Application of Payments After Default. Any other provision of this Agreement, the Note or any other Loan Document to the contrary notwithstanding, during such time as a Default has occurred and is continuing, all Payments shall be applied in such order and manner and in such amounts as Lender, in its sole discretion, may determine.
Application of Payments After Default. If an Event of Default occurs and is continuing, all payments made by the Borrower hereunder to any Lender shall be applied to such portion of the Loan Indebtedness as such Lender may select in its sole discretion or as otherwise required by Law.
Application of Payments After Default. Notwithstanding anything to the contrary contained in this Mortgage or in any of the Obligations, upon occurrence of an Event of Default under this Mortgage, any proceeds of any foreclosure, voluntary sale, or other disposition of the Property shall be applied by the Lender to reduction of the Obligations in such order as the Lender shall determine in its sole judgment and the Mortgagor shall have no right to require the Lender to apply such proceeds to any specific Obligations.
Application of Payments After Default. From and after the date on which Lender has taken any action pursuant to this Article 9 and until all of the Obligations have been paid in full, any and all proceeds or other funds received by Lender from (i) Borrower or any other Person, or (ii) the exercise of any other right or remedy by Lender, shall, in each case, be applied as follows:
(a) first, to pay late charges and to pay or reimburse Lender for out-of-pocket costs, expenses and disbursements (including (i) reasonable attorneys’ fees and legal expenses actually incurred by Lender in connection with exercising their rights and remedies and collecting any Obligations and (ii) Advances or disbursements made subsequent to a Default by Lender pursuant to the terms of this Agreement or any of the other Loan Documents);
(b) second, to the repayment of all of the Obligations in any order determined by Lender; and
(c) the balance, if any, as required by law.
Application of Payments After Default. From and after the date on which the Lender has taken any action pursuant to this Article 9 and until all of the Obligations have been paid in full, any and all proceeds or other funds received by the Lender from (i) Borrower or any other Person, (ii) any sale or other disposition of any Collateral, or any part thereof, or (iii) the exercise of any other right or remedy by the Lender, shall, in each case, be applied as follows:
(a) First, to pay late charges and to pay or reimburse Lender for out-of-pocket costs, expenses and disbursements (including (i) attorneys’ fees and legal expenses actually incurred by the Lender in connection with exercising their rights and remedies, realizing on any Collateral or collecting any Obligations and (ii) Advances or disbursements made subsequent to an Event of Default (and subsequent to the obtaining of title to any or all of the Approved Subdivisions or any other Collateral by the Lender), by the Lender pursuant to the terms of this Agreement or any of the other Loan Documents);
(b) Second, to the repayment of all of the Obligations in any order determined by the Lender; and
(c) The balance, if any, as required by law.
Application of Payments After Default. During the continuance of a Default that is not an Event of Default, any amounts that, but for this section 12.02, would be payable under section 12.01 by Agent to the Lenders shall be held by Agent until: (i) all Defaults shall have been cured, in which event such amounts shall, to the extent not theretofore applied as provided herein, be applied as provided in section 12.01 hereof, (ii) an Event of Default shall exist, in which event such amounts shall be applied as provided in section 12.03 hereof, or (iii) such amounts shall have been continuously held for a period in excess of 90 days (during which period Agent or the Lenders shall not have been stayed or otherwise precluded by operation of law from taking action to accelerate the Notes or to declare this Agreement in default or to exercise any remedies hereunder or under the Mortgage), in which event such amounts shall, to the extent not theretofore applied as provided herein, be distributed as provided in section 12.01 hereof.
Application of Payments After Default. 47 Section 12.03
Application of Payments After Default. From and after the date on which Lender has taken any action pursuant to this Article 9 and until all of the Obligations have been paid in full, any and all proceeds or other funds received by Lender from (a) Borrower or any other Person, (b) any sale or other disposition of any Collateral, or any part thereof, or (c) the exercise of any other right or remedy by Lender, shall, in each case, be applied in any order determined by Lender.
Application of Payments After Default. After the occurrence of an Event of Default, all amounts collected or received by Stratford in respect of the Loan shall be applied first to the payment of all proper costs incurred in connection with the collection thereof (including reasonable fees, expenses and disbursements of counsel for Stratford), second to the reimbursement of any advances made by Stratford to effect performance of any unperformed covenants of the Company under any of the Transaction Documents, third, to the payment of all accrued but unpaid interest on the Loan, fourth, to unpaid principal on the Loan (together with any prepayment penalty which would be required by Section 2.5 hereof if such principal reduction were a voluntary prepayment under Section 2.5), and fifth, to the Company or any other Person entitled to such proceeds under applicable law.
Application of Payments After Default. Prior to the occurrence of a Default, the Agent shall apply all payments and prepayments in respect of the Obligations in accordance with other provisions hereof. After the occurrence of a Default, the Agent shall, unless otherwise specified at the direction of the Required Lenders which direction shall be consistent with the last two sentences of this SECTION 2.5, apply all payments and prepayments in respect of any Obligations and all proceeds of Collateral in the following order:
