Allocation of Payments Received. (1) Prior to the occurrence of an Event of Default and acceleration of all Loans outstanding hereunder or termination of the commitment of the Lender to advance Loans hereunder, all amounts received by the Lender shall be applied against the outstanding Obligations.
Appears in 6 contracts
Samples: Mortgage Loan Warehousing Agreement (Westmark Group Holdings Inc), Mortgage Loan Warehousing Agreement (Emergent Group Inc), Security Agreement (Emergent Group Inc)