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(i) any amounts deposited into or remaining in any Reserve Account shall be for the account of Lender and may be withdrawn by Lender to be applied in any manner as Lender may elect in Lender’s discretion, and (ii) Borrower shall have no further right in respect of the Reserve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.
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Gladstone Commercial Corp), Loan Agreement (Digital Realty Trust, Inc.)