Common use of Provisions Concerning Insurance Clause in Contracts

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 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 '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 Loan Parties 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 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 PartiesBorrowers, as applicable.

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 '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 PartiesBorrowers, as applicable.