Insurance Deficiency Sample Clauses

Insurance Deficiency. The term “
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Insurance Deficiency. In the event of any damage to the Premises by fire or any other peril required to be insured by Tenant pursuant to Section 6.1, (i) Tenant shall bear the risk that the insurance coverage to be provided by Tenant under Sections 6.1.2 and 6.1.3 will be sufficient to cover the full replacement cost of the Restoration of the Premises by Landlord under Section 7.1 and any abatement of Basic Monthly Rent under Section 7.1 and (ii) Tenant shall be solely responsible for the payment of the cost of any deficiency thereof. Following adjustment of the loss and the obtaining of a guaranteed maximum cost construction contract covering the Restoration, if Landlord determines there may be a deficiency in insurance proceeds, Landlord shall deliver written notice thereof to Tenant, together with an estimate of the deficiency. Promptly following receipt of such notice, Tenant shall promptly deposit in cash the amount of such deficiency with Landlord. Following completion of the Restoration, if the deposit was insufficient Tenant shall pay the cost of the remaining deficiency; if the deposit was excessive, Landlord shall return the excess to Tenant. Landlord shall not be required to commence the Restoration until it has received such deposit.
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Insurance Deficiency. In every instance where insurance maintained by a Rasier Partner to fulfill the above insurance requirements has lapsed, failed to provide the required coverage, denied a claim for the required coverage or otherwise ceased to exist, insurance maintained by Rasier shall provide the coverage required by this section beginning with the first dollar of a claim.
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Insurance Deficiency. 12 7.9 Delays ........................................................ 12
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Insurance Deficiency. In the event of any damage to the Premises by any peril required to be insured by Tenant pursuant to Section 6.1, (i) Tenant shall bear the risk that the insurance coverage to be provided by Tenant under Sections 6.1.2 , 6.1.3 and 6.1.4 will be sufficient to cover the full Replacement Cost of the Premises by Landlord under Section 7.1 and any abatement of Basic Monthly Rent under Section 7.6 and (ii) Tenant shall be solely responsible for the payment of the cost of any deficiency thereof (the "Deficiency Payment"). Following adjustment of the loss, if Landlord determines there may be a deficiency in insurance proceeds, Landlord shall deliver written notice thereof to Tenant, together with an estimate of the deficiency. Promptly following receipt of such notice, Tenant shall promptly deposit in cash the amount of such deficiency with Landlord. Following completion of the restoration, if the Deficiency Payment was insufficient, Tenant shall pay the cost of the remaining deficiency; if the Deficiency Payment was excessive, Landlord shall return the excess to Tenant. Landlord shall not be required to commence the repair and restoration until it has received such Deficiency Payment, and Tenant shall bear all costs and liability resulting from any delay in the delivery of the Deficiency Payment. "Replacement Cost" shall mean the cost to repair or rebuild the Premises at the time of the occurrence to their condition existing immediately prior thereto, including demolition, debris removal and upgrading required by the operation of applicable building codes, ordinances or laws, and without deduction for depreciation.
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Related to Insurance Deficiency

  • Waiver; Deficiency Each Grantor waives and agrees not to assert any rights or privileges which it may acquire under Section 9-112 of the New York UCC. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency.

  • Borrowing Base Deficiency If at any time there exists a Borrowing Base Deficiency the Borrower shall cure same in accordance with Section 2.06 hereof.

  • Maintenance of Mortgage Impairment Insurance Policy In the event that the Servicer shall obtain and maintain a blanket policy issued by an insurer that has a general policy rating of B:VI or better in Best's Key Rating Guide insuring against hazard losses on all of the Mortgage Loans, then, to the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 3.10 and otherwise complies with all other requirements of Section 3.10, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 3.10, it being understood and agreed that such policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with Section 3.10, and there shall have been a loss which would have been covered by such policy, deliver to the Trustee for deposit in the Distribution Account the amount not otherwise payable under the blanket policy because of such deductible clause, which amount shall not be reimbursable to the Servicer from the Trust Fund. In connection with its activities as servicer of the Mortgage Loans, the Servicer agrees to prepare and present, on behalf of the Trustee, claims under any such blanket policy in a timely fashion in accordance with the terms of such policy. Upon request of the Trustee, the Servicer shall cause to be delivered to the Trustee a certified true copy of such policy and a statement from the insurer thereunder that such policy shall in no event be terminated or materially modified without thirty days prior written notice to the Trustee.

  • No Deficit Restoration No Member shall be personally liable for a deficit Capital Account balance of that Member, it being expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.

  • Liability for Deficiency If any sale or other disposition of Collateral by Secured Party or any other action of Secured Party hereunder results in reduction of the Obligations, such action will not release Debtor from its liability to Secured Party for any unpaid Obligations, including costs, charges and expenses incurred in the liquidation of Collateral, together with interest thereon, and the same shall be immediately due and payable to Secured Party at Secured Party's address set forth in the opening paragraph hereof.

  • Insurance Casualty Condemnation Restoration SECTION 8.1. INSURANCE SECTION 8.2. CASUALTY SECTION 8.3. CONDEMNATION SECTION 8.4. RESTORATION

  • Lender ERISA Matters (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Company or any other Loan Party, that at least one of the following is and will be true:

  • Obtain Deficiency If Lender chooses to sell any or all of the Collateral, Lender may obtain a judgment against Grantor for any deficiency remaining on the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this Agreement. Grantor shall be liable for a deficiency even if the transaction described in this subsection is a sale of accounts or chattel paper.

  • Insurance of Collateral; Condemnation Proceeds (a) Each Borrower shall maintain insurance with respect to the Collateral, covering casualty, hazard, theft, malicious mischief, flood and other risks, in amounts, with endorsements and with insurers (with a Best’s Financial Strength Rating of at least A- VII, unless otherwise approved by Agent) reasonably satisfactory to Agent. All proceeds under each policy shall be payable to Agent. From time to time upon request, Borrowers shall deliver to Agent the originals or certified copies of its insurance policies and updated flood plain searches. Unless Agent shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Agent as loss payee; (ii) requiring 30 days prior written notice to Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance, Agent may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to Agent, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claim, as long as the proceeds are delivered to Agent (and with respect to Real Estate and Equipment related to a Capex Loan, the terms and amount are reasonably satisfactory to Agent). If an Event of Default exists, only Agent shall be authorized to settle, adjust and compromise such claims.

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