Proceeds of Insurance. If the Leased Premises are damaged or destroyed and the Lease is terminated under this clause 16, the Lessee will have no interest in the insurance proceeds other than those proceeds that relate to the Lessee’s Building and Fixtures and contents.
Proceeds of Insurance. Payments under all policies required hereby in respect of loss or damage to the Vessel, which payments are in excess of $5,000,000 or which are made as the result of an event constituting an Event of Loss, shall be made to the Indenture Trustee, the Owner Trustee or to whomever shall then be entitled thereto, and all other payments thereunder shall be made to the Charterer provided that no Indenture Event of Default or Event of Default shall have occurred and be continuing. As among the Participants, CNB, the Owner Trustee, the Indenture Trustee, the Guarantor and the Charterer it is agreed that during such period as the Indenture shall be in effect, proceeds of insurance maintained pursuant to this Section 10 shall be paid and applied as set forth in the Indenture and thereafter (i) proceeds of insurance maintained under this Section 10 received as the result of the occurrence of an Event of Loss shall be applied as set forth in Section 11, and (ii) the proceeds of any such insurance for damage to the Vessel not constituting an Event of Loss shall be applied in payment for the repair of such damage to the extent required to maintain the Vessel in accordance with Section 5, if such repair shall not have already been paid for by the Charterer, or, if already paid by the Charterer, to reimburse the Charterer for its payment of such repair and any balance remaining after compliance with said Section 5 shall be paid over to, or retained by, the Charterer. Any amount referred to in the preceding sentence that is payable to the Charterer or the Owner Trustee shall not be paid to the Charterer or the Owner Trustee if at the time of such payment an Indenture Event of Default or an Event of Default shall have occurred and be continuing, but shall be paid to and held by the Indenture Trustee as security for the obligations of the Charterer under this Charter and the obligations of the Owner Trustee under the Indenture and, at such time as there shall no longer be continuing an Indenture Event of Default or an Event of Default, such amount shall be paid to the Charterer or the Owner Trustee, as the case may be.
Proceeds of Insurance. Mortgagor will promptly give Mortgagee notice of damage or destruction to the Premises, and: In case of loss to the Premises covered by a policy of insurance (“Insured Casualty”), Mortgagee, or the purchaser at a foreclosure sale, without the consent of Mortgagor, may settle and adjust any claim with the insurance company or companies on the amount to be paid upon the loss; provided however, if (i) there are no existing Events of Default (as hereafter defined) and (ii) the Insured Casualty is not a Material Casualty Event, Mortgagor may itself adjust losses subject to the consent of Mortgagee. Subject to the Loan Agreement, Mortgagee is hereby authorized to collect and receive any such insurance proceeds. Mortgagor shall turn over to Mortgagee any insurance proceeds of (i) an Insured Casualty (other than a Material Casualty Event) which proceeds, individually or in the aggregate, exceed $1,500,000, or (ii) a Material Casualty Event, in each case substantially simultaneously with (and in any event not later than the third Business Day next following) receipt thereof by Mortgagor. Expenses incurred by Mortgagee in adjustment and collection of insurance proceeds shall be additional Indebtedness Hereby Secured, and shall be reimbursed to Mortgagee upon demand. Mortgagor hereby grants to Mortgagee for the ratable benefit of the Secured Parties a security interest in all such insurance proceeds. Mortgagee, in its sole discretion, may, subject to Section 6 and the provisions of the Loan Agreement, (i) apply the proceeds of insurance consequent upon any Insured Casualty to the Indebtedness Hereby Secured in such order or manner as Mortgagee may elect or (ii) unless the Insured Casualty is the result of a Material Casualty Event, make the proceeds available to Mortgagor for the restoration, repairing, replacing or rebuilding of the Premises. In the event proceeds of insurance of an Insured Casualty shall be made available to Mortgagor, pursuant to Section 6(a) or Section 6(b), for the restoring, repairing, replacing or rebuilding of the Premises, Mortgagor covenants to restore, repair, replace or rebuild the same to be of substantially the same character as prior to such damage or destruction; all to be effected in accordance with plans and specifications to be first submitted to and approved by Mortgagee, which approval may be given or withheld in its reasonable discretion. Mortgagor shall pay all costs of such restoring, repairing, replacing or rebuilding in exce...
Proceeds of Insurance. Casualty Proceeds shall be payable in accordance with the provisions of Article XVIII.
Proceeds of Insurance. In the event of a termination of this Lease as described above, all proceeds of insurance policies, except for those amounts pertaining to the Tenant’s property, and to the extent that the Tenant is not indebted to the Landlord under this Lease, shall be and remain the sole property of the Landlord.
Proceeds of Insurance. The entire proceeds of any property or casualty insurance or third-party payments for damages or a Casualty Occurrence with respect to any Unit (including any Association of American Railroads interline settlements) received by the Lender shall be promptly paid over to, and retained by, the Borrower; provided, however, any such amount which is payable to the Borrower shall not be paid to the Borrower, or if it has been previously paid directly to the Borrower shall not be retained by the Borrower, if at the time of such payment an Event of Default shall have occurred and be continuing, but shall be paid to and held by the Lender as security for the obligations of the Borrower under this Agreement.
Proceeds of Insurance. Landlord shall make all reasonable attempts to utilize the proceeds of insurance as well as to exercise any and all reasonable recourses available to Landlord against any contractor, builder, supplier or any third party in order to reduce Tenant’s liability for repairs, maintenance, replacements, modernization and Improvements, provided however, that Tenant shall notwithstanding any such proceedings advance the amounts required to be paid by Tenant hereunder and to receive its Proportion of am reimbursement so obtained by Landlord, and provided further that Tenant shall advance its proportionate share being the Proportion utilized in Article 2.1(10) of costs and expenses of any legal action as Landlord may institute against any such party. Landlord shall have no obligation to litigate any such claim and may settle, compromise, consent to, waive or otherwise determine in its discretion any claim without notice to, consent or approval of Tenant.
Proceeds of Insurance. Insurance proceeds shall be applied as follows:
(i) If the Lessee believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be less than or equal to $500,000, the Lessee may elect to restore or replace the property affected by such casualty event without the consent of the Lessor so long as no Default shall have occurred and be continuing.
(ii) If the Lessee believes that, based on reasonable estimates of loss, the amount of insurance proceeds payable in respect of any casualty event or any series of related casualty events to be in excess of $500,000, the Lessee may elect to restore or replace the property affected by such casualty event if the Lessee has delivered to the Lessor, within twenty (20) days from the occurrence of such casualty event, a Restoration or Replacement Plan with respect to such casualty that is based upon, or accompanied by, each of the following: (A) (1) a detailed breakdown of the nature and extent of such casualty event and (2) a bona fide assessment (from a contractor reasonably acceptable to the Lessor) of the estimated cost and time needed to restore or replace the affected property; (B) satisfactory evidence that such insurance proceeds and the Lessee’s other available funds are sufficient to make the necessary restorations to or replacement of the affected property; (C) delivery of an officer’s certificate of the Lessee certifying that, at the completion of the restoration or replacement, no Default shall have occurred and be continuing in connection with such casualty event; and (D) confirmation by the Engineering Consultant, of its agreement based on the information available to it with the matters set forth in clauses (A) through (B) above within twenty (20) days after the receipt of the foregoing information and its approval of such Restoration or Replacement Plan; provided, that, if the Lessee does not deliver such Restoration or Replacement Plan within such 20-day period or if the Lessor or the Engineering Consultant provides written notice to Lessee that it rejects the Restoration or Replacement Plan, and following consultation by the Lessee with the Lessor or the Engineering Consultant regarding any proposal by Lessee to modify the Restoration or Replacement Plan but within 20 days after Lessee has received such initial written rejection notice, the Lessor or the Engineering Consultant provides written no...
Proceeds of Insurance. All proceeds of any insurance required hereunder shall be applied in accordance with the terms of the Security Documents.
Proceeds of Insurance. The entire proceeds of any property insurance or third-party payments for damages or an Event of Loss with respect to any Unit (including any Association of American Railroads interline settlements) received by Lessor or Indenture Trustee shall be promptly paid over to, and retained by, Lessee; provided, however, any such amount which is payable to Lessee shall not be paid to Lessee, or if it has been previously paid directly to Lessee, shall not be retained by Lessee, if at the time of such payment a Specified Default or an Event of Default shall have occurred and be continuing, but shall be paid to and held by Lessor as security for the obligations of Lessee under this Lease.
