Common use of Proceeds of Leased Property Clause in Contracts

Proceeds of Leased Property. Any payments received by the Lessor or the Agent when an Event of Default exists, as (i) proceeds from the sale of any or all of the Leased Property sold pursuant to the exercise of the Lessor’s remedies pursuant to Article XIII of the Lease, or (ii) proceeds of any amounts from any insurer or any Governmental Authority in connection with an Event of Loss or Event of Taking shall if received by the Lessor be paid to the Agent as promptly as possible, and shall be distributed or applied in the following order of priority: first, to the Agent for any amounts reasonably expended by it in connection with such Leased Property or the Operative Documents and not previously reimbursed to it; second, to the Lenders and the Lessor pro rata for application to all accrued and unpaid interest and Yield on, and outstanding principal of, their Loans and the Allocated Amount in respect of all of the Leased Properties, an amount equal to all accrued and unpaid interest and Yield on, and outstanding principal of, such Loans and the Allocated Amount; third, to the Funding Parties pro rata for application to any other amount owing to the Funding Parties under the Operative Documents; and fourth, to the Lessee or the Person or Persons otherwise legally entitled thereto, the excess, if any.

Proceeds of Leased Property. Any payments received by the Lessor or the Agent when an Event of Default exists, as (i) proceeds from the sale of all or any or all portion of the Leased Property sold pursuant to the exercise of the Lessor’s remedies pursuant to Article XIII of the Lease, or (ii) proceeds of any amounts from any insurer or any Governmental Authority in connection with an Event of Loss or Event of Taking shall if received by the Lessor be paid to the Agent as promptly as possible, and shall be distributed or applied in the following order of priority: first, to the Agent for any amounts reasonably expended by it in connection with such the Leased Property or the Operative Documents and not previously reimbursed to it; second, to the Lenders and the Lessor pro rata for application to all accrued and unpaid interest and Yield on, and outstanding principal of, their Loans and the Allocated Amount in respect of all of the Leased PropertiesAmount, an amount equal to all accrued and unpaid interest and Yield on, and outstanding principal of, such Loans and the Allocated Amount; third, to the Lessor for application to its Net Invested Amount, an amount equal to such Net Invested Amount; fourth, to the Funding Parties pro rata for application to any other amount owing to the Funding Parties under the Operative Documents, an amount equal to such other amounts; and fourth, to the Lessee or the Person or Persons otherwise legally entitled thereto, the excess, if any.and

Proceeds of Leased Property. Any payments received by the Lessor or the Agent when an Event of Default exists, as (i) proceeds from the sale of all or any or all portion of the Leased Property sold pursuant to the exercise of the Lessor’s 's remedies pursuant to Article XIII of the Lease, or (ii) proceeds of any amounts from any insurer or any Governmental Authority in connection with an Event of Loss or Event of Taking shall if received by the Lessor be paid to the Agent as promptly as possible, and shall be distributed or applied in the following order of priority: first, to the Agent for any amounts reasonably expended by it in connection with such the Leased Property or the Operative Documents and not previously reimbursed to it; second, to the Lenders and the Lessor pro rata for application to all accrued and unpaid interest and Yield on, and outstanding principal of, their Loans and the Allocated Amount in respect of all of the Leased PropertiesAmount, an amount equal to all accrued and unpaid interest and Yield on, and outstanding principal of, such Loans and the Allocated Amount; third, to the Funding Parties pro rata Lessor for application to any other its remaining Funding Party Balance, an amount owing equal to the such Funding Parties under the Operative DocumentsParty Balance; and fourth, to the Lessee or the Person or Persons otherwise legally entitled thereto, the excess, if any.and