Application of Amounts Realized. In the event Agent has caused a foreclosure sale or has otherwise caused a transfer of any Property, Agent shall not be required to apply any net proceeds of any such sale on account of any sums which are the subject of any obligation of Guarantor pursuant to this Agreement unless such net proceeds shall be in excess of the amount which would satisfy in full all of the Obligations (other than obligations of Guarantor arising pursuant to this Agreement), in which case Agent shall apply such excess, if any, on account of any sums which are the obligation of Guarantor pursuant to this Agreement.
Appears in 4 contracts
Samples: Recourse Liability Agreement (KBS Real Estate Investment Trust, Inc.), Supplemental Recourse Liability Agreement (KBS Real Estate Investment Trust, Inc.), Pledge and Security Agreement (KBS Real Estate Investment Trust, Inc.)
Application of Amounts Realized. In the event Agent has caused a foreclosure sale or has otherwise caused a transfer of any Propertythe Premises, Agent shall not be required to apply any net proceeds of any such sale on account of any sums which are the subject of any obligation of Guarantor Recourse Liability Parties pursuant to this Agreement unless such net proceeds shall be in excess of the amount which would satisfy in full all of the Obligations (other than obligations of Guarantor Recourse Liability Parties arising pursuant to this Agreement), in which case Agent shall apply such excess, if any, on account of any sums which are the obligation of Guarantor Recourse Liability Parties pursuant to this Agreement.
Appears in 1 contract
Samples: Recourse Liability Agreement (Ashford Hospitality Prime, Inc.)
