Total Taking and Total Destruction. Subject to any applicable requirements of the Financing Order, the Credit Agreement and the Revolver Intercreditor Agreement, in the event of a Total Destruction or a Total Taking, the Beneficiary shall apply all amounts recovered under any insurance policy referred to in Section 2.1.1 and all awards received by it on account of any such Taking shall be deposited in a Lockbox Account maintained by the Trustor to be applied pursuant to the provisions of the Credit Agreement.
Appears in 2 contracts
Samples: Fixed Assets Secured Parties Deed of Trust (Sterling Chemical Inc), Current Assets Secured Parties Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Sterling Chemical Inc)
Total Taking and Total Destruction. Subject to any applicable requirements of the Financing Order, the Credit Agreement and the Revolver Intercreditor Agreement, in the event of a Total Destruction or a Total Taking, the Beneficiary Mortgagee shall apply all amounts recovered under any insurance policy referred to in Section 2.1.1 and all awards received by it on account of any such Taking shall be deposited in a Lockbox Account maintained by the Trustor Mortgagor to be applied pursuant to the provisions of the Credit Agreement.. I-1-B-16 77
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement (Sterling Chemical Inc)
Total Taking and Total Destruction. Subject to any applicable requirements of the Financing Order, the Credit Agreement and the Revolver Intercreditor Agreement, in the event of a Total Destruction or a Total Taking, the Beneficiary Grantee shall apply all amounts recovered under any insurance policy referred to in Section 2.1.1 and all awards received by it on account of any such Taking shall be deposited in a Lockbox Account maintained by the Trustor Grantor to be applied pursuant to the provisions of the Credit Agreement.
Appears in 1 contract
Samples: Leasehold Deed to Secure Debt, Assignment and Security Agreement (Sterling Chemical Inc)
Total Taking and Total Destruction. Subject to any applicable requirements of the Financing Order, the Credit Agreement and the Revolver Intercreditor Agreement, in the event of a Total Destruction or a Total Taking, the Beneficiary Mortgagee shall apply all amounts recovered under any insurance policy referred to in Section 2.1.1 and all awards received by it on account of any such Taking shall be deposited in a Lockbox Account maintained by the Trustor Mortgagor to be applied pursuant to the provisions of the Credit Agreement.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement (Sterling Chemical Inc)
