Proceeds/Awards Clause Samples

Proceeds/Awards. Upon the occurrence of an Event of Loss, Sun-Ex shall proceed promptly to establish and collect all valid claims which may have arisen against insurers or others based upon such Event of Loss. Insurance Proceeds or other awards recovered by reason of an Event of Loss shall be placed in reserve and used solely to (i) repair, restore or replace the Project unless Section 29.3 applies, (ii) pay any unpaid portion of the Solar Cell Owner Rentals then due and owing or (iii) as otherwise provided in this Section.