Application of Insurance Proceeds in Event of Default Sample Clauses

Application of Insurance Proceeds in Event of Default. If, while any insurance proceeds are being held by Lender to reimburse Borrower for the cost of rebuilding or Restoration of the Premises, Lender shall be or become entitled to, and shall accelerate the Secured Indebtedness upon the terms and conditions set forth in the Note, Lender shall be entitled to apply all such proceeds then held by it in reduction of the Secured Indebtedness and any excess held by it over the amount of the Secured Indebtedness shall be returned to Borrower or any party entitled thereto without interest.
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Application of Insurance Proceeds in Event of Default. If, while any insurance proceeds are being held by Lender to reimburse Borrower for the cost of rebuilding or Restoration of the Premises, Lender shall be or become entitled to. and shall accelerate the Secured Indebtedness upon the terms and conditions set forth in the Note, Lender shall be entitled to apply all such proceeds then held by it in reduction of the Secured Indebtedness and any excess held by it over the amount of the Secured Indebtedness shall be returned to Borrower or any party entitled thereto without interest. SEE EXHIBIT A, ADDITIONAL PROVISIONS, SECTION A5.
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Related to Application of Insurance Proceeds in Event of Default

  • Application of Insurance Proceeds Grantor shall promptly notify Lender of any loss or damage to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • Application of Payments and Proceeds Upon Default If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor.

  • Waiver of Event of Default The Majority Certificateholders may, on behalf of all Certificateholders, by notice in writing to the Trustee, direct the Trustee to waive any events permitting removal of any Master Servicer under this Agreement, provided, however, that the Majority Certificateholders may not waive an event that results in a failure to make any required distribution on a Certificate without the consent of the Holder of such Certificate. Upon any waiver of an Event of Default, such event shall cease to exist and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Trustee to the Rating Agency.

  • Absence of Events of Default Except for matters described in the SEC Documents and/or this Agreement, no Event of Default, as defined in the respective agreement to which the Company is a party, and no event which, with the giving of notice or the passage of time or both, would become an Event of Default (as so defined), has occurred and is continuing, which would have a Material Adverse Effect on the Company's business, properties, prospects, financial condition or results of operations.