Covenants of Lender. Lender, by its acceptance of this Assignment, hereby covenants and agrees with Borrower as follows:
(a) Although this Assignment constitutes a present and current assignment of all rents, issues and profits from the Premises, so long as there shall exist no Default, Lender shall not demand that such rents, issues and profits be paid directly to Lender, and Borrower shall have the right to collect, but no more than one (1) month prior to accrual, all such rents, issues and profits from the Premises (including, but not by way of limitation, all rental payments under the Leases); and
(b) Upon the payment in full of the Indebtedness, as evidenced by the recording or filing of an instrument of satisfaction or full release of the Security Instrument without the recording of another security instrument in favor of Lender affecting the Premises, this Assignment shall be terminated and released of record by Lender and shall thereupon be of no further force or effect.
Covenants of Lender. Lender covenants that it will provide Servicer with any reasonably requested information necessary to enable Servicer to determine Lender’s compliance with Section 4.02(f) of this Loan Origination Agreement.
Covenants of Lender. Section 6.1.
Covenants of Lender. Lender hereby covenants and agrees with Servicer that all of the covenants made by Lender under Section 5.05 of the Servicing Agreement are hereby incorporated by reference and restated as covenants made as of the date hereof under this Origination Agreement.
Covenants of Lender. Lender covenants and agrees that if Borrower is required to repay the Loans, it shall use the proceeds from Borrower of the Repayment Amount solely to repay in full the outstanding principal amount of the Convertible Notes, with interest, if any, to the Buyers. Lender further agrees to issue its instruction letter (the “Instruction Letter”) to the Bridge Escrow Agent authorizing the Bridge Escrow Agent to release from escrow in favor of Buyers the Repayment Amount in repayment of the Convertible Notes, which Instruction Letter shall be signed by Lender and held in trust by Gottbetter & Partners, LLP on behalf of Borrower until repayment on the Due Date or as otherwise set forth herein.
Covenants of Lender. By acceptance of delivery of this Assignment, Lender covenants with Borrower that so long as there shall exist no Event of Default, as defined, in Paragraph 2.01 hereinbelow, on the part of Borrower, Borrower shall have the right to collect, but not more than one (1) month prior to accrual, all rents, issues and profits from the Property (including, but not by way of limitation, all rent payments under any of the Leases) and to retain, use and enjoy the same.
Covenants of Lender. For so long as this Agreement is in effect, the Lender shall comply with the following covenants:
Covenants of Lender. The Lender agrees that so long as any amount payable hereunder or under the ESOP Note remains unpaid:
Covenants of Lender. The Lender agrees to notify Licensor, by receipted overnight courier service, not later than ten (10) business days after commencing any action by Lender to: (a) commence foreclosure proceedings regarding the Pledge; or (b) petition for appointment of a receiver, obtain the entry of an order for relief or take any action under federal or state bankruptcy laws or similar laws with regard to License Agreement. The Lender shall not take any affirmative action or assert any claims with regard to the Ownership Interests or this comfort letter that are inconsistent with the provisions of this comfort letter.
Covenants of Lender. Lender covenants that, upon timely performance by Pledgor of all obligations arising under the Subordination Agreement in accordance with the terms thereof, and payment in full of all sums due on the Loan, Lender shall return to Pledgor the Note endorsed to Pledgor without recourse or warranty and, at Pledgor's cost, shall execute, and deliver to Pledgor such documents, instruments and agreements necessary to terminate this Agreement.
