Insurance Account. (a) The Facility Agent has sole signing rights in relation to the Insurance Account.
Insurance Account. Upon the occurrence of any Loss which may reasonably be expected to result in payment of Loss proceeds exceeding, in the aggregate, $1,000,000, and in any event prior to receipt by any Borrower Group Member of such proceeds, establish an account with the Agent to hold and disburse such proceeds in accordance with this Section 5.01(l).
Insurance Account. Subject to Section 4.2(3), Administrative Agent will apply the funds in the Insurance Account to payments of Insurance Premiums required to be made by Borrower pursuant to Section 3.1. In making any payment of Insurance Premiums from the Insurance Account, Administrative Agent may do so according to any xxxx, statement or estimate procured from the appropriate insurer, without inquiry into the accuracy of such xxxx, statement or estimate, unless given written advance notice by Borrower of such inaccuracy, invalidity or other contest. Any amount remaining in the Insurance Account after the Debt has been paid in full or immediately following the Cure Event for the applicable Trigger Event (provided no Event of Default or other Trigger Event is then continuing) shall be returned to Borrower promptly upon Borrower’s request. If at any time Administrative Agent reasonably determines that the Insurance Account is not or will not be sufficient to accumulate (including payment of subsequent monthly amounts in accordance with the provisions of the Cash Management Agreement) the full amount to pay the Insurance Premiums by the applicable due dates, Administrative Agent shall notify Borrower of such determination and the monthly payments in the Insurance Account shall be increased by an amount that Administrative Agent estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies.
Insurance Account. The "Insurance Account" as defined in and ----------------- created under the Original Disbursement Agreement is hereby ratified, confirmed and continued (but not terminated) under this Disbursement Agreement as a special, segregated and irrevocable account of Lessor entitled the "Insurance Account" (the "Insurance Account") ----------------- to be held in the custody of the Disbursement Agent. No payments shall be made out of such account except for the purposes and on the terms herein stated.
Insurance Account. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance Premiums at least thirty (30) days prior to the expiration of the Policies, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the Policies; provided that if Borrower receives notice of any such deficiency after the date that is thirty (30) days prior to expiration of the Policies, Borrower will deposit such amount within one (1) Business Day after its receipt of such notice.
Insurance Account. The Issuer will deposit into the Insurance Account all proceeds from any insurance that comprises part of the Assigned Rights; provided that the Issuer will deposit into the Collection Account the proceeds of any business interruption insurance. The Insurance Account will be maintained by the Issuer in the United States with the global structured finance unit of the Indenture Trustee. So long as no Event of Default is continuing and the amount of funds required to repair major property damage to the Corredor Sur or pay any other claim against the Issuer or liability arising in respect of the Corredor Sur does not exceed US$5,000,000, the Issuer will disburse funds in the Insurance Account upon the instructions of ICA Panama to cover any indemnification, repair or other payment in respect of the major property damage or liability events insured. In the event that the required expenditures to repair such damage or pay such other claim or liability will exceed US$5,000,000 but will not exceed US$15,000,000, the Issuer will cause funds in the Insurance Account to be disbursed, subject to conditions specified in the Transaction Documents, to cover any indemnification, repair or other payment in respect of the major property damage or liability events insured. In the event that the required expenditures to repair such damage or pay such other claim or liability events will exceed US$15,000,000, the Issuer will cause funds in the Insurance Account to be disbursed only upon the instructions of the Indenture Trustee acting upon written instructions of the Controlling Party. Any funds remaining in the Insurance Account after all related repairs have been made or claims have been satisfied will be transferred to the Collection Account. All such amounts reference above shall be adjusted for Panamanian inflation.
Insurance Account. (A) There is hereby established with the Collateral Agent a cash collateral account for the Borrower (the "Insurance Account") in the name and under the control of the Collateral Agent into which there shall be deposited from time to time any amounts received by the Collateral Agent pursuant to Section 5.03(c)
Insurance Account. The balances of those accounts, as from the time they are opened, shall be pledged to secure the obligations of the BORROWER in accordance with the terms of Clause TWENTY-SIX hereinbelow. The Accounts shall therefore be kept open throughout the duration of this Agreement. The BORROWER shall only dispose of the Accounts subject to the limitations and in accordance with the requirements established in other paragraphs of this Clause, although the limitations so established shall not affect and shall not be alleged by the BORROWER for failure to make any of the payments due in accordance with this Agreement on their respective due dates. The Accounts shall at no time have a zero or negative balance. [Stamp with the mention: `WITH MY MEDIATION In the terms shown in the certificate of mediation.'] [Handwritten signature] [35/186] The balance existing at any time in the Accounts shall be remunerated by the Agent at the rate of interest and in the conditions agreed in each of the opening agreements for the respective accounts. Without prejudice to the provisions of the other paragraphs of this Clause, the Agent may deny applications for drawdown from any of the Accounts in the event of any of the following circumstances: (i) if a cause for Early Maturity occurs; (ii) if, as a consequence of the drawdown applied for, a cause for Early Maturity occurs; (iii) if, in the reasoned opinion of the Agent, after the drawdown applied for is made, the balance the drawdown is not sufficient to meet the financial expenses deriving from this Agreement.
Insurance Account. The BORROWER shall ensure that all claims paid by insurance companies as a result of losses occurring and covered thereby are deposited in the Insurance Account. When the amounts deposited in the Insurance Account originate from payments on account of loss of profits insurance and others that cover loss of profits due to any circumstance, the BORROWER shall only dispose of the Insurance Account to meet the payments indicated in point 3 above for the Income Account and in the same order established in that paragraph. When the amounts deposited in the Insurance Account correspond to the coverage of damage in the Vessel (i) in the event that those damages have caused a Total Loss of the Vessel (and this is determined by the insurance company, which shall sent a copy of the pertinent report or adjustment to the Technical Adviser of the LENDERS) all amounts received from the insurance companies shall be applied to compulsory early amortisation of the two Tranches of this Loan, (ii) in the event that the damages caused can be repaired (and this is determined by the insurance company, which shall sent a copy of the pertinent report or adjustment to the Technical Adviser of the LENDERS) the BORROWER may dispose of those amounts in order to repair the Vessel.
Insurance Account. The BORROWER will ensure that all casualty amounts from insurance companies as a result of casualties that take place and which are covered by these are deposited in the Insurance Account. When the quantities deposited in the Insurance Account come from payments corresponding to loss of profit insurance and any others covering loss of profit for any circumstance, the BORROWER may solely dispose of the Insurance Account to cover the payments indicated in subsection 2 above for the Income Account and in the same order established in such subsection. When the quantities deposited in the Insurance Account correspond to the coverage of the damage that has taken place in the Vessel,(i) if the damages have caused [SEAL] Novation Syndicated Loan Teekay the Total Loss of the Vessel (and this is thus determined by the insurance company, in which case a copy of the corresponding report or appraisal should be sent to the Technical Adviser of the LENDING FACILITIES) all quantities received from the insurance companies will be applied toward the obligatory early repayment of the two Tranches of this financing, (ii) if the damages produced are reparable (and this is thus determined by the insurance company, in which case a copy of the corresponding report or appraisal should be sent to the Technical Advisor of the LENDING FACILITIES) the BORROWER may dispose of such quantities in order to proceed with the repair of the Vessel.
