Application of Proceeds During an Event of Default. Notwithstanding anything in the Documents to the contrary, while an Event of Default exists, any Required Completion Assurance Deposits and any cash received and retained by Lender in connection with the Receivables Collateral may be applied to payment of the Obligations in the manner provided in paragraph 7.5.
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Sources: Development and Receivables Loan and Security Agreement (Signature Resorts Inc)
Application of Proceeds During an Event of Default. Notwithstanding anything in the Documents to the contrary, while an Event of Default exists, any Required Completion Assurance Deposits (Construction) and any cash received and retained by Lender in connection with the Receivables any Collateral may be applied to payment of the Obligations in the manner provided in paragraph 7.5.
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