Common use of Casualty Condemnation/Eminent Domain Clause in Contracts

Casualty Condemnation/Eminent Domain. In accordance with and to the extent required by the Indenture, Grantor shall give Beneficiary written notice of casualty or other damage to the Leasehold Trust Estate or any proceeding for the taking of the Leasehold Trust Estate or any portion thereof or interest therein under power of eminent domain or by condemnation or any similar proceeding.

Casualty Condemnation/Eminent Domain. In accordance with and to the extent required by the Indenture, Grantor shall give Beneficiary prompt written notice of any casualty or other damage to the Leasehold Trust Estate Property or any proceeding for the taking of the Leasehold Trust Estate Property or any portion thereof or interest therein under power of eminent domain or by condemnation or any similar proceeding. The proceeds received by or on behalf of the Grantor in respect of any such casualty, damage or taking shall constitute trust funds held by the Grantor for the benefit of the Senior Secured Parties to be applied to in accordance with the terms of the Senior Credit Agreement.

Casualty Condemnation/Eminent Domain. In accordance with and to the extent required by the Indenture, Grantor shall give Beneficiary prompt written notice of any casualty or other damage to the Leasehold Trust Estate Property or any proceeding for the taking of the Leasehold Trust Estate Property or any portion thereof or interest therein under power of eminent domain or by condemnation or any similar proceeding. The proceeds received by or on behalf of the Grantor in respect of any such casualty, damage or taking shall constitute trust funds held by the Grantor for the benefit of the Second Priority Debt Parties to be applied to in accordance with the terms of the Second Priority Debt Documents.

Casualty Condemnation/Eminent Domain. In accordance with and to the extent required by the Indenture, Grantor shall give the Beneficiary reasonably prompt written notice of any casualty or other damage to the Leasehold Trust Estate Property or any proceeding for the taking of the Leasehold Trust Estate Property or any portion thereof or interest therein under power of eminent domain or by condemnation or any similar proceeding. Any Net Cash Proceeds received by or on behalf of the Grantor in respect of any such casualty, damage or taking shall be applied in accordance with subsection 2.11 of the Credit Agreement.