Creation of the Insurance Receivable. The Insurance Policies, as listed on Schedule 1 to this August Agreement, represent policies that name SFC and Stella as named insureds and which provide property damage and business interruption coverage to SFC and Stella, including coverage with respect to the Lxxx Facility. SFC and Stella estimate that the total amount of claims to be submitted under such policies in connection with the fire at the Lxxx Facility will ultimately exceed $55,000,000. The claims for reimbursement pursuant to such policies listed on Schedule 2 (as may be updated from time to time by SFC and Stella) represent, in SFC's and Stella's good faith belief, good and valid claims against the insurance companies under the Insurance Policies, and each of the claims has been submitted to the insurance companies in the amounts and on the dates set forth on Schedule 2. As of the date of this August Agreement, SFC and Stella have (i) submitted claims in the amount of $50,000,000; (ii) received from the insurance companies payments relating to the claims in the amount of $30,000,000 and (iii) established on the books of SFC (or Stella) a receivable in the amount of $20,000,000.
Appears in 6 contracts
Samples: 15 August Purchase Agreement (Specialty Foods Acquisition Corp), 18 August Purchase Agreement (Specialty Foods Acquisition Corp), 18 August Purchase Agreement (Specialty Foods Corp)
