After Event of Default or Unmatured Event of Default. From and after the occurrence and during the continuation of an Event of Default or Unmatured Event of Default, all payments of Net Sales Proceeds under Purchase Contracts shall be paid directly to Lender to be applied by Lender to the payment of the Obligations in such order as Lender may determine in its sole and absolute discretion. Absent the occurrence and continuation of an Event of Default or Unmatured Event of Default, such amounts required to be paid to Lender shall be applied (i) first to pay amounts due pursuant to Section 3.2.2, and (ii) then the balance shall be deposited with Lender.
Appears in 4 contracts
Samples: Revolving Line of Credit Loan Agreement, Revolving Line of Credit Loan Agreement (TRI Pointe Homes, Inc.), Revolving Line of Credit Loan Agreement (William Lyon Homes)
After Event of Default or Unmatured Event of Default. From and after the occurrence and during the continuation of an Event of Default or Unmatured Event of Default, all payments of Net Sales Proceeds under Purchase Contracts shall be paid directly to Lender to be applied by Lender to the payment of the Obligations in such order as Lender may reasonably determine in its sole and absolute discretion. Absent From and after the occurrence and continuation of an Event of Default or Unmatured Event of Default, such amounts required to be paid to Lender shall be applied (i) first to pay amounts due pursuant to Section 3.2.2, and (ii) then the balance shall be deposited with Lenderin the Borrower’s Funds Account.
Appears in 3 contracts
Samples: Construction Loan Agreement, Construction Loan Agreement (William Lyon Homes), Construction Loan Agreement (William Lyon Homes)
