Common use of Casualty and Condemnation Clause in Contracts

Casualty and Condemnation. The Borrowers will (a) furnish to the Lender prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any applicable provisions of this Agreement and the Collateral Documents.

Appears in 4 contracts

Samples: Execution Copy     Credit Agreement (Sifco Industries Inc), Revolving Loan Credit Agreement (Servicesource International, Inc.), Credit Agreement

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Casualty and Condemnation. The Borrowers will (a) will furnish to the Lender Agents and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 3 contracts

Samples: Credit Agreement (Stewart & Stevenson LLC), Credit Agreement (Stewart & Stevenson LLC), Credit Agreement (Stewart & Stevenson Funding Corp.)

Casualty and Condemnation. The Borrowers Borrower will (a) furnish to the Lender prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 3 contracts

Samples: Loan Agreement (Wanxiang Group Corp), Loan Agreement (A123 Systems, Inc.), Credit Agreement (Zoltek Companies Inc)

Casualty and Condemnation. The Borrowers will Borrower (a) will furnish to the Lender prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 3 contracts

Samples: Credit Agreement (Franklin Covey Co), Credit Agreement (Transcat Inc), Loan and Security Agreement (Smith & Wesson Holding Corp)

Casualty and Condemnation. The Borrowers Obligors will (a) furnish to the Lender Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 2 contracts

Samples: Credit Agreement (Kodiak Gas Services, Inc.), Credit Agreement (Kodiak Gas Services, Inc.)

Casualty and Condemnation. The Borrowers will (a) furnish to the Lender prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any applicable provisions of this Agreement and the Collateral Documents.proceeding. SECTION 5.13

Appears in 2 contracts

Samples: Credit Agreement (Harmonic Inc), Credit Agreement (Harmonic Inc)

Casualty and Condemnation. The Borrowers will (a) furnish to the Lender Administrative Agent prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 2 contracts

Samples: Credit Agreement (Clarus Corp), Credit Agreement (Clarus Corp)

Casualty and Condemnation. The Borrowers will (a) furnish to the Lender Agents and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 2 contracts

Samples: Credit Agreement (Chefs' Warehouse, Inc.), Credit Agreement (Chefs' Warehouse, Inc.)

Casualty and Condemnation. The Borrowers will (a) furnish to the Lender Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.. 144

Appears in 1 contract

Samples: Assignment and Assumption (General Cable Corp /De/)

Casualty and Condemnation. The Borrowers will Borrower (a) will furnish to the Lender prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or any part thereof or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral DocumentsAgreement.

Appears in 1 contract

Samples: Credit Agreement (Poindexter J B & Co Inc)

Casualty and Condemnation. The Borrowers will (a) will furnish to the Lender Collateral Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral DocumentsAgreement.

Appears in 1 contract

Samples: Credit Agreement

Casualty and Condemnation. The Borrowers will (a) furnish Furnish to the Lender Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the any Collateral or the commencement of any action or proceeding preceding for the taking of any material portion of the any Collateral or any part thereof or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds net cash proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 1 contract

Samples: Credit Agreement (Primo Water Corp)

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Casualty and Condemnation. The Borrowers will (a) furnish to the Lender prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 1 contract

Samples: Credit Agreement (Par Technology Corp)

Casualty and Condemnation. The Borrowers will (a) will furnish to the Lender prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied to repair or replace the affected property or in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 1 contract

Samples: Credit Agreement (Kaleido Biosciences, Inc.)

Casualty and Condemnation. The Borrowers will Borrower (a) will furnish to the Lender Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to the Collateral in any material portion of the Collateral respect or the commencement of any action or proceeding for the taking of the Collateral in any material portion of the Collateral or interest therein respect under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral DocumentsExisting Credit Agreement.

Appears in 1 contract

Samples: Credit Agreement (McLeodusa Inc)

Casualty and Condemnation. The Borrowers will Borrower will: (a) furnish to the Lender Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the any Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or any part thereof or interest therein under power of eminent domain or by condemnation or similar proceeding proceeding; and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any applicable provisions of this Agreement and the Collateral DocumentsSection 2.11(c).

Appears in 1 contract

Samples: Credit Agreement (Spectralink Corp)

Casualty and Condemnation. The Borrowers will (a) The Borrower will -------------------------- furnish to the Lender Agents and the Lenders prompt written notice of any casualty or other insured damage to any material portion of the any Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or any part thereof or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any applicable provisions of this Agreement and the Collateral Documentsproceeding.

Appears in 1 contract

Samples: Credit Agreement (Advanced Radio Telecom Corp)

Casualty and Condemnation. The Borrowers will Borrower (a) will furnish to the Lender prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 1 contract

Samples: Credit Agreement (Koss Corp)

Casualty and Condemnation. The Borrowers will Borrower (a) will furnish to the Lender prompt written notice of any casualty or other insured damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with any the applicable provisions of this Agreement and the Collateral Documents.

Appears in 1 contract

Samples: Credit Agreement (Utah Medical Products Inc)

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