Common use of Insurance and Condemnation Awards Clause in Contracts

Insurance and Condemnation Awards. So long as the Discharge of Senior Indebtedness has not occurred, the Administrative Agent and the other Senior Lenders shall have the exclusive right, subject to the rights of the Obligors under the Loan Documents, to settle and adjust claims in respect of Collateral under policies of insurance covering Collateral and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation, in respect of the Collateral. All proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall, prior to the Discharge of Senior Indebtedness and subject to the rights of the Obligors under the Loan Documents, be paid to the Administrative Agent for the benefit of Senior Lenders pursuant to the terms of the Loan Documents and, subject to the rights of Obligors under the Loan Documents, as proceeds of Collateral. Until the Discharge of Senior Indebtedness has occurred, if a Subordinated Debt Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall transfer and pay over such proceeds to the Administrative Agent in accordance with Section 6.01.

Insurance and Condemnation Awards. So long as the Discharge of Senior Indebtedness has not occurred, the Administrative Agent and the other Senior Lenders Beneficiaries shall have the exclusive right, subject to the rights of the Obligors under the Loan Documents, to settle and adjust claims in respect of Collateral under policies of insurance covering Collateral and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation, in respect of the Collateral. All proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall, prior to the Discharge of Senior Indebtedness and subject to the rights of the Obligors under the Loan Documents, be paid to the Administrative Agent (for the benefit of Senior Lenders pursuant application to the terms of Senior Indebtedness) and the Loan Documents other Beneficiaries (for application to the applicable Other Senior Indebtedness), on a Pro Rata Basis, and, subject to the rights of the Obligors under the Loan Documents, as proceeds of Collateral. Until the Discharge of Senior Indebtedness has occurred, if a Subordinated Debt Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall transfer and pay over such proceeds to each of the Administrative Agent Beneficiaries in accordance with Section 6.016.1.

Insurance and Condemnation Awards. So long as the Discharge of Senior Indebtedness has not occurred, the Administrative Agent Senior Lenders and the other Senior Lenders Beneficiaries shall have the exclusive right, subject to the rights of the Obligors under the Loan Financing Documents, to settle and adjust claims in respect of Collateral under policies of insurance covering Collateral and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation, in respect of the Collateral. All proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall, prior to the Discharge of Senior Indebtedness and subject to the rights of the Obligors under the Loan Financing Documents, be paid to the Administrative Agent for the benefit of Senior Lenders pursuant (for application to the terms of Senior Indebtedness) and the Loan Documents other Beneficiaries (for application to the applicable Other Senior Indebtedness), on a Pro Rata Basis, and, subject to the rights of the Obligors under the Loan Financing Documents, as proceeds of Collateral. Until the Discharge of Senior Indebtedness has occurred, if a Subordinated Debt Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall transfer and pay over such proceeds to each of the Administrative Agent Beneficiaries in accordance with Section 6.016.1.