Borrower’s Obligation to Rebuild Clause Samples

Borrower’s Obligation to Rebuild. AND USE OF INSURANCE PROCEEDS THEREFOR. In case Lender does not elect to apply or does not have the right to apply the Proceeds to the Indebtedness, as provided in Section 7.1 above, Borrowers shall: (a) Proceed with diligence to make settlement with insurers or the appropriate governmental authorities and cause the Proceeds to be deposited with Lender; (b) In the event of any delay in making settlement with insurers or the appropriate governmental authorities or effecting collection of the Proceeds, and if Borrowers commence restoration of the applicable Project prior to receipt of such Insurance Proceeds, Borrowers shall promptly (i) deliver to Lender a construction budget and a completion schedule in respect of such restoration (each, reasonably acceptable to Lender) and (ii) deposit with Lender cash in an amount equal to ten percent (10%) of the total cost required to complete such restoration, as aforesaid (and, absent a default under this Agreement or any of the other Loan Documents, Lender will return such deposit to Borrowers if the Insurance Proceeds deposited with Lender are sufficient to complete the total cost of restoration as provided in the approved budget); (c) In the event the Proceeds and the amount deposited with Lender pursuant to Section 7.1(b) above are insufficient to assure Lender that the all contemplated repairs or construction will be completed, promptly deposit with Lender any amount necessary to assure that such contemplated repairs or construction will be completed; and (d) Promptly proceed with the commencement of restoration of the applicable Project, including the repair of all damage resulting from such fire, condemnation or other cause and restoration to its former condition. Any request by a Borrower for a disbursement by Lender of Proceeds and funds deposited by Borrowers shall be treated by Lender as if such request were for an advance of the Loan hereunder, and the disbursement thereof shall be conditioned upon Borrowers' compliance with and satisfaction of the same conditions precedent as would be applicable under this Agreement for an advance of the Holdback as if the repair or restoration work were Renovation Work.
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Related to Borrower’s Obligation to Rebuild

  • Borrower’s Obligations The Borrowers’ obligations under the 2019-A Exchange Note and the other Sold Property are solely the Borrowers’ obligations and are not the Depositor’s obligation or an interest in any of the Depositor’s assets. The Issuer acknowledges and agrees that it has no right, title or interest in any assets of the Depositor for the payment of amounts due or for the performance of obligations under the 2019-A Exchange Note or the other Sold Property.

  • Performance of Borrowers’ Obligations Agent may, in its discretion at any time and from time to time, at Borrowers’ expense, pay any amount or do any act required of a Borrower under any Loan Documents or otherwise lawfully requested by Agent to (a) enforce any Loan Documents or collect any Obligations; (b) protect, insure, maintain or realize upon any Collateral; or (c) defend or maintain the validity or priority of Agent’s Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or landlord claim, or any discharge of a Lien. All payments, costs and expenses (including Extraordinary Expenses) of Agent under this Section shall be reimbursed to Agent by Borrowers, on demand, with interest from the date incurred to the date of payment thereof at the Default Rate applicable to Base Rate Revolver Loans. Any payment made or action taken by Agent under this Section shall be without prejudice to any right to assert an Event of Default or to exercise any other rights or remedies under the Loan Documents.

  • Modifications and Waivers; Obligation of the Company Absolute The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, places and rate, and in the coin or currency, herein prescribed.

  • Conditions Precedent to Seller’s Obligations The obligations of Seller to effect the Closing of the transactions contemplated hereby are subject to the fulfillment, prior to or at the Closing, of each of the following conditions, any of which may be waived in writing by Seller:

  • Conditions to the Seller’s Obligations Each of the obligations of the Seller to be performed hereunder shall be subject to the satisfaction (or waiver by the Seller) at or prior to the Closing Date of each of the following conditions: