Application of insurance money Sample Clauses

Application of insurance money. (a) The Bank can at its discretion require all monies received on any insurance of the Property and effects, whether effected by the Bank or by the Assignor, to be applied –
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Application of insurance money. The Bank may at its discretion require all monies received on any insurance of the said Property building fixture structure property and effects whether effected by the Bank or by the Borrower and/or the Security Party to be applied in or towards making good the loss or damage in respect of which the monies are received or at the option of the Bank in or towards the discharge of any monies secured hereby and the Borrower and/or the Security Party shall hold all monies so received on such insurance in trust for the Bank and the Bank may receive and give a good discharge for all such monies.
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Application of insurance money. MBSB may at its discretion require all moneys received on any insurance or the said buildings fixtures structures property or effect whether effected by MBSB or by the Chargor(s) to be applied in or towards making good the loss or damage in respect of which the money is received or at the option of MBSB or towards the discharge or any money secured hereby and the Chargor(s) shall hold moneys so received on such insurance in trust for MBSB and MBSB may receive and give a good discharge of all such moneys.
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Application of insurance money. MBSB may at its discretion require all moneys received on any insurance or the said buildings fixtures structures property or effect whether effected by MBSB or by the Chargor(s) and/or the Borrower(s) to be applied in or towards making good the loss or damage in respect of which the money is received or at the option of MBSB or towards the discharge or any money secured hereby and the Chargor(s) and/or the Borrower(s) shall hold moneys so received on such insurance in trust for MBSB and MBSB may receive and give a good discharge of all such money.
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Application of insurance money. BPMB may require any moneys received on any insurance of the assets charged making good the loss or damage in respect of which the moneys are received or receivable in or towards the discharge of any principal money and interest owing by the Borrower to BPMB in accordance with the terms and conditions of this Agreement and the Security Documents, and the Borrower shall hold any money received on such insurance in trust for BPMB and BPMB may receive and give a good discharge for any such moneys.
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Application of insurance money. In the case of any loss or damage arising from any cause covered by the insurance as referred to in Clause 2.5.1, the Lessee shall immediately make a claim under the relevant insurance policy and apply and expend the moneys received by virtue of such insurances in restoring, replacing, repairing or reinstating the same and where such moneys shall be insufficient for that purpose, the Lessee shall pay the balance out of his own money.
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Application of insurance money. The Bank may require any money received on any insurance relating to the Property whether effected by the Bank or by the Borrower to be applied in or towards making good the loss or damages in respect of which the money received or receivable or in or towards the discharge of any principal money and interest or any moneys secured hereby and the Borrower shall hold any money received on such insurance in trust for the Bank and the Bank may receive and give a good discharge for any such moneys.
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Related to Application of insurance money

  • Application of Insurance Proceeds Grantor shall promptly notify Lender of any loss or damage to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

  • Cancellation of Insurance There will be no cancellation or reduction of coverage of any required insurance without thirty (30) days’ written notice to the Contractor. Such notice may be sent by the Subcontractor’s insurance carrier, insurance broker, or the Subcontractor. Waiver of Subrogation. Subcontractor waives all rights against Contractor, Client, other subcontractors, and their agents.

  • Continuation of Insurance All policies of insurance shall provide for at least 30 days prior written cancellation notice to the Secured Party. In the event of failure by the Debtor to provide and maintain insurance as herein provided, the Secured Party may, at its option, provide such insurance and charge the amount thereof to the Debtor. The Debtor shall furnish the Secured Party with certificates of insurance and policies evidencing compliance with the foregoing insurance provision.

  • Maintenance of Insurance Policies The Servicer shall, in accordance with its customary practices, policies and procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Vehicle as of the execution of the related Receivable. The Servicer shall, in accordance with its customary practices, policies and procedures, track such physical damage insurance with respect to each Receivable.

  • Evidence of Insurance Receipt by the Administrative Agent of copies of insurance policies or certificates of insurance of the Loan Parties evidencing liability and casualty insurance meeting the requirements set forth in the Loan Documents, including, but not limited to, naming the Administrative Agent as additional insured (in the case of liability insurance) or loss payee (in the case of hazard insurance) on behalf of the Lenders.

  • Modification of insurance requirements The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

  • Allocation of Insurance Proceeds Except as otherwise provided in Section 11.3, Insurance Proceeds received with respect to suits, occurrences, claims, costs and expenses covered under the Shared Policies shall be paid to Tyco with respect to Tyco Retained Liabilities, to Healthcare with respect to Healthcare Liabilities, and to Electronics with respect to Electronics Liabilities. In the event that the aggregate limits on any Shared Policies are exhausted by the payment of Insured Claims by the relevant Parties, such Parties agree to allocate the Insurance Proceeds received thereunder based upon their respective percentage of the total insured claim or claims which were covered under such Shared Policy (their “allocable portion of Insurance Proceeds”), and any Party who has received Insurance Proceeds in excess of such Party’s allocable portion of Insurance Proceeds shall pay to the other Party or Parties the appropriate amount so that each Party will have received its allocable portion of Insurance Proceeds. Each of the Parties agrees to use best efforts to maximize available coverage under those Shared Policies applicable to it for the benefit of all Parties, and to take all commercially reasonable steps to recover from all other responsible parties (except the Parties) in respect of an Insured Claim to the extent coverage limits under a Shared Policy have been exceeded or would be exceeded as a result of such Insured Claim.

  • Maintenance of Insurance The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

  • Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies (a) The Master Servicer shall cause to be maintained, for each Mortgage Loan, hazard insurance with extended coverage in an amount that is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan or (ii) the greater of (y) the outstanding principal balance of the Mortgage Loan and (z) an amount such that the proceeds of such policy shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. Each such policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. Any amounts collected by the Master Servicer under any such policies (other than the amounts to be applied to the restoration or repair of the related Mortgaged Property or amounts released to the Mortgagor in accordance with the Master Servicer's normal servicing procedures) shall be deposited in the Certificate Account. Any cost incurred by the Master Servicer in maintaining any such insurance shall not, for the purpose of calculating monthly distributions to the Certificateholders or remittances to the Trustee for their benefit, be added to the principal balance of the Mortgage Loan, notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall be recoverable by the Master Servicer out of late payments by the related Mortgagor or out of Liquidation Proceeds to the extent permitted by Section 3.08 hereof. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Mortgaged Property is located at the time of origination of the Mortgage Loan in a federally designated special flood hazard area and such area is participating in the national flood insurance program, the Master Servicer shall cause flood insurance to be maintained with respect to such Mortgage Loan. Such flood insurance shall be in an amount equal to the least of (i) the original principal balance of the related Mortgage Loan, (ii) the replacement value of the improvements which are part of such Mortgaged Property, and (iii) the maximum amount of such insurance available for the related Mortgaged Property under the national flood insurance program.

  • Maintenance of Insurance Coverage Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

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