Examples of Net Insurance Proceeds in a sentence
He confirmed that there is sufficient reserves to operate in 2020-2021.
If the amount of the Net Insurance Proceeds is less than the cost of the required work, then Lessee shall pay the excess cost; and if the amount of the Net Insurance Proceeds is greater than the cost of the required work, then the excess shall be paid to and belong to the Lessee.
In the event Net Insurance Proceeds or Net Condemnation Proceeds are required to be applied to prepayment or reduction of the Note in accordance with Sections 26 and 27 of the Loan Agreement, such amounts shall be transferred to the Redemption Account and applied to the Extraordinary Mandatory Redemption of Bonds pursuant to Section 6.04(3) hereof.
The Applicable Trustee shall also transfer from the Insurance and Condemnation Account of the Construction Fund to the credit of the Redemption Account amounts derived from Net Insurance Proceeds and Net Condemnation Proceeds which are applied to the prepayment of the Note and Mortgage as provided in Sections 26 and 27 of the Loan Agreement, together with any Non-Asset Bond Prepayment made in connection with such prepayment.
Subject to the requirements of any Net Insurance Proceeds recovered on account of any damage or destruction by any casualty shall be made available for the payment of the cost of the reconstruction, replacement or repairs.