Insurance Receipt definition

Insurance Receipt means any cash received by or paid to or for the account of any Person as proceeds of insurance (other than proceeds of business interruption insurance to the extent such proceeds constitute compensation for lost earnings) and condemnation awards (and payments in lieu thereof); PROVIDED, HOWEVER, that so long as no Event of Default shall have occurred and be continuing, an Insurance Receipt shall not include cash receipts received from proceeds of insurance or condemnation awards (or payments in lieu thereof) to the extent that such proceeds or awards (a) in respect of loss or damage to equipment, fixed assets or real property are applied (or in respect of which expenditures were previously incurred) to replace or repair the equipment, fixed assets or real property in respect of which such proceeds were received in accordance with the terms of the Loan Documents, or (b) are received by any Person in respect of any third party claim against such Person and applied to pay (or to reimburse such Person for its prior payment of) such claim and the costs and expenses of such Person with respect thereto.
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Insurance Receipt means any cash received by or paid to or for the account of any Person constituting proceeds of insurance (other than proceeds of business interruption insurance to the extent such proceeds constitute compensation for lost earnings) and condemnation awards (and payments in lieu thereof).
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Examples of Insurance Receipt in a sentence

  • The Reinsurer's liability for coverage under the Insurance Receipt shall terminate simultaneously with the termination of the Ceding Company's liability under the Insurance Receipt.

  • Our liability for losses under the terms of a Conditional Receipt or Temporary Insurance Receipt is shown in Exhibit D (Conditional Receipt Liability).

  • We will not be liable for a claim incurred under the terms of a Conditional Receipt or Temporary Insurance Receipt for a risk, which has been submitted to us on a facultative basis.

  • Our liability for losses under the terms of a Conditional Receipt or Temporary Insurance Receipt is shown in Exhibit E (Conditional Receipt Liability).

  • You will not be liable for losses under the terms of a Temporary Insurance Receipt.

  • Temporary Insurance Receipt is a form, a copy of which has been supplied to you and is on file at your Home Office.

  • We will not be liable for a claim incurred under the terms of a Conditional Receipt or Temporary Insurance Receipt for a risk which has been submitted to us on a facultative basis.

  • Temporary Insurance Receipt Liability will not be covered under this Agreement.

  • You will not be liable for a claim incurred under the terms of a Temporary Insurance Receipt for a risk which has been submitted to you on a facultative basis.

  • The Reinsurer shall not be liable for such revised Conditional Receipt, Temporary Insurance Receipt or practices unless the Ceding Company has received written acknowledgment from the Reinsurer that it intends to be bound on such revision.