Common use of Effect on Indebtedness Clause in Contracts

Effect on Indebtedness. Notwithstanding any Taking, Borrower must continue to pay the Indebtedness and perform the obligations as provided in the Loan Documents. Any reduction in the Indebtedness due to application of the Award shall take effect only upon Administrative Agent’s actual receipt and application of the Award to the Indebtedness. If the Property shall have been foreclosed, sold pursuant to any power of sale granted hereunder, or transferred by deed-in-lieu of foreclosure prior to Administrative Agent’s actual receipt of the Award, Administrative Agent may apply the Award received to the extent of any deficiency upon such sale against any accrued fees and all costs incurred by Administrative Agent in connection with such sale.

Effect on Indebtedness. Notwithstanding any Taking, Borrower must continue to pay the Indebtedness and perform the obligations as provided in the Loan Documents. Any reduction in the Indebtedness due to application of the Award shall take effect only upon Administrative AgentLender’s actual receipt and application of the Award to the Indebtedness. If the Property shall have been foreclosed, sold pursuant to any power of sale granted hereunder, or transferred by deed-in-lieu of foreclosure prior to Administrative AgentLender’s actual receipt of the Award, Administrative Agent Lender may apply the Award received to the extent of any deficiency upon such sale against any accrued fees and all costs incurred by Administrative Agent Lender in connection with such sale.