Common use of Disbursement of Proceeds Clause in Contracts

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds available for Restoration, Lender shall, through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, the net amount of all insurance proceeds received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS") and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's and mechanic's liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's election, the disbursement of funds may be handled by a disbursing agent selected by Lender, and such agent's reasonable fees and expenses shall be paid by Borrower. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's option, be applied to the Obligations in any order of priority and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds are made available for Restoration, Lender shallshall (for Net Proceeds in excess of $500,000), through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's ’s receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's ’s and mechanic's ’s liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by Lender, and such agent's ’s reasonable fees and expenses shall be paid by Borrower. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium. Notwithstanding anything to the contrary set forth herein, Net Proceeds of $500,000 or less shall be paid directly to Borrower so long as there is no current Event of Default under the Documents.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds available for Restoration, Lender shall, through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The All insurance proceeds received directly by Borrower and all amounts periodically disbursed to Borrower by Lender shall be based upon applied by Borrower to the amounts currently due under the construction contract for Restoration and Lender's ’s receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's ’s and mechanic's ’s liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by Lender, and such agent's ’s reasonable fees and expenses shall be paid by Borrower. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority priority, and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds available for Restoration, Lender shall, through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The All insurance proceeds received directly by Bxxxxxxx and all amounts periodically disbursed to Borrower by Lxxxxx shall be based upon applied by Borrower to the amounts currently due under the construction contract for Restoration and Lender's Lxxxxx’s receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's ’s and mechanic's ’s liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by LenderLxxxxx, and such agent's ’s reasonable fees and expenses shall be paid by Borrower. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority priority, and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium.

Disbursement of Proceeds. If Lender Administrative Agent elects or is required to make insurance proceeds available for Restoration, Lender Administrative Agent shall, through a reasonable disbursement procedure established by LenderAdministrative Agent, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds received by Lender Administrative Agent after deduction of all reasonable costs and expenses incurred by Lender Administrative Agent in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's Administrative Agent’s receipt of (iA) appropriate lien waivers, (iiB) a certification of the percentage of Restoration completed by an architect or engineer reasonably acceptable to LenderAdministrative Agent, and (iiiC) title insurance protection against materialmen's ’s and mechanic's liens. Lender shall disburse the funds within seven ’s liens (7) days after satisfaction of the conditions set forth in the preceding sentenceif available). At Lender's Administrative Agent’s election, the disbursement of funds may be handled by a disbursing agent selected by Lender, Administrative Agent and such agent's ’s reasonable fees and expenses shall be paid by Borrower. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan Loans and Borrower shall authorize, execute, deliver, file and/or record, at its expense, such instruments as Lender Administrative Agent requires to grant to Lender Administrative Agent a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's Administrative Agent’s option, be applied to the Obligations Indebtedness in any order of priority priority, and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment PremiumMake Whole Breakage Amount, if applicable. Except as explicitly set forth in the immediately preceding sentence, the application of Net Proceeds to the Indebtedness shall not be considered a voluntary prepayment and shall not be subject to the Make Whole Breakage Amount.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds or the Award (defined below), as the case may be, available for RestorationRestoration and the amount of such proceeds are $500,000 or more, Lender shall, through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds or the Award, as the case may be, received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's ’s receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's ’s and mechanic's mechanics’ liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by LenderLender shall disburse such funds, and Borrower shall pay such agent's ’s reasonable fees and expenses shall be paid by Borrowerexpenses. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds or the Award (defined below), as the case may be, available for Restoration, Lender shall, through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds or the Award, as the case may be, received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's Xxxxxx’s receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to LenderXxxxxx, and (iii) title insurance protection against materialmen's ’s and mechanic's mechanics’ liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by LenderXxxxxx shall disburse such funds, and Borrower shall pay such agent's ’s reasonable fees and expenses shall be paid by Borrowerexpenses. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority priority, and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds available for Restoration, Lender shall, through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS") and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's receipt Lendxx'x xeceipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to LenderLendxx, and xxd (iii) title insurance protection or similar indemnification reasonably acceptable to Lender against materialmen's and mechanic's liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's election, the disbursement of funds may be handled by a disbursing agent selected by LenderLendxx, and xxd such agent's reasonable fees and expenses shall be paid by Borrower. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's option, be applied to the Obligations in any order of priority priority, and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds available for Restoration, Lender shall, through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's ’s receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's ’s and mechanic's ’s liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by Lender, and such agent's ’s reasonable fees and expenses shall be paid by Borrower. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority priority, and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds or the Award (defined below), as the case may be, available for Restoration, Lender shall, through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds or the Award, as the case may be, received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's ’s receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's ’s and mechanic's mechanics’ liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by LenderLender shall disburse such funds, and Borrower shall pay such agent's ’s reasonable fees and expenses shall be paid by Borrowerexpenses. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority priority, and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds are made available for Restoration, Lender shallshall (for Net Proceeds in excess of $500,000), through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's ’s receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's ’s and mechanic's mechanics’ liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by Lender, and such agent's ’s reasonable fees and expenses shall be paid by Borrower. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium. Notwithstanding anything to the contrary set forth herein, Net Proceeds of $500,000 or less shall be paid directly to Borrower so long as there is no current Event of Default under the Documents.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds are made available for Restoration, Lender shallshall (for Net Proceeds in excess of $500,000), through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"“Net Proceeds”) and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's ’s receipt of (i) appropriate lien waivers, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's ’s and mechanic's ’s liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by Lender, and such agent's ’s reasonable fees and expenses shall be paid by Borrower. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, firstsecond-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium. Notwithstanding anything to the contrary set forth herein, Net Proceeds of $500,000 or less shall be paid directly to Borrower so long as there is no current Event of Default under the Documents.

Disbursement of Proceeds. If Lender elects or is required to make insurance proceeds or the Award (defined below), as the case may be, available for Restoration, then Lender shall, through a disbursement procedure established by Lender, periodically make available to Borrower in installments, as such amounts become due under the construction contract for Restoration, installments the net amount of all insurance proceeds or the Award, as the case may be, received by Lender after deduction of all reasonable costs and expenses incurred by Lender in connection with the collection and disbursement of such proceeds ("NET PROCEEDS"the “Net Proceeds”) and, if any, the Additional Funds. The amounts periodically disbursed to Borrower shall be based upon the amounts currently due under the construction contract for Restoration and Lender's ’s receipt of (i) appropriate lien waivers, copies of all invoices and proof of compliance with Laws, (ii) a certification of the percentage of Restoration completed by an architect or engineer acceptable to Lender, and (iii) title insurance protection against materialmen's ’s and mechanic's mechanics’ liens. Lender shall disburse the funds within seven (7) days after satisfaction of the conditions set forth in the preceding sentence. At Lender's ’s election, the disbursement of funds may be handled by a disbursing agent selected by LenderLender shall disburse such funds, and Borrower shall pay such agent's ’s reasonable fees and expenses shall be paid by Borrowerexpenses. The Net Proceeds, Rent Loss Proceeds, and any Additional Funds shall constitute additional security for the Loan Loan, and Borrower shall execute, deliver, file and/or record, at its expense, such instruments as Lender requires to grant to Lender a perfected, first-priority security interest in these funds. If the Net Proceeds are made available for Restoration and (x) Borrower refuses or fails to complete the Restoration, (y) an Event of Default occurs, or (z) the Net Proceeds or Additional Funds are not applied by Borrower to Restoration, then any undisbursed portion may, at Lender's ’s option, be applied to the Obligations in any order of priority priority, and any such application to principal shall be deemed a voluntary prepayment subject to the Prepayment Premium. Notwithstanding the foregoing sentence, if the Net Proceeds are made available for Restoration and Borrower fully completes the Restoration, then, following completion of the Restoration and provided that no Event of Default has occurred, the Net Proceeds not required for Restoration (if any) shall, at Lender’s sole option, either (i) be paid to Borrower or (ii) applied to the Obligations without any Prepayment Premium.