Common use of Insurance and Condemnation Clause in Contracts

Insurance and Condemnation. Unless and until the Senior Creditor shall have received payment in full in cash, stock or property acceptable to the Senior Creditor of all Senior Indebtedness and the Senior Indebtedness shall have terminated pursuant to the respective terms and provisions thereof, (i) as between the Junior Creditor and the Senior Creditor, the Junior Creditor agrees that the Senior Creditor shall have the sole and exclusive right to adjust settlement with respect to any insurance coverage for any Collateral and (ii) all proceeds of any insurance policy, and proceeds of any condemnation or similar proceeding, covering all or any part of the Collateral shall be paid to the Senior Creditor for application to the Senior Indebtedness pursuant to the Senior Credit Documents. If the Senior Creditor allows any portion of any proceeds of any insurance, condemnation or similar award with respect to any Collateral to be used by any Credit Party to repair or replace the Collateral affected, the Junior Creditor agrees to take promptly all action reasonably requested by the Senior Creditor to permit such use.