Common use of Certain Rights of Administrative Agent Clause in Contracts

Certain Rights of Administrative Agent. (i) In anticipation of receipt from Borrower of payment of sums due and owing hereunder or under any Operative Document, the Administrative Agent shall have the option, but shall not be obligated to, advance to the Lenders on any Interest Payment Date, as provided in Section 10(a) hereof, an amount equal to that required to be paid to the Lenders by the Borrower on such Interest Payment Date. (ii) The Administrative Agent shall not, as a result of exercising its option to make the advance described in Section 11(b)(i) above, obtain any Lien on the Mortgage Estate for or on account of costs or expenses incurred in connection with the exercise of such right, nor shall any claim of the Administrative Agent against the Borrower or any other party for the repayment of such costs or expenses impair the prior right and security interest of the Administrative Agent (on behalf of the Lenders) in and to the Mortgage Estate. Upon any advance by the Administrative Agent to the Lenders as provided in Section 11(b)(i), the Administrative Agent shall be subrogated to the rights of the Lenders in respect of any late payment made by Borrower and interest at the Past Due Rate payable by the Borrower on account of its being overdue (but shall have no rights as a secured party hereunder), and thereafter, the Administrative Agent shall be entitled to receive such overdue payment and such interest; provided, that the Administrative Agent shall not be entitled to seek recovery of any such advance (or any payment in lieu thereof) except pursuant to the foregoing right of subrogation.

Certain Rights of Administrative Agent. (i) In Subject to Section 14(h), in anticipation of receipt from Borrower of payment of sums due and owing hereunder or under any Operative Document, the Administrative Agent shall have the option, but shall not be obligated to, advance to the Lenders on any Interest Payment Date, as provided in Section 10(a) hereof, an amount equal to that required to be paid to the Lenders by the Borrower on such Interest Payment Date. (ii) The Administrative Agent shall not, as a result of exercising its option to make the advance described in Section 11(b)(i) above, obtain any Lien on the Mortgage Estate for or on account of costs or expenses incurred in connection with the exercise of such right, nor shall any claim of the Administrative Agent against the Borrower or any other party for the repayment of such costs or expenses impair the prior right and security interest of the Administrative Agent (on behalf of the Lenders) in and to the Mortgage Estate. Upon any advance by the Administrative Agent to the Lenders as provided in Section 11(b)(i), the Administrative Agent shall be subrogated to the rights of the Lenders in respect of any late payment made by Borrower and interest at the Past Due Rate payable by the Borrower on account of its being overdue (but shall have no rights as a secured party hereunder), and thereafter, the Administrative Agent shall be entitled to receive such overdue payment and such interest; provided, that the Administrative Agent shall not be entitled to seek recovery of any such advance (or any payment in lieu thereof) except pursuant to the foregoing right of subrogation.

Certain Rights of Administrative Agent. (i) In anticipation of receipt from Borrower of payment of sums due and owing hereunder or under any Operative Document, the Administrative Agent shall have the option, but shall not be obligated to, advance to the Lenders Lender on any Interest Payment Date, as provided in Section 10(a) hereof, an amount equal to that required to be paid to the Lenders Lender by the Borrower on such Interest Payment Date. (ii) The Administrative Agent shall not, as a result of exercising its option to make the advance described in Section 11(b)(i) above, obtain any Lien on the Mortgage Estate for or on account of costs or expenses incurred in connection with the exercise of such right, nor shall any claim of the Administrative Agent against the Borrower or any other party for the repayment of such costs or expenses impair the prior right and security interest of the Administrative Collateral Agent (on behalf of the LendersLender) in and to the Mortgage Estate. Upon any advance by the Administrative Agent to the Lenders Lender as provided in Section 11(b)(i), the Administrative Agent shall be subrogated to the rights of the Lenders Lender in respect of any late payment made by Borrower and interest at the Past Due Rate payable by the Borrower on account of its being overdue (but shall have no rights as a secured party hereunder), and thereafter, the Administrative Agent shall be entitled to receive such overdue payment and such interest; provided, that the Administrative Agent shall not be entitled to seek recovery of any such advance (or any payment in lieu thereof) except pursuant to the foregoing right of subrogation.