Payments Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid to Lender, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and such Guarantor covenants promptly to pay the same to Lender.
Appears in 11 contracts
Samples: Guaranty of Recourse Obligations (Hospitality Investors Trust, Inc.), Assumption Agreement (American Realty Capital Hospitality Trust, Inc.), Assumption Agreement (American Realty Capital Hospitality Trust, Inc.)
Payments Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should shall receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid to Lenderreceived, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and such Guarantor covenants promptly to pay the same to Lender.
Appears in 8 contracts
Samples: Guaranty of Recourse Obligations (Ashford Hospitality Trust Inc), Guaranty of Recourse Obligations (Ashford Hospitality Trust Inc), Guaranty of Recourse Obligations (Ashford Hospitality Trust Inc)
Payments Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid to Lenderreceived, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and such Guarantor covenants promptly to pay the same to Lender.
Appears in 4 contracts
Samples: Guaranty of Recourse Obligations (Lodging Fund REIT III, Inc.), Lodging Fund REIT III, Inc., Generation Income Properties, Inc.
Payments Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for Lender until the Loan is repaid in full an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid to Lenderreceived, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and such Guarantor covenants promptly to pay the same to Lender.
Appears in 3 contracts
Samples: Guaranty of Recourse Obligations (Bloomin' Brands, Inc.), Bloomin' Brands, Inc., Bloomin' Brands, Inc.
Payments Held in Trust. Notwithstanding Until receipt by Lender of payment in full of the Obligations, in the event that, notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds, paymentspayment, claims and/or distributions claim or distribution which are is prohibited by this Guaranty, such Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or or distributions so received and not previously paid to Lenderreceived, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or or distributions so received except to pay such funds, payments, claims and/or distributions them promptly to Lender, and such Guarantor covenants promptly to pay the same to Lender.
Appears in 2 contracts
Samples: Guaranty Agreement (Griffin Capital Essential Asset REIT II, Inc.), Guaranty Agreement (Griffin Capital Essential Asset REIT, Inc.)
Payments Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor either or both Guarantors should receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, such each Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid to Lenderreceived, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and such each Guarantor covenants promptly to pay the same to Lender.
Appears in 2 contracts
Samples: Horizon Group Properties Inc, Horizon Group Properties Inc
Payments Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds, payments, claims and/or distributions which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for Lender Seller an amount equal to the amount of all funds, payments, claims and/or distributions so received and not previously paid to Lenderreceived, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or distributions so received except to pay such funds, payments, claims and/or distributions promptly to LenderSeller, and such Guarantor covenants promptly to pay the same to LenderSeller.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Cottonwood Multifamily Opportunity Fund, Inc.)
Payments Held in Trust. Notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should shall receive any funds, payments, claims and/or or distributions upon such Guarantor Claims prior to payment in full of the Guaranteed Obligations, which are prohibited by this Guaranty, such Guarantor agrees to hold in trust for Lender an amount equal to the amount of all funds, payments, claims and/or or distributions so received and not previously paid to Lenderreceived, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims and/or or distributions so received except to pay such funds, payments, claims and/or distributions promptly to Lender, and such Guarantor covenants promptly to pay the same to Lender.
Appears in 1 contract
Payments Held in Trust. Notwithstanding If notwithstanding anything to the contrary contained in this Guaranty, in the event that any Guarantor should receive any funds, paymentspayment, claims and/or distributions which are claim, or distribution that is prohibited by this Guaranty, such then (a) Guarantor agrees to hold in trust for the Lender an amount equal to the amount of all funds, payments, claims and/or claims, or distributions so received and not previously paid to Lenderreceived, and (b) Guarantor agrees that it shall will have absolutely no dominion over the amount of such funds, payments, claims and/or claims, or distributions so received except to pay such funds, payments, claims and/or distributions them promptly to the Lender, and such (c) Guarantor covenants to pay them promptly to pay the same to Lender.
Appears in 1 contract
