Funds from Insurance Payouts Sample Clauses

Funds from Insurance Payouts. The amounts from insurance payouts on the Chrysler Property and the Machinery and Equipment shall be [allocated] to restore, replace, or repair the asset that suffered the respective casualty, subject to the terms and conditions established below, provided that Chrysler México is not in breach of its obligations under the Credit Agreement or the other Transaction Documentation, in which case said amounts shall be allocated toward making a mandatory advance payment of the Credit, under the terms of the Credit Agreement, and the remainder of said amounts and funds, if any, shall be turned over to the Trustor. The procedure for restoring, replacing, or repairing the asset that suffered a casualty when Chrysler México is not in breach of its obligations under the Credit Agreement or the other Transaction Documentation shall be as follows: (a) Chrysler México shall inform the Credit Agent of the casualty as soon as it has occurred, but no later than within the following five Business Days, setting forth the extent of the damage, impact on cash flow from the Collection Rights and on Chrysler México’s ability to pay the Credit, (b) the Agent Bank shall analyze the extent of the damage, [in terms of] whether it adversely and significantly affects Chrysler México’s ability to pay, and shall reasonably determine [stamp:] LIC. G. XXXXXXXX XXXX XXXX UNITED MEXICAN STATES NOTARY’S OFFICE NO. 000 XXXXXXX XXXXXXXX, XXXXXX XXXXXXX XXXXXXXX XXXX XXXX NOTARY 131 OF THE FEDERAL DISTRICT - 47 - 44704 whether the source of the Credit payment is at risk, (c) if the Agent Bank reasonably determines that the damage adversely and significantly affects Chrysler México’s ability to pay, the Agent Bank shall instruct the Trustee to allocate the proceeds of the payout received toward a mandatory advance payment of the Credit, under the terms established in the Credit Agreement; otherwise, the Credit Agent shall instruct the Trustee to turn over to Chrysler México, through the Guarantee Agent, the amount of the payout received so that he or she may allocate it toward the restoration, replacement, or repair of the assets affected by the casualty, within ten Business Days of the date on which the Credit Agent receives the notice mentioned in section (a) above, and (d) if Chrysler México receives the funds from the respective payout, the Credit Agent shall ensure that said funds are allocated precisely to restore, replace, or repair the assets affected by the casualty, for which Chrysler ...
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Related to Funds from Insurance Payouts

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

  • Insurance Availability The teacher will be given an opportunity to continue insurance coverage in the school insurance program during the leave of absence, but will be required to pay all premiums connected with this coverage. All premiums must be paid in advance of the month due. Such premiums shall be prorated on an annual basis from August to August. Teachers initiating leaves of absence shall be charged the prorated amounts during the school year in which their leave begins. As leaves of absence extend into the next school year, the teacher will be expected to pay full premiums.

  • Group Insurance 38.01 The Group Insurance Plan presently in effect shall remain in effect during the term of this Agreement.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Duration of Insurance Contribution An employee is eligible for School District contributions as provided in this Article as long as an employee is employed by the School District. Employees whose employment terminates during the school year will be eligible for insurance and district contributions to insurance through the end of the month in which they terminate provided they pay the employee portion of the insurance premium for that month. Otherwise, the employee’s insurance will terminate as of the last day of employment.

  • Insurance Benefits Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Insurance Proceeds lawfully or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys' fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of a fire or other casualty affecting the Property or any part thereof) out of such Insurance Proceeds.

  • Health and Dental Premium Accounts The Employer agrees to provide eligible employees with the option to pay for the employee portion of health and dental premiums on a pretax basis as permitted by law or regulation.

  • Benefit Coverage The Company agrees to provide pension and welfare benefits as described in the Company Booklets, benefit plan documents or policies of insurance for the duration of the Agreement.

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions.

  • Same Sex Benefit Coverage An employee who co-habits with a person of the same sex, and who promotes such person as a "spouse" (partner), and who has done so for a period of not less than twelve (12) months, will be eligible to have the person covered as a spouse for purposes of Medical, Extended Health, and Dental benefits.

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