Common use of Agent’s Election to Apply Proceeds on Indebtedness Clause in Contracts

Agent’s Election to Apply Proceeds on Indebtedness. (a) Subject to the provisions of Section 16.1(b) below, Agent may elect to collect, retain and apply upon the indebtedness of Borrower under this Agreement or any of the other Loan Documents all proceeds of insurance or condemnation (individually and collectively referred to as “Proceeds”) after deduction of all expenses of collection and settlement, including attorneys’ and adjusters’ fees and charges. Any proceeds remaining after repayment of the indebtedness under the Loan Documents shall be paid by Agent to Borrower.

Agent’s Election to Apply Proceeds on Indebtedness. (a) Subject to the provisions of Section 16.1(b) below, Agent The Lenders may elect to collect, retain and apply upon the indebtedness of Borrower Borrowers under this Agreement or any of the other Loan Documents all proceeds of insurance or condemnation (individually and collectively referred to as “Proceeds”) after deduction of all expenses of collection and settlement, including reasonable attorneys’ and adjusters’ fees and charges. Any proceeds remaining after repayment of the indebtedness under the Loan Documents shall be paid by Agent to BorrowerBorrowers.

Agent’s Election to Apply Proceeds on Indebtedness. (a) Subject to the provisions of Section 16.1(b6.1(b) below, Agent Agent, for the benefit of Lenders, may elect to collect, retain and apply upon the indebtedness of Borrower under this Agreement or any of the other Loan Documents all proceeds of insurance or condemnation (individually and collectively referred to as “"Proceeds”") after deduction of all expenses of collection and settlement, including attorneys’ ' and adjusters’ ' fees and charges. Any proceeds remaining after repayment of the indebtedness under the Loan Documents shall be paid by Agent to Borrower.

Agent’s Election to Apply Proceeds on Indebtedness. (a) Subject to the provisions of Section 16.1(b11.1(b) below, Agent the Lenders may elect to collect, retain and apply upon the indebtedness of Borrower Borrowers under this Agreement or any of the other Loan Documents all proceeds of insurance or condemnation (individually and collectively referred to as “Proceeds”) after deduction of all expenses of collection and settlement, including reasonable attorneys’ and adjusters’ fees and charges. Any proceeds remaining after repayment of the indebtedness under the Loan Documents shall be paid by Agent to BorrowerBorrowers.

Agent’s Election to Apply Proceeds on Indebtedness. (a) Subject to the provisions of Section 16.1(b11.1(b) below, Agent may elect to collect, retain and apply upon the indebtedness of Borrower Borrowers under this Agreement or any of the other Loan Documents all proceeds of insurance or condemnation (individually and collectively referred to as “Proceeds”) after deduction of all expenses of collection and settlement, including attorneys’ and adjusters’ fees and charges. Any proceeds remaining after repayment of the indebtedness under the Loan Documents shall be paid by Agent to Borrowerthe Borrowers.