Common use of Award and Insurance Benefits Clause in Contracts

Award and Insurance Benefits. Each Loan Party shall cooperate with the Administrative Agent in obtaining for the benefit of the Lenders, in accordance with the relevant provisions of this Agreement, the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with any Financed Property, and the Administrative Agent shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the payment by the Loan Parties of the reasonable expense of an appraisal on behalf of the Administrative Agent in case of Casualty or Condemnation affecting any Financed Property or any part thereof) out of such Insurance Proceeds.

Award and Insurance Benefits. Each Loan Party shall cooperate with the Administrative Agent in obtaining for the benefit of the LendersSecured Parties, in accordance with the relevant provisions of this Agreement, the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with any Financed Property, and the Administrative Agent shall be reimbursed for any reasonable, actual, third party, out-of-pocket expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements, disbursements and the payment by the Loan Parties of the reasonable expense of an appraisal on behalf of the Administrative Agent in the case of Casualty or Condemnation affecting any Financed Property or any part thereof) out of such Insurance Proceeds.