Common use of INVESTMENT OF CERTAIN ESCROWED AMOUNTS Clause in Contracts

INVESTMENT OF CERTAIN ESCROWED AMOUNTS. (a) In the event that the Borrower or any Guarantor deposits money with the Collateral Agent, or such money is received directly by the Collateral Agent, pursuant to or in connection with (i) the definition of the term "Prepayment Event" (in connection with any deposit of Net Cash Proceeds pending any permitted application of such money contemplated by such definition (other than with respect to any Mortgaged Property Casualty or Condemnation governed by Section 9 of the Guarantee Agreement)) or (ii) Section 9 of the Guarantee Agreement (in connection with any Mortgaged Property Casualty or Condemnation), the Borrower and each Guarantor understands and agrees that (A) such amounts shall be held as collateral for the payment of the Obligations in separate escrow accounts (or sub-accounts of a single escrow account) with the Collateral Agent for the benefit of the Secured Parties, (B) the Collateral Agent shall have exclusive dominion and control over such accounts (or subaccount), (C) other than any interest earned on the investment of such deposits in Permitted Investments, which investments shall be made at the option and sole discretion of the Collateral Agent, such deposits shall not bear interest, (D) interest or profits, if any, on such investments shall accumulate in such accounts (or sub-accounts) and (E) amounts held in such accounts (or sub-accounts) shall be released or applied (1) in the case of Section 9 of the Guarantee Agreement, as provided in (and subject to the provisions of) such Section and (2) in all other cases, upon the demand by the Borrower or the applicable Guarantor in connection with the Borrower's or such Guarantor's application of such amounts within the specified period of time in accordance with the definition of the term "Prepayment Event". Amounts deposited in the Collateral Account pursuant to Section 5.02(z) shall be subject to the terms and conditions of the Collateral Account Agreement and not to this Section 10.16(a).

INVESTMENT OF CERTAIN ESCROWED AMOUNTS. (a) In the event that the Borrower or any Guarantor deposits money with the Collateral Agent, or such money is received directly by the Collateral Agent, pursuant to or in connection with (i) the definition of the term "Prepayment Event" (in connection with any deposit of Net Cash Proceeds pending any permitted application of such money contemplated by such definition (other than with respect to any Mortgaged Property Casualty or Condemnation governed by Section 9 of the Guarantee Agreement)) or (ii) Section 9 of the Guarantee Agreement (in connection with any Mortgaged Property Casualty or Condemnation), the Borrower and each Guarantor understands and agrees that (A) such amounts shall be held as collateral for the payment of the Obligations in separate escrow accounts (or sub-accounts of a single escrow account) with the Collateral Agent for the benefit of the Secured Parties, (B) the Collateral Agent shall have exclusive dominion and control over such accounts (or subaccount), (C) other than any interest earned on the investment of such deposits in Permitted Investments, which investments shall be made at the option and sole discretion of the Collateral Agent, such deposits shall not bear interest, (D) interest or profits, if any, on such investments shall accumulate in such accounts (or sub-accounts) and (E) amounts held in such accounts (or sub-accounts) shall be released or applied (1) in the case of Section 9 of the Guarantee Agreement, as provided in (and subject to the provisions of) such Section and (2) in all other cases, upon the demand by the Borrower or the applicable Guarantor in connection with the Borrower's or such Guarantor's application of such amounts within the specified period of time in accordance with the definition of the term "Prepayment Event". Amounts deposited in the Collateral Account pursuant to Section 5.02(z) shall be subject to the terms and conditions of the Collateral Account Agreement and not to this Section 10.16(a).

INVESTMENT OF CERTAIN ESCROWED AMOUNTS. (a) In the event that If the Borrower deposits (or causes any Guarantor deposits Subsidiary to deposit) money with the Collateral Agent, or such money is received directly by the Collateral Agent, pursuant to or in connection with (ia) the definition of the term "Prepayment Event" Event (in connection with any deposit of Net Cash Proceeds pending any permitted application of such money reinvestment contemplated by such definition (other than with respect to any Mortgaged Property Casualty or Condemnation governed by Section 9 of the Guarantee Agreement10.16)) or (iib) Section 9 of the Guarantee Agreement 10.16 (in connection with any Mortgaged Property Casualty or Condemnation), the Borrower and each Guarantor applicable Subsidiary understands and agrees that (Ai) such amounts shall be held as collateral for the payment of the Obligations in separate escrow accounts (or sub-accounts of a single escrow account) with the Collateral Agent for the benefit of the Secured Parties, (Bii) the Collateral Agent shall have exclusive dominion and control over such accounts (or subaccountsubaccounts), (Ciii) other than any interest earned on the investment of such deposits in Permitted Investments, which investments shall be made at the option and sole discretion of the Collateral Agent, such deposits shall not bear interest, (Div) interest or profits, if any, on such investments shall accumulate in such accounts (or sub-accounts) and (Ev) amounts held in such accounts (or sub-accounts) shall be released or applied (1A) in the case of Section 9 of the Guarantee Agreement10.16, as provided in (and subject to the provisions of) such Section and (2B) in all other cases, upon the demand by the Borrower or the applicable Guarantor in connection with the Borrower's or such Guarantorthe applicable Subsidiary's application reinvestment of such amounts within the specified period of time in accordance with the definition of the term "Prepayment Event". Amounts deposited in the Collateral Account pursuant to Section 5.02(z) shall be subject to the terms and conditions of the Collateral Account Agreement and not to this Section 10.16(a)time.

INVESTMENT OF CERTAIN ESCROWED AMOUNTS. (a) In The Company also covenants and agrees that, so long as any of the Notes shall remain outstanding, in the event that the Borrower Company or any a Guarantor deposits money with the Collateral Agent, or such money is received directly by the Collateral Agent, pursuant to or in connection with (ia) the definition of the term "Prepayment EventPREPAYMENT EVENT" (in connection with any deposit of Net Cash Proceeds pending any permitted application of such money contemplated by such definition (other than with respect to any Mortgaged Property Casualty or Condemnation governed by Section 9 of the Guarantee Agreement)) or (iib) Section 9 of the Guarantee Agreement (in connection with any Mortgaged Property Casualty or Condemnation), the Borrower and each Guarantor Company understands and agrees that (Ai) such amounts shall be held as collateral Collateral for the payment of the Obligations in separate escrow accounts (or sub-accounts of a single escrow account) with the Collateral Agent for the benefit of the Secured Parties, (Bii) the Collateral Agent shall have exclusive dominion and control control, including the exclusive right of withdrawal, over such accounts (or subaccountsub-accounts), (Ciii) other than any interest earned on the investment of such deposits in Permitted Investments, which investments shall be made at the option and sole discretion of the Collateral Agent, such deposits shall not bear interest, (Div) interest or profits, if any, on such investments shall accumulate in such accounts (or sub-accounts) and (Ev) amounts held in such accounts (or sub-accounts) shall be released or applied (1A) in the case of Section 9 of the Guarantee Agreement, as provided in (and subject to the provisions of) such Section and (2B) in all other cases, upon the demand by the Borrower Company or the applicable Guarantor in connection with the BorrowerCompany's or such Guarantor's application reinvestment of such amounts within the specified period of time in accordance with the definition of the term "Prepayment Event". Amounts deposited Nothing in this Section 8 shall prevent the Collateral Agent from applying at any time all or any part of the amounts on deposit in the Collateral Account pursuant above-contemplated accounts (or subaccounts) to the curing of any Event of Default in accordance with the Intercreditor Agreement. The provisions of this Section 5.02(z) shall be 8 are subject to the terms and conditions provisions of the Collateral Account Agreement and not to this Section 10.16(a)Intercreditor Agreement.