Disposition of Insurance Proceeds. All insurance proceeds received by or payable with respect to damage or destruction of the Premises (except proceeds of insurance covering loss or damage of the Lessee’s Personal Property), less actual expenses incurred in connection with their collection, must be held by the Lessee in one or more federally insured, interest-bearing accounts, with all interest accrued thereon deemed proceeds of insurance for purposes of this Lease. However, if required by the Lessor, an insurance trustee acceptable to the Lessor may hold such proceeds for use in accordance with this Lease.
Disposition of Insurance Proceeds. The Participating County agrees and acknowledges that the Board, in its sole discretion, may elect to use the proceeds of insurance procured pursuant to this Agreement to repay the Interim Loan and related costs. However, in the event of (i) damage or destruction of the Project caused by the perils covered by the insurance procured pursuant to this Agreement and (ii) if the Board elects to repay the Interim Loan and related costs, and (iii) if any insurance proceeds remain after the Interim Loan and related costs have been repaid, and (iv) such remaining insurance proceeds are distributed to the [ENTER “Department” OR “BSCC”], then the [ENTER “Department” OR “BSCC”] agrees to distribute such remaining proceeds to the Participating County.
Disposition of Insurance Proceeds. The Participating County agrees and acknowledges that the Board, in its sole discretion, may elect to use the proceeds of insurance procured pursuant to this Agreement to repay the Interim Loan and related costs. However, in the event of (i) damage or destruction of the Project caused by the perils covered by the insurance procured pursuant to this Agreement and (ii) if the Board elects to repay the Interim Loan and related costs, and (iii) if any insurance proceeds remain after the Interim Loan and related costs have been repaid, and (iv) such remaining insurance proceeds are distributed to the Department, then the Department agrees to distribute such remaining proceeds to the Participating County.
Disposition of Insurance Proceeds. In the event all of the Special Facilities or any part thereof is damaged or destroyed by an insured casualty and any Bonds remain Outstanding or any amount remains due and owing to the Bond Insurer, then, notwithstanding any provision to the contrary in the Use and Lease Agreement, the following provisions shall be applicable to the expenditure of any insurance proceeds relating to such Special Facilities:
Disposition of Insurance Proceeds. All proceeds payable by reason of any loss or damage to the Leased Premises, or any portion thereof, and insured under any policy of insurance required by Article 12 of this Lease (exclusive, however, of any proceeds of insurance covering Tenant’s equipment used in its business or other business related personal property and exclusive of proceeds from business interruption insurance), shall be paid to Landlord, free from any claim or right of Tenant, and shall be used solely and made available for reconstruction or repair, as the case may be, of any damage to or destruction of the Leased Premises, or any portion thereof, and shall be paid out from time to time for the reasonable cost of such reconstruction or repair in accordance with this Article 13. Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of the Leased Premises shall be the property of Landlord free and clear, with Tenant being entitled to its pro-rata share of such excess, upon completion of any such repair and restoration, except as otherwise specifically provided below in this Article 13. In the event Landlord is not required to repair and restore the Leased Premises as a result of the termination of this Lease, then all such insurance proceeds shall be retained by and shall belong to Landlord, free from any claim or right of Tenant, except however, Tenant shall be entitled to receive a portion of such proceeds equal to the unamortized costs of the capital additions which were paid directly by Tenant, based upon the Term of the Lease as stated herein, and the remaining portion of the Lease, had the Lease not been terminated. All salvage resulting from any risk covered by insurance shall belong to Tenant.
Disposition of Insurance Proceeds. All insurance proceeds received by or payable with respect to damage or destruction of the Premises (except proceeds of insurance covering loss or damage of the Lessee’s Personal Property), less actual expenses incurred in connection with their collection, shall be held by the Lessee in an interest bearing account, with all interest accrued thereon deemed proceeds of insurance for purposes of this Lease. However, if required by the Lessor with notice in writing to Lessee, an insurance trustee acceptable to the Lessor shall hold such proceeds for application in accordance with this Lease. Any insurance proceeds in excess to repair or restore damage or destruction to the Premises (or, in the event of no repair or restoration, all insurance proceeds) shall be remitted by Lessee to Lessor as Additional Rent.
Disposition of Insurance Proceeds. (a) Except as provided otherwise in subsection (b) below, and subject to the requirements of Lessee’s lenders under any Indenture and the terms of any financing and loan agreements to which Lessee is a party, any and all fire or other insurance proceeds that become payable at any time during the Lease Term because of damage to or destruction of any improvements on the Premises or the Hospital Assets shall be paid to Lessee and applied by Lessee toward the cost of repairing and restoring the damaged or destroyed improvements or Hospital Assets as required hereunder.
Disposition of Insurance Proceeds. 13.2.1 Proceeds To Be Released To Pay For Work 13.2.2 Proceeds Not To Be Released 13.2.3 Lessee Responsible for Short-Fall
Disposition of Insurance Proceeds. Each Obligor, for itself and each Obligor, hereby appoints the Administrative Agent as its attorney-in-fact, exercisable at the Administrative Agent's option, to endorse any check which may be payable to any Obligor in order to collect the proceeds of such insurance. In the absence of a Default or Event of Default, the Administrative Agent shall turn over to the Borrower all insurance proceeds the Administrative Agent receives. The Borrower may use the proceeds for the repair, reconstruction or replacement of Collateral, toward the replacement of lost revenues, for working capital, or for any other proper business purpose; provided that any proceeds that remain unused (i) more than 12 months after the Borrower receives them or (ii) at the time a Default or Event of Default occurs shall be applied immediately as the Majority Lenders may in their discretion direct, including against the Obligations and as a permanent reduction of the RC Commitment.
Disposition of Insurance Proceeds. Any insurance proceeds awarded or paid by reason of damage to or destruction of all or any portion of the Leased Premises shall be paid and belong to Landlord. If this Lease is not terminated by reason of any such damage or destruction, then all insurance proceeds payable by reason of loss to all or any portion of the Leased Premises shall be paid to Landlord for use in reconstruction of all or any portion of the Leased Premises, Upon completion of the repairs or reconstruction of the Leased Premises and the Parking Areas, any remaining insurance proceeds shall be retained by Landlord. Any cost of repair or reconstruction in excess of available insurance proceeds shall be borne by Landlord, and, except as expressly provided otherwise in this Article 18, Landlord's obligations to repair or reconstruct under this Article 18 shall in no event be dependent or contingent upon the availability of adequate insurance proceeds therefor, or when or how the damage or destruction occurs.
