Provisions Concerning Insurance. Proceeds of the Collateral include insurance proceeds, and therefore the priorities set forth in paragraph 3 hereof govern the ultimate disposition of casualty insurance proceeds. The Agent shall have the sole and exclusive right, as against the Trade Creditor, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of the Collateral. All proceeds of such insurance shall inure to the Agent to the extent of the Senior Obligations, and the Trade Creditor shall cooperate (if necessary), at the Agent’s expense, in a reasonable manner in effecting the payment of insurance proceeds to the Agent. The Agent shall have the right (as between the parties hereto) to determine whether such proceeds will be applied to its claim or used to rebuild, replace or repair the affected Collateral. If such proceeds are applied to Senior Obligations, any proceeds remaining after payment in full of the Senior Obligations and expenses of collection, provided that Lenders’ commitments to extend further credit to or for the benefit of the Borrowers shall have been terminated, shall be promptly remitted to the Trade Creditor for application to the Trade Obligations or to the Loan Parties, as applicable.
Provisions Concerning Insurance. Proceeds of the Collateral include insurance proceeds, and therefore the priorities set forth in Section 3(a) hereof govern the ultimate disposition of casualty insurance proceeds. Senior Creditor shall have the sole and exclusive right, as against Subordinate Creditor, to adjust settlement of insurance claims in the event of any covered loss, theft, damage to or destruction of any Collateral. For so long as any Priority Senior Debt is outstanding, all proceeds of such insurance shall inure to Senior Creditor to the extent of the Priority Senior Debt, and Subordinate Creditor shall cooperate to the extent necessary to effect payment of insurance proceeds to Senior Creditor. Senior Creditor shall have the right (as set forth in the Senior Creditor Documents) to determine whether such proceeds will be applied to the Priority Senior Debt or used to rebuild, replace or repair the affected Collateral. If such proceeds are applied to Priority Senior Debt, any proceeds remaining after Full Payment thereof (including expenses of collection) shall be promptly remitted to Subordinate Creditor for application to the Subordinated Debt or to an Obligor, as applicable, unless otherwise required by applicable law.
Provisions Concerning Insurance. Proceeds of the Collateral include insurance proceeds, and therefore the priorities set forth in this paragraph B govern the ultimate disposition of casualty insurance proceeds. The Agent shall have the sole and exclusive right, as against the Subordinate Creditors, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of the Collateral in accordance with the terms of the Credit Agreement. All proceeds of such insurance shall inure to the Agent, for the benefit of the Lenders, and the Subordinate Creditors shall cooperate in a reasonably manner in effecting the payment of insurance proceeds to the Agent. The Agent shall have the right (as between the parties hereto) to determine whether such proceeds will be applied to the Senior Liabilities or used to rebuild, replace or repair the affected Collateral.
Provisions Concerning Insurance. Proceeds of the Collateral include insurance proceeds, and therefore the priorities set forth in paragraph 3 hereof govern the ultimate disposition of casualty insurance proceeds. Agent shall have the sole and exclusive right, as against Junior Creditor, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of the Collateral. All proceeds of such insurance shall inure to Agent to the extent of the Senior Creditor Obligations, and Junior Creditor shall cooperate (if necessary), at Agent's expense, in a reasonable manner in effecting the payment of insurance proceeds to Agent. Agent shall have the right (as set forth in the Senior Creditor Documents) to determine whether such proceeds will be applied to its claim or used to rebuild, replace or repair the affected Collateral. If such proceeds are applied to Senior Creditor Obligations, any proceeds remaining after payment of Senior Creditor Obligations and all expenses of collection shall be promptly remitted to Junior Creditor for application to the Junior Creditor Obligations or to Eltrax, as applicable.
Provisions Concerning Insurance. Each party hereto agrees that the Collateral Agent shall be entitled to obtain loss payee endorsements and additional insured status for the ratable benefit of the Purchasers with respect to any and all policies of insurance now or hereafter obtained by the Issuers insuring casualty or other loss to any property of the Issuers in which a lien or security interest has been granted to the Collateral Agent, and, in connection therewith, to file claims, settle disputes, make adjustments and take any and all other actions otherwise permitted to each party hereto in regard thereto which it may then deem advisable with respect to any assets of the Issuers. The rights and priorities of the parties to any insurance proceeds, however, shall be as provided in this Agreement.
Provisions Concerning Insurance. Subject to the priorities and respective rights of the Secured Parties contained in this Agreement, each of the Revolving Credit Agent and the Term Loan Agent shall be entitled to be designated as a secured party and to obtain loss payee endorsements and additional insured status with respect to any and all policies of insurance now or hereafter obtained by the Loan Parties in the Collateral. The Secured Parties having the senior Lien on any Collateral insured, shall, subject to such Secured Parties' rights under their respective Agreements with the Borrower and Guarantors, have the sole and exclusive right, as against the other Secured Parties, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of such Collateral. All proceeds of such insurance shall inure to the Secured Parties with the senior Lien in the affected Collateral, and the other Secured Parties shall cooperate, if necessary, in a reasonable manner in effecting the payment of insurance proceeds to such Secured Parties. The Secured Parties entitled to receive insurance proceeds shall have the right (as between the parties hereto) to determine whether such proceeds will be applied to such Secured Parties' claim or used to rebuild, replace or repair the affected Collateral. If such proceeds are applied to a Secured Party's claim, any proceeds remaining after payment in full of such Secured Party's claim and all expenses of collection, including reasonable attorneys' and paralegals' costs, fees and expenses, shall be promptly remitted to the other Secured Parties for application to such Secured Parties' claims.
Provisions Concerning Insurance. Proceeds of the Collateral include insurance proceeds, and therefore the priorities set forth in Section 2 hereof govern the ultimate disposition of casualty insurance proceeds. In furtherance thereof, the Secured Parties agree that:
(a) Agent shall have the sole and exclusive right, as against Trustee, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of the Bank Priority Collateral. All proceeds of such insurance shall inure to Agent, and Trustee shall cooperate (if necessary) in a reasonable manner in effecting the payment of such insurance proceeds to Agent. Agent shall have the right (as between the Secured Parties) to determine whether such proceeds will be applied to the Bank Obligations or used to rebuild, replace or repair the affected Bank Priority Collateral. If such proceeds are applied to the Bank Obligations, any proceeds remaining after payment of the Bank Obligations and all expenses of collection, including reasonable attorneys' fees and expenses, shall be promptly remitted to Trustee for application to the Noteholder Obligations, or to Obligors, as applicable.
(b) Trustee shall have the sole and exclusive right, as against Agent, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of the Noteholder Priority Collateral. All proceeds of such insurance shall inure to Trustee, and Agent shall cooperate (if necessary) in a reasonable manner in effecting the payment of such insurance proceeds to Trustee. Trustee shall have the right (as between the Secured Parties) to determine whether such proceeds will be applied to the Noteholder Obligations or used to rebuild, replace or repair the affected Noteholder Priority Collateral. If such proceeds are applied to the Noteholder Obligations, any proceeds remaining after payment of the Noteholder Obligations and all expenses of collection, including reasonable attorneys' fees and expenses, shall be promptly remitted to Agent for application to the Bank Obligations, or to Obligors, as applicable.
(c) All proceeds of business interruption insurance shall be deemed to be proceeds of Bank Priority Collateral and shall be dealt with accordingly hereunder.
(d) To the extent that the proceeds of any insurance do not relate to any specific items of Collateral, such proceeds shall inure to the Secured Parties pro rata in proportion to their respective claims, and Agent shall act as agent for the Secured Parties in adjustin...
Provisions Concerning Insurance. Proceeds of the Collateral include insurance proceeds, and therefore the priorities set forth in Section 3 hereof govern the ultimate disposition of casualty insurance proceeds. Senior Creditor shall have the sole and exclusive right, as against Subordinate Creditors, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of the Collateral. All proceeds of such insurance shall inure to Senior Creditor to the extent of the Senior Creditor Obligations, and Subordinate Creditors shall cooperate (if necessary), at Senior Creditor's expense, in a reasonable manner in effecting the payment of insurance proceeds to Senior Creditor. Senior Creditor shall have the right (as set forth in the Senior Creditor Documents) to determine whether such proceeds will be applied to its claim or used to rebuild, replace or repair the affected Collateral. If such proceeds are applied to Senior Creditor Obligations, any proceeds remaining after payment of Senior Creditor Obligations and all expenses of collection shall be promptly remitted to Subordinate Creditors for application to the Subordinate Creditor Obligations or to Debtor, as applicable.
Provisions Concerning Insurance. Proceeds of Collateral include insurance proceeds and condemnation proceeds (including proceeds of business interruption insurance), and therefore the priorities set forth in Section 3 hereof and the provisions of Section 5 hereof govern the ultimate disposition of insurance and condemnation proceeds. ABL Agent, for the benefit of the other ABL Parties, shall have the sole and exclusive right, as against Notes Parties, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of any ABL Priority Collateral or any settlement of any business interruption claim. Notes Agent, for the benefit of Notes Parties, shall have the sole and exclusive rights, as against ABL Parties, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of any Notes Priority Collateral and approve. All Parties shall cooperate to the extent reasonably necessary and in a reasonable manner to facilitate the payment of insurance proceeds to the appropriate Agent for disposition in accordance with Section 5 hereof. ABL Agent shall have the right (as against Notes Parties) to determine whether insurance proceeds may be used to replace any affected ABL Priority Collateral. Notes Agent shall have the right (as against ABL Parties) to determine whether insurance proceeds may be used to repair or replace any affected Notes Priority Xxxxxxxxxx.
Provisions Concerning Insurance. Subject to the priorities, subordinations, and respective rights of the parties contained in this AGREEMENT, each party to this AGREEMENT shall be entitled to be designated secured party and to obtain loss payee endorsements and additional insured status with respect to any and all policies of insurance now or hereafter obtained by any DEBTOR insuring against casualty or other loss to any property of such DEBTOR in which any party may have a security interest, and, in connection therewith, may file claims, settle disputes, make adjustments and take any and all other action otherwise then permitted to each party hereto and regard thereto which it may deem advisable with respect to any assets of the DEBTORS. The provisions of this AGREEMENT shall govern the parties' respective rights to insurance proceeds despite any inconsistent provisions or any inconsistent designation of rights or priorities among secured credits in any insurance policy.
