Disbursement of Insurance Proceeds Equal to or Greater Than The Approval Threshold Clause Samples

This clause governs the process for handling insurance payouts that meet or exceed a specified approval threshold. When an insurance claim results in proceeds at or above this threshold, the clause typically requires that the disbursement be subject to additional approvals or oversight, such as consent from lenders, trustees, or other stakeholders. This ensures that significant insurance funds are managed appropriately and in accordance with the interests of all relevant parties, thereby preventing unilateral decisions and safeguarding the proper use of substantial insurance recoveries.
Disbursement of Insurance Proceeds Equal to or Greater Than The Approval Threshold. If Tenant restores or repairs a Leased Property pursuant to this ARTICLE XIV, and if the Net Proceeds equal or exceed the Approval Threshold, the restoration or repair and disbursement of funds to Tenant shall be in accordance with the following procedures: (i) The restoration or repair work shall be done pursuant to plans and specifications approved by Landlord and a certified construction cost statement, to be obtained by Tenant from a contractor reasonably acceptable to Landlord, showing the total cost of the restoration or repair; to the extent the cost exceeds the Net Proceeds, Tenant shall deposit with Landlord the amount of the excess cost, and Landlord shall disburse the funds so deposited in payment of the costs of restoration or repair before any disbursement of Net Proceeds. (ii) Construction Funds shall be made available to Tenant upon request, no more frequently than monthly, as the restoration and repair work progresses, pursuant to certificates of an architect selected by Tenant that, in the judgment of Landlord, reasonably exercised, is highly qualified in the design and construction of the type of Facility being repaired and is otherwise reasonably acceptable to Landlord, which certificates must be in form and substance reasonably acceptable to Landlord. Payment of Construction Funds shall be subject to a ten percent (10%) holdback until the architect certifies that the work is fifty percent (50%) complete, after which, so long as there is no Event of Default under this Lease and so long as the architect certifies that work is proceeding in accordance with the schedule and budget, there shall be no further retainage. (iii) After the first disbursement to Tenant, sworn statements and lien waivers in an amount at least equal to the amount of Construction Funds previously paid to Tenant shall be delivered to Landlord from all contractors, subcontractors and material suppliers covering all labor and materials furnished through the date of the previous disbursement. (iv) Tenant shall deliver to Landlord such other evidence as Landlord may reasonably request from time to time during the course of the restoration and repair, as to the progress of the work, compliance with the approved plans and specifications, the cost of restoration and repair and the total amount needed to complete the restoration and repair, and showing that there are no liens against such Leased Property arising in connection with the restoration and repair and that the cost ...
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Disbursement of Insurance Proceeds Equal to or Greater Than The Approval Threshold. If Lessee restores or repairs the Leased Properties pursuant to this Article XIV, and if the Net Proceeds equal or exceed the Approval Threshold, the restoration or repair and disbursement of funds to Lessee shall be in accordance with the following procedures:
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Related to Disbursement of Insurance Proceeds Equal to or Greater Than The Approval Threshold

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  • Losses in Excess of the Stated Threshold In the event that the sum of the Cumulative Loss Amount under this Single Family Shared-Loss Agreement and the Stated Loss Amount under the Commercial Shared-Loss Agreement meets or exceeds the Stated Threshold, the loss/recovery sharing percentages set forth herein shall change from 80/20 to 95/5 and thereafter the Receiver shall pay to the Assuming Bank, in immediately available funds, an amount equal to ninety-five percent (95%) of the Monthly Shared-Loss Amount reported on the Monthly Certificate. If the Monthly Shared-Loss Amount reported on the Monthly Certificate is a negative number, the Assuming Bank shall pay to the Receiver in immediately available funds ninety-five percent (95%) of that amount.

  • Proceeds from Shares Sold The Custodian shall receive funds representing cash payments received for Shares issued or sold from time to time by the Funds, and shall promptly credit such funds to the account(s) of the applicable Portfolio(s). The Custodian shall promptly notify each applicable Fund of Custodian's receipt of cash in payment for Shares issued by such Fund by facsimile transmission or in such other manner as the Fund and Custodian may agree in writing. Upon receipt of Proper Instructions, the Custodian shall: (a) deliver all federal funds received by the Custodian in payment for Shares in payment for such investments as may be set forth in such Proper Instructions and at a time agreed upon between the Custodian and the applicable Fund; and (b) make federal funds available to the applicable Fund as of specified times agreed upon from time to time by the applicable Fund and the Custodian, in the amount of checks received in payment for Shares which are deposited to the accounts of each applicable Portfolio.

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  • Longer/Shorter Length of Coverage If none of the above rules determine the order of benefits, the benefits of the plan that covered a member or subscriber longer are determined before those of the plan that covered that person for the shorter term.