Charterers (as agent for the Owners) for the repair, salvage or other charges involved or as a reimbursement if the Charterers fully repaired the damage to the satisfaction of the Owners and paid all of the salvage or other charges; or
(B) a claim in respect of any one casualty where the aggregate claim against all insurers exceeds the Major Casualty Amount prior to adjustment for any franchise or deductible under the terms of the relevant policy shall, subject to the prior written consent of the Owners, be paid to the Charterers as and when the Vessel is restored to her former state and condition and the liability in respect of which the insurance loss is payable is discharged, and provided that the insurers may with such consent make payment on account of repairs in the course of being effected but, in the absence of such prior written consent shall be payable directly to the Owners.
Payment of Insurance Proceeds. The property damage proceeds under the builder’s risk policy shall be paid as follows with respect to any one occurrence:
(i) the first Five Million U.S. Dollars (U.S.$5,000,000) of amounts paid under the builder’s risk insurance policy for property damage shall be paid by the insurance carrier directly to Contractor, which shall be used by Contractor in connection with the repair, replacement or other necessary work in connection with the loss or damage to the Facility; and
(ii) any amounts in excess of Five Million U.S. Dollars (U.S.$5,000,000) for property damage shall (x) be paid by the insurance carrier directly to the Collateral Agent, and Owner shall pay such insurance proceeds to Contractor in accordance with Monthly Invoices submitted to Owner for the completion by Contractor of repairs, replacement and other necessary work in accordance with the restoration plan prepared by Contractor and approved by Owner, the Administrative Agent, and the Independent Engineer and (y), provided that the conditions set forth in clause (x) have been satisfied, be paid by Owner to Contractor in accordance with the following schedule: (a) for the first Five Million U.S. Dollars (U.S.$5,000,000) of builder’s risk proceeds received by the Collateral Agent, Owner shall have five (5) Business Days after the Collateral Agent’s receipt of such proceeds to pay Contractor; (b) for the Forty Million U.S. Dollars (U.S.$40,000,000) in builder’s risk proceeds received by the Collateral Agent in excess of the amounts referred to in clause (a) above, Owner shall have fifteen (15) Business Days after the Collateral Agent’s receipt of such proceeds to pay Contractor; and (c) and for any builder’s risk proceeds received by the Collateral Agent in excess of the amounts referred to in clause (b), Owner shall have thirty (30) Business Days after the Collateral Agent’s receipt of such proceeds to pay Contractor. Notwithstanding the foregoing, under no circumstances shall Owner be required to pay any builder’s risk insurance proceeds to Contractor if Owner or Lender elects not to repair or rebuild the Facility, except to the extent Contractor has incurred costs in excess of the Five Million U.S. Dollars (U.S.$5,000,000) of builder’s risk proceeds paid directly to Contractor for safety, protection and salvage. For the avoidance of doubt, if there is a delay in the approval of the restoration plan beyond the times specified in Section 1A.9(g)(ii)(y) (a), (b) or (c) through no fault of Cont...
Payment of Insurance Proceeds. The property damage proceeds under the builder’s risk policy shall be paid as follows with respect to any one occurrence:
Payment of Insurance Proceeds. All insurance money paid to Lessee on account of such damage or destruction under the policies of insurance provided for in Article 5, less the cost, if any, incurred in connection with the adjustment of the loss and the collection thereof (the “Insurance Proceeds”), shall be applied by Lessee to the payment of the cost of the Work to the extent such Insurance Proceeds shall be sufficient for the purpose. If the Insurance Proceeds received by Lessee shall not be sufficient to pay the entire cost of the Work or if Lessee finds that the Work is otherwise not economically justified, Lessee may elect not to repair and replace the Permitted Improvements, and to terminate this Lease pursuant to Section 13.1.
Payment of Insurance Proceeds. With respect to any loss to the Common Area covered by property insurance obtained by the Association in accordance with this Article, the loss shall be adjusted with the Association and the insurance proceeds shall be payable to the Association and not to any mortgagee. Subject to the provisions of Section 10.7 of this Article, the proceeds shall be disbursed for the repair or restoration of the damage to Common Area.
Payment of Insurance Proceeds. All insurance proceeds paid with respect to any damage or destruction of the Property shall be paid to Landlord. Subject to the provisions of paragraph 13 hereof and the terms and provisions of the Mortgage, Landlord agrees to pay over (or caused to be paid over) to Tenant, from time to time, for disbursement through a customary construction escrow with a national title insurance company reasonably acceptable to Landlord and upon submission to such title insurance company of documentation, including, without limitation, sworn statements and partial and final lien waivers, as such company deems necessary to issue its interim endorsements to Landlord's title policy, insuring against mechanic's lien claims arising from such repair and/or restoration, and upon the following terms, any moneys which may be received by Landlord from insurance provided by Tenant; but in no event to any extent or in any sum exceeding the amount actually collected by Landlord upon the loss; provided, however, that Landlord before paying such monies over to Tenant shall be entitled to reimburse itself therefrom to the extent, if any, of the necessary and proper expenses paid or incurred by Landlord in the collection of such moneys (such net amount being hereafter referred to as the "Insurance Proceeds"). Landlord shall pay to Tenant, as hereinafter provided, the aforesaid Insurance Proceeds, for the purpose of repairs or restoration to be made by Tenant to restore the Demised Premises to a value which shall be not less than its value prior to such fire or other casualty. Prior to the making of any repair Tenant shall furnish Landlord with an estimate of the cost of such repairs, prepared by a licensed architect, reasonably approved by Landlord, and such Insurance Proceeds shall be paid to the Tenant from time to time thereafter in installments as the making of such repairs or restorations progresses upon application to be submitted by Tenant to Landlord showing the cost of labor and material incorporated in such repairs or restorations, or incorporated therein since the last previous application, and paid for by Tenant. If any mechanic's lien is filed against the Demised Premises, Tenant shall not be entitled to receive any further installment until such lien is satisfied or otherwise discharged, unless such lien is to be satisfied out of such further installment and should not have been satisfied out of a previous installment. The amount of any installment to be paid to Tenant shall...
Payment of Insurance Proceeds. For any damage to the Premises caused by a peril covered by insurance required under this Lease to be carried and maintained by Tenant, the proceeds shall be paid directly to the Tenant for the purpose of making the necessary repairs to the Premises.
Payment of Insurance Proceeds. Every policy of the insurance described in Section 6.1 shall be issued to cover and insure all the several interests in the buildings, improvements, fixtures and rent required to be insured in Section 6.1 of the Lease, the Lessor and any Mortgagees under any mortgage of this Lease, as their respective interests are defined in this section below, and shall be made payable in case of loss or damage to the respective parties as their interests may appear. The respective interest of the Lessor, the Lessee and any Mortgagees in any proceeds of the insurance required in Section 6.1 above payable for insured loss or damage shall be fixed and determined as of the date of such loss or damage.
Payment of Insurance Proceeds. As between Lessor and Lessee, all insurance proceeds on account of such damage or destruction under the policies of insurance provided for in Section 5 or otherwise shall be paid to Lessee, unless such proceeds are specifically designated to compensate the City as an additional insured. If Lessee elects to restore or repair the Improvements and the insurance proceeds are not sufficient to pay the entire cost of the Work, Lessee shall solely be responsible for paying the amount of any such deficiency. Under no circumstances shall Lessor be obligated to make any payment, reimbursement, or contribution towards the cost of the Work.
Payment of Insurance Proceeds. (a) The loss under all policies required by any provision of this Lease insuring against damage to the Building by fire or other casualty shall be payable to Depository, except that amounts of Five Million and 00/100 Dollars ($5,000,000) or less shall be payable in trust directly to Tenant for application to the cost of Restoration in accordance with Article 8 hereof. Such amount shall be adjusted on the fifth (5th) anniversary of the Commencement Date and on each fifth (5th) anniversary of the date on which an adjustment is made pursuant to this Section 7.02(a) by adding to Five Million and 00/100 Dollars ($5,000,000) an amount equal to the product of (x) Five Million and 00/100 Dollars ($5,000,000) and (y) the percent of increase, if any, in the Consumer Price Index for the month in which the applicable anniversary date occurs over the Consumer Price Index for the month in which the Commencement Date occurs. Any dispute as to the calculation of such adjustment shall be determined by arbitration pursuant to Article 35. Rent Insurance shall be carried in favor of Landlord and Tenant (as their respective interests may appear), but the proceeds thereof to the extent required by Landlord pursuant to Section 7.01(a)(iv) shall be paid to Depository and shall be applied to the PILOT and Civic Facilities Payments and any other sums then owing as and when due and payable by Tenant under this Lease until completion of such Restoration by Tenant. All insurance required by any provision of this Lease shall be in such form and shall be issued by such responsible companies authorized to do business in the State of New York as are reasonably acceptable to Landlord. Any such insurance company rated by Best’s Insurance Reports (or any successor publication) as A-/IX or better shall be acceptable to Landlord. All policies referred to in this Lease shall be procured, or caused to be procured, by Tenant, at no expense to Landlord, and for periods of not less than one (1) year. Subject to Section 7.04 hereof, certificates of insurance with respect to such policies and, if requested by Landlord, copies of portions of such policies which Landlord, in its reasonable discretion, deems relevant, shall be delivered to Landlord promptly upon the procurement of such coverages, together with proof reasonably satisfactory to Landlord that the then current installment of the premiums thereon has been paid, provided that Landlord shall not, by custody of such certificates and/or policies...
