Common use of Default Draws Clause in Contracts

Default Draws. If ▇▇▇▇▇▇ Mae draws under the Letter of Credit pursuant to Section 4.08(b)(i) above, ▇▇▇▇▇▇ ▇▇▇ may in its sole discretion use monies drawn under the Letter of Credit for any of the following purposes: (i) to pay any amounts required to be paid by the applicable Collateral Pool Borrower under the Loan Documents (including, without limitation, any amounts required to be paid to ▇▇▇▇▇▇ Mae under this Agreement); (ii) to (on such Collateral Pool Borrower’s behalf, or on its own behalf if ▇▇▇▇▇▇ ▇▇▇ becomes the owner of the Mortgaged Property) pre-pay any Note; (iii) to make repairs required to address emergency or life and safety conditions to any Mortgaged Property in such Collateral Pool; or (iv) deposit monies into the Cash Collateral Account.