Common use of Default Draws Clause in Contracts

Default Draws. If Lender draws under the Letter of Credit pursuant to Section 5.10(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 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 5.10(b)(i6.12(b)(i) above, Lender may in its sole discretion 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) 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 5.10(b)(i7.05(b)(i) above, Lender may in its sole discretion 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) 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 PropertyProperty which Lender determines are necessary to ensure that the Mortgaged Property meets the requirements set forth in the Loan Documents; or (iv) deposit monies into the Cash Collateral Account.

Default Draws. If Lender draws under the Letter of Credit pursuant to Section 5.10(b)(i5.11(b)(i) above, Lender may in its sole discretion 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.