Common use of Insurance of Collateral; Condemnation Proceeds Clause in Contracts

Insurance of Collateral; Condemnation Proceeds. (a) [Reserved.] (b) Any Net Proceeds of insurance (other than proceeds from workers’ compensation or D&O insurance) and any Net Proceeds of awards arising from condemnation of any Collateral shall be paid to Agent and/or the Controlling Term Loan Agent as required pursuant to the Loan Documents, the Senior Term Loan Documents, the Term Loan Documents and the Intercreditor Agreement. Any such Net Proceeds of insurance or condemnation awards that relate to Revolver Priority Collateral shall be applied to payment of the Revolver Loans, and then to other Obligations. Subject to the Intercreditor Agreement and clause (c) below, any such Net Proceeds of insurance or condemnation awards that relate to Term Priority Collateral, to the extent not timely applied to repair, restore or replace such property or asset in accordance with the Senior Term Loan Documents and/or the Term Loan Documents, shall be applied first to the Senior Term Debt and/or the Term Loan Debt until paid in full, then to U.S. Revolver Loans until paid in full and then to other Obligations. (c) To the extent permitted by the Senior Term Loan Documents and the Term Loan Documents and subject to the Intercreditor Agreement, Borrowers may use Net Proceeds of insurance that relate to Equipment or Real Estate and Net Proceeds of awards arising from condemnation of Real Estate to repair, restore or replace such Equipment or Real Estate.

Insurance of Collateral; Condemnation Proceeds. (a) [Reserved.] (b) Any Net Proceeds of insurance (other than proceeds from workers’ compensation or D&O insurance) and any Net Proceeds of awards arising from condemnation of any Collateral shall be paid to Agent and/or the Controlling Term Loan Agent as required pursuant to the Loan Documents, the Senior Term Loan Documents, the Term Loan Documents and the Intercreditor Agreement. Any such Net Proceeds of insurance or condemnation awards that relate to Revolver Priority Collateral shall be applied to payment of the Revolver Loans, and then to other Obligations. Subject to the Intercreditor Agreement and clause (c) below, any such Net Proceeds of insurance or condemnation awards that relate to Term Priority Collateral, to the extent not timely applied to repair, restore or replace such property or asset in accordance with the Senior Term Loan Documents and/or the Term Loan Documents, shall be applied first to the Senior Term Debt and/or the theFirst Lien Term Loan Debt until paid in full, then to U.S. Revolver Loans until paid in full and then to other Obligations. (c) To the extent permitted by the Senior Term Loan Documents and the Term Loan Documents and subject to the Intercreditor Agreement, Borrowers may use Net Proceeds of insurance that relate to Equipment or Real Estate and Net Proceeds of awards arising from condemnation of Real Estate to repair, restore or replace such Equipment or Real Estate.

Insurance of Collateral; Condemnation Proceeds. (a) [Reserved.] (b) Any Net Proceeds of insurance (other than proceeds from workers’ compensation or D&O insurance) and any Net Proceeds of awards arising from condemnation of any Collateral shall be paid to Agent and/or the Controlling Term Loan Agent as required pursuant to the Loan Documents, the Senior Term Loan Documents, the Term Loan Documents and the Intercreditor Agreement. Any such Net Proceeds of insurance or condemnation awards that relate to Revolver Priority Collateral shall be applied to payment of the Revolver Loans, and then to other Obligations. Subject to the Intercreditor Agreement and clause (c) below, any such Net Proceeds of insurance or condemnation awards that relate to Term Priority Collateral, to the extent not timely applied to repair, restore or replace such property or asset in accordance with the Senior Term Loan Documents and/or the Term Loan Documents, shall be applied first to the Senior Term Debt and/or the Term Loan Debt until paid in full, then to U.S. Revolver Loans until paid in full and then to other Obligations. (c) To the extent permitted by the Senior Term Loan Documents and the Term Loan Documents and subject to the Intercreditor Agreement, Borrowers may use Net Proceeds of insurance that relate to Equipment or Real Estate and Net Proceeds of awards arising from condemnation of Real Estate to repair, restore or replace such Equipment or Real Estate.

Insurance of Collateral; Condemnation Proceeds. (a) [Reserved.] (b) Any Net Proceeds of insurance (other than proceeds from workers’ compensation or D&O insurance) and any Net Proceeds of awards arising from condemnation of any Collateral shall be paid to Agent and/or the Controlling Term Loan Agent as required pursuant to the Loan Documents, the Senior Term Loan Documents, the Term Loan Documents and the Intercreditor Agreement. Any such Net Proceeds of insurance or condemnation awards that relate to Revolver Priority Collateral shall be applied to payment of the Revolver Loans, and then to other Obligations. Subject to the Intercreditor Agreement and clause (c) below, any such Net Proceeds of insurance or condemnation awards that relate to Term Priority Collateral, to the extent not timely applied to repair, restore or replace such property or asset in accordance with the Senior Term Loan Documents and/or the Term Loan Documents, shall be applied first to the Senior Term Debt and/or the Term Loan Debt until paid in full, then to U.S. Revolver Loans until paid in full and then to other Obligations. (c) To the extent permitted by the Senior Term Loan Documents and the Term Loan Documents and subject to the Intercreditor Agreement, Borrowers may use Net Proceeds of insurance that relate to Equipment or Real Estate and Net Proceeds of awards arising from condemnation of Real Estate to repair, restore or replace such Equipment or Real Estate.