Application upon Event of Default. Notwithstanding anything to the contrary contained herein, if an Event of Default has occurred and is continuing, (i) any amounts deposited into or remaining in any Reserve Account shall be for the account of Lender and may be withdrawn by Lender to be applied in any manner as Lender may elect in Lender’s discretion, and (ii) Borrower shall have no further right in respect of the Reserve Accounts.
Application upon Event of Default. Upon the occurrence of an Event of Default, Holder may apply Net Operating Income upon the Loan, both interest and principal, in such order and manner as Holder may deem appropriate; and in all events at any time when an Incipient Default or Event of Default shall have occurred and be continuing, Holder shall have no obligation to make any application of Net Operating Income contemplated by Section 3.4(a) hereof.
Application upon Event of Default. Upon the occurrence and during the continuance of an Event of Default, Lender may, at its option, without being required to do so, apply any Tax and Insurance Deposits on hand to pay Taxes or Insurance Premiums or to pay principal, interest and other amounts payable to Lender hereunder or under the other Loan Documents, all in such order and manner as Lender, in its sole discretion, may elect. When the principal and interest under the Note and all prepayment premiums, if any, in connection therewith and all other Obligations have been fully and properly paid, any remaining Tax and Insurance Deposits shall be returned to Borrower.
Application upon Event of Default. Upon the occurrence and during the continuance of an Event of Default, Lender may, at its option, without being required to do so, apply any Tax and Insurance Deposits on hand to pay Taxes or Insurance Premiums or to pay principal, interest and other amounts payable to Lender hereunder or under the other Loan Documents, all in
Application upon Event of Default. Upon the occurrence and during the continuance of an Event of Default, Lender may, at its option, without being required to do so, apply any Impositions and Insurance Deposits on hand to pay Impositions or Insurance Premiums or to pay principal, interest and other amounts payable to Lender hereunder or under the other Loan Documents, all in such order and manner as Lender, in its sole discretion, may elect. When the principal and interest under the Note and all prepayment premiums, if any, in connection therewith and all other Obligations have been fully and properly paid, any remaining Impositions and Insurance Deposits shall be returned to Borrower or such other Person as may be lawfully entitled thereto.
Application upon Event of Default. Upon the occurrence and during the continuance of an Event of Default, Lender may, at its option, without being required to do so, apply any Interest Reserve Deposits on hand to pay principal, interest and other amounts payable to Lender hereunder or under the other Loan Documents, all in such order and manner as Lender, in its sole discretion, may elect. When the principal and interest under the Note and the Exit Fee, the Equity Fee and all other Obligations have been fully and properly paid, any remaining Interest Reserve Deposits shall be returned to Borrower or such other Person as may be lawfully entitled thereto.
Application upon Event of Default. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, upon the occurrence of an Event of Default: (i) any amounts deposited into or remaining in the Tax and Insurance Reserve Account, the Lockbox and/or the Deposit Account shall be for the account of Lender and may be withdrawn by Lender to be applied in any manner towards the Loan as Lender may elect in Lender’s discretion, and (ii) Borrower shall have no further rights in respect of the Tax and Insurance Reserve Account, the Lockbox and/or the Deposit Account.
Application upon Event of Default. Upon the occurrence and during the continuance of an Event of Default, Lender may, at its option, without being required to do so, apply any Tax, Insurance and Air Rights Lease Deposits on hand to pay Taxes, Insurance Premiums or Air Rights Lease Rental or to pay principal, interest and other amounts payable to Lender hereunder or under the other Loan Documents, all in such order and manner as Lender, in its sole discretion, may elect. When the principal and interest under the Note and all prepayment premiums, if any, in connection therewith and all other Obligations have been fully and properly paid, any remaining Tax, Insurance and Air Rights Lease Deposits shall be returned to Borrower.
Application upon Event of Default. Upon the occurrence and during the continuance of an Event of Default, Lender may, at its option, without being required to do so, apply any Tax and Insurance Deposits on hand to pay Taxes or Insurance Premiums, or to pay principal, interest and other amounts payable to Lender hereunder or under the other Loan Documents or the Facility Documents, all in such order and manner as Lender, in its sole discretion, may elect. When the principal and interest under the Notes and all prepayment premiums, if any, in connection therewith and all other Loan Obligations and Facility Obligations have been fully and properly paid, any remaining Tax and Insurance Deposits shall be returned to Borrower.
Application upon Event of Default. Notwithstanding anything to the contrary contained herein, if an Event of Default has occurred and is continuing, (i) any amounts deposited into or remaining in the Tax and Insurance Account shall be for the account of Lender and may be withdrawn by Lender to be applied in any manner as Lender may elect in Lender’s discretion, and (ii) Borrower shall have no further right in respect of the Tax and Insurance Account.
