Lender's Right to Apply to Repayment Sample Clauses

Lender's Right to Apply to Repayment. In the event of a Material Casualty or a Material Condemnation, then Lender shall have the option, subject to the terms of the Reciprocal Easement Agreement on the Mortgaged Property known as the Sheraton Colony Square with respect to the central plant, which is required to be covered by separate insurance maintained by the related Obligors, (to be exercised by notice to Lender given not later than the thirtieth (30th) day after the receipt of the Proceeds) to apply the net Proceeds to the prepayment of the Debt in accordance with Section 8.1.2(d) hereof (and Borrower shall be entitled to receive a release of the Lien affecting such Property in accordance with the terms of Section 2.4.2 hereof, in which event such Proceeds shall be applied against the Release Amount for such Property) or, provided the conditions set forth in the proviso in Section 8.1.2(b) hereof are complied with, to have such Proceeds applied to reimburse Borrower for the cost of any Restoration in the manner set forth below in Section 8.1.2(e) hereof (and Lender shall be deemed to have elected prepayment if it shall fail to have given such notice within said 30-day period); provided, however, that if (x) in the reasonable judgment of Lender, the Property can be restored within twelve (12) months and prior to the Maturity Date to an economic unit not less valuable and not less useful than the same was prior to the Casualty or Condemnation and, after such restoration, will adequately secure the outstanding balance of the Loan, and (y) no Event of Default has occurred and is continuing, Lender shall be obligated to make such Proceeds available for the Restoration of such Property; provided further, however, that if such Casualty or Condemnation occurs during the six (6) months prior to the Maturity Date, Lender shall have no obligation to make such Proceeds available for the Restoration of the Property.
Sample 1
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Lender's Right to Apply to Repayment. If any of the conditions ------------------------------------ set forth in the proviso above in Section 8.2(b) is not satisfied, or if there occurs Casualty the cost of which to repair is 30% of the replacement cost of the Improvements or more or a Condemnation that affects 15% or more of the usable square footage of the Improvements, then, notwithstanding anything herein to the contrary, unless Lender shall otherwise elect, at its sole option, the Proceeds shall be applied to the prepayment of the Loan in accordance with the terms of Section 8.1.2(d) (and Borrower shall be entitled to receive a release of the Lien of the Mortgage and the other Loan Documents in accordance with the terms of Section 2.4.2 hereof if the Debt has been paid in full). Lender shall notify Borrower of such election regarding the application of Proceeds not later than the sixtieth (60th) day after it shall have received from Borrower all of the evidence Lender is entitled to receive under this Section 8.1.2(b) and such other information it may reasonably require to make such election.
Sample 1
Lender's Right to Apply to Repayment. In the event of a Casualty or Condemnation which is not a Minor Loss (a “Material Casualty” or “Material Condemnation”, as applicable), then Lender shall have the option (to be exercised by notice to Borrower given not later than the thirtieth (30th) day after the receipt of the Proceeds) to apply the net Proceeds to the prepayment of the Debt in accordance with Section 8.1.2(d) or to reimburse Borrower for the cost of any Restoration in the manner set forth below in Section 8.1.2(e) (and Lender shall be deemed to have elected prepayment if it shall fail to have given such notice within said 30-day period).
Sample 1

Related to Lender's Right to Apply to Repayment

  • Right to Receive Documentation a. Periodic Statements. Transfers and withdrawals made through any ATM or POS terminal, debit card transactions, audio response transactions, preauthorized EFTs, online/PC transactions, mobile access device transactions or xxxx payments you make will be recorded on your periodic statement. You will receive a statement monthly unless there is no transaction in a particular month. In any case, you will receive a statement at least quarterly.

  • Right to Prepay The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 below or in Section 5.6 [Additional Compensation in Certain Circumstances]):

  • Amounts payable on prepayment A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 or otherwise) in respect of the amount prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.1(b) but without premium or penalty.

  • Right to Refuse Overtime All employees shall have the right to refuse to work overtime, except when required to do so in emergency situations, without being subject to disciplinary action for so refusing.

  • Unconditional Right of Holders to Receive Payment Notwithstanding any other provision in this Indenture and any other provision of any Note, the right of any Holder of any Note to receive payment of the principal of, premium, if any, and interest on such Note on or after the respective Stated Maturities (or the respective Redemption Dates, in the case of redemption) expressed in such Note, or after such respective dates, shall not be impaired or affected without the consent of such Holder. ARTICLE SIX

  • Owner’s Right to Stop Work The Owner reserves the right, for itself and for any designated Construction Inspector retained by Owner, upon observation of apparent nonconforming Work, to immediately stop the affected Work. If the Work is later determined by the Design Professional to be in fact conforming Work, then Contractor shall be entitled upon timely claim to a Change Order for payment by Owner of any reasonable Actual Costs actually incurred by Contractor in connection with the stop Work order and resumption of the Work, as well as an extension in the time for performance of the Work to the extent Contractor is delayed by Owner's stop Work order. The Design Professional shall determine the time, which shall be binding upon both Owner and Contractor, as set forth in Section 3, Part 3.

  • Holder’s Right to Receive Notice Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

  • Right to Reject Notwithstanding Buyer’s rights pursuant to Sec. 8.5 and save other rights pursuant to this Order, Buyer may reject any goods within 2 months from the delivery if they are materially defective and in Buyer’s reasonable assessment do not allow a commercially reasonable use. In that case, no payments for these goods are due.

  • Right to Relet If the Landlord elects to re-enter the Demised Premises as herein provided, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease or it may from time to time without terminating this Lease make such alterations and repairs as are necessary in order to relet the Demised Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such Rent and upon such other terms, covenants and conditions as the Landlord in its sole discretion considers advisable. Upon each such reletting all rent received by the Landlord from such reletting shall be applied first, to the payment of any indebtedness other than Rent due hereunder from the Tenant to the Landlord; second, to the payment of any costs and expenses of such reletting, including brokerage fees, and solicitor’s fees and of costs of such alterations and repairs; third, to the payment of Rent due and unpaid hereunder; and the residue, if any, shall be held by the Landlord and applied in payment of future rent as the same becomes due and payable hereunder. If such Rent received from such reletting during any month is less than that to be paid during that month by the Tenant hereunder, the Tenant shall pay any such deficiency which shall be calculated and paid monthly in advance on or before the first day of each and every month. No such re-entry or taking possession of the Demised Premises by the Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such intention is given to the Tenant. Notwithstanding any such reletting without termination the Landlord may at any time thereafter elect to terminate this Lease for such previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of such breach, including the cost of recovering the Demised Premises, solicitor’s fees (on a solicitor and client basis) and including the worth at the time of such termination of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid pursuant to this Lease for the remainder of the stated Term over the then reasonable rental value of the Demised Premises for the remainder of the stated Term, all of which amounts shall be immediately due and payable by the Tenant to the Landlord. In any events referred to in Section 11.1(e), in addition to any and all other rights, including the rights referred to in this Section and in Section 11.1(e), the full amount of the current month’s instalment of Additional Rent and any other payments required to be made monthly hereunder, together with the next three months instalments for Additional Rent, all of which shall be deemed to be accruing due on a day-to-day basis, shall immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for the same, together with any arrears then unpaid.

  • Right to Refuse Unsafe Work Employees have the right to refuse to perform unsafe work pursuant to the Occupational Health and Safety Regulations of the Workers Compensation Act.

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