Application of Insurance and Condemnation Proceeds. If any Event of Loss shall occur with respect to the Project or any other asset of any Loan Party, the Company shall and shall cause each other Loan Party (a) promptly upon discovery or receipt of notice thereof to provide written notice thereof to the Disbursement Agent, and (b) diligently to pursue all its rights to compensation against all relevant insurers, reinsurers and/or Governmental Authorities, as applicable, in respect of such event to the extent that the Company or such Loan Party has a reasonable basis for a claim for compensation or reimbursement, including, without limitation, under any insurance policy required to be maintained hereunder. All amounts and proceeds (including instruments) in respect of any Event of Loss, including the proceeds of any insurance policy required to be maintained by the Company hereunder (collectively, "Loss Proceeds") shall be applied as provided in this Section. All Loss Proceeds (other than those in respect of the Aircraft Collateral which shall be governed by the FF&E Facility Agreement) shall be paid by the insurers, reinsurers, Governmental Authorities or other payors directly to the Disbursement Agent for deposit in the Company's Funds Account. If any Loss Proceeds are paid directly to the Company, any affiliate of the Company or any Funding Agent or Lender by any insurer, reinsurer, Governmental Authority, any landlord or grantor under the Affiliate Real Estate Agreements or such other payor, (i) such Loss Proceeds shall be received in trust for the Disbursement Agent, (ii) such Loss Proceeds shall be segregated from other funds of the Company or such other Person, and (iii) the Company or such other Person shall pay (or, if applicable, the Company shall cause such of its affiliates to pay) such Loss Proceeds over to the Disbursement Agent in the same form as received (with any necessary endorsement) for deposit in the Company's Funds Account. In the event that for a period of ninety (90) days after any Loss Proceeds are deposited in the Company's Funds Account, the Company is not permitted pursuant to the terms hereof to obtain Advances of such Loss Proceeds, then the Company shall use all other such proceeds and funds on deposit in the Completion Guaranty Deposit Account and the Project Liquidity Reserve Account to prepay the Bank Loans, the Second Mortgage Notes and the FF&E Facility in accordance with the Bank Credit Agreement, the Second Mortgage Notes Indenture and the FF&E Facility Agreement, respe...
Application of Insurance and Condemnation Proceeds. So long as no Default or Event of Default shall have occurred and remain outstanding as of the date of the Agent’s receipt of any Casualty Proceeds:
Application of Insurance and Condemnation Proceeds. The application of all insurance or condemnation proceeds realized from the damage, destruction or condemnation of the Project, or any portion thereof, shall be governed by the Pledge Agreement.
Application of Insurance and Condemnation Proceeds. So long as no Default or Event of Default shall have occurred and remain outstanding as of the date of CIT’s receipt of any Casualty Proceeds and subject to the Intercreditor Agreement:
Application of Insurance and Condemnation Proceeds. (a) As a material inducement to the Lenders to enter into this Agreement, if any Event of Loss shall occur with respect to Borgata or any part thereof, the Credit Parties (i) shall diligently pursue their respective rights to compensation against all relevant insurers, reinsurers and/or Governmental Authorities, as applicable, in respect of such event and (ii) shall not, without consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed), compromise or settle any claim involving an amount in excess of $15,000,000 per claim.
Application of Insurance and Condemnation Proceeds. Any monies received by Lender constituting insurance may, at the option of Lender, (i) be applied by Lender to the payment of the Indebtedness, or (ii) be disbursed to Borrower Group on such terms as are deemed appropriate by Lender for the repair, restoration and/or replacement of property in respect of which such proceeds were received.
Application of Insurance and Condemnation Proceeds. Subject to clause lxi(K) with respect to ground lease properties, any insurance proceeds in respect of a casualty loss or taking, will be applied either to (A) the repair or restoration of all or part of the related Mortgaged Property or (B) to the payment of the outstanding principal balance of such Mortgage Loan together with any accrued interest thereon, except that in the case of a ground-leased property casualty and condemnation proceeds are required to be paid first to the owner of the fee interest in the related property in accordance with terms of the related ground lease and then in accordance with the related Mortgage.
Application of Insurance and Condemnation Proceeds. (a Collection and Application of Insurance and Condemnation Proceeds ----------------------------------------------------------------- Generally. This Paragraph 10 shall govern the application of proceeds received --------- by BNPLC or Zhone during the Term from any third party (1) under any property insurance policy as a result of damage to the Property (including proceeds payable under any insurance policy covering the Property which is maintained by Zhone), (2) as compensation for any restriction placed upon the use or development of the Property or for the condemnation of the Property or any portion thereof, or (3) because of any judgment, decree or award for injury or damage to the Property; excluding, however, any funds paid to BNPLC by BNPLC's Parent, by an Affiliate of BNPLC or by any Participant that is made to compensate BNPLC for any Losses BNPLC may suffer or incur in connection with this Buildings 1&2 Lease or the Property. Except as provided in subparagraph 10.(d), Zhone will promptly pay over to BNPLC any insurance, condemnation or other proceeds covered by this Paragraph 10 which Zhone may receive from any insurer, condemning authority or other third party. All proceeds covered by this Paragraph 10, including those received by BNPLC from Zhone or third parties, shall be applied as follows:
Application of Insurance and Condemnation Proceeds. So long as no Default or Event of Default shall have occurred and remain outstanding as of the date of the Agent's receipt of any Casualty Proceeds:
Application of Insurance and Condemnation Proceeds. So long as no Default or Event of Default shall have occurred and remain outstanding as of the date of Investment Manager's receipt of any Casualty Proceeds:
