Excess Insurance Proceeds. With respect to each Mortgage Loan, proceeds of any primary hazard insurance policy required to be maintained pursuant to Section 4.06 of the Servicing Agreement, title insurance policy or any other Insurance Policy covering such Mortgage Loan or the related Mortgaged Property, other than any proceeds to be held in an escrow account or a trust account, which shall be an Eligible Account, pursuant to the terms of the related Mortgage Loan Documents and applicable Law, and applied or to be applied to the restoration or repair of such Mortgaged Property or required to be released to the related Mortgagor in accordance with the terms of the related Mortgage Loan Documents or, to the extent not expressly provided therein, in accordance with Accepted Master Servicing Practices or Accepted Special Servicing Practices, as applicable, and applicable Law.
Excess Insurance Proceeds. As of any Determination Date, the excess, if any, of (a) the amounts released in respect of casualty insurance policies related to the Mortgaged Properties during the preceding Collection Period minus (b) the sum of (i) the amount necessary to reimburse the Property Manager, Back-Up Manager or the Indenture Trustee for any Property Protection Advances made with respect to casualties relating to such casualty insurance policies, and (ii) the repair or replacement costs (as determined by the Property Manager) associated with such casualties on the Mortgaged Properties, as applicable.
Excess Insurance Proceeds means the excess of any proceeds from insurance received by the Company or any of its subsidiaries over the costs and expenses incurred by the Company and its subsidiaries to remedy, repair, or mitigate the damage or other insured loss that gave rise to the receipt of such insurance proceeds.
Examples of Excess Insurance Proceeds in a sentence
As Excess Insurance Proceeds (as defined herein) are received by the Settlement Facility, they shall be used for Fundable Expenditures.
The Claims Administrator, with the assistance of the Finance Committee, calculates the adjustments to each Annual Payment Ceiling relating to the Excess Insurance Proceeds.
Dow Corning is entitled to Time Value Credit on Excess Insurance Proceeds but only as expressly noted above.
The Company completed the MIPSA on September 12, 2014 (the “Acquisition Date”), the Company now owns 100% of AG Solar and the option to acquire joint venture interest of $1,450,000 was transferred to intangibles as it is related to the purchase of the Master Agreement (note 6).
The Time Value Credit is to be calculated at the rate of 7% per annum, compounded annually, from the date of receipt of the Excess Insurance Proceeds until the first day of the Funding Period for the Annual Payment Ceiling to which they are to be credited becomes due.
More Definitions of Excess Insurance Proceeds
Excess Insurance Proceeds means any and all proceeds of any Insurance Recovery which the Borrower or its Subsidiary (as applicable) (a) has elected to not apply to the repair, construction or replacement of the Property affected or to the purchase of other, similar Property for use in its business or (b) has not both (i) elected to apply to the repair, construction or replacement of the Property affected or to the purchase of other, similar Property for use in its business within 90 days of the event giving rise to the Insurance Recovery and (ii) actually applied to such repair, construction, replacement or purchase (A) within 180 days after the earliest to occur of the receipt of such proceeds by the Borrower, any of its Subsidiaries or the Administrative Agent, with respect to an Insurance Recovery relating to other than real Property, or (B) commencing within 180 days after the earliest to occur of the receipt of such proceeds by the Borrower, any of its Subsidiaries or the Administrative Agent and continuing in a reasonably prompt and diligent fashion thereafter, with respect to an Insurance Recovery relating to real Property.
Excess Insurance Proceeds is defined in clause (d) of Section 7.1.4.
Excess Insurance Proceeds means that portion of any Insurance Proceeds which are received by the Landlord or its mortgagee that are not used to pay the third party costs of restoring any damage to the Premises or any other third party out of pocket costs incurred, including attorneys' fees, in connection with the Casualty, including such costs to obtain the Insurance Proceeds, but in any event excluding Tenant's Proceeds. The determination of Excess Insurance Proceeds shall be made upon completion of the Casualty Restoration.
Excess Insurance Proceeds means the insurance proceeds received by the Agent pursuant to clause (d) of Section 7.1.4.
Excess Insurance Proceeds means proceeds of insurance paid to the Borrower in excess of US$500,000 and not used to replace damaged or destroyed property or assets, to remedy environmental conditions or to satisfy any claim of liability against an insured, and costs related thereto, which the Lender determines should be used for prepayment.
Excess Insurance Proceeds is defined in CLAUSE (D) of SECTION 7.1.4.
Excess Insurance Proceeds means and refer to any insurance proceeds (net of costs of collection) paid or payable by the insurer(s) of Seller that are in excess of the portion of the Purchase Price allocable to lost, damaged or destroyed Assets. By way of illustration, if sixty percent (60%) of the Assets, measured by value as provided in Section 3.3, were lost, damaged or destroyed prior to Closing and the insurers agreed to pay net proceeds in excess of three million dollars ($3,000,000) arising therefrom, following timely issuance of Seller's Casualty Notice and Buyer's Closing Notice as herein provided, Closing would occur upon assignment to Seller of all insurance proceeds paid or payable in excess of three million dollars ($3,000,000).