Common use of Application of Business Interruption Insurance Proceeds Clause in Contracts

Application of Business Interruption Insurance Proceeds. Notwithstanding the last sentence of Section 5.1.1(a)(iii) and provided no Event of Default exists hereunder, proceeds received by Agent on account of the business interruption insurance specified in Subsection 5.1.1(a)(iii) above (“BI/Rent Loss Proceeds”) with respect to any Casualty shall be deposited by Agent directly into the Deposit Account but (a) only to the extent the BI/Rent Loss Proceeds reflects a replacement for (i) lost Rents that would have been due under Leases existing on the date of such Casualty, and/or (ii) lost Rents under Leases that had not yet been executed and delivered at the time of such Casualty which Borrower has proven to the insurance company would have been due under such Leases (and then only to the extent such BI/Rent Loss Proceeds disbursed by the insurance company reflect a replacement for such past due Rents) and (b) only to the extent necessary to fully pay debt service, make the required monthly Reserve Fund deposits and, during any Cash Sweep Event Period, pay Approved Operating Expenses (as defined in the Cash Management Agreement) for the applicable Monthly Payment Date. In no event shall Agent make a lump sum disbursement of BI/Rent Loss Proceeds for a period in excess of one (1) month. All Net Proceeds other than BI/Rent Loss Proceeds shall be held by Agent and disbursed in accordance with Section 5.3 hereof.

Application of Business Interruption Insurance Proceeds. Notwithstanding the last sentence of Section 5.1.1(a)(iii) and provided no Event of Default exists hereunder, proceeds received by Agent Lender on account of the business interruption insurance specified in Subsection 5.1.1(a)(iii) above Business Income/Rent Loss Insurance (“BI/Rent Loss Proceeds”) with respect to any Casualty shall be deposited by Agent Lender directly into the Deposit Account but (a) only to the extent the BI/Rent Loss Proceeds reflects a replacement for (i) lost Rents that would have been due under Leases existing on the date of such Casualty, and/or (ii) lost Rents under Leases that had not yet been executed and delivered at the time of such Casualty which Borrower has proven to the insurance company would have been due under such Leases (and then only to the extent such BI/Rent Loss Proceeds disbursed by the insurance company reflect a replacement for such past due Rents) and (b) only to the extent necessary to fully pay debt serviceservice under the Loan, make the required monthly Reserve Fund deposits and, during any Cash Sweep Event Period, and pay Approved Operating Expenses (as defined in the Cash Management Agreement) approved by Lender for the applicable Monthly Payment Date. In no event shall Agent Lender make a lump sum disbursement of BI/Rent Loss Proceeds for a period in excess of one (1) month. All Net Proceeds other than BI/Rent Loss Proceeds shall be held by Agent Lender and disbursed in accordance with Section 5.3 hereof.

Application of Business Interruption Insurance Proceeds. Notwithstanding the last sentence of Section 5.1.1(a)(iii) and provided no Event of Default exists hereunder, proceeds received by Agent Lender on account of the business interruption insurance specified in Subsection 5.1.1(a)(iii) above (“BI/Rent Loss Proceeds”) with respect to any Casualty shall be deposited by Agent Lender directly into the Deposit Account but (a) only to the extent the BI/Rent Loss Proceeds reflects a replacement for (i) lost Rents that would have been due under Leases existing on the date of such Casualty, and/or (ii) lost Rents under Leases that had not yet been executed and delivered at the time of such Casualty which Borrower has proven to the insurance company would have been due under such Leases (and then only to the extent such BI/Rent Loss Proceeds disbursed by the insurance company reflect a replacement for such past due Rents) and (b) only to the extent necessary to fully pay debt serviceservice under the Loan, make the required monthly Reserve Fund deposits and, during any Cash Sweep Event Period, and pay Approved Operating Expenses (as defined in the Cash Management Agreement) approved by Lender for the applicable Monthly Payment Date. In no event shall Agent Lender make a lump sum disbursement of BI/Rent Loss Proceeds for a period in excess of one (1) month. All Net Proceeds other than BI/Rent Loss Proceeds shall be held by Agent Lender and disbursed in accordance with Section 5.3 hereof.