Collection and Application Generally Sample Clauses
Collection and Application Generally. This Paragraph 5 will govern the application of proceeds received by BNPPLC or NAI from any third party prior to the commencement of the Term of the Lease (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 NAI), (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 (e.g., damage resulting from a third party’s release of Hazardous Materials onto the Property); excluding, however, any funds paid to BNPPLC by BNPPLC’s Parent, by an Affiliate of BNPPLC or by any Participant that is made to compensate BNPPLC for any Losses BNPPLC may suffer or incur in connection with this Agreement or the Property. NAI will promptly pay over to BNPPLC any insurance, condemnation or other proceeds covered by this Paragraph 5 which NAI may receive from any insurer, condemning authority or other third party. All proceeds covered by this Paragraph 5, including those received by BNPPLC from NAI or third parties, will be applied as follows:
(1) First, proceeds covered by this Paragraph 5 will be used to reimburse BNPPLC for any reasonable costs and expenses, including Attorneys’ Fees, that BNPPLC incurred to collect the proceeds.
(2) Second, the proceeds remaining after such reimbursement to BNPPLC (the “Remaining Proceeds”) will be applied, as hereinafter more particularly provided, either as a Qualified Prepayment or to pay or reimburse NAI or BNPPLC for the actual out-of-pocket costs of repairing or restoring the Property. Until any Remaining Proceeds received by BNPPLC are applied by BNPPLC as a Qualified Prepayment or applied by BNPPLC to reimburse costs of repairs to or restoration of the Property pursuant to this Paragraph 5, BNPPLC will hold and maintain such Remaining Proceeds as Escrowed Proceeds in an interest bearing account, and all interest earned on such account will be added to and made a part of such Escrowed Proceeds.
Collection and Application Generally. Pursuant to the Operative Documents, Lessee has agreed to pay to Administrative Agent any and all Rent and any and all other amounts of any kind or type under any of the Operative Documents due and owing or payable from Lessee to any Person, except for Excluded Payments and except for those payments which are expressly contemplated by the Operative Documents to be paid by Lessee to a third party each of which, Lessee shall pay to each Person entitled thereto. Promptly after receipt of any amounts received from Lessee and all other payments, receipts and other consideration of any kind whatsoever received by Administrative Agent pursuant to the Participation Agreement or otherwise received by Administrative Agent, any Lender, General Partner or Lessor in connection with the Leased Property, the Participation Agreement or any of the other Operative Documents, Administrative Agent shall apply and allocate such amounts in accordance with the terms of this Section 8. Ratable distributions among the Funding Parties under this Section 8 shall be made based on (in the case of the Lenders) the ratio of the outstanding Loans to the aggregate Lease Balance and (in the case of General Partner) the ratio of the outstanding Capital Contribution to the aggregate Lease Balance.
Collection and Application Generally. Promptly after receipt, Lessor shall apply and allocate, in accordance with the terms of this Article XVIII, such amounts received from Lessee and all other payments, receipts and other consideration of any kind whatsoever received by Lessor pursuant to the Participation Agreement or otherwise received by Lessor in connection with the Leased Property, the Participation Agreement or any of the other Operative Documents. Any amounts of Basic Rent received by Lessor shall be applied in accordance with Section 18.2(a). With regard to any other amounts received by Lessor under the Lease or other Operative Documents, Lessor shall apply and allocated such amounts in accordance with Sections 18.2(b), (c), (d) or (e), as applicable.