Common use of Failure to Provide Interest Rate Protection Clause in Contracts

Failure to Provide Interest Rate Protection. In the event that Borrower breaches its obligation to enter into and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof, in addition to Agent’s rights and remedies hereunder or under the other Loan Documents, Agent may, but shall have no obligation to, at Borrower’s sole cost and expense and on Borrower’s behalf, enter into an Interest Rate Protection Agreement as may be required pursuant to Section 2.6(a) hereof. In the event that Agent shall elect to enter into an Interest Rate Protection Agreement on Borrower’s behalf, such Interest Rate Protection Agreement, at Agent’s election, may be a Lender Interest Rate Protection Agreement. In the event that Borrower breaches its obligations to enter into or maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof and during the continuance of such breach, Agent is hereby irrevocably appointed the true and lawful attorney of Borrower (coupled with an interest), in its name and stead, to execute such an Interest Rate Protection Agreement and all necessary documents ancillary thereto, and for that purpose Agent may execute all necessary agreements and instruments, and may substitute one or more persons with like power, Borrower hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. All sums paid and liabilities incurred by Agent pursuant to this Section 2.6 shall be paid by Borrower (and not from the proceeds of the Loan) within ten (10) Business Days after Agent’s demand with interest at the Default Rate to the date of payment to Agent and such sums and liabilities, including such interest, shall be deemed and shall constitute advances under this Loan Agreement and be evidenced by the Note and be secured by the Security Documents.

Appears in 1 contract

Samples: Loan Agreement (Great Wolf Resorts, Inc.)

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Failure to Provide Interest Rate Protection. In the event that Borrower breaches its obligation to enter into and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a2.7(a) hereofand/or Section 2.7(b) and such failure continues for ten (10) Business Days after Borrower’s receipt of notice from Agent, in addition to Agent’s and Lenders’ rights and remedies hereunder or under the other Loan Documents, Agent may, but shall have no obligation to, at Borrower’s sole cost and expense and on Borrower’s behalf, enter into an Interest Rate Protection Agreement as may be required pursuant to Section 2.6(a) hereof2.7(a). In the event that Agent shall elect to enter into an Interest Rate Protection Agreement on Borrower’s behalfbehalf after the above described notice and cure period, such Interest Rate Protection Agreement, at Agent’s election, may be a Lender Interest Rate Protection Agreement. In the event ; provided that Borrower breaches its obligations to enter into or maintain an such Lender Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof and during contains commercially reasonable terms consistent with an arms-length transaction comparable to the continuance transaction which is the subject of such breach, this Loan Agreement. Agent is hereby irrevocably appointed the true and lawful attorney of Borrower (coupled with an interest), in its name and stead, to execute such an Interest Rate Protection Agreement and all necessary documents ancillary thereto, and for that purpose Agent may execute all necessary agreements and instruments, and may substitute one or more persons with like powerthereto (each of which shall be in a reasonable form), Borrower hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof consistent with the terms hereof, provided that Agent shall not exercise such power of attorney unless Borrower has failed to enter into an Interest Rate Protection Agreement in the form and content required pursuant to Section 2.7(a) following the expiration of the ten (10) Business Day cure period set forth in this Section 2.7(c). All sums paid and liabilities incurred by Agent pursuant to this Section 2.6 2.7 shall be paid by Borrower (and not from the proceeds of the Loan) within ten (10) Business Days days after Agent’s demand with interest at the Default Rate to the date of payment to Agent and such sums and liabilities, including such interestinterest until paid, shall be deemed and shall constitute advances under this Loan Agreement and be evidenced by the Note and be secured by the Security Documents.

Appears in 1 contract

Samples: Loan Agreement (Sunstone Hotel Investors, Inc.)

Failure to Provide Interest Rate Protection. In the event that Borrower breaches its obligation to enter into and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a2.7(a) hereof, in addition to Agent’s rights and remedies hereunder or under the other Loan Documents, Agent may, but shall have no obligation to, at Borrower’s sole cost and expense and on Borrower’s behalf, enter into an Interest Rate Protection Agreement as may be required pursuant to Section 2.6(a2.7(a) hereof. In the event that Agent shall elect to enter into an Interest Rate Protection Agreement on Borrower’s behalf, such Interest Rate Protection Agreement, at Agent’s election, may be a Lender Interest Rate Protection Agreement. In the event that Borrower breaches its obligations to enter into or maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof and during the continuance of such breach, Agent is hereby irrevocably appointed the true and lawful attorney of Borrower (coupled with an interest), in its name and stead, to execute such an Interest Rate ________________________________________________________________________________________________________________________ Protection Agreement and all necessary documents ancillary thereto, and for that purpose Agent may execute all necessary agreements and instruments, and may substitute one or more persons with like power, Borrower hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. All sums paid and liabilities incurred by Agent pursuant to this Section 2.6 2.7 shall be paid by Borrower (and not from the proceeds of the Loan) within ten (10) Business Days days after Agent’s demand with interest at the Default Rate to the date of payment to Agent and such sums and liabilities, including such interest, shall be deemed and shall constitute advances under this Loan Agreement and be evidenced by the Note and be secured by the Security Documents.

Appears in 1 contract

Samples: Loan Agreement (KBS Real Estate Investment Trust, Inc.)

Failure to Provide Interest Rate Protection. In the event that Borrower breaches its obligation Borrowers breach their obligations to enter into and maintain an Interest Rate Protection Agreement required hereunder in full force and effect as set forth in Section 2.6(a2.18(a) hereof, in addition to Agent’s rights and remedies hereunder or under the other Loan Financing Documents, Agent may, but shall have no obligation to, at Borrower’s Borrowers’ sole cost and expense and on each Borrower’s behalf, enter into an Interest Rate Protection Agreement as may be required pursuant to Section 2.6(a2.18(a) hereof. In the event that Agent shall elect to enter into an Interest Rate Protection Agreement on Borrower’s Borrowers’ behalf, such Interest Rate Protection Agreement, at Agent’s election, may be a Lender Interest Rate Protection Agreement. In the event that Borrower breaches its obligations to enter into or maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof and during the continuance of such breach, Agent is hereby irrevocably appointed the true and lawful attorney of each Borrower (coupled with an interest), and Agent shall be entitled to act pursuant to such power following an Event of Default that shall have occurred and be continuing by reason of a failure to comply with the terms of Section 2.18(a) hereof, in its name and stead, solely to execute such an Interest Rate Protection Agreement and all necessary documents ancillary thereto, and for that purpose Agent may execute all necessary agreements and instruments, and may substitute one or more persons with like power, each Borrower hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. All sums paid and liabilities incurred by Agent pursuant to this Section 2.6 2.18 shall be paid by Borrower Borrowers (and not from the proceeds of the a Loan) within ten five (105) Business Days after Agent’s demand with interest Interest at the Default Rate to the date of payment to Agent and such sums and liabilities, including such interestInterest, shall be deemed and shall constitute advances under this Loan Agreement and be evidenced by the Note and be secured by the Security Documents.

Appears in 1 contract

Samples: Credit Agreement (Hines Real Estate Investment Trust Inc)

Failure to Provide Interest Rate Protection. In the event that Borrower breaches its obligation to enter into and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a2.7(a) hereof, in addition to Agent’s rights and remedies hereunder or under the other Loan Documents, Agent may, but shall have no obligation to, at Borrower’s sole cost and expense and on Borrower’s behalf, enter into an Interest Rate Protection Agreement as may be required pursuant to Section 2.6(a2.7(a) hereof. In the event that Agent shall elect to enter into an Interest Rate Protection Agreement on Borrower’s behalf, such Interest Rate Protection Agreement, at Agent’s election, may be a Lender Interest Rate Protection Agreement. In the event that Borrower breaches its obligations to enter into or maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof and during the continuance of such breach, Agent is hereby irrevocably appointed the true and lawful attorney of Borrower (coupled with an interest), in its name and stead, to execute such an Interest Rate Protection Agreement and all necessary documents ancillary thereto, and for that purpose Agent may execute all necessary agreements and instruments, and may substitute one or more persons with like power, Borrower hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. All sums paid and liabilities incurred by Agent pursuant to this Section 2.6 2.7 shall be paid by Borrower (and not from the proceeds of the Loan) within ten (10) Business Days days after Agent’s demand with interest at the Default Rate to the date of payment to Agent and such sums and liabilities, including such interest, shall be deemed and shall constitute advances under this Loan Agreement and be evidenced by the Note and be secured by the Security Documents.

Appears in 1 contract

Samples: Loan Agreement (Gramercy Capital Corp)

Failure to Provide Interest Rate Protection. In the event that any Borrower breaches its obligation to enter into and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a2.20(a) hereof, in addition to the Administrative Agent’s rights and remedies hereunder or under the other Loan Financing Documents, the Administrative Agent may, but shall have no obligation to, at Borrower’s the Borrowers’ sole cost and expense and on each Borrower’s behalf, enter into an Interest Rate Protection Agreement as may be required pursuant to Section 2.6(a2.20(a) hereof. In the event that the Administrative Agent shall elect to enter into an Interest Rate Protection Agreement on any Borrower’s behalf, such Interest Rate Protection Agreement, at the Administrative Agent’s election, may be a Lender Interest Rate Protection Agreement. In the event that Borrower breaches its obligations to enter into or maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof and during the continuance of such breach, The Administrative Agent is hereby irrevocably appointed the true and lawful attorney of each Borrower (coupled with an interest), and the Administrative Agent shall be entitled to act pursuant to such power following an Event of Default that shall have occurred and be continuing by reason of a failure to comply with the terms of Section 2.20(a) hereof, in its name and stead, solely to execute such an Interest Rate Protection Agreement and all necessary documents ancillary thereto, and for that purpose the Administrative Agent may execute all necessary agreements and instruments, and may substitute one or more persons with like power, each Borrower hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. All sums paid and liabilities incurred by the Administrative Agent pursuant to this Section 2.6 2.20 shall be paid by Borrower the Borrowers (and not from the proceeds of the a Loan) within ten five (105) Business Days days after the Administrative Agent’s demand with interest Interest at the Default Rate to the date of payment to the Administrative Agent and such sums and liabilities, including such interestInterest, shall be deemed and shall constitute advances under this Loan Agreement and be evidenced by the Note and be secured by the Security Documents.

Appears in 1 contract

Samples: Credit Agreement (Cornerstone Core Properties REIT, Inc.)

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Failure to Provide Interest Rate Protection. In the event that Borrower breaches its obligation to enter into and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a2.7(a) hereofand/or Section 2.7(b) and such failure continues for ten (10) Business Days after Borrower’s receipt of notice from Agent, in addition to Agent’s and Lenders’ rights and remedies hereunder or under the other Loan Documents, Agent may, but shall have no obligation to, at Borrower’s sole cost and expense and on Borrower’s behalf, enter into an Interest Rate Protection Agreement as may be required pursuant to Section 2.6(a2.7(a) hereofor 2.7(b), as applicable. In the event that Agent shall elect to enter into an Interest Rate Protection Agreement on Borrower’s behalfbehalf after the above described notice and cure period, such Interest Rate Protection Agreement, at Agent’s election, may be a Lender Interest Rate Protection Agreement. In the event ; provided that Borrower breaches its obligations to enter into or maintain an such Lender Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof and during contains commercially reasonable terms consistent with an arms-length transaction comparable to the continuance transaction which is the subject of such breach, this Loan Agreement. Agent is hereby irrevocably appointed the true and lawful attorney of Borrower (coupled with an interest), in its name and stead, to execute such an Interest Rate Protection Agreement and all necessary documents ancillary thereto, and for that purpose Agent may execute all necessary agreements and instruments, and may substitute one or more persons with like powerthereto (each of which shall be in a reasonable form), Borrower hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof consistent with the terms hereof, provided that Agent shall not exercise such power of attorney unless Borrower has failed to enter into an Interest Rate Protection Agreement in the form and content required pursuant to Section 2.7(a) or 2.7(b), as applicable following the expiration of the ten (10) Business Day cure period set forth in this Section 2.7(c). All sums paid and liabilities incurred by Agent pursuant to this Section 2.6 2.7 shall be paid by Borrower (and not from the proceeds of the Loan) within ten (10) Business Days days after Agent’s demand with interest at the Default Rate to the date of payment to Agent and such sums and liabilities, including such interestinterest until paid, shall be deemed and shall constitute advances under this Loan Agreement and be evidenced by the Note Notes and be secured by the Security Documents.

Appears in 1 contract

Samples: Loan Agreement (Sunstone Hotel Investors, Inc.)

Failure to Provide Interest Rate Protection. In the event that Borrower breaches its obligation to enter into and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof, in addition to Agent’s rights and remedies hereunder or under the other Loan Documents, Agent may, but shall have no obligation to, at Borrower’s sole cost and expense and on Borrower’s behalf, enter into an Interest Rate Protection Agreement as may be required pursuant to Section 2.6(a) hereof. In the event that Agent shall elect to enter into an Interest Rate Protection Agreement on Borrower’s behalf, such Interest Rate Protection Agreement, at Agent’s election, may be a Lender Interest Rate Protection Agreement. In Agent is, in the event that Borrower breaches its obligations obligation to enter into or and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof and such during the continuance of such breach, Agent is hereby irrevocably appointed the true and lawful attorney of Borrower (coupled with an interest), in its name and stead, to execute such an Interest Rate Protection Agreement and all necessary documents ancillary thereto, and for that purpose Agent may execute all necessary agreements and instruments, and may substitute one or more persons with like power, Borrower hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. All sums paid and liabilities incurred by Agent pursuant to this Section 2.6 shall be paid by Borrower (and not from the proceeds of the Loan) within ten (10) Business Days after Agent’s demand with interest at the Default Rate to the date of payment to Agent and such sums and liabilities, including such interest, shall be deemed and shall constitute advances under this Loan Agreement and be evidenced by the Note and be secured by the Security Documents.

Appears in 1 contract

Samples: Loan Agreement (Interstate Hotels & Resorts Inc)

Failure to Provide Interest Rate Protection. In the event that Borrower breaches its obligation to enter into and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof, or fails to deliver the evidence required pursuant to Section 2.6(c) hereof as and when required therein, in addition to Agent’s rights and remedies hereunder or under the other Loan Documents, Agent may, but shall have no obligation to, at Borrower’s sole cost and expense and on Borrower’s behalf, enter into an Interest Rate Protection Agreement as may be required pursuant to Section 2.6(a) hereof. In the event that Agent shall elect to enter into an Interest Rate Protection Agreement on Borrower’s behalf, such Interest Rate Protection Agreement, at Agent’s election, may be a Lender Interest Rate Protection Agreement. In the event that Borrower breaches its obligations to enter into or maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof and during the continuance of such breach, Agent is hereby irrevocably appointed the true and lawful attorney of Borrower (coupled with an interest), in its name and stead, to execute such an Interest Rate Protection Agreement and all necessary documents ancillary theretothereto in the event that Borrower breaches its obligation to enter into and maintain an Interest Rate Protection Agreement in full force and effect as set forth in Section 2.6(a) hereof or breaches its obligation to deliver to Agent the evidence required pursuant to Section 2.6(c) hereof as and when required therein and during the continuance of either of such breaches, and for that purpose Agent may execute all necessary agreements and instruments, and may substitute one or more persons with like power, Borrower hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. All sums paid and liabilities incurred by Agent pursuant to this Section 2.6 shall be paid by Borrower (and not from the proceeds of the Loan) within ten five (105) Business Days after Agent’s demand with interest at the Default Rate to the date of payment to Agent and such sums and liabilities, including such interest, shall be deemed and shall constitute advances under this Loan Agreement and be evidenced by the Note and be secured by the Security Loan Documents.

Appears in 1 contract

Samples: Loan Agreement (Interstate Hotels & Resorts Inc)

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