Default Draws Sample Clauses

Default Draws. If Lender draws under the Letter of Credit pursuant to Section 6.15(b)(i) above, Lender shall have the right to use monies drawn under the Letter of Credit for any of the following purposes: (i) to pay any amounts required to be paid by Borrower under the Loan Documents (including, without limitation, any amounts required to be paid to Lender under this Agreement); (ii) to (on such Borrower’s behalf, or on its own behalf if Lender becomes the owner of the Mortgaged Property) prepay any Note; (iii) to make improvements or repairs to any Mortgaged Property; or (iv) to deposit monies into the Cash Collateral Account.

Default Draws. If Lender draws under the Letter of Credit pursuant to Section 5.11(b)(i) above, Lender has the right to use monies drawn under the Letter of Credit for any of the following purposes: (i) to pay any amounts required to be paid by Borrower under the Loan Documents (including, without limitation, any amounts required to be paid to Lender under this Agreement); (ii) to (on such Borrower’s behalf, or on its own behalf if Lender becomes the owner of the Mortgaged Property) pre-pay any Note in whole or in part, including any prepayment premium or yield maintenance; (iii) to make improvements or repairs to any Mortgaged Property; or (iv) deposit monies into the Cash Collateral Account.

Default Draws. If Lender draws under the Letter of Credit pursuant to Section (b) (Draws Under Letter of Credit) of this Letter of Credit Schedule as a result of an Event of Default, Lender shall have the right to use monies drawn under the Letter of Credit for any of the following purposes: (1) to pay any amounts required to be paid by Borrower under the Loan Documents (including, without limitation, any amounts required to be paid to Lender under this Master Agreement); (2) to prepay any Note (on Borrower’s behalf, or on its own behalf, if Lender becomes the owner of any Mortgaged Property) in whole or in part, including any Prepayment Premium; (3) to deposit monies into the Cash Collateral Account; or (4) to exercise any other remedies available to Lender pursuant to this Master Agreement.

Default Draws. If Lender draws under the Letter of Credit pursuant to Section 4.08(b)(i) above, Lender may in its sole discretion use monies drawn under the Letter of Credit for any of the following purposes: (i) to pay any amounts required to be paid by the applicable Collateral Pool Borrower under the Loan Documents (including, without limitation, any amounts required to be paid to Lender under this Agreement); (ii) to (on such Collateral Pool Borrower’s behalf, or on its own behalf if Lender becomes the owner of the Mortgaged Property) pre-pay any Note; (iii) to make repairs required to address emergency or life and safety conditions to any Mortgaged Property in such Collateral Pool; or (iv) deposit monies into the Cash Collateral Account.

Default Draws. If Xxxxxx Mae draws under the Letter of Credit pursuant to Section 4.08(b)(i) above, Xxxxxx Xxx may in its sole discretion use monies drawn under the Letter of Credit for any of the following purposes: (i) to pay any amounts required to be paid by the applicable Collateral Pool Borrower under the Loan Documents (including, without limitation, any amounts required to be paid to Xxxxxx Mae under this Agreement); (ii) to (on such Collateral Pool Borrower’s behalf, or on its own behalf if Xxxxxx Xxx becomes the owner of the Mortgaged Property) pre-pay any Note; (iii) to make repairs required to address emergency or life and safety conditions to any Mortgaged Property in such Collateral Pool; or (iv) deposit monies into the Cash Collateral Account.

Default Draws. If Lender draws under the Letter of Credit pursuant to Section 5.11(b)(i) above, Lender may in its sole discretion use monies drawn under the Letter of Credit for any of the following purposes: Colonial/PNC ARCS — Master Credit Facility Agreement (i) to pay any amounts required to be paid by Borrower under the Loan Documents (including, without limitation, any amounts required to be paid to Lender under this Agreement); (ii) to (on such Borrower’s behalf, or on its own behalf if Lender becomes the owner of the Mortgaged Property) pre-pay any Note, including any prepayment premium or yield maintenance; (iii) to make improvements or repairs to any Mortgaged Property; or (iv) deposit monies into the Cash Collateral Account.

Default Draws. If Lender draws under the Letter of Credit pursuant to Section 5.11(b)(i) above, Lender shall have the right to use monies drawn under the Letter of Credit for any of the following purposes: (i) to pay any amounts required to be paid by Borrower under the Loan Documents (including, without limitation, any amounts required to be paid to Lender under this Agreement and any amounts required to fund Obligations required to be performed by Borrower hereunder); (ii) to (on Borrower’s behalf, or on its own behalf if Lender becomes the owner of the Mortgaged Property) pre-pay any Note in whole or in part, including any prepayment premium or yield maintenance; (iii) deposit monies into the Cash Collateral Account; or (iv) to exercise any other remedies available to Lender pursuant to Article 12.

Default Draws. If Fannie Mae draws under the Letter of Credit pursuant to Section 6.5(3)(i) above, Fannie Mae may in its sole discretion use monies drawn under the Letter of Credit for any of the following purposes: (a) to pay any amounts required to be paid by Borrower under the Borrower Documents (including, without limitation, any amounts required to be paid to Fannie Mae under this Agreement); (b) to (on such Borrower’s behalf, or on its own behalf if Fannie Mae becomes the owner of the Mortgaged Property) pre-pay any Note and redeem Bonds; (c) to make improvements or repairs to any Mortgaged Property; (d) deposit such monies into any Principal Reserve Fund; or (e) deposit monies into the Cash Collateral Account.

Default Draws. If Lender draws under the Letter of Credit pursuant to Section 6.12(b)(i) above, Lender shall have the right to use monies drawn under the Letter of Credit to prepay any Note.

Default Draws. If Lender draws under the Letter of Credit pursuant to Section 6.15(b)(i) above, Lender shall have the right to use monies drawn under the Letter of Credit for any of the following purposes: (i) to pay any amounts required to be paid by Borrower under the Loan Documents (including, without limitation, any amounts required to be paid to Lender under this Agreement); (ii) to (on such Borrower’s behalf, or on its own behalf if Lender becomes the owner of the Mortgaged Property) prepay any Note; (iii) to make improvements or repairs to any Mortgaged Property which Lender determines are necessary to ensure that the Mortgaged Property meets the requirements set forth in the Loan Documents; or (iv) to deposit monies into the Cash Collateral Account.