Right to Settle Claims. Agent is hereby authorized to adjust, compromise and collect any condemnation or eminent domain award or settle a claim for damages and to apply the same to the Obligations in accordance with the applicable provisions of the Loan Documents.
Appears in 2 contracts
Samples: Credit Agreement (Morgans Hotel Group Co.), Credit Agreement (U-Store-It Trust)
Right to Settle Claims. Agent is hereby authorized authorized, at any time that an Event of Default shall have occurred and be continuing, to adjust, compromise and collect any condemnation or eminent domain award or settle a claim for damages and to apply the same to the Obligations in accordance with the applicable provisions of the Loan Documents.
Appears in 2 contracts
Samples: Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (Morgans Hotel Group Co.), Credit Agreement (Morgans Hotel Group Co.)
