Common use of Default by the Borrower Clause in Contracts

Default by the Borrower. Upon the occurrence of an event of default (or similar term or phrase under the Loan Documents) by the Borrower under the Loan Documents (which is not cured after the expiration of any applicable opportunity to cure): (a) in addition to all notices to the Borrower required under the Loan Documents, the Lender shall copy the MSF with all notices to the Borrower, and further provide the MSF written notice describing in reasonable detail the circumstances of the event of default; and (b) prior to drawing Cash Collateral from the Cash Collateral Account to repay the Loan, the Lender shall first take control (via foreclosure, deed-in-lieu of foreclosure, possession, exercising assignments of rights, or other similar action) of any and all Primary Collateral, or provide written direction to the Borrower to sell or liquidate the Primary Collateral, or any combination thereof, and, as the case may be, the Lender shall sell or liquidate, or cause the Borrower to sell or liquidate, the Primary Collateral and apply the proceeds thereof to the Loan. (The gross proceeds from the sale or liquidation of the Primary Collateral (exclusive of any costs and expenses related to such sale or liquidation, or interest, or fees or other charges of any kind) is referred to herein as the “Gross Proceeds from Primary Collateral”; and the difference between the Gross Proceeds from Primary Collateral and the amount due under the Loan shall be deemed the “Remaining Default Principal Balance”). (i) To the extent the Gross Proceeds from Primary Collateral is equal to or greater than the underwritten value assigned by the Lender for the Primary Collateral at the time of the Lender’s initial advance of the Loan (the “Underwriting Value for Lending Purposes”) then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions), against the Remaining Default Principal Balance. (ii) To the extent the Gross Proceeds from Primary Collateral is less than the Underwriting Value for Lending Purposes then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral, less the Exit Fee as provided by Section 15, (after taking into account applicable Reductions), against the Remaining Default Principal Balance. Notwithstanding any provision in this Agreement to the contrary, in no event shall the Exit Fee exceed 10% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions).

Default by the Borrower. Upon the occurrence of an event of default (or similar term or phrase under the Loan Documents) by the Borrower under the Loan Documents (which is not cured after the expiration of any applicable opportunity to cure): (a) ): in addition to all notices to the Borrower required under the Loan Documents, the Lender shall copy the MSF with all notices to the Borrower, and further provide the MSF written notice describing in reasonable detail the circumstances of the event of default; and (b) and prior to drawing Cash Collateral from the Cash Collateral Account to repay the Loan, the Lender shall first take control (via foreclosure, deed-in-lieu of foreclosure, possession, exercising assignments of rights, or other similar action) of any and all Primary Collateral, or provide written direction to the Borrower to sell or liquidate the Primary Collateral, or any combination thereof, and, as the case may be, the Lender shall sell or liquidate, or cause the Borrower to sell or liquidate, the Primary Collateral and apply the proceeds thereof to the Loan. (The gross proceeds from the sale or liquidation of the Primary Collateral (exclusive of any costs and expenses related to such sale or liquidation, or interest, or fees or other charges of any kind) is referred to herein as the “Gross Proceeds from Primary Collateral”; and the difference between the Gross Proceeds from Primary Collateral and the amount due under the Loan shall be deemed the “Remaining Default Principal Balance”). (i) . To the extent the Gross Proceeds from Primary Collateral is equal to or greater than the underwritten value assigned by the Lender for the Primary Collateral at the time of the Lender’s initial advance of the Loan (the “Underwriting Value for Lending Purposes”) then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions), against the Remaining Default Principal Balance. (ii) . To the extent the Gross Proceeds from Primary Collateral is less than the Underwriting Value for Lending Purposes then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral, less the Exit Fee as provided by Section 15, (after taking into account applicable Reductions), against the Remaining Default Principal Balance. Notwithstanding any provision in this Agreement to the contrary, in no event shall the Exit Fee exceed 10% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions).

Default by the Borrower. Upon the occurrence of an event of default (or similar term or phrase under the Loan Documents) by the Borrower under the Loan Documents (which is not cured after the expiration of any applicable opportunity to cure): (a) in addition to all notices to the Borrower required under the Loan Documents, the Lender shall copy the MSF HGIA with all notices to the Borrower, and further provide the MSF HGIA written notice describing in reasonable detail the circumstances of the event of default; and (b) prior to drawing Cash Collateral from the Cash Collateral Account to repay the Loan, the Lender shall first take control (via foreclosure, deed-in-lieu of foreclosure, possession, exercising assignments of rights, or other similar action) of any and all Primary Collateral, or provide written direction to the Borrower to sell or liquidate the Primary Collateral, or any combination thereof, and, as the case may be, the Lender shall sell or liquidate, or cause the Borrower to sell or liquidate, the Primary Collateral and apply the proceeds thereof to the Loan. (The gross proceeds from the sale or liquidation of the Primary Collateral (exclusive of any costs and expenses related to such sale or liquidation, or interest, or fees or other charges of any kind) is referred to herein as the “Gross Proceeds from Primary Collateral”; and the difference between the Gross Proceeds from Primary Collateral and the amount due under the Loan shall be deemed the “Remaining Default Principal Balance”). (i) To the extent the Gross Proceeds from Primary Collateral is equal to or greater than the underwritten value assigned by the Lender for the Primary Collateral at the time of the Lender’s initial advance of the Loan (the “Underwriting Value for Lending Purposes”) then, upon at least forty-five (45) calendar days prior written notice to the MSFHGIA, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral Collateral, less any upaid Annual Fees as provided by Section 8 (after taking into account applicable Reductions), against the Remaining Default Principal Balance. (ii) To the extent the Gross Proceeds from Primary Collateral is less than the Underwriting Value for Lending Purposes then, upon at least forty-five (45) calendar days prior written notice to the MSFHGIA, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral, less the Exit Fee any unpaid Annual Fees as provided by Section 158, (after taking into account applicable Reductions), against the Remaining Default Principal Balance. Notwithstanding any provision . (iii) In the event that funds remain in this Agreement to the contrary, in no event shall the Exit Fee exceed 10% of the then existing balance of the Cash Collateral Account after ▇▇▇▇▇▇ takes the actions above, such funds shall be immediately remitted to HGIA. (after taking into account applicable Reductions)c) In the event that the Cash Collateral or any portion thereof is applied to the Remaining Default Principal Balance under subsection (b) above, HGIA shall be legally subrogated to all rights of the Lender to collect amounts due on the Loan and to enforce its rights under the Loan Documents against the Borrower and/or the Primary Collateral; but such subrogation shall be limited to the amount of Cash Collateral so applied and shall be subordinate and subject to the right of the Lender to recover the full amount of the Loan in priority to HGIA.

Default by the Borrower. Upon the occurrence of an event of default (or similar term or phrase under the Loan Documents) by the Borrower under the Loan Documents (which is not cured after the expiration of any applicable opportunity to cure): (a) in addition to all notices to the Borrower required under the Loan Documents, the Lender shall copy the MSF IHFA with all notices to the Borrower, and further provide the MSF IHFA written notice describing in reasonable detail the circumstances of the event of default; and (b) prior to drawing Cash Collateral from the Cash Collateral Deposit Account to repay the Loan, the Lender shall first take control (via foreclosure, deed-in-lieu Iieu of foreclosure, possession, exercising assignments of rights, possession or other similar action, including exercising the Lender's rights as to any applicable assignment of rents) of any and all Primary Collateral, or provide written direction to the Borrower to sell or liquidate the Primary Collateral, or any combination thereof, and, as the case may be, Additional Collateral and the Lender shall sell or liquidate, or cause liquidate the Borrower to sell or liquidate, the Primary Additional Collateral and apply the proceeds thereof to the Loan. (The gross proceeds from the sale or liquidation of the Primary Additional Collateral (exclusive of any costs and expenses related to such sale or liquidation, or interest, or fees or other charges of any kind) is referred to herein as the “"Gross Proceeds from Primary Additional Collateral”"; and the difference between the Gross Proceeds from Primary Additional Collateral and the amount due under the Loan shall be deemed the “"Remaining Default Principal Balance”"). (i) To the extent the Gross Proceeds from Primary Additional Collateral is equal to or greater than the underwritten value assigned by the Lender for the Primary Additional Collateral at the time of the Lender’s 's initial advance of the Loan (the “"Underwriting Value for Lending Purposes”") then, upon at least forty-five (45) calendar days prior written notice to the MSFIHFA, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions), against the Remaining Default Principal Balance. (ii) To the extent the Gross Proceeds from Primary Additional Collateral is less than the Underwriting Value for Lending Purposes then, upon at least forty-five (45) calendar days prior written notice to the MSFIHFA, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral, less the Exit Fee as provided by Section 15, (after taking into account applicable Reductions), Collateral against the Remaining Default Principal Balance. Notwithstanding any provision in this Agreement to the contrary, in no event shall the Exit Fee exceed 10% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions).

Default by the Borrower. Upon the occurrence of an event of default (or similar term or phrase under the Loan Documents) by the Borrower under the Loan Documents (which is not cured after the expiration of any applicable opportunity to cure): (a) in addition to all notices to the Borrower required under the Loan Documents, the Lender shall copy the MSF with all notices to the Borrower, and further provide the MSF written notice describing in reasonable detail the circumstances of the event of default; and (b) prior to drawing Cash Collateral from the Cash Collateral Account to repay the Loan, the Lender shall first take control (via foreclosure, deed-in-lieu of foreclosure, possession, exercising assignments of rights, possession or other similar action, including exercising the Lender’s rights as to any applicable assignment of rents) of any and all Primary Collateral, or provide written direction to the Borrower to sell or liquidate the Primary Collateral, or any combination thereof, and, as the case may be, Collateral and the Lender shall sell or liquidate, or cause the Borrower to sell or liquidate, liquidate the Primary Collateral and apply the proceeds thereof to the Loan. (The gross proceeds from the sale or liquidation of the Primary Collateral (exclusive of any costs and expenses related to such sale or liquidation, or interest, or fees or other charges of any kind) is referred to herein as the “Gross Proceeds from Primary Collateral”; and the difference between the Gross Proceeds from Primary Collateral and the amount due under the Loan shall be deemed the “Remaining Default Principal Balance”). (i) To the extent the Gross Proceeds from Primary Collateral is equal to or greater than the underwritten value assigned by the Lender for the Primary Collateral at the time of the Lender’s initial advance of the Loan (the “Underwriting Value for Lending Purposes”) then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions), ) against the Remaining Default Principal Balance. (ii) To the extent the Gross Proceeds from Primary Collateral is less than the Underwriting Value for Lending Purposes then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral, less the Exit Fee as provided by Section 15, (after taking into account applicable Reductions), ) against the Remaining Default Principal Balance. Notwithstanding any provision in this Agreement to the contrary, in no event shall the Exit Fee exceed 10% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions).

Default by the Borrower. Upon the occurrence of an event of default (or similar term or phrase under the Loan Documents) by the Borrower under the Loan Documents (which is not cured after the expiration of any applicable opportunity to cure): (a) in addition to all notices to the Borrower required under the Loan Documents, the Lender shall copy the MSF IHFA with all notices to the Borrower, and further provide the MSF IHFA written notice describing in reasonable detail the circumstances of the event of default; and (b) prior to drawing Cash Collateral from the Cash Collateral Deposit Account to repay the Loan, the Lender shall first take control (via foreclosure, deed-in-lieu Iieu of foreclosure, possession, exercising assignments of rights, possession or other similar action, including exercising the Lender's rights as to any applicable assignment of rents) of any and all Primary Collateral, or provide written direction to the Borrower to sell or liquidate the Primary Collateral, or any combination thereof, and, as the case may be, Additional Collateral and the Lender shall sell or liquidate, or cause liquidate the Borrower to sell or liquidate, the Primary Additional Collateral and apply the proceeds thereof to the Loan. (The gross proceeds from the sale or liquidation of the Primary Additional Collateral (exclusive of any costs and expenses related to such sale or liquidation, or interest, or fees or other charges of any kind) is referred to herein as the “"Gross Proceeds from Primary Additional Collateral”"; and the difference between the Gross Proceeds from Primary Additional Collateral and the amount due under the Loan shall be deemed the “"Remaining Default Principal Balance”"). (i) To the extent the Gross Proceeds from Primary Additional Collateral is equal to or greater than the underwritten value assigned by the Lender for the Primary Additional Collateral at the time of the Lender’s 's initial advance of the Loan (the “"Underwriting Value for Lending Purposes”") then, upon at least forty-five (45) calendar days prior written notice to the MSFIHFA, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions), against the Remaining Default Principal Balance. (ii) To the extent the Gross Proceeds from Primary Additional Collateral is less than the Underwriting Value for Lending Purposes then, upon at least forty-five (45) calendar days prior written notice to the MSFIHFA, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral, less the Exit Fee as provided by Section 15, (after taking into account applicable Reductions), Collateral against the Remaining Default Principal Balance. Notwithstanding any provision . (iii) In the event that funds remain in this Agreement the Collateral Deposit Account after Lender takes the actions above, such funds shall be immediately remitted to the contrary, in no event shall the Exit Fee exceed 10% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions)IHFA.