Common use of Subrogation and Assignment Clause in Contracts

Subrogation and Assignment. a. Assignment relating to funds received under the Program. i. In consideration of Participant’s receipt of CDBG-DR Program benefits and/or the commitment by NCORR to provide benefits to the Participant under the Program, Participant hereby assigns to NCORR all of the Participant’s rights to future payment and all payment previously received under any policy of casualty or property damage insurance (the “Policies”), and/or any and all compensation by virtue of any settlement, offer, or judgment against a third-party for the same property loss that was provided for through the Program and/or under any reimbursement or relief program related to or administered by FEMA, SBA, and/or under any reimbursement or relief program administered by any other organization (singularly, a “Disaster Program” and collectively, the “Disaster Programs”) that are the basis of the calculation of Participant’s award to be paid to or on behalf of the Participant under the Program using CDBG-DR funds and that are determined to be a Duplication of Benefits (“DOB”) in accordance with the ▇▇▇▇▇▇▇▇ Act as provided in the Agreement. These Subrogation and Assignment provisions apply only to payments the Participant may receive for damage that this Agreement is intended to address. In other words, these provisions do not apply to payments received for damages from other unrelated disasters or other unrelated insurable events. ii. The proceeds or payments referred to in the preceding subparagraph whether they are from insurance, FEMA or the SBA, or any other source, shall be referred to herein as “Proceeds”, and any Proceeds that are a DOB shall be referred to herein as “DOB Proceeds”. Upon receiving any Proceeds not previously disclosed to NCORR, Participant agrees to immediately notify NCORR of such additional amounts. If some or all of the proceeds are determined to be a DOB, the portion that is a DOB shall be retained by DOC and deposited into an escrow account as described herein and in the Escrow Agreement incorporated herein by reference.

Subrogation and Assignment. a. Assignment relating to funds received under the Program. i. In consideration of Participant’s receipt of CDBG-DR Program benefits and/or the commitment by NCORR NCEM to provide benefits to the Participant under the Program, Participant hereby assigns to NCORR NCEM all of the Participant’s rights to future payment and all payment previously received under any policy of casualty or property damage insurance (the “Policies”), and/or any and all compensation by virtue of any settlement, offer, or judgment against a third-party for the same property loss that was provided for through the Program and/or under any reimbursement or relief program related to or administered by FEMA, SBA, and/or under any reimbursement or relief program administered by any other organization (singularly, a “Disaster Program” and collectively, the “Disaster Programs”) that are the basis of the calculation of Participant’s award to be paid to or on behalf of the Participant under the Program using CDBG-DR funds and that are determined to be a Duplication of Benefits (“DOB”) in accordance with the ▇▇▇▇▇▇▇▇ Act as provided in the Agreement. These Subrogation and Assignment provisions apply only to payments the Participant may receive for damage that this Agreement is intended to address. In other words, these provisions do not apply to payments received for damages from other unrelated disasters or other unrelated insurable events. ii. The proceeds or payments referred to in the preceding subparagraph whether they are from insurance, FEMA or the SBA, or any other source, shall be referred to herein as “Proceeds”, and any Proceeds that are a DOB shall be referred to herein as “DOB Proceeds”. Upon receiving any Proceeds not previously disclosed to NCORRNCEM, Participant agrees to immediately notify NCORR NCEM of such additional amounts. If some or all of the proceeds are determined to be a DOB, the portion that is a DOB shall be retained by DOC and deposited into an escrow account as described herein and in the Escrow Agreement incorporated herein by reference.

Subrogation and Assignment. a. a) Assignment relating to funds received under the Program. i. i) In consideration of Participant’s receipt of CDBG-DR Program benefits and/or the commitment by NCORR to provide benefits to the Participant under the Program, Participant hereby assigns to NCORR all of the Participant’s rights to future payment and all payment payments previously received under any policy of casualty or property damage insurance (the “Policies”), and/or any and all compensation by virtue of any settlement, offer, or judgment against a third-party for the same property loss that was provided for through the Program and/or under any reimbursement or relief program related to or administered by FEMA, SBA, and/or under any reimbursement or relief program administered by any other organization (singularly, a “Disaster Program” and collectively, the “Disaster Programs”) that are the basis of the calculation of Participant’s award to be paid to or on behalf of the Participant under the Program using CDBG-DR funds and that are determined to be a Duplication of Benefits (“DOB”) in accordance with the ▇▇▇▇▇▇▇▇ Act as provided in the Agreement. These Subrogation and Assignment provisions apply only to payments the Participant may receive for damage that this Agreement is intended to address. In other words, these provisions do not apply to payments received for damages from other unrelated disasters or other unrelated insurable events. ii. ) The proceeds or payments referred to in the preceding subparagraph whether they are from insurance, FEMA or the SBA, or any other source, shall be referred to herein as “Proceeds”, and any Proceeds that are a DOB shall be referred to herein as “DOB Proceeds”. Upon receiving any Proceeds not previously disclosed to NCORR, Participant agrees to immediately notify NCORR of such additional amounts. If some or all of the proceeds are determined to be a DOB, the portion that is a DOB shall be retained by DOC NCORR and deposited into an escrow account Escrow Account as described herein and in the Escrow Agreement incorporated herein by reference.

Subrogation and Assignment. a. Assignment relating Relating to funds received Funds Received under the Housing Trust Fund Corporation Mount ▇▇▇▇▇▇ Healthy Homes Program. i. In (a) Homeowner enters this Agreement in consideration of Participant’s receipt the evaluation by the Housing Trust Fund Corporation (“HTFC”) of CDBG-DR Program benefits and/or the commitment by NCORR to provide benefits to the Participant under the Program, Participant hereby assigns to NCORR all of the Participant’s rights to future payment and all payment previously received under any policy of casualty or property damage insurance its application (the “PoliciesApplication”) for disaster assistance funds, monies, or other benefits (“Benefits”) or its receipt of Benefits under the HTFC Mt. ▇▇▇▇▇▇ Healthy Homes Program (“Program”). (b) Homeowner acknowledges that the Program is subject to the provisions of the ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Disaster Relief and Emergency Assistance Act, as amended, 42 U.S.C. §§ 5121-5207, (the “▇▇▇▇▇▇▇▇ Act”). Under the ▇▇▇▇▇▇▇▇ Act, Homeowner may receive assistance only to the extent that it has a disaster recovery need that is not fully met by insurance or other disaster assistance. Homeowner further acknowledges that this Agreement is intended to ensure that it does not receive Benefits that duplicate benefits available for the same purposes from another source. Homeowner promises to reimburse HTFC for the full amount of any Benefits that Homeowner previously received, subsequently receives, or (or with reasonable effort would be) eligible to receive for the same purposes for which the Benefits are awarded. (c) Homeowner subrogates and assigns to HTFC all of its future rights to reimbursement and all payments or proceeds determined to be a Duplication of Benefits (“DOB”), and/or as provided in this Agreement. This includes payments or proceeds received from any and all compensation by virtue grant, subsidized loan, insurance policies of any settlement, offertype or coverage, or judgment against a third-party for the same property loss that was provided for through the Program and/or under any reimbursement or relief program related to or administered by the Federal Emergency Management Agency (“FEMA”) or the Small Business Administration (“SBA”) (each, SBA, and/or under any reimbursement or relief program administered by any other organization (singularly, a “Disaster Program” and and, collectively, the “Disaster Programs”) that are to the basis of the calculation of Participant’s award to be paid to or on behalf of the Participant under the Program using CDBG-DR funds and that are determined to be a Duplication of Benefits (“DOB”) in accordance with the ▇▇▇▇▇▇▇▇ Act as provided extent such payments and/or proceeds, in the Agreementsole discretion of HTFC or its designated agent, constitute a DOB. These Subrogation Payments and Assignment provisions apply only to payments the Participant may receive for damage that this Agreement is intended to address. In other words, these provisions do not apply to payments received for damages from other unrelated disasters or other unrelated insurable events. ii. The proceeds or payments referred to in the preceding subparagraph whether they are from insurancethis paragraph, FEMA regardless of DOB or the SBA, or any other source, shall hereafter be referred to herein as “Proceeds”, ,” and any Proceeds that are a DOB shall hereafter be referred to herein as “DOB Proceeds.”. Upon (d) Homeowner agrees to immediately notify HTFC upon receiving any Proceeds not previously disclosed to NCORRin connection with their Application. HTFC will thereafter determine, Participant agrees to immediately notify NCORR of such additional amounts. If some in its sole discretion, whether any or all such Proceeds constitute DOB Proceeds. Homeowner must pay all DOB Proceeds to HTFC, as provided in Section 3 of the proceeds are determined to be a DOB, the portion that is a DOB shall be retained by DOC and deposited into an escrow account as described herein and in the Escrow Agreement incorporated herein by referencethis Agreement.

Subrogation and Assignment. a. Assignment relating Relating to funds received under Funds Received from the Puerto Rico Department of Housing Non-Federal Match Program. i. In a) These provisions are incorporated into the Subrecipient Agreement in consideration of Participant’s receipt the commitment by PRDOH application for the award of disaster assistance funds (the Application CDBG-DR disaster ▇▇▇▇▇ b) Subrecipient understands and acknowledges that the Program benefits and/or the commitment by NCORR to provide benefits is subject to the Participant provisions of the ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Disaster Relief and Emergency Assistance Act, as amended, 42 U.S.C. §§ 5121- Act Subrecipient may only receive assistance to the extent that the Subrecipient has a disaster recovery need that is not fully met by insurance or other forms of disaster assistance. Subrecipient further acknowledges that these provisions are intended to ensure that Subrecipient does not receive duplicate benefits available to the Subrecipient from another source, for the same purposes as the Grant Proceeds provided under the Program, Participant and that, any assistance c) Subrecipient hereby subrogates and assigns to NCORR all of the Participant’s rights to future payment and all payment previously received under any policy of casualty or property damage insurance (the “Policies”), and/or PRDOH any and all compensation by virtue of nd any settlementinterest Subrecipient may have in, offerany reimbursement and all payments received or subsequently received from any grant, or judgment against a third-party for the same property loss that was provided for through the Program and/or under any loan, Policy Policies sidy, reimbursement or relief program related to or administered by FEMA, SBA, and/or under any reimbursement or relief program administered by any other organization (singularly, a “the Federal Emergency Management the Disaster Program” and collectively, the “Disaster Programs”) that are the basis of the calculation of Participant’s award to be paid to or on behalf of the Participant Programs under the Program using CDBG-DR funds and that are determined determined, in the sole discretion of PRDOH or DOB payments referred to in this paragraph, whether they are from Policies, FEMA, or any other source, and whether or not such amounts are a DOB, shall be a referred to herein d) Subrecipient agrees that, in the event that Subrecipient receives additional Proceeds related to disaster recovery that are not listed on the Duplication of Benefits (“DOB”) Certification submitted in accordance connection with the Application, Subrecipient will notify the PRDOH within ten (10) working days of receipt of the funds by sending a written notification to ▇▇▇▇▇▇▇▇ Act as provided ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇.▇▇▇. PRDOH will, in the Agreement. These Subrogation and Assignment provisions apply only to payments the Participant may receive for damage that this Agreement is intended to address. In other wordsturn determine, these provisions do not apply to payments received for damages from other unrelated disasters or other unrelated insurable events. ii. The proceeds or payments referred to in the preceding subparagraph whether they are from insuranceits sole discretion, FEMA or the SBA, or any other source, shall be referred to herein as “Proceeds”, and any if such Proceeds that are a DOB shall be referred to herein as “constitute DOB Proceeds”. Upon receiving any Proceeds not previously disclosed to NCORR, Participant agrees to immediately notify NCORR of such additional amounts. If some or all any of the proceeds Proceeds are determined to be a DOBDOB Proceeds, the portion that is a Subrecipient shall pay PRDOH the DOB shall Proceeds, to be retained by DOC and deposited into an escrow account disbursed as described herein and provided in the Escrow Agreement incorporated herein by referenceSection 3 of this Agreement.

Subrogation and Assignment. a. Assignment relating to funds received under the Program. i. In consideration of Participant’s receipt of CDBG-DR Program benefits and/or the commitment by NCORR to provide benefits Subject to the Participant under indefeasible payment in full of all Obligations, the ProgramGuarantor shall be subrogated to the Bank's rights to receive payments or distributions of cash, Participant hereby assigns to NCORR all property or securities of the Participant’s rights Debtor applicable to future payment the Obligations until the principal of and all payment previously received interest on the amounts paid under any policy this Guaranty shall be paid in full; and, for the purposes of casualty such subrogation, no payments or property damage insurance (distributions to the “Policies”)Agent, and/or any and all compensation by virtue for the benefit of the Banks, of any settlementcash, offerproperty or securities to which the Guarantor would be entitled, or judgment against a third-party except for the same property loss that was provided for through provisions of this Guaranty, and no payment over pursuant to the Program and/or under any reimbursement or relief program related provisions of this Guaranty to or administered for the Banks' benefit by FEMAthe Guarantor, SBAshall, and/or under any reimbursement or relief program administered by any as between the Debtor, its creditors other organization (singularly, a “Disaster Program” and collectivelythan the Agent, the “Disaster Programs”) that are Banks and the basis of the calculation of Participant’s award Guarantor, be deemed to be paid a payment by the Debtor to or on behalf account of the Participant under Obligations. Notwithstanding the Program using CDBG-DR funds foregoing, the Guarantor hereby knowingly, voluntarily and that are determined intentionally waives any rights it may have to be subrogated to the Banks' rights until the latest to occur of (i) the date all Obligations are finally and irrevocably repaid to the Banks in full and the Credit Agreement is terminated or (ii) if the Debtor is subject to a Duplication bankruptcy, reorganization or other similar proceeding then two days beyond that period of Benefits time within which an action (“DOB”whether by adversary proceeding or otherwise) in accordance with the ▇▇▇▇▇▇▇▇ Act as provided may be commenced to recover any preferential transfer or fraudulent conveyance from any transferee; provided, however, if in the Agreement. These Subrogation and Assignment provisions apply only event of such a proceeding the Agent or the Banks are required to pay back any amounts previously received due to the existence or exercise of the subrogation rights, the Guarantor will reimburse the Agent, for the benefit of the Banks, for any such payments the Participant may receive for damage that this Agreement is intended to address. In other words, these provisions do not apply to payments received for damages from other unrelated disasters or other unrelated insurable events. iipromptly upon demand therefor. The proceeds or payments referred Guarantor acknowledges that the Agent and the Banks have been induced to accept this Guaranty and to enter into the Credit Agreement and the other Related Documents in part in reliance upon the preceding subparagraph whether they are from insurance, FEMA or the SBA, or any other source, shall be referred to herein as “Proceeds”, and any Proceeds that are a DOB shall be referred to herein as “DOB Proceeds”. Upon receiving any Proceeds not previously disclosed to NCORR, Participant agrees to immediately notify NCORR provisions of such additional amounts. If some or all of the proceeds are determined to be a DOB, the portion that is a DOB shall be retained by DOC and deposited into an escrow account as described herein and in the Escrow Agreement incorporated herein by referencethis Section 4.

Subrogation and Assignment. a. Assignment relating to funds received under the Program. i. In consideration of Participant’s receipt of CDBG-DR Program benefits and/or the commitment by NCORR to provide benefits (a) Without prejudice and in addition to the Participant under the Program, Participant hereby assigns to NCORR all provisions of the Participant’s rights to future payment Reimbursement and all payment previously received under Subrogation Agreement and any policy right of casualty indemnification or property damage insurance subrogation JBIC may have at law, in equity or otherwise: (i) the “Policies”), and/or any Borrower and all compensation by virtue of any settlement, offer, or judgment against a third-party for the same property loss that was provided for through the Program and/or under any reimbursement or relief program related to or administered by FEMA, SBA, and/or under any reimbursement or relief program administered by any other organization Intercreditor Agent (singularly, a “Disaster Program” and collectively, the “Disaster Programs”) that are the basis of the calculation of Participant’s award to be paid to or on behalf of the Participant Covered Lenders) acknowledge and agree that, if JBIC makes any payment pursuant to the EPRG (each such payment being an “EPRG Payment”), JBIC shall immediately be subrogated, to the extent of such EPRG Payment, to the rights and interests of each Covered Lender, including the rights and interests under the Program using CDBG-DR funds other Senior Finance Documents and to any Project Assets as a Senior Secured Party (the “Subrogation Rights”), and that such Subrogation Rights and the Borrower's obligations hereunder to JBIC as the subrogee shall constitute unpaid obligations for the purposes of this Agreement; and (ii) in furtherance of the foregoing, promptly upon JBIC’s request, the Covered Lenders or the Intercreditor Agent on behalf of the Covered Lenders shall execute any assignment and transfer documentation and endorsements reasonably requested by JBIC and permitted by Applicable Laws to effect the transfer to JBIC of all rights, title and interest in and to the Senior Loans, this Agreement, the other Senior Finance Documents and any other related agreements, documents and instruments, including rights to the Project Assets securing the obligations owed to the Covered Lenders, to the extent of JBIC’s Subrogation Rights, whereupon JBIC shall become, subject to paragraph (b) below, a “Covered Lender” for the purposes of the Senior Finance Documents (other than the EPRG) with respect to such assigned or transferred Subrogation Rights. (b) Notwithstanding paragraph (a) above: (i) the terms and conditions of the Senior Loans in respect of which JBIC has Subrogation Rights and/or which are determined assigned or transferred to JBIC pursuant to paragraph (a)(ii) above shall be deemed to be those set out in the Senior Finance Documents which are applicable to Senior Loans under the JBIC Facility; and (ii) JBIC shall not, with respect to the Subrogation Rights, be treated as a Duplication Covered Lender for the purposes of Benefits Clauses 9 (“DOB”Taxes), 11 (Increased Costs), 12 (Mitigation) and 28 (Changes to the Parties) and shall instead be treated for all purposes as JBIC, in accordance each case as if JBIC’s interest in any amounts outstanding with respect to any Covered Loans representing its Subrogation Rights were amounts owed to JBIC under or in connection with the ▇▇▇▇▇▇▇▇ Act as provided in the Agreement. These Subrogation and Assignment provisions apply only to payments the Participant may receive for damage that this Agreement is intended to address. In other words, these provisions do not apply to payments received for damages from other unrelated disasters or other unrelated insurable eventsJBIC Facility. ii. The proceeds or payments referred to in the preceding subparagraph whether they are from insurance, FEMA or the SBA, or any other source, shall be referred to herein as “Proceeds”, and any Proceeds that are a DOB shall be referred to herein as “DOB Proceeds”. Upon receiving any Proceeds not previously disclosed to NCORR, Participant agrees to immediately notify NCORR of such additional amounts. If some or all of the proceeds are determined to be a DOB, the portion that is a DOB shall be retained by DOC and deposited into an escrow account as described herein and in the Escrow Agreement incorporated herein by reference.

Subrogation and Assignment. a. a) Assignment relating to funds received under the Program. i. i) In consideration of Participant’s receipt of CDBG-DR Program benefits and/or the commitment by NCORR to provide benefits to the Participant under the Program, Participant hereby assigns to NCORR all of the Participant’s rights to future payment and all payment payments previously received under any policy of casualty or property damage insurance (the “Policies”), and/or any and all compensation by virtue of any settlement, offer, or judgment against a third-party for the same property loss that was provided for through the Program and/or under any reimbursement or relief program related to or administered by FEMA, SBA, and/or under any reimbursement or relief program administered by any other organization (singularly, a “Disaster Program” and collectively, the “Disaster Programs”) that are the basis of the calculation of Participant’s award to be paid to or on behalf of the Participant under the Program using CDBG-DR funds and that are determined to be a Duplication of Benefits (“DOB”) in accordance with the ▇▇▇▇▇▇▇▇ Act as provided in the Agreement. These Subrogation and Assignment provisions apply only to payments the Participant may receive for damage that this Agreement is intended to address. In other words, these provisions do not apply to payments received for damages from other unrelated disasters or other unrelated insurable events. ii. ) The proceeds or payments referred to in the preceding subparagraph whether they are from insurance, FEMA or the SBA, or any other source, shall be referred to herein as “Proceeds”, and any Proceeds that are a DOB shall be referred to herein as “DOB Proceeds”. Upon receiving any Proceeds not previously disclosed to NCORR, Participant agrees to immediately notify NCORR of such additional amounts. If some or all of the proceeds are determined to be a DOB, the portion that is a DOB shall be retained by DOC NCORR and deposited into an escrow account as described herein and in the Escrow Agreement incorporated herein by reference.Account as