Common use of Letters in Lieu of Transfer Orders or Division Orders Clause in Contracts

Letters in Lieu of Transfer Orders or Division Orders. The Lender agrees that none of the letters in lieu of transfer or division orders provided by the Borrower pursuant to the provisions of Section 3.1(f) or Section 5.7 will be sent to the addressees thereof unless an Event of Default has occurred and is continuing, at which time the Lender may, at its option, and in addition to the exercise of any of its other rights and remedies, send any or all of such letters.

Letters in Lieu of Transfer Orders or Division Orders. The Lender agrees that none of the letters in lieu of transfer or division orders provided by the Borrower pursuant to the provisions of Section 3.1(f) or Section 5.7 will be sent to the addressees thereof unless an Event of Default has occurred and is continuingoccurred, at which time the Lender may, at its option, and in addition to the exercise of any of its other rights and remedies, send any or all of such letters.