Additional Provisions Relating to Reserves and Other Accounts Sample Clauses

Additional Provisions Relating to Reserves and Other Accounts. (a) Without limitation on the other terms and conditions contained in this Loan Agreement, Borrowers authorize and consent to the accounts into which the Reserves have been (or will be) deposited being held in Lender’s name or the name of any entity servicing the Loan for Lender and agrees that Lender, or at Lender’s election, its servicing agent, shall have exclusive control over such accounts. Notice of the assignment and security interest granted to Lender in this Loan Agreement may be delivered by Lender at any time to the financial institution where the Reserves have been established, and Lender, or such servicing entity, shall have possession of all passbooks or other evidences of such accounts. Borrowers hereby indemnify and hold Lender harmless with respect to all risk of loss regarding amounts on deposit in the Reserves, except to the extent that any such loss is caused by the gross negligence or intentional misconduct of Lender. Borrowers knowingly, voluntarily and intentionally stipulate, acknowledge and agree that the advancement of the funds from the Reserves as set forth in this Loan Agreement is at Borrowers’ direction and is not the exercise by Lender of any right of set-off or other remedy upon the occurrence of a Default or an Event of Default. Upon the occurrence of an Event of Default, Lender may, without notice or demand on Borrowers, at its option: (A) withdraw any or all of the funds (including interest) then remaining in the Reserves and apply the same, after deducting all costs and expenses of safekeeping, collection and delivery (including reasonable attorneys’ fees, costs and expenses) to the Obligations in such manner as Lender shall deem appropriate in its sole discretion, (B) exercise any and all rights and remedies of a secured party under any applicable Uniform Commercial Code, or (C) exercise any other remedies available at law or in equity. The application of the funds contained in the Reserves shall be deemed to cure any Default or Event of Default.
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