Insurance Claims and Proceeds. If loss or damage occurs, you will provide us with necessary proofs of claim and do everything else necessary to enable us to obtain payment of our interest in the insurance proceeds. Insurance proceeds may, in whole or in part, exclusively at our option, be used to rebuild or repair damaged buildings or be used to reduce all or part of the amount secured by this Charge.
Insurance Claims and Proceeds. Subordinated Creditor shall have no right to participate in the adjustment or settlement of any insurance losses or condemnation claims with respect to the Property. Subordinated Creditor hereby agrees, upon the request and at the direction of Frost, to endorse in favor of Frost any and all checks payable to Subordinated Creditor which represent insurance proceeds paid for claims relating to Property in any manner. Subordinated Creditor agrees, upon request by Frost, to assign to Frost any and all insurance proceeds payable to Subordinated Creditor for claims relating to the Property. Subordinated Creditor hereby appoints Frost as its attorney-in- fact to settle all insurance claims relating to the Property and to receive all payments and endorse all checks with respect to such claims to the full extent of the Senior Debt. Frost agrees with Upfield to handle all insurance claims and proceeds in the manner prescribed in the Intercreditor Agreement between them of even date herewith (the "Intercreditor Agreement").
Insurance Claims and Proceeds. In the event of any material Casualty Event, the Mortgagor shall promptly make proof of loss under the applicable Insurance Policies and diligently pursue to conclusion its claim for the Insurance Proceeds payable thereunder and any suit, action or other proceeding necessary or appropriate to obtain payment of such Insurance Proceeds. If the cost of Restoration reasonably estimated by the Mortgagor equals $2,000,000 or more or if an Event of Default has occurred and is continuing, the Mortgagor shall have no right to settle, and shall not settle, any claim or proceeding for any Insurance Proceeds without the consent of the Mortgagee. All Insurance Proceeds with respect to any Casualty Event shall be held, applied and disbursed as required by the Credit Agreement and the Security Agreement. Anything in this Mortgage to the contrary notwithstanding, the Mortgagee shall have no obligation to release any of the Insurance Proceeds to the Mortgagor if a Default has occurred and is continuing. If a Default has occurred and is continuing, the Mortgagee may, in its sole discretion, apply any Insurance Proceeds received as a result of such Casualty Event to the payment of the Secured Obligations.
Insurance Claims and Proceeds. In the event of any Casualty, (i) the Mortgagor shall promptly make proof of loss under the applicable Insurance Policies and diligently pursue to conclusion its claim for the Insurance Proceeds payable thereunder and any suit, action or other proceeding necessary or appropriate to obtain payment of such Insurance Proceeds; (ii) if an Event of Default is continuing, the Mortgagor shall have no right to settle, and shall not settle, any such claim or proceeding without the consent of the Mortgagee, which consent shall not be unreasonably withheld or delayed; and (iii) upon receipt of Insurance Proceeds aggregating $2,500,000 or more, the Mortgagor shall promptly pay the Insurance Proceeds with respect to any Casualty to the Mortgagee for deposit in the Cash Collateral Account (except as provided in Section 11.03 of the Indenture) to be held, applied and disbursed in accordance with Sections 11.02 and 11.03 of the Indenture.
Insurance Claims and Proceeds. In the event of any Casualty, (i) the Grantor shall promptly make proof of loss under the applicable Insurance Policies and diligently pursue to conclusion its claim for the Insurance Proceeds payable thereunder and any suit, action or other proceeding necessary or appropriate to obtain payment of such Insurance Proceeds; (ii) if an Event of Default is continuing, the Grantor shall have no right to settle, and shall not settle, any such claim or proceeding without the consent of the Beneficiary, which consent shall not be unreasonably withheld or delayed; and (iii) upon receipt of Insurance Proceeds aggregating $2,500,000 or more, the Grantor shall promptly pay the Insurance Proceeds with respect to any Casualty to the Beneficiary for deposit in the Cash Collateral Account (except as provided in Section 11.03 of the Indenture) to be held, applied and disbursed in accordance with Sections 11.02 and 11.03 of the Indenture.
Insurance Claims and Proceeds. Borrower shall, and shall cause each Guarantor to, at all times, maintain with financially sound and reputable insurers insurance with respect to the Collateral against loss or damage and all other insurance of the kinds and in the amounts customarily insured against or carried by corporations of established reputation engaged in the same or similar businesses and similarly situated. Said policies of insurance shall be reasonably satisfactory to Agent as to form, amount and insurer. Borrower shall furnish certificates, policies or endorsements to Agent as Agent shall reasonably require as proof of such insurance, and, if Borrower fails to do so, Agent is authorized, but not required, to obtain such insurance at the expense of Borrowers. All policies shall provide for at least thirty (30) days prior written notice to Agent of any cancellation or reduction of coverage (except that such policies shall provide, solely in the event of non-payment of premiums, for at least ten (10) days prior written notice to Agent of any cancellation or reduction of coverage) and that Agent may 47 act as attorney for Borrower and each Guarantor in obtaining (if Borrower or any Guarantor fails to do so), and at any time an Event of Default exists or has occurred and is continuing, adjusting, settling, amending and canceling such insurance. Borrower shall cause Agent to be named as a loss payee and an additional insured (but without any liability for any premiums) under such insurance policies and Borrower shall obtain non-contributory lender's loss payable endorsements to all insurance policies in form and substance satisfactory to Agent. Such lender's loss payable endorsements shall specify that the Casualty Proceeds or other proceeds of such insurance shall be payable to Agent as its interests may appear and further specify that Agent and Lenders shall be paid regardless of any act or omission by Borrower, any Guarantor or any of its or their Affiliates. Without limiting any other rights of Agent or Lenders, any Casualty Proceeds or other insurance proceeds received by Agent at any time may, at Agent's election, be applied to payment of Borrower's Obligations, whether or not then due, in any order and in such manner as Agent may determine. Upon application of such proceeds to Borrower's Obligations, Advances may be available, subject and pursuant to the terms and conditions hereof, to be used for the costs of repair or replacement of the Collateral lost or damages resulting i...
Insurance Claims and Proceeds. Subordinated Creditor shall have no right to participate in the adjustment or settlement of any insurance losses or condemnation claims with respect to the Property. Subordinated Creditor hereby agrees, upon the request and at the direction of Sunrock, to endorse in favor of Sunrock any and all checks payable to Subordinated Creditor that represent insurance proceeds paid for claims relating to the Property in any manner. Subordinated Creditor agrees, upon request by Sunrock, to assign to Sunrock any and all insurance proceeds payable to Subordinated Creditor for claims relating to the Property. Subordinated Creditor hereby appoints Sunrock as its attorney–in–fact to settle all insurance claims relating to the Property and to receive all payments and endorse all checks with respect to such claims to the full extent of the Senior Debt.
