Common use of Application of Net Proceeds of Insurance Clause in Contracts

Application of Net Proceeds of Insurance. The Net Proceeds of the insurance carried pursuant to the provisions of Section 6.3 hereof shall be applied as follows: (A) the Net Proceeds of the insurance required by Section 6.3(A) and 6.3(D) hereof shall be paid to the Bank and applied as provided in Section 7.1 hereof, (B) the Net Proceeds of the insurance required by Section 6.3(B), 6.3(C), 6.3(E) and 6.3(G) hereof shall be applied toward extinguishment or satisfaction of the liability with respect to which such insurance proceeds may be paid and (C) the Net Proceeds of the insurance required by Section 6.3(F) shall be applied toward Debt Service Payments.

Application of Net Proceeds of Insurance. The Net Proceeds of the insurance carried pursuant to the provisions of Section 6.3 5.03 hereof shall be applied as follows: (A) the Net Proceeds of the insurance required by Section 6.3(A5.03(A) and 6.3(D5.03(D) hereof shall be paid to the Bank Holder and applied as provided in Section 7.1 hereof, toward payment of Debt Service Payments payable pursuant to the Note and the payment of the Borrower's obligations hereunder and (B) the Net Proceeds of the insurance required by Section 6.3(B5.03(B), 6.3(C), 6.3(E5.03(C) and 6.3(G5.03(F) hereof shall be applied toward extinguishment or satisfaction of the liability with respect to which such insurance proceeds may be paid and (C) the Net Proceeds of the insurance required by Section 6.3(F) shall be applied toward Debt Service Paymentspaid.