Common use of Basic Lease Term Clause in Contracts

Basic Lease Term. Subject to the provisions of this Article XIV, (x) if all or a portion of any Property is damaged or destroyed in whole or in part by a Casualty during the Basic Lease Term for such Property, any insurance proceeds payable with respect to such Casualty shall be paid directly to the Lessee, or if received by Administrative Agent or any Participant, shall be paid over to the Lessee for the reconstruction, refurbishment and repair of the affected Property, and (y) if the use, access, occupancy, easement rights or title to any Property or any part thereof is the subject of a Condemnation during the Basic Lease Term for such Property, then any award or compensation relating thereto shall be paid to the Lessee ; provided, however, that, in each case, if (A) any Lease Event of Default shall have occurred and be continuing or (B) such Casualty or Condemnation is an Event of Loss, then such award, compensation or insurance proceeds shall be paid directly to the Administrative Agent (as assignee of the Certificate Holders) or, if received by the Lessee, shall be held in trust for the Participants and shall be paid over by the Lessee to the Administrative Agent to be distributed by the Administrative Agent as follows: in the case of a Lease Event of Default, such amounts shall be distributed in accordance with the Participation Agreement, and in the case of an Event of Loss, such amounts shall be applied in the Agent Lessor's and the Administrative Agent's reasonable discretion to the restoration of such Property or toward the payment of the applicable Property Cost of the affected Property on the applicable Partial Termination Date in accordance with Section 15.1.