promptly by Borrower Sample Clauses

promptly by Borrower. In addition, Administrative Agent may participate in any settlement discussions with any insurance companies if an Event of Default has occurred and is continuing and the settlement with the insurance company is reasonably likely to exceed the Restoration Threshold, and Borrower shall not settle or permit any settlement in excess of the Restoration Threshold without Administrative Agent’s approval, (i) if an Event of Default is continuing or (ii) with respect to any Casualty in which the Net Proceeds thereof or the costs of completing the Restoration are reasonably expected to be equal to or greater than the Restoration Threshold Amount, and Borrower shall deliver to Lenders all instruments required by Administrative Agent to permit such participation. Any Insurance Proceeds in connection with any Casualty (whether or not Administrative Agent elects to settle and adjust the claim or Borrower settles such claim) shall be due and payable solely to Administrative Agent for deposit into the Reserve Account and held and disbursed in accordance with the terms of this Agreement. Except as provided in Section 7(d), if Borrower or any party other than Administrative Agent or Lenders receives any Insurance Proceeds, Borrower shall promptly deliver such proceeds to the Reserve Account and shall endorse, and cause all such third parties to endorse, a check payable therefor to the order of Administrative Agent for the benefit of Lenders, for deposit into the Reserve Account. Borrower hereby irrevocably appoints Administrative Agent as its attorney-in-fact, coupled with an interest, to endorse any such check payable to the order of Lenders or Administrative Agent. Borrower hereby releases Administrative Agent from any and all liability with respect to the settlement and adjustment by Administrative Agent of any claims in respect of any Casualty, other than for actions that constitute gross negligence or intentional misconduct. In lieu of complying with the provisions set forth above and in Section 7(d), not later than thirty (30) days after the occurrence of any Casualty, Borrower may prepay the Allocated Loan Amount of the Property which suffered such Casualty together with accrued and unpaid interest on such portion of the Loan but without any Minimum Interest. With respect to any Restoration of a Property with a total expected cost exceeding Restoration Threshold Amount, Administrative Agent (or its designee) shall have the right to inspect such Property after the co...