Common use of Authorization to Make Loan Advances to Cure Borrower’s Defaults Clause in Contracts

Authorization to Make Loan Advances to Cure Borrower’s Defaults. If an Event of Default shall occur, the Administrative Agent (subject to the provisions of Section 14.3) may (but shall not be required to) perform any of such covenants and agreements with respect to which Borrower is in an Event of Default. Any amounts expended by the Administrative Agent in so doing and any amounts expended by the Administrative Agent in connection therewith shall constitute a Loan and be added to the outstanding principal balance of the Loans, and the Lenders shall make the applicable Loans to fund any such disbursements. The authorization hereby granted is irrevocable, and no prior notice to or further direction or authorization from Borrower is necessary for the Administrative Agent to make such disbursements.

Authorization to Make Loan Advances to Cure Borrower’s Defaults. If an Event of Default shall occur, the Administrative Agent (subject to the provisions of Section 14.3) may (but shall not be required to) perform any of such covenants and agreements with respect to which Borrower is in an Event of Default. Any amounts expended by the Administrative Agent in so doing and any amounts expended by the Administrative Agent in connection therewith shall constitute a Loan and be added to the outstanding principal balance of the Loans, and the Lenders shall make the applicable Loans to fund any such disbursements. The authorization hereby granted is irrevocable, and no prior notice to or further direction or authorization from Borrower is necessary for the Administrative Agent to make such disbursements.

Authorization to Make Loan Advances to Cure Borrower’s Defaults. If an Event of Default shall occuroccur and be continuing, the Administrative Agent (subject to the provisions of Section 14.313.3) may (but shall not be required to) perform any of such covenants and agreements with respect to which Borrower is in an Event Default and of Defaultwhich Administrative Agent has notified Borrower. Any amounts expended by the Administrative Agent in so doing and any amounts expended by the Administrative Agent in connection therewith shall constitute a Loan and be added to the outstanding principal balance of the LoansOutstanding Principal Amount, and the Lenders shall make the applicable Loans to fund any such disbursements. The authorization hereby granted is irrevocable, and no prior notice to or further direction or authorization from Borrower is necessary for the Administrative Agent to make such disbursements.

Authorization to Make Loan Advances to Cure Borrower’s Defaults. If an Event of Default shall occur, the Administrative Agent (subject to the provisions of Section 14.314.3 of the Project Loan Agreement) may (but shall not be required to) perform any of such covenants and agreements with respect to which Borrower is in an Event of Default. Any amounts expended by the Administrative Agent in so doing and any amounts expended by the Administrative Agent in connection therewith shall constitute a Building Loan and be added to the outstanding principal balance of the Building Loans, and the Lenders shall make the applicable Building Loans to fund any such disbursements. The authorization hereby granted is irrevocable, and no prior notice to or further direction or authorization from Borrower is necessary for the Administrative Agent to make such disbursements.

Authorization to Make Loan Advances to Cure Borrower’s Defaults. If an Event of Default shall occuroccur and be continuing, the Administrative Agent (subject to the provisions of Section 14.313.03) may (but shall not be required to) perform any of such covenants and agreements with respect to which Borrower is in an Event Default and of Defaultwhich Administrative Agent has notified Borrower. Any amounts expended by the Administrative Agent in so doing and any amounts expended by the Administrative Agent in connection therewith shall constitute a Loan and be added to the outstanding principal balance of the LoansOutstanding Principal Amount, and the Lenders shall make the applicable Loans to fund any such disbursements. The authorization hereby granted is irrevocable, and no prior notice to or further direction or authorization from Borrower is necessary for the Administrative Agent to make such disbursements.