Examples of Required Insurances in a sentence
It is acknowledged and agreed that the Lenders may have: security over and rights under the Required Insurances; and the right to apply and/or require the application of all or some of the proceeds of any claim(s) on the Required Insurances towards payment or repayment (as the case may be) of amounts owing to the Lenders under the Finance Agreements (and in priority to Clause 13.1(c)).
Subject to Clause 13.1(d) and unless the Buyer otherwise agrees in writing, the Project Company shall apply the proceeds of any claim made under the Required Insurances (other than claims under business interruption insurance, delay in start-up insurance, any other loss of revenue insurance or third party liability insurance) towards reinstatement, reconstruction, replacement, repair and/or renewal of any loss of or damage to the Facility in the first instance.
The Project Company shall furnish to the Buyer copies of insurance policies effecting the Required Insurances and the Buyer may request the Project Company from time to time to provide proof that all relevant premiums have been paid and that the relevant policy or policies remain in existence.