Owner’s Release of Proceeds to Contractor Sample Clauses

Owner’s Release of Proceeds to Contractor. (a) Subject to receipt of Invoices and supporting documentation as described in Section 16.5.1, Owner will release proceeds from the construction all-risk insurance or marine cargo insurance that have been paid to Owner, whether interim payments or final 188 settlement payments, for the completion of repairs, replacement or other necessary Work by Contractor in accordance with the approved restoration plan, as follows: (i) for the first [***] of such proceeds received by Owner or its designee (or collateral agent), Owner shall pay such proceeds to Contractor within ten (10) Business Days after Owner’s (or its designee’s or collateral agent’s) receipt of such proceeds from the insurers; (ii) for the next [***] of such proceeds received by Owner or its designee (or collateral agent), Owner shall pay such proceeds, or shall cause such proceeds to be paid, to Contractor within fifteen (15) Business Days after Owner’s or its designee’s (or collateral agent’s) receipt of such proceeds from the insurers; (iii) for any such proceeds in excess of [***] received by Owner or its designee (or collateral agent), Owner shall pay such proceeds, or shall cause such proceeds to be paid, to Contractor within thirty (30) Business Days after Owner’s or its designee’s (or collateral agent’s) receipt of such proceeds from the insurers. Without limiting the provisions of Section 11.3.1(c), in no case shall Owner pay any proceeds to Contractor in excess of costs incurred by Contractor for such repair, replacement or restoration, less the amount of proceeds that Contractor received directly from the insurers, and in no case, other than with respect to the risk of physical loss or damage to the Work for which Owner bears the risk of loss pursuant to Section 11.3.1(a), shall Owner be obligated to pay Contractor any amount in excess of the proceeds that Owner receives from the insurers, notwithstanding that Contractor’s costs may exceed the amount of such proceeds. Notwithstanding the foregoing, under no circumstances shall Owner be required to pay any such proceeds to Contractor if Owner or its Lender elects not to repair or rebuild the Work.
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Related to Owner’s Release of Proceeds to Contractor

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  • Trustee to Cooperate; Release of Files (a) Upon the payment in full of any Home Equity Loan (including any liquidation of such Home Equity Loan through foreclosure or otherwise), or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer shall deliver to the Custodian, on behalf of the Trustee, a written request of the Servicer, in the form attached hereto as Exhibit N, signed by an Authorized Officer which states the purpose of the release of a File. Upon receipt of such written request, the Custodian, on behalf of the Trustee shall promptly release the related File, in trust, in its reasonable discretion to (i) the Servicer, (ii) an escrow agent or (iii) any employee, agent or attorney of the Trustee. Upon any such payment in full, or the receipt of such notification that such funds have been placed in escrow, the Servicer is authorized to give, as attorney-in-fact for the Trustee and the mortgagee under the Mortgage which secured the Note, an instrument of satisfaction (or assignment of Mortgage without recourse) regarding the Property relating to such Mortgage, which instrument of satisfaction or assignment, as the case may be, shall be delivered to the Person or Persons entitled thereto against receipt therefor of payment in full, it being understood and agreed that no expense incurred in connection with such instrument of satisfaction or assignment, as the case may be, shall be chargeable to the Principal and Interest Account or to the Trustee.

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