Application of Insurance and Condemnation Proceeds. If any Event of Loss shall occur with respect to the Project or any other asset of any Loan Party, the Company shall and shall cause each other Loan Party (a) promptly upon discovery or receipt of notice thereof to provide written notice thereof to the Disbursement Agent, and (b) diligently to pursue all its rights to compensation against all relevant insurers, reinsurers and/or Governmental Authorities, as applicable, in respect of such event to the extent that the Company or such Loan Party has a reasonable basis for a claim for compensation or reimbursement, including, without limitation, under any insurance policy required to be maintained hereunder. All amounts and proceeds (including instruments) in respect of any Event of Loss, including the proceeds of any insurance policy required to be maintained by the Company hereunder (collectively, "Loss Proceeds") shall be applied as provided in this Section. All Loss Proceeds (other than those in respect of the Aircraft Collateral which shall be governed by the FF&E Facility Agreement) shall be paid by the insurers, reinsurers, Governmental Authorities or other payors directly to the Disbursement Agent for deposit in the Company's Funds Account. If any Loss Proceeds are paid directly to the Company, any affiliate of the Company or any Funding Agent or Lender by any insurer, reinsurer, Governmental Authority, any landlord or grantor under the Affiliate Real Estate Agreements or such other payor, (i) such Loss Proceeds shall be received in trust for the Disbursement Agent, (ii) such Loss Proceeds shall be segregated from other funds of the Company or such other Person, and (iii) the Company or such other Person shall pay (or, if applicable, the Company shall cause such of its affiliates to pay) such Loss Proceeds over to the Disbursement Agent in the same form as received (with any necessary endorsement) for deposit in the Company's Funds Account. In the event that for a period of ninety (90) days after any Loss Proceeds are deposited in the Company's Funds Account, the Company is not permitted pursuant to the terms hereof to obtain Advances of such Loss Proceeds, then the Company shall use all other such proceeds and funds on deposit in the Completion Guaranty Deposit Account and the Project Liquidity Reserve Account to prepay the Bank Loans, the Second Mortgage Notes and the FF&E Facility in accordance with the Bank Credit Agreement, the Second Mortgage Notes Indenture and the FF&E Facility Agreement, respe...
Application of Insurance and Condemnation Proceeds. So long as no Default or Event of Default shall have occurred and remain outstanding as of the date of the Agent’s receipt of any Casualty Proceeds:
Application of Insurance and Condemnation Proceeds. The application of all insurance or condemnation proceeds realized from the damage, destruction or condemnation of the Project, or any portion thereof, shall be governed by the Pledge Agreement.
Application of Insurance and Condemnation Proceeds. Subject to clause lxi(K) with respect to ground lease properties, any insurance proceeds in respect of a casualty loss or taking, will be applied either to (A) the repair or restoration of all or part of the related Mortgaged Property or (B) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon, except that in the case of a ground-leased property casualty and condemnation proceeds are required to be paid first to the owner of the fee interest in the related property in accordance with terms of the related ground lease and then in accordance with the related Mortgage.
Application of Insurance and Condemnation Proceeds. Any monies received by Lender constituting insurance may, at the option of Lender, (i) be applied by Lender to the payment of the Indebtedness, or (ii) be disbursed to Borrower Group on such terms as are deemed appropriate by Lender for the repair, restoration and/or replacement of property in respect of which such proceeds were received.
Application of Insurance and Condemnation Proceeds. So long as no Default or Event of Default shall have occurred and remain outstanding as of the date of CIT's receipt of any Casualty Proceeds:
Application of Insurance and Condemnation Proceeds. (a Collection and Application of Insurance and Condemnation Proceeds ----------------------------------------------------------------- Generally. This Paragraph 10 shall govern the application of proceeds received --------- by BNPLC or Zhone during the Term from any third party (1) under any property insurance policy as a result of damage to the Property (including proceeds payable under any insurance policy covering the Property which is maintained by Zhone), (2) as compensation for any restriction placed upon the use or development of the Property or for the condemnation of the Property or any portion thereof, or (3) because of any judgment, decree or award for injury or damage to the Property; excluding, however, any funds paid to BNPLC by BNPLC's Parent, by an Affiliate of BNPLC or by any Participant that is made to compensate BNPLC for any Losses BNPLC may suffer or incur in connection with this Buildings 1&2 Lease or the Property. Except as provided in subparagraph 10.(d), Zhone will promptly pay over to BNPLC any insurance, condemnation or other proceeds covered by this Paragraph 10 which Zhone may receive from any insurer, condemning authority or other third party. All proceeds covered by this Paragraph 10, including those received by BNPLC from Zhone or third parties, shall be applied as follows:
Application of Insurance and Condemnation Proceeds. So long as no Event of Default shall have occurred and remain outstanding as of the date of CIT’s receipt of any Casualty Proceeds:
(A) In the event of any loss or damage to any Inventory by condemnation, fire or other casualty, CIT agrees to apply the Casualty Proceeds to repay the outstanding Revolving Loans.
(B) In the event of any loss or damage to any item of Collateral other than Inventory by condemnation, fire or other casualty, if the Casualty Proceeds relating to such condemnation, fire or other casualty are less than or equal to $100,000, CIT agrees to apply such Casualty Proceeds to repay the outstanding Revolving Loans.
(C) In the event of any loss or damage to any item of Equipment by condemnation, fire or other casualty, if the Casualty Proceeds relating to such condemnation, fire or other casualty exceed $100,000, the Company may elect (by delivering written notice to CIT within ten (10) Business Days following CIT’s receipt of such Casualty Proceeds) to replace or repair such item of Equipment. If the Company elects to replace or repair any item of Equipment, CIT initially shall apply all such Casualty Proceeds to the outstanding Revolving Loans and will establish an Availability Reserve in an amount equal to such Casualty Proceeds. CIT agrees to reduce this Availability Reserve dollar-for-dollar as and when payments then are due under the contract(s) for the purchase of replacement Equipment or the repair of such item of Equipment. Upon the replacement or completion of repair of such item of Equipment, CIT will eliminate any remaining Availability Reserve established hereunder.
(D) In the event of any loss or damage to any Real Estate leased by the Company by condemnation, fire or other casualty, the Company may use the Casualty Proceeds in the manner required or permitted by the lease agreement relating thereto. In the event of any loss or damage to any Real Estate owned by the Company by condemnation, fire or other casualty, if the Casualty Proceeds relating to such condemnation, fire or other casualty exceed $100,000, and so long as the Company has sufficient business interruption insurance to replace the lost profits of the facilities affected by the condemnation, fire or other casualty, the Company may elect to repair or replace such Real Estate, subject to the following terms:
(1) If the Company reasonably determines that the Real Estate may be repaired to substantially the same condition of the Real Estate prior to the condemnation,...
Application of Insurance and Condemnation Proceeds. (a) The Trustee shall establish and maintain a separate account designated the “Insurance and Condemnation Account.” All amounts constituting Insurance and Condemnation Proceeds received by the Trustee shall be deposited into the Insurance and Condemnation Account.
(b) If damage or destruction to any portion of the Property shall occur which materially affects the ability of the City and the Manager to operate such portion of the Property, as determined by [the City] (whether or not caused by events for which insurance is maintained under the Management Agreement or the Lease Agreement), the City may, but has no obligation to, cause such portion of the Property to be rebuilt at the City’s sole cost and expense. In the event that the City does not cause such portion of the Property to be rebuilt, any net Insurance and Condemnation Proceeds shall be transferred from the Insurance and Condemnation Account and deposited into the Redemption Account hereunder and applied to redeem the Bonds in accordance with Section 4.01(a) hereof.
(c) In the event of a Total Taking, any net Insurance and Condemnation Proceeds received as a result of such Total Taking shall be transferred from the Insurance and Condemnation Account into the Redemption Account and applied to redeem the Bonds in accordance with Section 4.01(a) hereof.
(d) The City is only required to maintain insurance on the Property as provided in Article V of the Lease Agreement. Nothing herein shall be deemed to require the City to maintain or cause to be maintained any insurance coverage on the Property.
Application of Insurance and Condemnation Proceeds. So long as no Default or Event of Default shall have occurred and remain outstanding as of the date of the Agent's receipt of any Casualty Proceeds:
