Payment of Insurance Proceeds Sample Clauses

Payment of Insurance Proceeds. (i) The Owners agree that any amounts which may become due under any protection and indemnity entry or insurance shall be paid to the Charterers to reimburse the Charterers for, and in discharge of, the loss, damage or expense in respect of which they shall have become due, unless, at the time the amount in question becomes due, a Termination Event shall have occurred and is continuing, in which event the Owners shall be entitled to receive the amounts in question and to apply them either: (A) in reduction of the Termination Sum owed by the Charterers pursuant to paragraph (e) of Clause 52 (Termination Events); or (B) at the option of the Owners, to the Charterers and/or other third parties in discharge of the liability in respect of which they were paid. (ii) Without prejudice to the foregoing and subject to the terms of the Finance Documents (if any), all other claims in relation to the Insurances (other than in respect of a Total Loss), shall, unless and until the occurrence of a Termination Event which is continuing, in which event all claims under the relevant policy shall be payable directly to the Owners, be payable as follows: (A) a claim in respect of any one casualty where the aggregate claim against all insurers does not exceed the Major Casualty Amount, prior to adjustment for any franchise or deductible under the terms of the relevant policy, shall be paid directly to the Charterers (as agent for the Owners) for the repair, salvage or other charges involved or as a reimbursement if the Charterers fully repaired the damage to the satisfaction of the Owners and paid all of the salvage or other charges; or (B) a claim in respect of any one casualty where the aggregate claim against all insurers exceeds the Major Casualty Amount prior to adjustment for any franchise or deductible under the terms of the relevant policy shall, subject to the prior written consent of the Owners, be paid to the Charterers as and when the Vessel is restored to her former state and condition and the liability in respect of which the insurance loss is payable is discharged, and provided that the insurers may with such consent make payment on account of repairs in the course of being effected but, in the absence of such prior written consent shall be payable directly to the Owners.

Payment of Insurance Proceeds. The property damage proceeds under the builder’s risk policy shall be paid as follows with respect to any one occurrence: (i) the first Five Million U.S. Dollars (U.S.$5,000,000) of amounts paid under the builder’s risk insurance policy for property damage shall be paid by the insurance carrier directly to Contractor, which shall be used by Contractor in connection with the repair, replacement or other necessary work in connection with the loss or damage to the Facility; and (ii) any amounts in excess of Five Million U.S. Dollars (U.S.$5,000,000) for property damage shall (x) be paid by the insurance carrier directly to the Collateral Agent, and Owner shall pay such insurance proceeds to Contractor in accordance with Monthly Invoices submitted to Owner for the completion by Contractor of repairs, replacement and other necessary work in accordance with the restoration plan prepared by Contractor and approved by Owner, the Administrative Agent, and the Independent Engineer and (y), provided that the conditions set forth in clause (x) have been satisfied, be paid by Owner to Contractor in accordance with the following schedule: (a) for the first Five Million U.S. Dollars (U.S.$5,000,000) of builder’s risk proceeds received by the Collateral Agent, Owner shall have five (5) Business Days after the Collateral Agent’s receipt of such proceeds to pay Contractor; (b) for the Forty Million U.S. Dollars (U.S.$40,000,000) in builder’s risk proceeds received by the Collateral Agent in excess of the amounts referred to in clause (a) above, Owner shall have fifteen (15) Business Days after the Collateral Agent’s receipt of such proceeds to pay Contractor; and (c) and for any builder’s risk proceeds received by the Collateral Agent in excess of the amounts referred to in clause (b), Owner shall have thirty (30) Business Days after the Collateral Agent’s receipt of such proceeds to pay Contractor. Notwithstanding the foregoing, under no circumstances shall Owner be required to pay any builder’s risk insurance proceeds to Contractor if Owner or Lender elects not to repair or rebuild the Facility, except to the extent Contractor has incurred costs in excess of the Five Million U.S. Dollars (U.S.$5,000,000) of builder’s risk proceeds paid directly to Contractor for safety, protection and salvage. For the avoidance of doubt, if there is a delay in the approval of the restoration plan beyond the times specified in Section 1A.9(g)(ii)(y) (a), (b) or (c) through no fault of Cont...

Payment of Insurance Proceeds. With respect to any loss to the Common Area covered by property insurance obtained by the Association in accordance with this Article, the loss shall be adjusted with the Association and the insurance proceeds shall be payable to the Association and not to any mortgagee. Subject to the provisions of Section 10.7 of this Article, the proceeds shall be disbursed for the repair or restoration of the damage to Common Area.

Payment of Insurance Proceeds. All insurance money paid to Lessee on account of such damage or destruction under the policies of insurance provided for in Article 5, less the cost, if any, incurred in connection with the adjustment of the loss and the collection thereof (the “Insurance Proceeds”), shall be applied by Lessee to the payment of the cost of the Work to the extent such Insurance Proceeds shall be sufficient for the purpose. If the Insurance Proceeds received by Lessee shall not be sufficient to pay the entire cost of the Work or if Lessee finds that the Work is otherwise not economically justified, Lessee may elect not to repair and replace the Permitted Improvements, and to terminate this Lease pursuant to Section 13.1.

Payment of Insurance Proceeds. In the event that proceeds of insurance are to be used to repair, replace, restore or reconstruct improvements destroyed by Casualty ("Restoration"), the following provisions shall apply: (a) Prior to the commencement of such Restoration, the plans and specifications for the Restoration must be approved by Lessor (such approval not to be unreasonably withheld or delayed). (b) If, in the reasonable judgment of Lessor, the costs of the Restoration will exceed the amount of the Insurance Proceeds, Lessee will, upon demand by Lessor, give satisfactory proof or assurances to Lessor that the funds required to meet such deficiency (such funds to be provided by Lessee) are or will be available for such purpose; (c) If at the time of the occurrence of the Casualty, or at any time thereafter during Restoration, there exists a default by Lessee, or any circumstance which, with the giving of notice or the passage of time, or both, would constitute such a default, then Lessee shall, if demanded by ▇▇▇▇▇▇, deliver the Insurance Proceeds to a third party escrow agent designated by ▇▇▇▇▇▇. In such event, the Insurance Proceeds will be advanced by the Escrow Agent in installments during the period of the Restoration, except for a final installment to be advanced following the period of the Restoration. Each installment (except the final installment) is to be advanced by the Escrow Agent in an amount not to exceed ninety percent (90%) of the value of the work completed since the last prior advance (or since commencement of work, as to the first advance) according to a certificate by an independent supervising architect selected and paid by ▇▇▇▇▇▇, together with a reasonable showing of bills for labor and material, and evidence satisfactory to Lessor that no notice of lien has been filed in the records where the filing of liens for any labor or material in connection with such work are to be filed. The final payment or disbursement of the Insurance Proceeds deposited shall be in an amount sufficient to make the total advance equal to the entire cost of any Restoration, and shall be made upon a proper certificate of completion by an independent architect, but in no event shall the Escrow Agent be required to advance more than the balance of the Insurance Proceeds on deposit. It is expressly agreed that if this Lease shall be terminated for ▇▇▇▇▇▇'s default at any time prior to release or payment to Lessee of any of the Insurance Proceeds as provided in this Section 8.02(c), a...

Payment of Insurance Proceeds. For any damage to the Premises caused by a peril covered by insurance required under this Lease to be carried and maintained by Tenant, the proceeds shall be paid directly to the Tenant for the purpose of making the necessary repairs to the Premises.

Payment of Insurance Proceeds. The property damage proceeds under the builder’s risk policy shall be primary to any potential payment under the Builder’s Risk Delayed Startup Insurance (Section 1.A.xi) and be paid as follows with respect to any one occurrence: 1) the first [***] U.S. Dollars (U.S.$[***]) of amounts paid under the builder’s risk insurance policy for property damage to the Train 4 Facility shall be paid by the insurance carrier directly to Contractor, which shall be used by Contractor in connection with the repair, replacement or other necessary work in connection with the loss or damage to the Train 4 Facility; and 2) any amounts in excess of [***] U.S. Dollars (U.S.$[***]) for property damage to the Train 4 Facility shall (x) be paid by the insurance carrier directly to the Collateral Agent (or if there is no Collateral Agent, a mutually agreed upon escrow agent), and Owner shall pay such insurance proceeds to Contractor for the completion (or, if agreed by the Lenders, Collateral Agent or escrow agent, the planned completion) by Contractor of repairs, replacement and other necessary work in accordance with the restoration plan (unless such plan is not required by the Lenders or Collateral Agent) prepared by Contractor and approved by Owner, and (y), provided that the conditions set forth in this clause (x) have been satisfied, be paid by Owner to Contractor in accordance with the following schedule: (a) for any interim payment(s) or final settlement payment of the builder’s risk proceeds received by the Collateral Agent (or escrow agent) for the Train 4 Facility, Owner shall have [***] ([***]) Business Days after the Collateral Agent’s (or escrow agent’s) receipt of all proceeds to pay Contractor; (b) however, for any interim payment(s) or final settlement payment received by the Collateral Agent (or escrow agent) for the Train 4 Facility, Owner shall not have more than [***] ([***]) Days to pay any portion of the builder’s risk proceeds received to date. Notwithstanding the foregoing, under no circumstances shall Owner be required to pay any builder’s risk insurance proceeds to Contractor if Owner or Lender elects not to repair or rebuild the damaged aspect of the Train 4 Facility, except to the extent Contractor has incurred costs in excess of the [***] U.S. Dollars (U.S.$[***]) of the builder’s risk proceeds paid directly to Contractor for safety, protection and salvage for the Train 4 Facility. For the avoidance of doubt, if there is a delay in the approval of the ...

Payment of Insurance Proceeds. As between Lessor and Lessee, all insurance proceeds on account of such damage or destruction under the policies of insurance provided for in Section 5 or otherwise shall be paid to Lessee, unless such proceeds are specifically designated to compensate the City as an additional insured. If Lessee elects to restore or repair the Improvements and the insurance proceeds are not sufficient to pay the entire cost of the Work, Lessee shall solely be responsible for paying the amount of any such deficiency. Under no circumstances shall Lessor be obligated to make any payment, reimbursement, or contribution towards the cost of the Work.

Payment of Insurance Proceeds. Every policy of the insurance described in Section 6.1 shall be issued to cover and insure all the several interests in the buildings, improvements, fixtures and rent required to be insured in Section 6.1 of the Lease, the Lessor and any Mortgagees under any mortgage of this Lease, as their respective interests are defined in this section below, and shall be made payable in case of loss or damage to the respective parties as their interests may appear. The respective interest of the Lessor, the Lessee and any Mortgagees in any proceeds of the insurance required in Section 6.1 above payable for insured loss or damage shall be fixed and determined as of the date of such loss or damage.