Application of Net Proceeds of Insurance and Eminent Domain Sample Clauses

Application of Net Proceeds of Insurance and Eminent Domain. (a) The Net Proceeds of the insurance carried pursuant to the provisions of Sections 6.3(b) and 6.3(c) hereof shall be applied by the Borrower toward extinguishment of the defect or claim or satisfaction of the liability with respect to which such insurance proceeds may be paid.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
Application of Net Proceeds of Insurance and Eminent Domain. (a) The Net Proceeds of the insurance carried pursuant to the provisions of Section 6.3 hereof shall be applied by the Company toward extinguishment of the defect or claim or satisfaction of the liability with respect to which such insurance proceeds may be paid.
Sample 1
Application of Net Proceeds of Insurance and Eminent Domain. Subject to the provisions of the Mortgage and the Security Agreement (both as defined in the Reimbursement Agreement), the net proceeds of property insurance carried with respect to the Project pursuant to the provisions hereof, the net proceeds resulting from Eminent Domain and any other amounts receivable by the Obligor, the Trustee or the Issuer pursuant to the provisions of Section 5.4 and/or Section 5.5 hereof shall with the consent of the Bank (so long as the Letter of Credit is in effect and has not been wrongfully dishonored) be applied together with such other amounts as necessary provided by the Obligor for the repair, replacement, renewal or improvement (the "Restoration") of the Project (such funds to remain with the Bank and to be drawn down by the Obligor for Restoration of the Project) and any proceeds not so used shall be used to redeem the Bonds in accordance with the provisions of the Bonds and Section 7.3 hereof. Prior to their expenditure, such amounts shall be invested so as not to have an adverse effect on the exclusion of the interest on the Bonds from the gross income of the registered owners for federal income tax purposes. The Obligor agrees that if the net proceeds from insurance or resulting from Eminent Domain relating to the Project is applied to the Restoration of the Project, it will restore the Project, or cause the same to be done, to a condition substantially equivalent to its condition prior to the occurrence of the event to which the net proceeds were attributable. The Obligor shall be entitled to the net proceeds of any insurance or resulting from Eminent Domain relating to property of the Obligor not constituting part of the Project as provided herein.
Sample 1
Application of Net Proceeds of Insurance and Eminent Domain. (1) The Net Proceeds of the insurance carried pursuant to the provisions of Sections 6.3, 6.4(c) and 6.4(d) hereof shall be applied by the Borrower toward extinguishment of the defect or claim or satisfaction of the liability with respect to which such insurance proceeds may be paid, provided that if the Borrower does not cause promptly, and in any event within ninety (90) days of receipt, the Net Proceeds of the insurance carried pursuant to the provisions of Section 6.3 to be so applied to the full and complete extinguishment of the applicable defect or claim, then such Net Proceeds shall be applied to the prepayment of the Bonds as provided in Article X hereof.
Sample 1
Application of Net Proceeds of Insurance and Eminent Domain. (a) The Net Proceeds of the insurance carried with respect to the Project shall be applied by the Company toward extinguishment of the defect or claim or satisfaction of the liability with respect to which such insurance proceeds may be paid.
Sample 1
Application of Net Proceeds of Insurance and Eminent Domain. (a) Except as otherwise agreed to by the Credit Facility Issuer during such time as a Credit Facility is in effect, the Net Proceeds of the insurance carried pursuant to the provisions of Sections 6.3(b) and 6.3(c) hereof shall be applied by the Company toward extinguishment of the defect or claim or satisfaction of the liability with respect to which such insurance proceeds may be paid.
Sample 1
Application of Net Proceeds of Insurance and Eminent Domain. (a) The Net Proceeds of the insurance carried pursuant to the provisions of Sections 4.3(c), 4.3(d) and, if practicable, 7.1(c) hereof shall be applied by the Borrower toward extinguishment of the defect or claim or satisfaction of the liability with respect to which such insurance proceeds may be paid. (b) The Net Proceeds of the insurance carried with respect to the Collateral pursuant to the provisions of Sections 7.1(c) (if not applied pursuant to clause (a) of this Section 4.8), 4.3(a) and 4.3(b) hereof (excluding the Net Proceeds of any business interruption insurance, which shall be paid to the Borrower), and the Net Proceeds resulting from Eminent Domain shall be paid and applied as follows: (i) if Bonds shall then be outstanding under the Indenture and no drawing under the Letter of Credit shall theretofore have been presented which has not been reimbursed by the Borrower (other than a Tender Advance), or if the obligations under the Note are then outstanding and no Event of Default has occurred hereunder or under the Note and is then continuing, then in the manner and at the times provided therefor in Section 6.8 of the Loan Agreement; and (ii) in all other cases, to the payment or reduction, as the case may be, of the obligations of the Borrower and the Issuer hereunder, with such allocations to principal, interest, commissions, charges and expenses as the Bank may elect. "
Sample 1
AutoNDA by SimpleDocs

Related to Application of Net Proceeds of Insurance and Eminent Domain

  • Application of Insurance Proceeds Grantor shall promptly notify Lender of any loss or damage to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

  • Use of Insurance Proceeds All insurance or condemnation proceeds payable by reason of any physical loss of any of the improvements comprising the facilities or the furniture, fixtures and equipment used by the Practice Offices, shall be available for the reconstruction, repair or replacement, as the case may be, of any damage, destruction or loss. The Policy Board, in consultation with VERO II, shall review and approve such reconstruction, repair or replacement.

  • Application of Proceeds of Sale The proceeds of any sale of Collateral pursuant to Section 6, as well as any Collateral consisting of cash, shall be applied by the Collateral Agent as follows: FIRST, to the payment of all costs and expenses incurred by the Collateral Agent in connection with such sale or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under any other Loan Document on behalf of any Pledgor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; SECOND, to the payment in full of the Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and THIRD, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof.

  • Application of Proceeds of Sale and Cash The proceeds of sale of the Pledged Securities sold pursuant to Section 10.5 hereof shall be applied by the Administrative Agent on behalf of itself, the Issuing Bank and the Lenders as follows:

  • Application of Proceeds of Collateral Notwithstanding anything to the contrary in this Agreement, in the case of any Event of Default under Section 7.1(i), immediately following the occurrence thereof, and in the case of any other Event of Default: (a) upon the termination of the Revolving Credit Aggregate Commitment, (b) the acceleration of any Indebtedness arising under this Agreement, (c) at the Agent’s option, or (d) upon the request of the Majority Lenders after the commencement of any remedies hereunder, the Agent shall apply the proceeds of any Collateral, together with any offsets, voluntary payments by any Credit Party or others and any other sums received or collected in respect of the Indebtedness first, to pay all incurred and unpaid fees and expenses of the Agent under the Loan Documents and any protective advances made by Agent with respect to the Collateral under or pursuant to the terms of any Loan Document, next, to all principal, interest and fees owing under or in connection with the Revolving Credit (including the Swing Line), next to any obligations owing by any Credit Party in respect of any Hedging Obligations on a pro rata basis, next, to any other Indebtedness on a pro rata basis, and then, if there is any excess, to the Credit Parties, as the case may be.

  • Application of Collateral and Proceeds The proceeds of any sale of, or other realization upon, all or any part of the Collateral shall be applied in the following order of priorities:

  • Possession and Use of Collateral Subject to the provisions of the Security Documents, the Issuer and the Guarantors shall have the right to remain in possession and retain exclusive control of and to exercise all rights with respect to the Collateral (other than monies or U.S. government obligations deposited pursuant to Article VIII, and other than as set forth in the Security Documents and this Indenture), to operate, manage, develop, lease, use, consume and enjoy the Collateral (other than monies and U.S. government obligations deposited pursuant to Article VIII and other than as set forth in the Security Documents and this Indenture), to alter or repair any Collateral so long as such alterations and repairs do not impair the creation or perfection of the Lien of the Security Documents thereon, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income thereof.

  • Application of Proceeds from Collateral All proceeds from each sale of, or other realization upon, all or any part of the Collateral by any Secured Party after an Event of Default arises shall be applied as follows:

  • Maintenance of Liability Insurance (a) The Company hereby covenants and agrees that, as long as the Indemnitee continues to serve as a director and/or officer of the Company and thereafter as long as the Indemnitee may be subject to any possible Proceeding, the Company, subject to subsection (c), shall promptly obtain and maintain in full force and effect directors' and officers' liability insurance ("D&O Insurance") in reasonable amounts from established and reputable insurers.

  • Application of Proceeds; Turnover Provisions All proceeds of Common Collateral (including without limitation any interest earned thereon) resulting from the sale, collection or other disposition of Common Collateral in connection with an Enforcement Action, whether or not pursuant to an Insolvency Proceeding, shall, subject to Section 9.14 hereof, be distributed as follows: first to the First Priority Representative for application to the First Priority Obligations in accordance with the terms of the First Priority Documents, until the First Priority Obligations Payment Date has occurred and thereafter, to the Second Priority Representative for application in accordance with the Second Priority Documents. Until the occurrence of the First Priority Obligations Payment Date, any Common Collateral, including without limitation any such Common Collateral constituting proceeds, that may be received by any Second Priority Secured Party in violation of this Agreement shall be segregated and held in trust and promptly paid over to the First Priority Representative, for the benefit of the First Priority Secured Parties, in the same form as received, with any necessary endorsements, and each Second Priority Secured Party hereby authorizes the First Priority Representative to make any such endorsements as agent for the Second Priority Representative (which authorization, being coupled with an interest, is irrevocable).

Time is Money Join Law Insider Premium to draft better contracts faster.