Application by Mortgagee Sample Clauses
Application by Mortgagee. If (i) at the time of such damage or destruction or thereafter, an Event of Default exists hereunder, or (ii) application of insurance proceeds to restoration will, in Mortgagee's reasonable judgment, impair Mortgagee's security for the obligations secured hereby, Mortgagee shall have the option, in its sole and absolute discretion, (1) to apply all or any portion of such proceeds to any indebtedness guaranteed by the Guaranty and in such order as Mortgagee may determine, notwithstanding that said indebtedness or the performance of said obligation may not be due according to the terms thereof, or (2) to apply all or any portion of such proceeds to the restoration of the Property, subject to such conditions as Mortgagee shall determine, or (3) to deliver all or any portion such proceeds to Mortgagor, subject to such conditions as Mortgagee may determine.
Application by Mortgagee. If, at any time, an Event of Default has occurred and is continuing, Mortgagee shall have the option, in its sole and absolute discretion, (1) to apply all or any portion of the Award to the Secured Obligations in such order as Mortgagee may determine, whether or not then due and payable, or (2) to apply all or any portion of the Award to the restoration of the Mortgage Estate, subject to such conditions as Mortgagee may determine in its sole discretion, or (3) to deliver all or any portion of the Award, after such deductions, to Mortgagor, subject to such conditions as Mortgagee may determine in its sole discretion. If (I) no Event of Default has occurred and is continuing, and (II) Mortgagor is not entitled to receive the Award by virtue of its election to treat the taking as a permitted sale in accordance with the last sentence of SECTION 1.10(B) above, and (III) Mortgagor determines, in accordance with SECTION 1.10(E) below, not to use the Award for restoration of the affected Mortgaged Property, Mortgagee shall have the option, in its sole and absolute discretion, (A) to apply all or any portion of the Award to the Secured Obligations in such order as Mortgagee may determine, whether or not then due and payable, or (B) to deliver all or any portion of the Award, after such deductions, to Mortgagor, subject to such conditions as Mortgagee may determine in its sole discretion.
Application by Mortgagee. If at any time an Event of Default has occurred and is continuing, Mortgagee has the option, in its sole and absolute discretion, (I) to apply all or any portion of such proceeds to the Secured Obligations secured hereby pursuant to the Intercreditor Agreement, or (II) to apply all or any portion of such proceeds to the restoration of the Mortgage Estate, subject to conditions determined by Mortgagee, or (III) to deliver all or any portion of such proceeds to Mortgagor, subject to conditions determined by Mortgagee.
Application by Mortgagee. If any mortgagee wishes to enforce its security in respect of the mortgaged property by taking possession itself and not by appointing a receiver and manager or receivers and managers the mortgagee may, upon becoming entitled to enforce its security in respect of the mortgage property, make application to the Minister under the Control Act for the grant of a casino licence in respect of the casino. Upon such application the Minister shall grant a casino licence in respect of the casino subject to any reasonable conditions imposed by the Minister, and upon the grant of such casino licence to the applicant, the Minister shall terminate the licence held by the Operator.
Application by Mortgagee. If at any time an Event of Default has occurred and is continuing, Mortgagee has the option, in its sole and absolute discretion, (I) to apply all or any portion of such proceeds to the Secured Obligations secured hereby, in such order and priority as Mortgagee may determine, or (II) to apply all or any portion of such proceeds to the restoration of the Mortgage Estate, subject to conditions determined by Mortgagee, or (III) to deliver all or any portion of such proceeds to Mortgagor, subject to conditions determined by Mortgagee. 437 (E)