Common use of Disbursement of Award Clause in Contracts

Disbursement of Award. Subject to the terms hereof, Landlord, Tenant and any Hotel Mortgagee shall transfer any part of the Award received by them, respectively, together with severance and other damages awarded for the taken Leased Improvements and any deficiency Landlord or Tenant has agreed to pay, to an escrow agent reasonably satisfactory to all parties pursuant to an escrow agreement that is reasonably satisfactory to all parties, for the purpose of funding the cost of the repair or restoration. Such amounts shall be advanced by Escrow Agent to Tenant so as to permit payment for the cost of any restoration and repair, pursuant to the same terms and conditions as are set forth in Section 10.2.4. The obligations under this Section 11.3 to disburse the Award and such other amounts shall be subject to (a) the collection thereof and (b) the release of such Award by the applicable Hotel Mortgagee. Tenant's obligation to restore the Leased Property shall be subject to the availability of the Award to fund the cost of such repair or restoration upon its compliance with this Section 11.3.

Disbursement of Award. Subject to the terms hereofhereof and of the Senior Loan Documents, Landlord, Tenant and any Hotel Mortgagee shall transfer any part of the Award received by them, respectively, together with severance and other damages awarded for the taken Leased Improvements and any deficiency Landlord or Tenant has agreed to pay, to an escrow agent ("Escrow Agent") reasonably satisfactory to all parties pursuant to an escrow agreement that is reasonably satisfactory to all parties, for the purpose of funding the cost of the repair or restoration. Such amounts shall be advanced by Escrow Agent to Tenant so as to permit payment for the cost of any restoration and repair, pursuant to the same terms and conditions as are set forth in Section 10.2.4. The obligations under this Section 11.3 to disburse the Award and such other amounts shall be subject to (a) the collection thereof and (b) the release of such Award by the applicable Hotel Mortgagee. Tenant's obligation to restore the Leased Property shall be subject to the availability of the Award to fund the cost of such repair or restoration upon its compliance with this Section 11.3.