Use of Insurance Proceeds Clause Samples

Use of Insurance Proceeds. Mortgagee shall make the net insurance proceeds received by it (after reimbursement of Mortgagee’s reasonable out-of pocket costs of collecting and disbursing the same) available to Mortgagor to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to all of the following conditions precedent: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds; (b) Mortgagee shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Mortgagor with Mortgagee for restoration and repair of the Mortgaged Property; (c) Mortgagee shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Mortgagee (such approval not to be unreasonably withheld), and in accordance with applicable laws, codes, regulations and ordinances; (d) All funds shall be disbursed, at Mortgagee’s option, in accordance with Mortgagee’s customary disbursement procedures for construction loans; (e) The Casualty results in damage of $1,000,000.00 or less; and (f) The restoration, repair and rebuilding of the Mortgaged Property can be completed within nine (9) months following the date of the Casualty, or such additional period of time as Mortgagee, in its reasonable discretion, shall permit. If any of these conditions shall not be satisfied, then Mortgagee shall have the right to either use the insurance proceeds to prepay the Obligations or make such proceeds available for restoration, repair and rebuilding of the Mortgaged Property. If any insurance proceeds shall remain after completion of the restoration, repair and rebuilding of the Mortgaged Property, they shall be disbursed to Mortgagor, or the Person legally entitled thereto, or at the Mortgagee’s discretion, used to prepay the Obligations. In the event such insurance proceeds are made available for restoration and repair by the Mortgagee, Mortgagor shall pay all costs incurred by Mortgagee in connection with the application of such insurance proceeds (including but not limited to reasonable costs incurred by Mortgagee, and a title company or agent approved by Mortgagee in overseeing the disbursement of such insurance proceeds), and the Improvements shall be restored or rebuilt so as to be of at least equal value ...

Use of Insurance Proceeds. In connection with the repair or restoration of the Series 1989D Project Facilities pursuant to Section 5.1 hereof, Net Proceeds of Required Property Insurance Coverage not in excess of $50,000 shall be paid to the Mortgagor for application of as much as may be necessary for such repair and restoration. Any such Net Proceeds, if in excess of $50,000, shall be paid to and held by the Mortgagee in the Awards Account In the Project Fund established by Section 5.04(b) of the Basic Indenture, for application of as much as may be necessary for the payment of the costs of repair or restoration, either on completion thereof or as the work progresses, as directed by the Mortgagor. The Mortgagee may, prior to making payment from the Awards Account, require the Mortgagor to provide evidence that, or deposit with the Mortgagee moneys to be placed in such Account so that, there will be adequate moneys available for such repair and restoration. The Mortgagee shall not be obligated to make any payment from such Account if there exists a material Event of Default hereunder. Any balance of the Net Proceeds (together with any investment income therefrom) held by the Mortgagee remaining after payment of all costs of such repair or restoration shall be paid to the Mortgagee for deposit into the Prepayment Account for application as provided in the Basic Indenture. If, in lieu of repair or restoration, the Series 1989D Agreement is to be terminated, an amount equal to any Net Proceeds received by the Mortgagee prior to the prepayment effecting such termination shall (together with any investment income therefrom and any further amount required to effect such termination) be deemed to be a prepayment of Financial Payments and deposited by the Mortgagee in the Prepayment Account and used as provided in the Basic Indenture.

Use of Insurance Proceeds. Any insurance proceeds recovered by reason of damage to or destruction of improvements on the Premises shall be made available to Tenant and must be used to repair, restore or replace the improvements so damaged or destroyed with any excess proceeds made available to Tenant.

Use of Insurance Proceeds. Unless the Parties otherwise agree in writing, Seller shall promptly restore the System to the condition prior to such loss, and Seller shall use all proceeds received by Seller from any policy of insurance providing coverage for such loss, to make all necessary repairs or replacements to the System and to promptly restore deliveries of Output to Purchaser.

Use of Insurance Proceeds. Any proceeds or other amount that may be paid to You under a policy of insurance described in clauses 20.1(a)(ii) or (iii) must be applied by You towards the repair or replacement of the Funded Asset, except to the extent that We may otherwise require You to pay that amount to Us in payment of any amount owing to Us by You under clause 20.1(d).

Use of Insurance Proceeds. In case the buildings, improvements or fixtures required to be insured in subparagraph 27.a above or any part thereof shall be destroyed or damaged by fire or such other casualty required to be insured against, then and as often as the same shall happen, all proceeds of such insurance, including the interest therein of Lessor and the interest therein of Lessee shall be made available for and used with all reasonable dispatch by Lessee in rebuilding, repairing, replacing or otherwise reinstating the buildings, improvements or fixtures so destroyed or damaged in a good and substantial manner according to the plan and elevation thereof or according to such modified plan for the same or substitute buildings, improvements or fixtures as shall be approved in writing by the Lessor in accordance with paragraphs 12 and 13 above. If the available insurance proceeds shall be insufficient for rebuilding, repairing, replacing or otherwise reinstating such buildings, improvements or fixtures in the manner provided in this paragraph above, then Lessor shall provide the balance of all funds required to completely rebuild, repair, replace or otherwise reinstate such buildings, improvements or fixtures; provided, however, that Lessee shall be responsible for any deductible amounts or self-insured retentions and if Lessee fails to carry the types and amounts of insurance required by Section 27(a), then Lessee shall be responsible for any shortfall.

Use of Insurance Proceeds. All insurance or condemnation proceeds payable by reason of any physical loss of any of the improvements comprising the facilities or the furniture, fixtures and equipment used by the Clinics, shall be available for the reconstruction, repair or replacement, as the case may be, of any damage, destruction or loss. The Oversight Committee, in consultation with Oncology, shall review and approve such reconstruction, repair or replacement.

Use of Insurance Proceeds. Lender shall make the net insurance proceeds received by it (after reimbursement of Lender's out-of pocket costs of collecting and disbursing the same) available to Borrower to pay the cost of restoration, repair and rebuilding of the Mortgaged Property, subject to the following conditions: (a) There shall be no Event of Default in existence at the time of any disbursement of the insurance proceeds. (b) Lender shall have determined, in its reasonable discretion, that the cost of restoration, repair and rebuilding is and will be equal to or less than the amount of insurance proceeds and other funds deposited by Borrower with Lender. (c) Lender shall have determined, in its reasonable discretion, that the restoration, repair and rebuilding can be completed in accordance with plans and specifications approved by Lender (such approval not to be unreasonably withheld), in accordance with codes and ordinances and in accordance with the terms, and within the time requirements in order to prevent termination, of any Lease, and in any event not less than six (6) months prior to the Maturity Date. (d) All funds shall be disbursed, at Lender's option, in accordance with Lender's customary disbursement procedures for construction loans. (e) The Casualty shall have occurred more than twelve (12) months prior to the Maturity Date.

Use of Insurance Proceeds. (a) In connection with the repair or restoration of the Collateral pursuant to Section 5.1 hereof, so long as there is no Event of Default which has occurred and is continuing, any Net Proceeds of Required Property Insurance Coverage shall be paid to the Company for application of as much of such Net Proceeds as may be necessary for such repair and restoration. If an Event of Default has occurred and is continuing, such Net Proceeds shall be paid to and held by, or at the direction of, the Director in a separate account, for application as the Director determines either (i) as may be necessary of such Net Proceeds to the payment of the costs of repair or restoration, either on completion thereof or as the work progresses or (ii) to the payment of amounts owing by the Company under the Loan Documents. In the event that the Net Proceeds from the damage or destruction of any material portion of the Collateral are insufficient to pay in full the costs of such repair or restoration, the Company shall complete such repair or restoration and shall provide for the payment of the costs of such completion. The Director may, prior to making payment from such account, require the Company to provide evidence that, or deposit with the Director moneys to be placed in such account so that, there will be sufficient moneys available for such repair and restoration. Any balance of the Net Proceeds held by the Director remaining after payment of all costs of such repair or restoration shall be paid at the direction of the Company. Notwithstanding the foregoing, nothing contained herein shall cause the Director to be deemed a trustee of the Net Proceeds or any other moneys deposited with the Net Proceeds or to be obligated to allow or pay any amounts in excess of the Net Proceeds and any other moneys deposited with the Net Proceeds. (b) If, in lieu of repair or restoration, the Company has exercised the Company's option to prepay the entire unpaid principal balance of the Note, plus interest accrued to the date thereof, any monthly service fees then due and unpaid and any other fees and charges due with respect to the Loan Documents, an amount equal to any Net Proceeds received by the Director prior to such prepayment shall be credited against the amount payable by the Company under the Note to effect such prepayment. (c) Within ninety (90) days from the date of any damage to or destruction of the Collateral, or within thirty (30) days of the receipt of any insurance proceeds,...