Application of Net Proceeds of Insurance or Condemnation. The Net Proceeds from any insurance or condemnation award with respect to the Project shall be applied as provided in the Mortgage Indentures, or, in the event that the Mortgage Indentures have been discharged or are no longer in effect, shall be applied at the direction of the Borrower with the approval of the Authority.
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Application of Net Proceeds of Insurance or Condemnation. The Net Proceeds from any insurance or condemnation award with respect to the Project shall be applied as provided in the Mortgage Indentures, or, in the event that the Mortgage Indentures have been discharged or are no longer in effect, shall be applied at the direction of the Borrower with the approval of the Authority.
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Samples: Loan Agreement (National Grid Usa)
