Common use of Cash Loan Guaranty Fund Clause in Contracts

Cash Loan Guaranty Fund. The Borrowers represent that they have established and further agree to continue to maintain and hereby grants the Lender a security interest in a restricted account set up for the purpose of depositing the Cash Loan Guaranty Fund reserve held by the Lender. The Cash Loan Guaranty Fund established with the Lender shall be invested in such a manner as shall be mutually agreed upon among the Lender and the Borrowers; and, in the event there shall be no agreement, then as shall be determined by the Lender in its sole discretion. The Lender shall have sole access to the Cash Loan Guaranty Fund, provided, however, that the Lender may use such funds solely to repay amounts owed under the Loan upon maturity of the Loan or while any Event of Default exists and to apply such funds to other Liabilities as and when the same become due and payable. Any and all interest on the Cash Loan Guaranty Fund shall be added to the Cash Loan Guaranty Fund and shall be property of the Borrowers subject to the security interests granted herein and, upon repayment in full of the Liabilities and the termination of this Agreement, such interest shall be paid to the Borrowers; provided, however, that at any time an Event of Default has occurred and continuing, the Borrowers acknowledge and agree that such interest may be applied to the Liabilities by the Lender. The failure of Borrowers to comply with the provisions of this paragraph shall be considered an Event of Default and immediately entitle the Lender to any of the remedies provided in this Agreement. Nothing in this Section shall mitigate, limit or otherwise affect any of the Borrower's obligations under this Agreement.

Cash Loan Guaranty Fund. The Borrowers represent that they have established and further agree to continue to maintain and hereby grants the Lender Agent a security interest in a restricted account set up for the purpose of depositing the Cash Loan Guaranty Fund reserve held by the LenderAgent. The Cash Loan Guaranty Fund established with the Lender Agent shall be invested in such a manner as shall be mutually agreed upon among the Lender Agent and the Borrowers; and, in the event there shall be no agreement, then as shall be determined by the Lender Agent in its sole discretion. The Lender Agent shall have sole access to the Cash Loan Guaranty Fund, provided, however, that the Lender Agent may use such funds solely to repay amounts owed under the Loan upon maturity of the Loan or while any Event of Default exists and to apply such funds to other Liabilities as and when the same become due and payable. Any and all interest on the Cash Loan Guaranty Fund shall be added to the Cash Loan Guaranty Fund and shall be property of the Borrowers subject to the security interests granted herein and, upon repayment in full of the Liabilities and the termination of this Agreement, such interest shall be paid to the Borrowers; provided, however, that at any time an Event of Default has occurred and continuing, the Borrowers acknowledge and agree that such interest may be applied to the Liabilities by the LenderAgent. The failure of Borrowers to comply with the provisions of this paragraph shall be considered an Event of Default and immediately entitle the Lender Agent to any of the remedies provided in this Agreement. Nothing in this Section shall mitigate, limit or otherwise affect any of the Borrower's obligations under this Agreement.

Cash Loan Guaranty Fund. The Borrowers represent that they have established and further agree to continue to maintain and hereby grants the Lender a security interest in a restricted account set up for the purpose of depositing the Cash Loan Guaranty Fund reserve held by the Lender. The Cash Loan Guaranty Fund established with the Lender shall be invested in such a manner as shall be mutually agreed upon among the Lender and the Borrowers; and, in the event there shall be no agreement, then as shall be determined by the Lender in its sole discretion. The Lender shall have sole access to the Cash Loan Guaranty Fund, provided, however, that the Lender may use such funds solely to repay amounts owed under the Loan upon maturity of the Loan or while any Event of Default exists and to apply such funds to other Liabilities as and when the same become due and payable. Any and all interest on the Cash Loan Guaranty Fund shall be added to the Cash Loan Guaranty Fund and shall be property of the Borrowers subject to the security interests granted herein and, upon repayment in full of the Liabilities and the termination of this Agreement, such interest shall be paid to the Borrowers; provided, however, that at any time an Event of Default has occurred and continuing, the Borrowers acknowledge and agree that such interest may be applied to the Liabilities by the Lender. The failure of Borrowers to comply with the provisions of this paragraph shall be considered an Event of Default and immediately entitle the Lender to any of the remedies provided in this Agreement. Nothing in this Section shall mitigate, limit or otherwise affect any of the Borrower's obligations under this Agreement.

Cash Loan Guaranty Fund. The Borrowers represent that they have established and further agree to continue to maintain and hereby grants the Lender Agent a security interest in a restricted account set up for the purpose of depositing the Cash Loan Guaranty Fund reserve held by the LenderAgent. The Cash Loan Guaranty Fund established with the Lender Agent shall be invested in such a manner as shall be mutually agreed upon among the Lender Agent and the Borrowers; and, in the event there shall be no agreement, then as shall be determined by the Lender Agent in its sole discretion. The Lender Agent shall have sole access to the Cash Loan Guaranty Fund, provided, however, that the Lender Agent may use such funds solely to repay amounts owed under the Loan upon maturity of the Loan or while any Event of Default exists and to apply such funds to other Liabilities as and when the same become due and payable. Any and all interest on the Cash Loan Guaranty Fund shall be added to the Cash Loan Guaranty Fund and shall be property of the Borrowers subject to the security interests granted herein and, upon repayment in full of the Liabilities and the termination of this Agreement, such interest shall be paid to the Borrowers; provided, however, that at any time an Event of Default has occurred and continuing, the Borrowers acknowledge and agree that such interest may be applied to the Liabilities by the LenderAgent. The failure of Borrowers to comply with the provisions of this paragraph shall be considered an Event of Default and immediately entitle the Lender Agent to any of the remedies provided in this Agreement. Nothing in this Section shall mitigate, limit or otherwise affect any of the Borrower's obligations under this Agreement.

Cash Loan Guaranty Fund. The Borrowers represent that they have established and further agree Prior to continue the funding of the Loan on the Closing Date, the Borrower agrees to maintain establish and hereby grants the Lender a security interest in a restricted account set up for the purpose of depositing the Cash Loan Guaranty Fund reserve held by the Lender. The Cash Loan Guaranty Fund established with the Lender shall be invested in such a manner as shall be mutually agreed upon among the Lender and the BorrowersBorrower; and, in the event there shall be no agreement, then as shall be determined by the Lender in its sole discretion. The Lender shall have sole access to the Cash Loan Guaranty Fund, provided, however, that the Lender may use such funds solely to repay amounts owed under the Loan upon maturity of the Loan or while any Event of Default exists and to apply such funds to other Liabilities as and when the same become due and payable. Any and all interest on the Cash Loan Guaranty Fund shall be added to the Cash Loan Guaranty Fund and shall be property of the Borrowers Borrower subject to the security interests granted herein and, upon repayment in full of the Liabilities and the termination of this Agreement, such interest shall be paid to the BorrowersBorrower; provided, however, that at any time an Event of Default has occurred and continuing, the Borrowers acknowledge Borrower acknowledges and agree agrees that such interest may be applied to the Liabilities by the Lender. The failure of Borrowers Borrower to comply with the provisions of this paragraph shall be considered an Event of Default and immediately entitle the Lender to any of the remedies provided in this Agreement. Nothing in this Section shall mitigate, limit or otherwise affect any of the Borrower's ’s obligations under this Agreement.