Common use of Application of Amounts in Collateral Account Clause in Contracts

Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Collateral Agent shall within two Business Days of receiving a request of such Pledgor for release of cash proceeds constituting (I) Net Insurance Proceeds or Net Condemnation Awards from the Collateral Account, remit such cash proceeds on deposit in the Collateral Account to or upon the order of such Pledgor, so long as such Pledgor has (A) with respect to any Pledged Collateral, satisfied the conditions relating thereto set forth in Section 4.17(vii) hereof and (B) with respect to any Mortgaged Property, satisfied the conditions relating thereto set forth in Article X of such Mortgage, (II) Net Available Proceeds from any Asset Sale from the Collateral Account, remit such cash proceeds on deposit in the Collateral Account to or upon the order of such Pledgor so long as such Pledgor has certified that it will immediately thereupon apply such cash proceeds in the manner contemplated in Section 2.10 of the Credit Agreement and (III) with respect to the L/C Sub-Account at such time as all Letters of Credit shall have been terminated and all of the liabilities in respect of the Letters of Credit have been paid in full. At any time following the occurrence and during the continuance of an Event of Default, the Collateral Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Article XI hereof subject, however, in the case of amounts deposited in the L/C Sub-Account, to the provisions of Section 8.3 hereof). The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.

Application of Amounts in Collateral Account. The balance from time to time in the Collateral Account shall constitute part of the Pledged Collateral hereunder and shall not constitute payment of the Secured Obligations until applied as hereinafter provided. So long as no Event of Default has occurred and is continuing or will result therefrom, the Collateral Agent shall within two Business Days the time periods contemplated in Section 4.17(vii) hereof or in Article X of the applicable Mortgage, as appropriate, after receiving a request of such Pledgor for release of cash proceeds constituting (I) Net Insurance Proceeds or Net Condemnation Awards from the Collateral Account, Account remit such the cash proceeds on deposit in the Collateral Account to or upon the order of such Pledgor, in periodic installments, if applicable, so long as such Pledgor has (A) with respect to any Pledged Collateral, satisfied the conditions applicable condi- tions relating thereto set forth in Section 4.17(vii) hereof and (B) with respect to any Mortgaged Property, satisfied the applicable conditions relating thereto set forth in Article X of such Mortgage, (II) . In the case of Net Available Cash Proceeds from with respect to any Asset Sale from the Collateral AccountSale, remit such cash proceeds on deposit in the Collateral Account to or upon the order of such Pledgor so long as such Pledgor has certified that it will immediately thereupon apply such cash proceeds Net Cash Proceeds shall be applied in the manner contemplated in Section 2.10 2.13(b) of the Credit Agreement and (III) with respect to the L/C Sub-Account at such time as all Letters of Credit shall have been terminated and all of the liabilities in respect of the Letters of Credit have been paid in fullAgreement. At any time following the occurrence and during the continuance of an Event of Default, the Collateral Agent may (and, if instructed by the Lenders as specified in the Credit Agreement, shall) in its (or their) discretion apply or cause to be applied (subject to collection) the balance from time to time outstanding to the credit of the Collateral Account to the payment of the Secured Obligations in the manner specified in Article XI hereof (subject, however, in the case of amounts deposited in the L/C Sub-Account, to the provisions of Section 8.3 hereof). The balance from time to time in the Collateral Account shall be subject to withdrawal only as provided herein.