Common use of Insurance and Condemnation Awards Clause in Contracts

Insurance and Condemnation Awards. So long as the Discharge of First Lien Debt has not occurred, First Lien Agent and the other First Lien Secured Parties shall have the sole and exclusive right, subject to the rights of Grantors under the First Lien Documents, to settle and adjust claims in respect of Collateral under policies of insurance and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation in respect of the Collateral. So long as the Discharge of First Lien Debt has not occurred, all proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall be applied in accordance with Section 5.1(a). Until the Discharge of First Lien Debt, if Second Lien Agent or any other Second Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall pay such proceeds over to First Lien Agent in accordance with the terms of Section 5.2.

Insurance and Condemnation Awards. So long as the Discharge of First Lien Debt has not occurred, First Lien Agent and the other First Lien Secured Parties shall have the sole and exclusive right, subject to the rights of Grantors under the First Lien Documents, to settle and adjust claims in respect of Collateral under policies of insurance and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation in respect of the Collateral. So long as the Discharge of First Lien Debt has not occurred, all proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall be applied in accordance with Section 5.1(a4.1(a). Until the Discharge of First Lien Debt, if Second any Junior Lien Collateral Agent or any other Second Junior Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall pay such proceeds over to First Lien Agent in accordance with the terms of Section 5.24.2.

Insurance and Condemnation Awards. So long as the Discharge of First Lien Debt Non-Excluded Obligations has not occurred, the First Lien Administrative Agent and the other First Lien Secured Parties shall have the sole and exclusive right, subject to the rights of the Grantors under the First Lien 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 condemnation, in respect of the Collateral. So long as the Discharge of First Lien Debt has not occurred, all All proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall be applied paid pursuant to the priorities set forth in accordance with Section 5.1(a)4.01. Until the Discharge of First Lien DebtNon-Excluded Obligations has occurred, if the Second Lien Collateral Agent or any other Second Lien Secured 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 over to the First Lien Administrative Agent in accordance with the terms of Section 5.24.02.