Receipt of Insurance Proceeds. Subject to Section 6.3 of this Agreement, Manager shall receive and remit to Owner all monies payable under such policy or policies of insurance as described in Sections 9.1 and 9.2 hereof, whether effected by Manager, depots or Lessees.
Receipt of Insurance Proceeds. Promptly and in any event within five (5) days after the Borrower or any Subsidiary has knowledge thereof, notice of the receipt by the Borrower or any Subsidiary of, or the occurrence of any event which could reasonably be expected to give rise to a receipt by the Borrower, any Subsidiary, or the Agent of, Insurance Proceeds in excess of $50,000,000 in the aggregate under all property or business interruption insurance policies maintained by the Borrower or any of its Subsidiaries, and a statement of a Responsible Officer of the Borrower on behalf of the Borrower describing such event and any action which the Borrower or any Subsidiary has taken to date and, to the extent identified by such date, any future actions that the Borrower or any Subsidiary proposes to take with respect thereto; and
Receipt of Insurance Proceeds. In the event of loss to the Collateral covered herein by insurance, Borrower shall immediately notify Bank of such loss in writing, and Borrower hereby authorizes and directs each and every insurance company concerned to make payments for such loss directly and solely to Bank. Bank is hereby authorized (but not required) to make proof of loss and to adjust claims in its reasonable discretion, and to collect and receipt for all proceeds, and Borrower shall sign, upon demand by Bank, all receipts, vouchers and releases required by the insurance companies. All references herein to insurance proceeds shall be deemed to include any interest earned on such proceeds.
Receipt of Insurance Proceeds. Manager shall receive and remit to Issuer all monies payable under such policy or policies of insurance as described in Sections 8.14.2 and 8.14.3 hereof, whether effected by Manager, depots or Lessees, into the Trust Account, for distribution pursuant to the Indenture.
Receipt of Insurance Proceeds. Subject to Section 5.4, Manager shall receive and remit to Owner all monies payable under such policy or policies of insurance as described in Sections 8.1 and 8.2, whether effected by Manager, depots or Lessees. Manager shall have no liability for any loss, damage, recovery cost or other cost or expense whatsoever with respect to a lost or destroyed Owner Container, whether or not covered by insurance.
Receipt of Insurance Proceeds. The proceeds received by the Lenders from an insurance policy contemplated in paragraphs 5.1(d) or (e) will reduce the principal, accrued interest and any other amount due under this Agreement or the Lenders' Security and the Lenders will pay any excess to the Borrower. The amount of the Loans so reduced upon receipt of such proceeds shall not be treated as a prepayment under subsection 3.5 whether or not the payment represents less than full payment of the Loans.
Receipt of Insurance Proceeds. On the receipt by the Borrower or any of its Affiliates of insurance proceeds in respect of a Casualty Event (except in the case of an Event of Total Loss) that the Borrower does not use to repair, replace or restore any property in respect of which the proceeds are paid (or to reimburse the Borrower or any of its Affiliates for any such repair, replacement or restoration), the Borrower shall prepay the Loan in an amount equal to such insurance proceeds, together with any applicable Prepayment Fee.
Receipt of Insurance Proceeds. The Agent, the Authority, and Project Co agree that:
(a) if any of them receives any Insurance Proceeds or has the right to direct the payment of Insurance Proceeds to third parties, such funds will, subject to section 7.2(b), be directed, used or advanced only for one of the following purposes:
(1) the repair, reinstatement, restoration or replacement of the Facilities or any other assets, materials or goods necessary or desirable for the carrying out of the Project in respect of which such Insurance Proceeds have been paid;
(2) the completion of the Project; or
(3) indemnification for any Authority loss for which the subject Insurance Proceeds were paid under the relevant insurance policies; and
(b) Insurance Proceeds received in respect of a claim by Project Co for delay in start-up or business interruption soft costs may be applied in accordance with the terms of the Senior Financing Agreements so as to enable Project Co to carry out the Project .
Receipt of Insurance Proceeds. Promptly and in any event within five (5) days after the Borrower or any Subsidiary Guarantor has knowledge thereof, notice of the receipt by the Borrower or any Subsidiary Guarantor of, or the occurrence of any event which could reasonably be expected to give rise to a receipt by the Borrower, any Subsidiary Guarantor, or the Agent of, Insurance Proceeds in excess of $50,000,000 in the aggregate under all property or business interruption insurance policies maintained by the Borrower or any of its Subsidiary Guarantors, and a statement of a Responsible Officer of the Borrower on behalf of the Borrower describing such event and any action which the Borrower or any Subsidiary Guarantor has taken to date and, to the extent identified by such date, any future actions that the Borrower or any Subsidiary Guarantor proposes to take with respect thereto; and
Receipt of Insurance Proceeds. For the purpose of receiving any moneys which may become payable by virtue of any such policy of insurance effected in the joint names of the Town and the Debtor or otherwise, the Debtor appoints the Town to be the attorney and agent of the Debtor, with full and irrevocable power to:
(a) demand, xxx for recovery and receive from any insurer or any person liable to pay the same all moneys secured by or to become payable under any such policy;
(b) give good and effectual discharges therefore, which are able to exonerate the taker thereof from all responsibility and liability whatsoever;
(c) settle, compound and compromise any proceedings claims and demands with such insurer in respect of such insurance policy;
(d) exercise all other powers of any absolute owner;
(e) for all or any of the purposes aforesaid, sign seal and execute and if necessary as the act and Agreement of the Debtor, deliver any instrument document or Agreement which may be necessary in the premises; and
(f) appoint a substitute for any of the purposes aforesaid and, at pleasure, revoke such appointment.
