Common use of Proceeds of Casualty Clause in Contracts

Proceeds of Casualty. Subject to Section 15 of the Lease, the Lessor and the Investors agree, for the benefit of the Agent and the Lenders, that if at any time either the Lessor or the either of the Investors receives any proceeds as a result, directly or indirectly, of any Casualty or Condemnation with respect to the Equipment which the Lessor is entitled to retain and hold in accordance with the terms of the Lease, the Lessor and both Investors agree that they will promptly deposit such amounts in an account with the Agent. The Lessor and the Investors also agree that they will execute and deliver such documents and instruments as the Agent may request in order to grant the Agent, for the benefit of the Lenders, a valid and perfected, first priority security interest in such proceeds.

Proceeds of Casualty. Subject to Section 15 of the Lease, the -------------------- Lessor and the Investors agree, for the benefit of the Agent and the Lenders, that if at any time either the Lessor or the either of the Investors receives any proceeds as a result, directly or indirectly, of any Casualty or Condemnation with respect to the Equipment which the Lessor is entitled to retain and hold in accordance with the terms of the Lease, the Lessor and both Investors agree that they will promptly deposit such amounts in an account with the Agent. The Lessor and the Investors also agree that they will execute and deliver such documents and instruments as the Agent may request in order to grant the Agent, for the benefit of the Lenders, a valid and perfected, first priority security interest in such proceeds.

Proceeds of Casualty. Subject to Section 15 of the Lease, the Lessor and the Investors Investor agree, for the benefit of the Agent and the Lenders, that if at any time either the Lessor or the either of the Investors Investor receives any proceeds as a result, directly or indirectly, of any Casualty or Condemnation with respect to the Equipment which the Lessor is entitled to retain and hold in accordance with the terms of the Lease, the Lessor and both Investors the Investor agree that they will promptly deposit such amounts in an account with the Agent. The Lessor and the Investors Investor also agree that they will execute and deliver such documents and instruments as the Agent may request in order to grant the Agent, for the benefit of the Lenders, a valid and perfected, first priority security interest in such proceeds.

Proceeds of Casualty. Subject to Section 15 of the Lease, the The Lessor and the Investors agree, for the -------------------- benefit of the Agent and the Lenders, that if at any time either the Lessor or the either of the Investors any Investor receives any proceeds as a result, directly or indirectly, of any Casualty or Condemnation with respect to the Equipment Property which the Lessor is entitled to retain and hold in accordance with the terms of Section 15 of the Lease, the Lessor and both the Investors agree that they will promptly deposit such amounts in an account with the AgentAgent for application in accordance with Section 15 of the Lease. The Lessor and the Investors also agree that they will execute and deliver such documents and instruments as the Agent may request in order to grant the Agent, for the benefit of the Lenders, a valid and perfected, first priority security interest in such proceeds.