Application After Event of Default. Notwithstanding anything to the contrary contained in this Article 6, upon the occurrence of an Event of Default, Lender, at its option, may withdraw the Reserve Funds and any other funds of Borrowers or Operating Lessee then in the possession of Lender, Servicer or the Deposit Bank (including any Gross Revenue) and apply such funds to the items for which the Reserve Funds were established or to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Application After Event of Default. Notwithstanding anything to the contrary contained in this Article 6, upon the occurrence of an Event of Default, Lender, at its option, may apply any Gross Revenue then in the possession of Lender, Servicer or Deposit Bank (including any Reserve Funds on deposit in any Cash Management Account) to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole and absolute discretion. Lender’s right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Application After Event of Default. Notwithstanding anything to the contrary contained in Section 7.10.1, upon the occurrence of an Event of Default, Lender shall be under no obligation to release or disburse any of the Reserve Funds and may, at its option, withdraw the Reserve Funds and any other funds of Borrower then in the possession of Lender, Servicer or the Cash Management Bank (including any Gross Revenue) and apply such funds to the items for which the Reserve Funds were established or to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s right to withdraw and apply the Reserve Funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Application After Event of Default. (a) Notwithstanding anything to the contrary contained in Section 6.11.1 or elsewhere herein or in any other Loan Document, including, without limitation any implied priority of payments contained in Section 11.22 hereof or in the Guaranty, it being the parties’ intent that this provision control over any inconsistent provision of any Loan Document, upon the occurrence of an Event of Default, Lender shall be under no obligation to release or disburse any of the Reserve Funds and may, at its option: (i) withdraw the Reserve Funds held in any Borrower Account and any other funds of Borrower then in the possession of Lender, Servicer or Cash Management Bank (including any Borrower Funds) and apply such funds to the items for which such Reserve Funds were established or to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion; provided, however, that Lender agrees that it shall not apply any portion of the Reserve Funds to the Outstanding Principal Balance unless and until Lender has accelerated the Loan; and/or (ii) if a default has occurred under the Master Lease that is continuing past the expiration of any applicable cure period, withdraw the Reserve Funds held in any Master Tenant Account and any other funds of Master Tenant then in the possession of Lender, Servicer or Cash Management Bank (including any Master Tenant Funds) and apply such funds to the items for which such Reserve Funds were established or to the payment of the obligations of Master Tenant under the Master Lease (and any funds so applied shall thereupon constitute Borrower Funds, subject to application in accordance with the preceding clause (ii)) in such order, proportion and priority as Lender may determine in its sole discretion. In addition, if Lender has accelerated the Loan, with or without notice to Borrower or Master Tenant, except as required by law, at any time and from time to time, Lender may charge, set-off and otherwise apply all or any part of the Master Tenant Funds not applied pursuant to the preceding clause (ii) against the Obligations or any part thereof. Subject to the limitation that Lender may apply property of Master Tenant (including Master Tenant Funds) only to the payment, performance or other satisfaction of obligations of Master Tenant under the Master Lease prior to the acceleration of the Loan, Lender’s right to withdraw and apply the Reserve Funds shall be in addition to all other rights and remedies ...
Application After Event of Default. Notwithstanding anything to the contrary contained in this Article 6, upon the occurrence and during the continuance of an Event of Default, Agent, at its option, may apply any Gross Revenue then in the possession of Agent, Servicer or Deposit Bank (including any Reserve Funds on deposit in any Cash Management Account) to the payment of the Debt in such order, proportion and priority as Agent may determine in its sole and absolute discretion. Agent’s right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Agent under the Loan Documents.
Application After Event of Default. Notwithstanding anything to the contrary contained in this Section 2.6, upon the occurrence of an Event of Default, Lender, at its option, may withdraw the Reserve Funds and any other funds of Borrower then in the possession of Lender, Servicer or Lockbox Bank and apply such funds to the items for which the Reserve Funds were established or to the payment of the Obligations in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Application After Event of Default. After an Event of Default shall have occurred and be continuing and after Lenders have either, (i) as assignee from Borrower of any charter of any of the Vessels, declared such charter to be in default or terminated in accordance with the terms thereof, or (ii) declared all amounts outstanding hereunder to be due and payable pursuant to Section 8.02 hereof, or done both (i) and (ii), all payments received and amounts realized by any Lender, as well as all payments or amounts then held by Lenders as part of the Collateral, shall be applied against the Obligations in such order and such manner as the Lenders, in their sole discretion, may determine and as otherwise provided in the other Loan Documents and the documents evidencing the other Obligations, and the balance, if any, shall be paid by Lenders to Borrower.
Application After Event of Default. Notwithstanding anything to the contrary contained in this Article 6, upon the occurrence of an Event of Default, Lender, at its option, may withdraw the Reserve Funds and any other funds of Borrower then in the possession of Lender, Servicer or Deposit Bank (including any Gross Revenue and Reserve Funds on deposit in any Cash Management Account) and apply such funds to the payment of the items for which the Reserve Funds were established, or to the payment of the Debt and the Other Obligations, any other amounts owed by Borrower to any Person and/or any other Property-related costs and expenses (including without limitation, operating expenses, capital expenditures, tenant improvements, tenant allowances and leasing commissions), in such order, proportion and priority as Lender may determine in its sole and absolute discretion. Lender’s right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Application After Event of Default. Notwithstanding anything to the contrary contained in this Article VI, upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may apply any Gross Revenue then in the possession of Lender, Clearing Bank or Deposit Bank (including any Reserve Funds on deposit in any Cash Management Account to the payment of the Debt in such order, proportion and priority as Lender may determine in its sole and absolute discretion. Lender’s right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.
Application After Event of Default. Notwithstanding anything to the contrary contained in this Article 6, upon the occurrence and continuance of an Event of Default, Administrative Agent, at its option, may apply any Gross Revenue then in the possession of Administrative Agent or in the Deposit Account (including any Reserve Funds on deposit in the Deposit Account or any Account), or any Working Capital Funds on deposit in the Working Capital Account, to the payment of the Debt in such order, proportion and priority as Administrative Agent may determine in its sole and absolute discretion. Administrative Agent’s right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Administrative Agent under the Loan Documents.
