Insurance Proceeds and Condemnation Awards. (i) In the event of any loss or damage to any portion of any Borrowing Base Asset due to fire or other casualty, or any taking of any portion of any Borrowing Base Asset by condemnation or under power of eminent domain and provided that the Borrower does not designate the Borrowing Base Asset suffering such loss as a non-Borrowing Base Asset in accordance with Section 5.02(e), the Collateral Agent shall have the right, but not the obligation, after the occurrence and during the continuation of an Event of Default, to settle insurance claims and condemnation claims or awards, unless the loss or damage is less than $5,000,000. If (A) the loss or damage is less than $5,000,000 or (B) if the Collateral Agent elects not to settle such claim or award, then the applicable Loan Party shall have the right to settle such claim or award without the consent of the Collateral Agent, provided that (1) such Loan Party shall use the proceeds of any claim or award to rebuild or restore the applicable Borrowing Base Asset substantially to its condition prior to the casualty or condemnation to the extent permitted by applicable law and (2) such Loan Party shall provide the Collateral Agent with notice of the casualty or condemnation. In all other cases, the applicable Loan Party shall not settle such claim or award without the prior or concurrent written consent of the Collateral Agent. So long as such Borrowing Base Asset remains a Borrowing Base Asset, failure to use the insurance proceeds received directly from the insurance company to rebuild and restore the Borrowing Base Asset shall constitute an Event of Default. The Collateral Agent shall have the right (but not the obligation) to collect, retain and apply to the Obligations all insurance and condemnation proceeds (after deduction of all expense of collection and settlement, including reasonable attorney and adjusters’ fees and expenses) in the event that an Event of Default exists under this Agreement or the other Loan Documents or the Borrowing Base Asset no longer meets the Borrowing Base Conditions (other than as a result of such loss or damage). Otherwise, all proceeds shall be delivered to the Borrower. Any proceeds remaining after application to the Obligations shall be paid by the Collateral Agent to the Borrower or the party then entitled thereto.
Insurance Proceeds and Condemnation Awards. Notwithstanding anything to the contrary contained in this Agreement or the Lease, the terms of the Loan Documents shall continue to govern with respect to the disposition of any insurance proceeds or condemnation awards, and any obligations of Owner to restore the Property following a casualty or condemnation shall, insofar as they apply to Lender, be limited to the amount of any insurance proceeds or condemnation awards received by Lender after the deduction of all costs and expenses incurred in obtaining such proceeds or awards. Following the foreclosure or deed in lieu of foreclosure of the Mortgage, the provisions of this section shall remain in full force and effect unless and until fee title to the Premises becomes vested in a person or entity other than (a) the holder of the Loan at the time of such foreclosure or deed in lieu of foreclosure or (b) a parent, subsidiary or affiliate of such holder.
Insurance Proceeds and Condemnation Awards. (a) Seller has not modified the provisions of the Loan Documents which provide that insurance proceeds and condemnation awards will be applied to one of the following:
Insurance Proceeds and Condemnation Awards. Promptly following the receipt thereof by the Company or any of its Subsidiaries, the Company shall deposit with the Administrative Agent in the Collateral Account maintained by the Company pursuant to the Security Documents an amount of cash or Liquid Investments equal to the aggregate Net Cash Proceeds of any payment made to the Company or any of its Subsidiaries (i) under any Property Insurance Policy or (ii) pursuant to any condemnation award. With respect to any such payment or award, so long as no Default has occurred and is continuing, the aggregate amount of such Net Cash Proceeds which the Company or such Subsidiary has expended or committed to expend for the restoration or replacement of the asset in respect of which such payment or award was made shall be released by the Administrative Agent to the Company upon request (specifying in reasonable detail the use of the released funds) to pay for such restoration or replacement; provided that in the event that within 270 days of receipt of such payment the Company or such Subsidiary shall not have expended or committed to expend an equivalent amount for the restoration or replacement of the asset in respect of which such payment was made, the excess of the amount of such payment over the amount of such expenditures and commitments shall be applied to prepay the Loans (or provide cover for Letter of Credit Liabilities as provided below) on such 270th day.
Insurance Proceeds and Condemnation Awards. If, prior to the payment in full or satisfaction of the Indebtedness (or provisions for payment thereof having been made in accordance with the provisions hereof and of the Agreement) the Mortgaged Property, or any part or component thereof, shall be damaged, lost or destroyed, by whatever cause, except as provided in paragraphs 8 and 9 hereof, or if any public authority or entity, in the exercise of its power of eminent domain, takes or damages the Mortgaged Property, or any part or component thereof, there shall be no abatement or reduction in the amounts payable by the Mortgagor under the Agreement, or the Indebtedness payable under this Mortgage, and all of the insurance proceeds (whether payable from the policies of insurance described in paragraph 16 above or from other policies of insurance carried by the Mortgagor or third parties), and any award or compensation resulting from such taking or damage by condemnation shall be applied to the repair, rebuilding, replacement or restoration of the Project or, at the Mortgagor's election and with the prior written approval of the Mortgagee, the redemption of Bonds. All such replacements, repairs, rebuilding or restorations so made, whether or not requiring the expenditure of the Mortgagor's own funds, shall automatically become part of the Project and subject to the lien of this Mortgage without the necessity of filing any further documents or instruments. This Mortgage extends to and shall encumber any insurance proceeds payable on account of the Mortgaged Property and any judgments, awards, damages and settlements hereafter rendered or paid and resulting from condemnation proceedings with respect to the Mortgaged Property, or any portion thereof, or the taking of the Mortgaged Property, or any portion thereof, under the power of eminent domain.
Insurance Proceeds and Condemnation Awards. With respect to each Collateral Asset, comply with the requirements of Schedule I to the Mortgage encumbering such Collateral Asset.
Insurance Proceeds and Condemnation Awards. The terms of such Ground Lease and the related Mortgage, taken together, provide that any related insurance and condemnation proceeds that are paid or awarded with respect to the leasehold interest demised by such Ground Lease will be applied either to the repair or restoration of all or part of the applicable Ground Lease Property or to Lender to apply as otherwise provided in this Agreement.
Insurance Proceeds and Condemnation Awards. (a) Subject to Section 4.4 hereof, the amounts received by or payable to the Mortgagee from time to time which constitute insurance proceeds in respect of any damage to or destruction or condemnation of the Mortgaged Property or any part thereof, condemnation awards or compensation covering the Mortgaged Property (less the actual costs, fees and expenses incurred in the collection thereof), proceeds from the Special Risk Policy shall be held by the Mortgagee as part of the Mortgaged Property and shall be applied by the Mortgagee as follows:
Insurance Proceeds and Condemnation Awards. (a) All proceeds of fire and extended coverage insurance and of condemnation awards covering the Granted Property equal to or in excess of $100,000 received by the Trustee under the provisions of this Deed of Trust and/or the Indenture or any instruments supplemental hereto or thereto, or under any policy or policies of insurance covering the Granted Property or any part thereof, shall be held by the Indenture Trustees as part of the Granted Property and shall be applied by the Indenture Trustees as follows:
Insurance Proceeds and Condemnation Awards. If this Lease terminates as a result of a Casualty, Landlord shall be entitled to all of the insurance proceeds payable pursuant to the policy of property insurance required to be maintained under Section 3.2(d)(iii). Condemnation awards shall be the property of Landlord, whether such award shall be made as compensation for diminution in value of the leasehold, the value of the part taken, or for severance damages; provided, however, that Tenant shall be entitled to proceeds attributable to the unamortized value of any Improvements and Tenant Improvements (calculated on a straight-line basis from the date of installation to the end of the Term), and to any compensation paid by the condemnor for Tenant’s relocation expenses, loss of business goodwill and/or trade fixtures. If this Lease is not terminated by reason of a condemnation, Tenant shall make such compensation available to Landlord for application by Landlord to the restoration of the Premises.
