Proceeds of Insurance. Without limiting Licensee’s obligations under Article 14 with respect to Casualty Repair Work, the proceeds paid under any insurance policies required by Subsection 11.1.1 and Subsection 11.1.3 and Subsection 11.1.4 shall be payable to:
(a) In the case of policies required by Subsection 11.1.3, Licensor directly, in the case of any particular insured Casualty resulting in damage to the Improvements involving a reasonably estimated cost of repair equal to or less than One Million Dollars ($1,000,000), which Insurance Proceeds shall be received by Licensor in trust for the purpose of paying the cost of restoration as required by Section 14.2;
(b) In the case of policies required by Subsections 11.1.3 and 11.1.4, the Stadium Fund Custodian for deposit into the Insurance Fund in the case of any particular insured Casualty resulting in damage involving a reasonably estimated cost of repair in excess of One Million Dollars ($1,000,000), which Insurance Proceeds are to be held and disbursed pursuant to, and under the conditions set forth, in Section 14.2;
(c) In the case of policies required by Section 11.1.1, Licensee directly; or
(d) With respect to Insurance Proceeds payable after any termination of this Agreement, to Licensor; provided, however, if this Agreement is terminated in accordance with Article 14 hereof, then the Insurance Proceeds shall be paid and distributed in accordance with Section 14.3.2 hereof. In each of the circumstances described in the preceding subparagraph (b) or (d) of this Section 11.7, (i) the Insurance Account shall be established and maintained for the sole purpose of serving as a segregated fund for the Insurance Proceeds (the “Insurance Fund”) and (ii) the Insurance Proceeds deposited into the Insurance Fund under this Agreement shall be held and disbursed, all in accordance with this Article 11 and Article 14. All funds in the Insurance Fund shall be held in escrow by the Stadium Fund Custodian for application in accordance with the terms of this Agreement, and the Stadium Fund Custodian shall account to Licensor and Licensee for the same on a monthly basis. The funds in the Insurance Fund shall be invested only in Permitted Investments as directed by Xxxxxxxx and all earnings and interest thereon shall accrue to the Insurance Fund and shall be available as part of the Insurance Fund. Neither Licensor nor Licensee shall create, incur, assume or permit to exist any Lien on the Insurance Fund or any proceeds thereof.
Proceeds of Insurance. If the Leased Premises are damaged or destroyed and the Lease is terminated under this clause 16, the Lessee will have no interest in the insurance proceeds other than those proceeds that relate to the Lessee’s Building and Fixtures and contents.
Proceeds of Insurance. In the event of a termination of this Lease as described above, all proceeds of insurance policies, except for those amounts pertaining to the Tenant’s property, and to the extent that the Tenant is not indebted to the Landlord under this Lease, shall be and remain the sole property of the Landlord.
Proceeds of Insurance. Mortgagor will promptly give Mortgagee notice of damage or destruction to the Premises, and: In case of loss to the Premises covered by a policy of insurance (“Insured Casualty”), Mortgagee, or the purchaser at a foreclosure sale, without the consent of Mortgagor, may settle and adjust any claim with the insurance company or companies on the amount to be paid upon the loss; provided however, if (i) there are no existing Events of Default (as hereafter defined) and (ii) the Insured Casualty is not a Material Casualty Event, Mortgagor may itself adjust losses subject to the consent of Mortgagee. Subject to the Loan Agreement, Mortgagee is hereby authorized to collect and receive any such insurance proceeds. Mortgagor shall turn over to Mortgagee any insurance proceeds of (i) an Insured Casualty (other than a Material Casualty Event) which proceeds, individually or in the aggregate, exceed $1,500,000, or (ii) a Material Casualty Event, in each case substantially simultaneously with (and in any event not later than the third Business Day next following) receipt thereof by Mortgagor. Expenses incurred by Mortgagee in adjustment and collection of insurance proceeds shall be additional Indebtedness Hereby Secured, and shall be reimbursed to Mortgagee upon demand. Mortgagor hereby grants to Mortgagee for the ratable benefit of the Secured Parties a security interest in all such insurance proceeds. Mortgagee, in its sole discretion, may, subject to Section 6 and the provisions of the Loan Agreement, (i) apply the proceeds of insurance consequent upon any Insured Casualty to the Indebtedness Hereby Secured in such order or manner as Mortgagee may elect or (ii) unless the Insured Casualty is the result of a Material Casualty Event, make the proceeds available to Mortgagor for the restoration, repairing, replacing or rebuilding of the Premises. In the event proceeds of insurance of an Insured Casualty shall be made available to Mortgagor, pursuant to Section 6(a) or Section 6(b), for the restoring, repairing, replacing or rebuilding of the Premises, Mortgagor covenants to restore, repair, replace or rebuild the same to be of substantially the same character as prior to such damage or destruction; all to be effected in accordance with plans and specifications to be first submitted to and approved by Mortgagee, which approval may be given or withheld in its reasonable discretion. Mortgagor shall pay all costs of such restoring, repairing, replacing or rebuilding in exce...
Proceeds of Insurance. Casualty Proceeds shall be payable in accordance with the provisions of Article XVIII.
Proceeds of Insurance. (a) So long as no Event of Default --------------------- has occurred and is continuing, all proceeds of insurance required hereby which are received by the Collateral Agent or the Company as the result of the occurrence of an Event of Loss with respect to any Collateral shall be immediately paid over to or retained by the Company, provided that the Company has fully complied with the terms of Section 4.04 and has made all payments then due and required to be made by the Company under the Indenture, and otherwise shall be paid over to or retained by the Collateral Agent to be held as Temporary Cash Collateral or if the Company so notifies the Collateral Agent at any time, Cash Collateral hereunder.
(b) So long as no Event of Default has occurred and is continuing, all proceeds of insurance required hereby which are received by the Collateral Agent or the Company as the result of any property damage or loss to any Collateral not constituting an Event of Loss will be immediately applied in payment for repair (whether such payment be for repair or partial repair already made or for advance payments or deposits requested by the person making such repair) or replacement in accordance with the terms of Section 4.03, if not already paid for by the Company, or, if already paid for by the Company, will be immediately applied to reimburse the Company for such payment, and any balance remaining after such application or payment shall be immediately paid over to or retained by the Company.
(c) All proceeds of insurance required hereby which are received by the Collateral Agent or the Company as a result of any property damage or loss to Spare Parts or other Property not constituting Pledged Spare Parts or other Collateral shall be immediately paid over to or retained by the Company.
(d) All proceeds of insurance received by the Collateral Agent hereunder and not then required to be paid over to the Company shall be held by the Collateral Agent as Temporary Cash Collateral or, if the Company so notifies the Collateral Agent at any time, Cash Collateral hereunder.
Proceeds of Insurance. Landlord shall make all reasonable attempts to utilize the proceeds of insurance as well as to exercise any and all reasonable recourses available to Landlord against any contractor, builder, supplier or any third party in order to reduce Tenant’s liability for repairs, maintenance, replacements, modernization and Improvements, provided however, that Tenant shall notwithstanding any such proceedings advance the amounts required to be paid by Tenant hereunder and to receive its Proportion of am reimbursement so obtained by Landlord, and provided further that Tenant shall advance its proportionate share being the Proportion utilized in Article 2.1(10) of costs and expenses of any legal action as Landlord may institute against any such party. Landlord shall have no obligation to litigate any such claim and may settle, compromise, consent to, waive or otherwise determine in its discretion any claim without notice to, consent or approval of Tenant.
Proceeds of Insurance. The entire proceeds of any property or casualty insurance or third-party payments for damages or a Casualty Occurrence with respect to any Unit (including any Association of American Railroads interline settlements) received by the Trustee or the Lender shall be promptly paid over to, and retained by, the Borrower; provided, however, any such amount which is payable to the Borrower shall not be paid to the Borrower, or if it has been previously paid directly to the Borrower shall not be retained by the Borrower, if at the time of such payment an Event of Default shall have occurred and be continuing, but shall be paid to and held by the Lender as security for the obligations of the Borrower under this Agreement.
Proceeds of Insurance. All proceeds of any insurance required hereunder shall be applied in accordance with the terms of the Security Documents.
Proceeds of Insurance. Eclipx is entitled to all amounts payable under any policy of insurance relating to the Goods or by any other person and if the Customer receives any such amounts it must immediately pay them to Eclipx.
