Application of Proceeds; No Default. So long as no Default has occurred and is continuing at the time of Lender’s receipt of the proceeds of the Claims (“Proceeds”) and no Default occurs thereafter, the following provisions shall apply:
Appears in 3 contracts
Samples: Mezzanine Loan Agreement, Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.), Mezzanine Loan Agreement (KBS Real Estate Investment Trust II, Inc.)
Application of Proceeds; No Default. So long as no Default has occurred and is continuing at the time of LenderBeneficiary’s receipt of the proceeds of the Claims (“Proceeds”) and no Default occurs thereafter, the following provisions shall apply:
Appears in 2 contracts
Samples: Security Agreement (KBS Real Estate Investment Trust, Inc.), Leases and Security Agreement (Paladin Realty Income Properties Inc)
Application of Proceeds; No Default. So long as no Default has occurred and is continuing at the time of LenderMortgagee’s receipt of the proceeds of the Claims (“Proceeds”) and no Default occurs thereafter, the following provisions shall apply:
Appears in 1 contract
Samples: Security Agreement (KBS Real Estate Investment Trust, Inc.)
