Use of Insurance Proceeds Sample Clauses

Use of Insurance Proceeds. The Contractor shall immediately use any payment received from insurance coverages to remediate civil or environmental damages, and to repair or replace any damaged or destroyed Materials. If an insurance company withholds payment on a claim, the Contractor shall assume the Costs of repair or replacement.
AutoNDA by SimpleDocs
Use of Insurance Proceeds. All insurance or condemnation proceeds payable by reason of any physical loss of any of the improvements comprising the facilities or the furniture, fixtures and equipment used by the Clinics, shall be available for the reconstruction, repair or replacement, as the case may be, of any damage, destruction or loss. The Oversight Committee, in consultation with Oncology, shall review and approve such reconstruction, repair or replacement.
Use of Insurance Proceeds. Any insurance proceeds recovered by reason of damage to or destruction of improvements on the Premises shall be made available to Tenant and must be used to repair, restore or replace the improvements so damaged or destroyed with any excess proceeds made available to Tenant.
Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of Lender's out-of pocket costs of collecting and disbursing the same) available to Borrower to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions:
Use of Insurance Proceeds. Unless the Parties otherwise agree in writing, Seller shall promptly restore the System to the condition prior to such loss, and Seller shall use all proceeds received by Seller from any policy of insurance providing coverage for such loss, to make all necessary repairs or replacements to the System and to promptly restore deliveries of Output to Purchaser.
Use of Insurance Proceeds. Mortgagee shall make the net insurance proceeds received by it (after reimbursement of Mortgagee’s reasonable out-of pocket costs of collecting and disbursing the same) available to Mortgagor to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedent:
Use of Insurance Proceeds. (1) Unless otherwise specified in this Section 6.5, all proceeds of insurance required to be maintained by the Obligors under the terms of this Agreement shall be paid to the Agent to be applied by it on account of the Obligations.
AutoNDA by SimpleDocs
Use of Insurance Proceeds. (a) Subject to the conditions set forth below, all proceeds of casualty insurance on the improvements shall be made available to pay for the cost of Restoration if any part of the improvements are damaged or destroyed in whole or in part by fire or other casualty. All such insurance proceeds, less the cost of collection, shall be paid into a trust account to be created by an independent third party (“Insurance Trustee”) to be chosen by (i) the First Mortgagee if the Casino Complex is encumbered by a First Mortgage or (ii) Developer and City in the event there is no First Mortgagee, within ten (10) days of when the proceeds are to be made available. Nothing herein shall prohibit the First Mortgagee from acting as the Insurance Trustee. If Developer or City for whatever reason, cannot or will not participate in the selection of the Insurance Trustee, then the other party shall select the Insurance Trustee. Developer shall name the Insurance Trustee appointed pursuant to this Section 11.2 as the sole loss payee on Developer’s casualty insurance. If those parties who participate in the selection process cannot agree on the selection of the Insurance Trustee, either City or Developer may apply to the Circuit Court for the County for the appointment of a local bank having a capital surplus in excess of Two Hundred Million Dollars ($200,000,000) as the Insurance Trustee. The Insurance Trustee shall hold the insurance proceeds in trust to be disbursed in stages to pay for the cost of the Restoration, as hereafter provided. The Insurance Trustee shall deposit the insurance proceeds in an interest bearing account and any after tax interest earned thereon shall be added to the insurance proceeds. All fees and expenses of the Insurance Trustee shall be paid by Developer.
Use of Insurance Proceeds. In connection with the repair or restoration of the Series 1989D Project Facilities pursuant to Section 5.1 hereof, Net Proceeds of Required Property Insurance Coverage not in excess of $50,000 shall be paid to the Mortgagor for application of as much as may be necessary for such repair and restoration. Any such Net Proceeds, if in excess of $50,000, shall be paid to and held by the Mortgagee in the Awards Account In the Project Fund established by Section 5.04(b) of the Basic Indenture, for application of as much as may be necessary for the payment of the costs of repair or restoration, either on completion thereof or as the work progresses, as directed by the Mortgagor. The Mortgagee may, prior to making payment from the Awards Account, require the Mortgagor to provide evidence that, or deposit with the Mortgagee moneys to be placed in such Account so that, there will be adequate moneys available for such repair and restoration. The Mortgagee shall not be obligated to make any payment from such Account if there exists a material Event of Default hereunder. Any balance of the Net Proceeds (together with any investment income therefrom) held by the Mortgagee remaining after payment of all costs of such repair or restoration shall be paid to the Mortgagee for deposit into the Prepayment Account for application as provided in the Basic Indenture. If, in lieu of repair or restoration, the Series 1989D Agreement is to be terminated, an amount equal to any Net Proceeds received by the Mortgagee prior to the prepayment effecting such termination shall (together with any investment income therefrom and any further amount required to effect such termination) be deemed to be a prepayment of Financial Payments and deposited by the Mortgagee in the Prepayment Account and used as provided in the Basic Indenture.
Use of Insurance Proceeds. If prior to full payment of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Trust Agreement) and full payment of the State Assistance Amount, the Project shall be destroyed (in whole or in part) or damaged by fire, flood, windstorm or other casualty to such extent that the claim for loss resulting from such destruction or damage is in excess of $100,000, the TDD Bonds Beneficiary shall promptly give written notice thereof to the Director, the Borrower, the Trustee and the TDD Trustee. All Net Proceeds of insurance policies resulting from claims for such losses in excess of $100,000 shall, so long as the Bonds shall be outstanding, but subject to the provisions of the Senior Mortgage, be paid to and held by the Trustee in the Collateral Proceeds Account, whereupon, unless the TDD Bonds Beneficiary shall have elected to exercise its option to prepay all amounts due under this Loan Agreement pursuant to the provisions of Section 10.2(a) of this Loan Agreement, (i) the TDD Bonds Beneficiary shall proceed to repair, rebuild or restore the property damaged or destroyed with such changes, alterations and modifications (including the substitution and addition of other property) as may be desired by the TDD Bonds Beneficiary and as will not make the Project unsuitable for the Project Purposes, and (ii) the Trustee will disburse moneys in the Collateral Proceeds Account to or upon the direction of the TDD Bonds Beneficiary for payment of the costs of such repair, rebuilding or restoration, either on completion thereof or, if the TDD Bonds Beneficiary shall so request, as the work progresses. Any such disbursements shall be made pursuant to the procedures set forth in Section 3.3 of this Loan Agreement for disbursement of moneys in the Project Fund, including, but not limited to, the requirement that the TDD Bonds Beneficiary obtain the written approval of the Director and the approval, or deemed approval, of the Borrower with respect to each disbursement. In the event the moneys in the Collateral Proceeds Account are not sufficient to pay in full the costs of such repair, rebuilding or restoration, the TDD Bonds Beneficiary nonetheless shall complete the work and pay the costs thereof from its own resources. The TDD Bonds Beneficiary shall not, by reason of the payment of such excess costs, be entitled to any reimbursement from the Director or any diminution in or postponement of the amounts payable under Section...
Time is Money Join Law Insider Premium to draft better contracts faster.