Net Condemnation Proceeds definition
Net Condemnation Proceeds. The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.
Net Condemnation Proceeds. The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Serviced Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property.
Net Condemnation Proceeds shall have the meaning set forth in Section 7.02 hereof.
Examples of Net Condemnation Proceeds in a sentence
Borrower shall have the obligation to promptly and diligently complete the work of reconstruction necessitated by any condemnation and restore the applicable Individual Property to the equivalent of its condition immediately prior to such condemnation provided that the applicable Net Condemnation Proceeds are made available to Borrower for such purpose.
More Definitions of Net Condemnation Proceeds
Net Condemnation Proceeds means any award or compensation net of the reasonable expenses of collecting such amounts incurred by the Lessor, the Indenture Trustee, the Servicer, the Lessee, the Guarantor, the Holders and received by the Indenture Trustee, the Servicer, the Lessor or the Lessee in respect of the Property by reason of and on account of a Condemnation.
Net Condemnation Proceeds means an amount equal to: (a) any cash payments or proceeds received by a Loan Party or the Administrative Agent as a result of any condemnation or other taking or temporary or permanent requisition of any Property of a Loan Party, any interest therein or right appurtenant thereto, or any change of grade affecting such Property, as the result of the exercise of any right of condemnation or eminent domain by a Governmental Authority (including a transfer to a Governmental Authority in lieu or anticipation of a condemnation), minus (b) (i) any actual and reasonable costs incurred by a Loan Party in connection with any such condemnation or taking (including reasonable fees and expenses of counsel), and (ii) provisions for all taxes payable as a result of such condemnation, without regard to the consolidated results of operations of the Loan Parties, taken as a whole.
Net Condemnation Proceeds means an amount equal to: (i) any cash payments or proceeds received by an Obligor as a result of any condemnation or other taking or temporary or permanent requisition of any property, any interest therein or right appurtenant thereto, or any change of grade affecting any property, as the result of the exercise of any right of condemnation or eminent domain by a Governmental Authority (including a transfer to a Governmental Authority in lieu or anticipation of a condemnation), minus (ii) (a) any actual and reasonable costs incurred by an Obligor in connection with any such condemnation or taking (including reasonable fees and expenses of counsel), (b) provisions for all taxes payable as a result of such condemnation, without regard to the consolidated results of operations of Group, the Borrower, and their respective Subsidiaries, taken as a whole, (c) the amount of any Indebtedness secured by a Lien on any property subject to such condemnation or taking and any related expenses of third parties, in each case, required by the documentation related to such Indebtedness to be discharged or paid from the proceeds thereof and (d) any amounts required to be paid to any Person (other than an Obligor) owning a beneficial interest in the property subject to such condemnation or taking.
Net Condemnation Proceeds means an amount equal to: (a) any cash payments or proceeds received by a Loan Party as a result of any condemnation or other taking or temporary or permanent requisition of any Property, any interest therein or right appurtenant thereto, or any change of grade affecting any Property, as the result of the exercise of any right of condemnation or eminent domain by a Governmental Authority (including a transfer to a Governmental Authority in lieu or anticipation of a condemnation), minus (b) (i) any actual and reasonable costs incurred by a Loan Party in connection with any such condemnation or taking (including reasonable fees and expenses of counsel), and (ii) provisions for all taxes payable as a result of such condemnation.
Net Condemnation Proceeds means all payments received from any Governmental ------------------------- Authority or other Person relating to an Event of Taking after deducting the costs incurred by Lessee, Certificate Trustee, Administrative Agent or any Participant in respect of the receipt thereof.
Net Condemnation Proceeds has the meaning assigned to it in Section 5.16.
Net Condemnation Proceeds with respect to the Property (or any portion thereof), shall mean any award or compensation net of the reasonable expenses of collecting such amounts incurred by any Person and received by the Lessee or its assignee or designee (including the Agent) in respect of the Property (or any portion thereof) by reason of and on account of a Condemnation.