Common use of Application of Proceeds; Default Clause in Contracts

Application of Proceeds; Default. If a Default has occurred and is continuing at the time of Lender’s receipt of the Proceeds or if a Default occurs at any time thereafter, Lender may, at Lender’s absolute discretion and regardless of any impairment of security or lack of impairment of security, but subject to applicable law governing use of the Proceeds, if any, and the rights of Tenant under any Lease, apply all or any of the Proceeds to Lender’s expenses in settling, prosecuting or defending the Claims and then apply the balance to the Secured Obligations in any order without suspending, extending or reducing any obligation of Grantor to make installment payments, and may release all or any part of the Proceeds to Grantor upon any conditions Lender chooses.

Application of Proceeds; Default. If a Default has occurred and is continuing at the time of LenderXxxxxx’s receipt of the Proceeds or if a Default occurs at any time thereafter, Lender may, at LenderXxxxxx’s absolute discretion and regardless of any impairment of security or lack of impairment of security, but subject to applicable law governing use of the Proceeds, if any, and the rights of Tenant under any Lease, apply all or any of the Proceeds to Lender’s expenses in settling, prosecuting or defending the Claims and then apply the balance to the Secured Obligations in any order without suspending, extending or reducing any obligation of Grantor to make installment payments, and may release all or any part of the Proceeds to Grantor upon any conditions Lender chooses.