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9�-iG�3612 -6- an additional insured. All such insurance policies shall provide that all losses thereunder shall be adjusted by (but not disbursed to) Grantor, so long as no Event of Default has occurred and is continuing, and after an Event of Default has occurred and so long as any such Event of Default continues, Grantor shall not consent to a final adjustment in any amount without obtaining Beneficiary's prior written approval. After the � occurrence of an Event of Default, Grantor hereby grants Beneficiary full power and authority as irrevocable attorney-in-fact of Grantor to cancel or transfer such insurance, to collect and endorse any checks issued in the name of Grantor and to retain any premium and to apply the same to the Obligations secured hereby. Unless the Lease provides otherwise, the proceeds of any casualty insurance described in this §2.4, in respect of any loss of any of the Property shall be disbursed in accordance with §2.5. 2.5. Casualties and Takin�s. All proceeds of any property or hazard insurance or awards of damages on account of any taking or condemnation for public use of or injury to the Property shall (a) so long as no Default or Event of Default has occurred and is continuing, be disbursed to the Grantor and applied by Grantor in the manner provided in § 4.3.4 of the Credit Agreement, and (b) in all other circumstances, be held by Beneficiary as cash collateral for the Obligations. The Beneficiary may, at its sole option, disburse from time to time all or any part of such proceeds so held as cash collateral, upon such terms and conditions as Beneficiary may reasonably prescribe, for direct application by Grantor solely to the repair or replacement of the Property or portion thereof so damaged or destroyed, or Beneficiary may apply all or any part of such proceeds to the Obligations with the Total Commitment (as defined in the Credit Agreement), if not then terminated, being reduced by the amounts so applied to the Obligations. The provisions of this §2.5 shall be subject to the terms of the Lease governing the disposition of property insurance proceeds and taking awards and, in the event of a conflict between this §2.5 and the Lease, the provisions of the Lease shall control. 2.6. Notice of Condemnation. Grantor, immediately upon obtaining knowledge of the institution of any proceeding for the condemnation or requisition of the Property or any portion thereof, shall notify Beneficiary of the pendency of such proceeding. The Beneficiary may participate in such proceedings, and Grantor from time to time shall deliver to Beneficiary all instruments requested by Beneficiary to permit such participation. BUSDOCS:723319.2