Common use of Mandatory; Liquidation Event Clause in Contracts

Mandatory; Liquidation Event. (i) In the event of a Liquidation Event, Borrower shall cause the related Net Liquidation Proceeds After Debt Service to be deposited directly into an account designated by Lender. On each date on which Lender actually receives a distribution of Net Liquidation Proceeds After Debt Service, if such date is a Payment Date, other than during the occurrence and continuation of an Event of Default, such Net Liquidation Proceeds After Debt Service shall be applied to the outstanding principal balance of the Note in an amount equal to one hundred percent (100%) of such Net Liquidation Proceeds After Debt Service, together with (a) in the event that such Net Liquidation Proceeds After Debt Service are received on or before a Payment Date, interest accruing on such amount calculated through and including the end of the Interest Accrual Period in which such Payment Date occurs, or (b) in the event that such Net Liquidation Proceeds After Debt Service are received on a date after a Payment Date, interest accruing on such amount calculated through and including the end of the Interest Accrual Period in which the next Payment Date occurs and all other sums then due and payable in connection with such prepayment.