Insurance Claims and Proceeds Sample Clauses

Insurance Claims and Proceeds. If loss or damage occurs, you will provide us with necessary proofs of claim and do everything else necessary to enable us to obtain payment of our interest in the insurance proceeds. Insurance proceeds may, in whole or in part, exclusively at our option, be used to rebuild or repair damaged buildings or be used to reduce all or part of the amount secured by this Charge.
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Insurance Claims and Proceeds. In the event of any material Casualty Event, the Mortgagor shall promptly make proof of loss under the applicable Insurance Policies and diligently pursue to conclusion its claim for the Insurance Proceeds payable thereunder and any suit, action or other proceeding necessary or appropriate to obtain payment of such Insurance Proceeds. If the cost of Restoration reasonably estimated by the Mortgagor equals $2,000,000 or more or if an Event of Default has occurred and is continuing, the Mortgagor shall have no right to settle, and shall not settle, any claim or proceeding for any Insurance Proceeds without the consent of the Mortgagee. All Insurance Proceeds with respect to any Casualty Event shall be held, applied and disbursed as required by the Credit Agreement and the Security Agreement. Anything in this Mortgage to the contrary notwithstanding, the Mortgagee shall have no obligation to release any of the Insurance Proceeds to the Mortgagor if a Default has occurred and is continuing. If a Default has occurred and is continuing, the Mortgagee may, in its sole discretion, apply any Insurance Proceeds received as a result of such Casualty Event to the payment of the Secured Obligations.
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Insurance Claims and Proceeds. Subordinated Creditor shall have no right to participate in the adjustment or settlement of any insurance losses or condemnation claims with respect to the Property. Subordinated Creditor hereby agrees, upon the request and at the direction of Frost, to endorse in favor of Frost any and all checks payable to Subordinated Creditor which represent insurance proceeds paid for claims relating to Property in any manner. Subordinated Creditor agrees, upon request by Frost, to assign to Frost any and all insurance proceeds payable to Subordinated Creditor for claims relating to the Property. Subordinated Creditor hereby appoints Frost as its attorney-in- fact to settle all insurance claims relating to the Property and to receive all payments and endorse all checks with respect to such claims to the full extent of the Senior Debt. Frost agrees with Upfield to handle all insurance claims and proceeds in the manner prescribed in the Intercreditor Agreement between them of even date herewith (the "Intercreditor Agreement").
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Insurance Claims and Proceeds. In the event of any Casualty, (i) the Grantor shall promptly make proof of loss under the applicable Insurance Policies and diligently pursue to conclusion its claim for the Insurance Proceeds payable thereunder and any suit, action or other proceeding necessary or appropriate to obtain payment of such Insurance Proceeds; (ii) if an Event of Default is continuing, the Grantor shall have no right to settle, and shall not settle, any such claim or proceeding without the consent of the Beneficiary, which consent shall not be unreasonably withheld or delayed; and (iii) upon receipt of Insurance Proceeds aggregating $2,500,000 or more, the Grantor shall promptly pay the Insurance Proceeds with respect to any Casualty to the Beneficiary for deposit in the Cash Collateral Account (except as provided in Section 11.03 of the Indenture) to be held, applied and disbursed in accordance with Sections 11.02 and 11.03 of the Indenture.
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Insurance Claims and Proceeds. In the event of any Casualty, (i) the Mortgagor shall promptly make proof of loss under the applicable Insurance Policies and diligently pursue to conclusion its claim for the Insurance Proceeds payable thereunder and any suit, action or other proceeding necessary or appropriate to obtain payment of such Insurance Proceeds; (ii) if an Event of Default is continuing, the Mortgagor shall have no right to settle, and shall not settle, any such claim or proceeding without the consent of the Mortgagee, which consent shall not be unreasonably withheld or delayed; and (iii) upon receipt of Insurance Proceeds aggregating $2,500,000 or more, the Mortgagor shall promptly pay the Insurance Proceeds with respect to any Casualty to the Mortgagee for deposit in the Cash Collateral Account (except as provided in Section 11.03 of the Indenture) to be held, applied and disbursed in accordance with Sections 11.02 and 11.03 of the Indenture.
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Insurance Claims and Proceeds. Borrower shall, and shall cause each Guarantor to, at all times, maintain with financially sound and reputable insurers insurance with respect to the Collateral against loss or damage and all other insurance of the kinds and in the amounts customarily insured against or carried by corporations of established reputation engaged in the same or similar businesses and similarly situated. Said policies of insurance shall be reasonably satisfactory to Agent as to form, amount and insurer. Borrower shall furnish certificates, policies or endorsements to Agent as Agent shall reasonably require as proof of such insurance, and, if Borrower fails to do so, Agent is authorized, but not required, to obtain such insurance at the expense of Borrowers. All policies shall provide for at least thirty (30) days prior written notice to Agent of any cancellation or reduction of coverage (except that such policies shall provide, solely in the event of non-payment of premiums, for at least ten (10) days prior written notice to Agent of any cancellation or reduction of coverage) and that Agent may 47 act as attorney for Borrower and each Guarantor in obtaining (if Borrower or any Guarantor fails to do so), and at any time an Event of Default exists or has occurred and is continuing, adjusting, settling, amending and canceling such insurance. Borrower shall cause Agent to be named as a loss payee and an additional insured (but without any liability for any premiums) under such insurance policies and Borrower shall obtain non-contributory lender's loss payable endorsements to all insurance policies in form and substance satisfactory to Agent. Such lender's loss payable endorsements shall specify that the Casualty Proceeds or other proceeds of such insurance shall be payable to Agent as its interests may appear and further specify that Agent and Lenders shall be paid regardless of any act or omission by Borrower, any Guarantor or any of its or their Affiliates. Without limiting any other rights of Agent or Lenders, any Casualty Proceeds or other insurance proceeds received by Agent at any time may, at Agent's election, be applied to payment of Borrower's Obligations, whether or not then due, in any order and in such manner as Agent may determine. Upon application of such proceeds to Borrower's Obligations, Advances may be available, subject and pursuant to the terms and conditions hereof, to be used for the costs of repair or replacement of the Collateral lost or damages resulting i...
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Insurance Claims and Proceeds. Subordinated Creditor shall have no right to participate in the adjustment or settlement of any insurance losses or condemnation claims with respect to the Property. Subordinated Creditor hereby agrees, upon the request and at the direction of Sunrock, to endorse in favor of Sunrock any and all checks payable to Subordinated Creditor that represent insurance proceeds paid for claims relating to the Property in any manner. Subordinated Creditor agrees, upon request by Sunrock, to assign to Sunrock any and all insurance proceeds payable to Subordinated Creditor for claims relating to the Property. Subordinated Creditor hereby appoints Sunrock as its attorney–in–fact to settle all insurance claims relating to the Property and to receive all payments and endorse all checks with respect to such claims to the full extent of the Senior Debt.
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Related to Insurance Claims and Proceeds

  • Insurance Claims As additional security for the payment and performance of the Obligations, the Grantor hereby assigns to the Secured Party any and all monies (including proceeds of insurance and refunds of unearned premiums) due or to become due under, and all other rights of the Grantor with respect to, any and all policies of insurance now or at any time hereafter covering the Collateral or any evidence thereof or any business records or valuable papers pertaining thereto. At any time, whether before or after the occurrence of any Event of Default, the Secured Party may (but need not), in the Secured Party's name or in Grantor's name, execute and deliver proofs of claim, receive all such monies, indorse checks and other instruments representing payment of such monies, and adjust, litigate, compromise or release any claim against the issuer of any such policy. Notwithstanding any of the foregoing, so long as no Event of Default exists the Grantor shall be entitled to all insurance proceeds with respect to Equipment or Inventory provided that such proceeds are applied to the cost of replacement Equipment or Inventory.

  • Claims and Proceedings 14 3.17 Taxes..................................................... 14 3.18 Personnel................................................. 15

  • Insurance and Condemnation Proceeds (a) Subject to Landlord's rights under this Paragraph 4, and so long as no Event of Default shall have occurred and be continuing, Tenant shall be entitled to use all casualty insurance and condemnation proceeds payable with respect to the Leased Property during the Term for the restoration and repair of the Leased Property or any remaining portion thereof. Except as provided in the last sentence of subparagraph 9.(r) and the last sentence of subparagraph 9.(s), all insurance and condemnation proceeds received with respect to the Leased Property (including proceeds payable under any insurance policy covering the Leased Property which is maintained by Tenant) shall be paid to Landlord and applied as follows: (i) First, such proceeds shall be used to reimburse Landlord for any costs and expenses, including Attorneys' Fees, incurred in connection with the collection of such proceeds. (ii) Second, the remainder of such proceeds (the "Remaining Proceeds"), shall be held by Landlord as Escrowed Proceeds and applied to reimburse Tenant for the actual cost of the repair, restoration or replacement of the Leased Property. However, any Remaining Proceeds not needed for such purpose shall be applied by Landlord as Qualified Payments after Tenant notifies Landlord that they are not needed for repairs, restoration or replacement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, then Landlord shall be entitled to receive and collect insurance or condemnation proceeds payable with respect to the Leased Property, and either, at the discretion of Landlord, (A) hold such proceeds as Escrowed Proceeds until paid to Tenant as reimbursement for the actual and reasonable cost of repairing, restoring or replacing the Leased Property when Tenant has completed such repair, restoration or replacement, or (B) apply such proceeds (net of the deductions described in clause (i) above) as Qualified Payments.

  • Condemnation Proceedings 15.5.1. District covenants and agrees, but only to the extent that it may lawfully do so, that so long as this Site Lease remains in effect, the District will not seek to exercise the power of eminent domain with respect to the Project so as to cause a full or partial termination of this Site Lease and the Facilities Lease.

  • Insurance Carriers All PSP’s insurance shall be issued by insurance carriers authorized to do business in Texas at the time the policy is issued (and at all times during the term of this Agreement) and rated by A.M. Best Company as A-VII or better, confirmed by one or more insurance certificates conforming to the following requirements:

  • Insurance Casualty Condemnation Seller agrees that it will keep the Property insured against casualty until the Closing Date under its existing insurance policies or replacement policies with the same coverage as existing at the date of execution hereof. Such policies shall be terminated by Seller at the Closing Date. In the event that, prior to the Closing Date, all or any portion of the Property shall be destroyed by fire or other casualty, or taken by condemnation or exercise of the right of eminent domain, or if proceedings therefor shall be instituted or threatened and the amount of any such damage or condemnation exceeds $100,000, then Buyer may, within ten (10) days of its receipt of notice of such event, elect to terminate this Agreement by written notice to Seller and Escrow Agent. If the damage or condemnation is equal to or less than $100,000 or if the damage or condemnation exceeds $100,000 but Buyer does not terminate this Agreement, then the parties shall proceed to close the transaction contemplated hereby, in which event any insurance or condemnation proceeds (excluding rental loss proceeds attributable to the period prior to the Closing Date) shall inure to the benefit of Buyer and shall be assigned by Seller to Buyer at close of Escrow. In the event the parties proceed to close the transaction contemplated hereby, Seller shall pay any required deductible applicable to such insurance coverage, or the Purchase Price shall be reduced by the amount of any such deductible.

  • Insurance Casualty and Condemnation 38 Section 6.1. Insurance Coverage...............................................38 Section 6.2. Condemnation.....................................................45

  • Insurance Casualty Condemnation Restoration SECTION 8.1. INSURANCE SECTION 8.2. CASUALTY SECTION 8.3. CONDEMNATION SECTION 8.4. RESTORATION

  • Claims and Litigation No pending or, to the Company's knowledge, threatened, claims, suits or other proceedings exist with respect to any Employee Benefit Plan other than normal benefit claims filed by participants or beneficiaries.

  • Claims and Suits (a) The Receiver shall have the right, in its discretion, to (i) defend or settle any claim or suit against the Assuming Bank with respect to which the Receiver has indemnified the Assuming Bank in the same manner and to the same extent as provided in Article XII, and (ii) defend or settle any claim or suit against the Assuming Bank with respect to any Liability Assumed, which claim or suit may result in a loss to the Receiver arising out of or related to this Agreement, or which existed against the Failed Bank on or before Bank Closing. The exercise by the Receiver of any rights under this Section 9.3(a) shall not release the Assuming Bank with respect to any of its obligations under this Agreement.

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