APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If any Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Section or elsewhere, Lender shall have all rights and remedies available under applicable law and under the Loan Documents. Without limitation of the foregoing, for so long as an Event of Default exists, Lender may apply any and all funds in the Deposit Account, and/or any Sub-Accounts against all or any portion of any of the Obligations, in any order.
APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If any Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Section or elsewhere, Lender shall have all rights and remedies available under applicable law and under the Loan Documents. Without limitation of the foregoing, for so long as an Event of Default exists, Lender may apply any and all Receipts in the Deposit Account, the Lock Box Account, the Cash Trap Reserve Sub-Account, the Acquisition Reserve and any other Accounts or Sub-Accounts against all or any portion of any of the Obligations, in any order.
APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If any Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Section or elsewhere, Lender shall have all rights and remedies available under applicable law and under the Loan Documents. Without limitation of the foregoing, for so long as an Event of Default exists, Lender may apply any and all funds held by or on behalf of Lender, including but not limited to Reserves, Receipts in the Deposit Account, the Central Account (except as otherwise provided in the Cash Management Agreement with respect to Third Party Receipts), the Cash Trap Reserve Sub Account, the Advance Rents Reserve Sub-Account, the Imposition and Insurance Reserve Sub-Account, the Loss Proceeds Reserve Sub-Account and any other Accounts or Sub-Accounts against all or any portion of any of the Obligations, in any order, provided that any payments applied to interest or principal of the Loan shall be made in accordance with the priority set forth in items (iii) and (ix) through (xi) of Section 3.3(a) of the Cash Management Agreement and that payments applied to Advances and Additional Servicing Compensation shall be made subject to the terms of the Trust Agreement.
APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If an Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Article III, the Servicer (acting on behalf of the Indenture Trustee) shall have all of the rights and remedies of the Indenture Trustee available under applicable law and under the Transaction Documents. Without limitation of the foregoing, for so long as an Event of Default exists, the Indenture Trustee (solely at the direction of the Servicer) shall apply any and all funds in the Collection Account, the Cash Trap Reserve Sub-Account and any other Accounts, Sub-Accounts, and all other cash reserves held by or on behalf of the Indenture Trustee against all or any portion of any of the Obligations; provided, however, that any such payments in respect of amounts due on the Notes will be made in accordance with the priorities set forth in Article V. The provisions of this Section are subject to the provisions of Sections 10.01 and 11.01(a).
APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If any Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Section or elsewhere, Lender shall have all rights and remedies available under applicable law and under the Loan Documents. Without limitation of the foregoing, for so long as an Event of Default exists, Lender may apply any and all funds in the Deposit Account, the FF&E Reserve, the Lock Box Account, the Hazardous Materials Remediation Reserve Sub-Account, the Extraordinary Receipts Sub-Account, the Cash Trap Reserve Sub-Account and/or any Sub-Accounts against all or any portion of any of the Obligations, in any order.
APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If any Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Section or elsewhere, Lender shall have all rights and remedies available under applicable law and under the Loan Documents. Without limitation of the foregoing, for so long as an Event of Default exists, Lender may apply any and all funds in the Deposit Account, the Lock Box Account, the Jekyll Island Lock Box Account, and/or any Sub-Accounts against all or any portion of any of the Obligations, in any order.
APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. (a) If the maturity of the Notes is accelerated following the occurrence and continuation of an Event of Default, then, notwithstanding anything to the contrary in this Article III, the Indenture Trustee, at the written request of the Servicer, in addition to all other rights and remedies available to it, may use funds on deposit in the Collection Account or the Reserve Accounts (or any portion thereof) and all other cash reserves held by or on behalf of the Indenture Trustee for the payment of all or any portion of the Obligations; provided, that such application of funds shall not cure or be deemed to cure any default; provided, further, that any payments with regard to any application of any such amounts will be made in accordance with the Priority of Payments. Neither the Indenture Trustee nor the Servicer is obligated to apply, or to cause the application of, all or any portion of the funds in the Reserve Accounts during the continuance of an Event of Default to payment of the Notes or in any specific order of priority except as set forth in the immediately preceding sentence (provided, that the funds in any Yield Maintenance Reserve Account will only be applied to payments with respect to the related Classes of Notes as set forth in the applicable Series Supplement). If the maturity of the Notes has been accelerated following the occurrence and continuation of an Event of Default, the Indenture Trustee shall use funds in each Prefunding Account in accordance with Section 2.09(b). The provisions of this Section are subject to the provisions of Section 10.01 and Section 11.01(a).
APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If the maturity of the Notes has been accelerated following the occurrence and continuation of an Event of Default, then notwithstanding anything to the contrary in this Article III, the Servicer (acting on behalf of the Indenture Trustee) shall have all of the rights and remedies of the Indenture Trustee on behalf of the Secured Parties available under applicable law and under the Transaction Documents. Without limitation of the foregoing, for so long as the maturity of the Notes has been accelerated following the occurrence and continuation of an Event of Default, the Indenture Trustee (at the written request of the Servicer) may use funds on deposit in the Collection Account on the last day of the immediately preceding Collection Period or the Reserve Accounts (or any portion thereof) and all other cash reserves held or controlled by or on behalf of the Indenture Trustee for the payment of all or any portion of any of the Obligations; provided, however, that such application of funds shall not cure or be deemed to cure any default; provided, further, that any such payments with regard to any application of any such amounts will be made in accordance with the priorities set forth in Article V. If the maturity of the Notes has been accelerated following the occurrence and continuation of an Event of Default, the Indenture Trustee shall use funds in each Prefunding Account to repay the Notes of the related Series, prior to the allocation of any other funds to the repayment of such Notes. The provisions of this Section are subject to the provisions of Section 10.01 and Section 11.01(a).
APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If any Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Section or elsewhere, the Lender shall have all rights and remedies available under applicable ‑87‑ law and under the Loan Documents. Without limitation of the foregoing, for so long as an Event of Default exists, the Lender may apply any and all funds held by or on behalf of the Lender, including but not limited to Reserves, Receipts in the Deposit Account, the Central Account, the Cash Trap Reserve Sub Account, the Advance Rents Reserve Sub‑Account, the Imposition and Insurance Reserve Sub‑Account, the Loss Proceeds Reserve Sub‑Account and any other Accounts or Sub‑Accounts against all or any portion of any of the Obligations, in any order, provided that any payments applied to interest or principal of the Loan shall be made in accordance with the priority set forth in items (iii) and (ix) through (xi) of Section 3.3(a) of the Cash Management Agreement.
APPLICATION OF FUNDS AFTER EVENT OF DEFAULT. If any Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Section or elsewhere, Lender shall have all rights and remedies available under applicable law and under the Loan Documents. Without limitation of the foregoing, for so long as an Event of Default exists, Lender may apply any and all funds in the Central Account and/or any Sub-Accounts against all or any portion of any of the Obligations, in any order.
