Common use of Proceeds of Insurance Clause in Contracts

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. (a) So long Payments under all policies required hereby in respect of loss or damage to the Vessel, which payments are in excess of $5,000,000 or which are made as the result of an event constituting an Event of Loss, shall be made to the Indenture Trustee, the Owner Trustee or to whomever shall then be entitled thereto, and all other payments thereunder shall be made to the Charterer provided that no Indenture Event of Default --------------------- has or Event of Default shall have occurred and be continuing. As among the Participants, CNB, the Owner Trustee, the Indenture Trustee, the Guarantor and the Charterer it is continuingagreed that during such period as the Indenture shall be in effect, all proceeds of insurance required hereby which are maintained pursuant to this Section 10 shall be paid and applied as set forth in the Indenture and thereafter (i) proceeds of insurance maintained under this Section 10 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 applied as set forth in Section 4.04 and has made all payments then due and required to be made by the Company under the Indenture11, and otherwise shall be paid over to or retained by (ii) 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 any such insurance required hereby which are received by for damage to the Collateral Agent or the Company as the result of any property damage or loss to any Collateral Vessel not constituting an Event of Loss will shall be immediately applied in payment for the repair (whether of such payment be for repair or partial repair already made or for advance payments or deposits requested by damage to the person making such repair) or replacement extent required to maintain the Vessel in accordance with the terms of Section 4.035, if such repair shall not have already been paid for by the CompanyCharterer, or, if already paid for by the CompanyCharterer, will be immediately applied to reimburse the Company Charterer for its payment of such payment, repair and any balance remaining after such application or payment compliance with said Section 5 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, or retained by, the Charterer. Any amount referred to in the preceding sentence that is payable to the Company Charterer or the Owner Trustee shall not be paid to the Charterer or the Owner Trustee if at the time of such payment an Indenture Event of Default or an Event of Default shall have occurred and be continuing, but shall be paid to and held by the Collateral Agent Indenture Trustee as Temporary Cash Collateral orsecurity for the obligations of the Charterer under this Charter and the obligations of the Owner Trustee under the Indenture and, if at such time as there shall no longer be continuing an Indenture Event of Default or an Event of Default, such amount shall be paid to the Company so notifies Charterer or the Collateral Agent at any timeOwner Trustee, Cash Collateral hereunderas the case may be.

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 4.4 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 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 mailing such repair) or replacement in accordance with the terms of Section 4.034.3, 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 ground equipment, or other Property Property, not constituting Pledged Spare Parts Ground Equipment 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 hereunder or, if the Company so notifies the Collateral Agent at any time, Cash Collateral hereunderCollateral.