Common use of Use of Deposits Clause in Contracts

Use of Deposits. All funds so deposited shall, until so applied by the Depository for the payment of Impositions or premiums for insurance, constitute additional security for the Obligations (and Borrower hereby grants to Lender a first priority security interest in such funds), and may be commingled with other funds of the Depository. If an Event of Default shall have occurred hereunder and be continuing, or if the Obligations shall be accelerated as herein provided, all funds so deposited may, at Lender’s option, be applied to the Obligations in the order determined by Lender or to cure said Event of Default or as provided in this Section 5.1.

Use of Deposits. All funds so deposited shall, until so applied by the Depository for the payment of Impositions or premiums for insurance, constitute additional security for the Obligations (and Borrower hereby grants to Lender a first priority security interest in such funds), and may be commingled with other funds of the Depository. If an Event of Default shall have occurred hereunder and be continuinghereunder, or if the Obligations shall be accelerated as herein provided, all funds so deposited may, at Lender’s 's option, be applied to the Obligations in the order determined by Lender or to cure said Event of Default or as provided in this Section 5.12.8. In addition, if an Event of Default shall have occurred hereunder, Borrower shall have no further right to require that the Depository hold funds hereunder in an interest-bearing account.