Common use of Payment of Amounts Owing under Secured Instruments Clause in Contracts

Payment of Amounts Owing under Secured Instruments. If --------------------------------------------------- on any date: (a) any amount shall be due and owing under more than one Secured Instrument; (b) the Borrower shall not pay all such amounts as are then due and owing; and (c) the Borrower shall not pay such amounts ratably, in accordance with the respective amounts then due and owing thereunder; any Secured Party that shall have been paid an amount in excess of the payment that it would have received if the Borrower had paid amounts owing by it ratably will, on behalf of the Borrower, pay such excess ratably to the other Secured Parties entitled thereto (and any such excess so paid by any Secured Party shall be deemed not to have been paid by the Borrower to such Secured Party); provided -------- that, if a Notice of Enforcement is in effect as of such date, then, for all purposes of this Section 9.08, all outstanding Obligations shall be deemed due and owing whether or not they are actually due and owing (e.g., whether or not ---- the maturity of such Obligations has been accelerated or otherwise matured). The Borrower irrevocably authorizes and directs each Secured Party to take the actions on its behalf specified in this Section 9.08.

Payment of Amounts Owing under Secured Instruments. If --------------------------------------------------- -------------------------------------------------- on any date: (a) any amount shall be due and owing under more than one Secured Instrument; (b) the Borrower shall not pay all such amounts as are then due and owing; and (c) the Borrower shall not pay such amounts ratably, in accordance with the respective amounts then due and owing thereunder; any Secured Party that shall have been paid an amount in excess of the payment that it would have received if the Borrower had paid amounts owing by it ratably will, on behalf of the Borrower, pay such excess ratably to the other Secured Parties entitled thereto (and any such excess so paid by any Secured Party shall be deemed not to have been paid by the Borrower to such Secured Party); provided -------- that, if a Notice of Enforcement is in effect as of such date, then, for all purposes of this Section 9.08, all outstanding Obligations shall be deemed due and owing whether or not they are actually due and owing (e.g., whether or not ---- ----- the maturity of such Obligations has been accelerated or otherwise matured). The Borrower irrevocably authorizes and directs each Secured Party to take the actions on its behalf specified in this Section 9.08.

Payment of Amounts Owing under Secured Instruments. If --------------------------------------------------- on any date: (a) any amount shall be due and owing under more than one Secured Instrument; (b) the Borrower shall not pay all such amounts as are then due and owing; and (c) the Borrower shall not pay such amounts ratably, in accordance with the respective amounts then due and owing thereunder; any Secured Party that shall have been paid an amount in excess of the payment that it would have received if the Borrower had paid amounts owing by it ratably will, on behalf of the Borrower, pay such excess ratably to the other Secured Parties entitled thereto (and any such excess so paid by any Secured Party shall be deemed not to have been paid by the Borrower to such Secured Party); provided -------- that, if a Notice of -------- Enforcement is in effect as of such date, then, for all purposes of this Section 9.08, all outstanding Obligations shall be deemed due and owing whether or not they are actually due and owing (e.g., whether or not ---- the maturity of such ---- Obligations has been accelerated or otherwise matured). The Borrower irrevocably authorizes and directs each Secured Party to take the actions on its behalf specified in this Section 9.08.