Common use of Proceeds of Leased Property Clause in Contracts

Proceeds of Leased Property. Any payments received by the Lessor or the Agent when an Event of Default exists, as (i) proceeds from the sale of all or any portion of the Leased Property sold pursuant to the exercise of the Lessor's remedies pursuant to Article XIII of the Lease, or (ii) proceeds of any amounts from any insurer or any Governmental Authority in connection with an Event of Loss or Event of Taking shall if received by the Lessor be paid to the Agent as promptly as possible, and shall be distributed or applied in the following order of priority: first, to the Agent for any amounts reasonably expended by it in connection with the Leased Property or the Operative Documents and not previously reimbursed to it; second, to the Lenders and the Lessor pro rata for application to their Loans and the Allocated Amount, an amount equal to such Loans and Allocated Amount; third, to the Lessor for application to its remaining Funding Party Balance, an amount equal to such Funding Party Balance; and

Proceeds of Leased Property. Any payments received by the Lessor or the Agent when an Event of Default exists, as (i) proceeds from the sale of all or any portion of the Leased Property sold pursuant to the exercise of the Lessor's ’s remedies pursuant to Article XIII of the Lease, or (ii) proceeds of any amounts from any insurer or any Governmental Authority in connection with an Event of Loss or Event of Taking shall if received by the Lessor be paid to the Agent as promptly as possible, and shall be distributed or applied in the following order of priority: first, to the Agent for any amounts reasonably expended by it in connection with the Leased Property or the Operative Documents and not previously reimbursed to it; second, to the Lenders and the Lessor pro rata for application to their Loans and the Allocated Amount, an amount equal to such Loans and Allocated Amount; third, to the Lessor for application to its remaining Funding Party BalanceNet Invested Amount, an amount equal to such Net Invested Amount; fourth, to the Funding Party BalanceParties pro rata for application to any other amount owing to the Funding Parties under the Operative Documents, an amount equal to such other amounts; and