Application of Eminent Domain Proceeds. All amounts and proceeds (including instruments) received in respect of any Event of Eminent Domain ("Eminent Domain Proceeds") shall be subject to the same treatment as Insurance Proceeds as provided in Section 7.5.
Application of Eminent Domain Proceeds. Mortgagor shall carry with financially sound and reputable insurance companies and in amounts as is customary in the industry or as otherwise required pursuant to the Secured Debt Documents, the following insurance: (1) workmen's compensation insurance and public liability and property damage insurance in respect of all activities in which Mortgagor might incur personal liability for the death of or injury to an employee or third person, or damage to or destruction of another's property; and (2) to the extent such insurance is carried by similar companies engaged in similar undertakings in, the same general areas in which the Mortgaged Property, is located, insurance in respect of the Equipment, against loss or damage by fire, lightning, hail, tornado, explosion and other similar risks, hazards, casualties and contingencies (including business interruption insurance covering loss of revenues) with limits and sublimits as appropriate; provided, that any such insurance may be provided by way of self insurance to the extent that similar companies engaged in similar undertakings in the same general areas also self-insure. Each insurance policy issued in connection therewith shall provide by way of endorsements, riders or otherwise that (i) name Mortgagee as a loss payee on all property insurance policies and an additional insured on all liability insurance policies, and provide that proceeds from property insurance policies will be payable to Mortgagee as its interest may appear, which proceeds are hereby assigned to Mortgagee, it being agreed by Mortgagor that such payments shall be applied A) if there be no Event of Default existing or which would exist but for due notice or lapse of time, or both, to the restoration, repair or replacement of the Mortgaged Property, or B) if there be an Event of Default existing, or which would exist but for due notice or lapse of time, or both, in accordance with the provisions of the Collateral Trust Agreement, either for the above stated purpose or toward the payment of the Indebtedness; (ii) the coverage of Mortgagee shall not be terminated, reduced or affected in any manner regardless of any breach or violation by Mortgagor of any warranties, declarations or conditions in such policy; (iii) no such insurance policy shall be canceled, materially endorsed, materially altered or reissued to effect a change in coverage for any reason and to any extent whatsoever unless such insurer, their authorized representative or Mortga...
Application of Eminent Domain Proceeds. If all or any part of the Leased Property shall be taken by eminent domain proceedings (or sold to a government threatening to exercise the power of eminent domain) the Net Proceeds therefrom shall be deposited with the Trustee in the Insurance and Condemnation Fund pursuant to Section 8.01 of the Lease and shall be applied and disbursed by the Trustee as follows:
(i) If the City has not given written notice to the Trustee, within forty- five (45) days following the date on which such Net Proceeds are deposited with the Trustee, of its determination that such Net Proceeds are needed for the replacement of the Leased Property or such portion thereof, the Trustee shall transfer such Net Proceeds to the Redemption Fund to be applied towards the redemption of the Bonds pursuant to Section 4.01(c).
(ii) If the City has given written notice to the Trustee, within forty-five (45) days following the date on which such Net Proceeds are deposited with the Trustee, of its determination that such Net Proceeds are needed for replacement of the Leased Property or such portion thereof, the Trustee shall pay to the City, or to its order, from said proceeds such amounts as the City may expend for such repair or rehabilitation, upon the filing of Written Requisitions of the City as agent for the Authority in the form and containing the provisions set forth in subsection (b) of this Section 5.05. Each such Written Requisition shall be sufficient evidence to the Trustee of the facts stated therein and the Trustee shall have no duty to confirm the accuracy of such facts.
Application of Eminent Domain Proceeds. All amounts and proceeds (including instruments) received in respect of any Eminent Domain (“Eminent Domain Proceeds”) shall be subject to the same treatment as Insurance Proceeds as provided in Section 7.9, provided, that if the conditions set forth in Section 7.9.3 are satisfied or waived by Lender in writing, but no or insufficient replacement property is available for such restoration, then such Eminent Domain Proceeds shall be applied to the prepayment of Loans in inverse order of maturity. CHECKING ACCOUNT.
Application of Eminent Domain Proceeds. Trustor shall at its sole expense obtain for, deliver to, assign and maintain for the benefit of Beneficiary, during the term of this Deed of Trust, insurance policies insuring the Site and liability insurance policies, all in accordance with the requirements of Section 5.18 of the Credit Agreement. Trustor shall pay promptly when due any premiums on such insurance policies and on any renewals thereof. In the event of the foreclosure of this Deed of Trust or any other transfer of the [LEASED] Premises in extinguishment of the indebtedness and other sums secured hereby, all right, title and interest of Trustor in and to all casualty insurance policies, and renewals thereof then in force, shall pass to the purchaser or grantee in connection therewith; provided that Trustor's obligations shall be reduced accordingly.
Application of Eminent Domain Proceeds. (a) All Eminent Domain Proceeds shall be paid by the condemning authority directly to Lender, and, if paid to Borrower, such Eminent Domain Proceeds shall be received only in trust for Lender, shall be segregated from other funds of Borrower and shall forthwith be paid over to Lender in the same form as received (with any necessary endorsement).
(i) If the Eminent Domain Proceeds with respect to a single Event of Eminent Domain not in excess of $500,000 are payable, Borrower shall comply with SECTION 5.16, and such Eminent Domain Proceeds shall be paid to Borrower and applied to the prompt payment of the cost of the replacement or restoration of the Collateral if such replacement and restoration is practicable;
(ii) If the Eminent Domain Proceeds with respect to a single Event of Eminent Domain in excess of $500,000 are payable, Borrower shall comply with SECTION 5.15, and such Eminent Domain Proceeds shall be applied to the prompt replacement or restoration of the Collateral in accordance with SECTION 7.3(B)(III) to the extent determined by Borrower and, if Lender determines that such Eminent Domain Proceeds should be applied to such replacement or restoration to a greater extent in order for Borrower to be able to satisfy its obligations under the Operative Documents as well as before such damage or destruction, to such greater extent.
(iii) If there shall occur any Event of Eminent Domain with respect to which SECTION 7.3(C)(I) or (II) requires restoration or replacement and
(A) if (1) such Event of Eminent Domain does not constitute the loss of all or substantially all of the Project, (2) Borrower and an independent engineer selected by Borrower and subject to Lender's approval, certify, and Lender determines in its reasonable judgment, that replacement or restoration of the Project is technically and economically feasible within a six (6) month period and that a sufficient amount of funds is or will be available to Borrower to make such replacements and restorations, (3) the Lender determines that after replacement and restoration the Project will be able to repay the Loan Facility and other amounts due the Lender as and when due, (4) after giving effect to any proposed restoration or replacement, but only at the time that the same are expected to be made, such Event of Eminent Domain will not result in an Event of Default or a Default, (5) Lender shall receive an opinion of counsel acceptable to Lender to the effect that no material federal, state or...
Application of Eminent Domain Proceeds. All amounts and proceeds (including instruments) received in respect of any Event of Eminent Domain ("Eminent Domain Proceeds") shall be subject to the same treatment as Insurance Proceeds as provided in Section 7.5, provided, however, that if Administrative Agent determines that the Project should be restored, but no or insufficient replacement property is available for such restoration, then such Eminent Domain Proceeds shall be applied to the prepayment of Loans in inverse order of maturity.
Application of Eminent Domain Proceeds. Trustor shall at its sole expense obtain for, deliver to, assign and maintain for the benefit of Beneficiary, during the term of this Deed of Trust, insurance policies insuring the Mortgaged Property (to the extent insurable) and liability insurance policies, all in accordance with the requirements of Sections 4.07 and 4.42 of the Indenture. Trustor shall pay promptly when due any premiums on such insurance policies and on any renewals thereof. In the event of the foreclosure of this Deed of Trust or any other transfer of the Mortgaged Property in extinguishment of the indebtedness and other sums secured hereby, all right, title and interest of Trustor in and to all casualty insurance policies, and renewals thereof then in force, shall pass to the purchaser or grantee in connection therewith.
Application of Eminent Domain Proceeds. (a) All Eminent Domain Proceeds shall be paid by the condemning authority directly to Lender, and, if paid to Borrower, such Eminent Domain Proceeds shall be received only in trust for Lender, shall be segregated from other funds of Borrower and shall forthwith be paid over to Lender in the same form as received (with any necessary endorsement).
(i) If the Eminent Domain Proceeds with respect to a single Event of Eminent Domain not in excess of $500,000 are payable, Borrower shall comply with Section 5.16, and such Eminent Domain Proceeds shall be paid to Borrower and applied to the prompt payment of the cost of the replacement or restoration of the Collateral if such replacement and restoration is practicable;
(ii) If the Eminent Domain Proceeds with respect to a single Event of Eminent Domain in excess of $500,000 are payable, Borrower shall comply with
Application of Eminent Domain Proceeds. The Borrower agrees that all Eminent Domain Proceeds shall be paid directly to the Collateral Agent for the benefit of the Lenders, and if paid to the Borrower such Proceeds shall be received only in trust for the Collateral Agent for the benefit of the Lenders, shall be segregated from other funds of the Borrower, and shall be forthwith paid over to the Collateral Agent for benefit of the Lenders in the same form as received (with any necessary endorsement). All Eminent Domain Proceeds shall be applied to prepay the Loans.
