Foreclosure in Lieu of Curing Default Sample Clauses

Foreclosure in Lieu of Curing Default. Notwithstanding any other provision of this Lease, a Lender under a Leasehold Encumbrance may forestall termination of this Lease by Landlord for a default under or breach of this Lease by Tenant by commencing proceedings to foreclose the Leasehold Encumbrance. The proceedings so commenced may be for foreclosure of the Leasehold Encumbrance by order of court or for foreclosure of the Leasehold Encumbrance under a power of sale contained in the Security Instrument. The proceedings shall not, however, forestall termination of this Lease by Landlord for the default or breach by Tenant unless all of the following conditions are met:
Sample 1
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Foreclosure in Lieu of Curing Default. Notwithstanding any other provision of this Lease, a Permitted Lender under a Leasehold Mortgage may forestall termination of this Lease by Lessor for a default under or breach of this Lease by Lessee by commencing proceedings to foreclose the Leasehold Mortgage and/or by filing for record a notice of default and election to sell. The proceedings so commenced may be for foreclosure of the Leasehold Mortgage by order of court or for foreclosure of the Leasehold Mortgage under a power of sale contained in the security instrument evidencing the Leasehold Mortgage. The proceedings shall not, however, forestall termination of this Lease by Lessor for the default or breach by Lessee unless:
Sample 1
Foreclosure in Lieu of Curing Default. Notwithstanding any other provision of this Lease, an Encumbrance Holder may forestall termination of this Lease by Lessor for a default under or breach of this Lease by Lessee by commencing proceedings to foreclose the Encumbrance. The proceedings so commenced may be for foreclosure of the Encumbrance by order of court or for foreclosure of the Encumbrance under a power of sale contained in the Security Instrument. The proceedings shall not, however, forestall termination of this Lease by Lessor for the default or breach by Lessee unless all of the following conditions are met:
Sample 1

Related to Foreclosure in Lieu of Curing Default

  • Notice of Event of Default If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay Rent, the Mortgagee shall give prompt written notice thereof to the Owner Trustee, the Owner Participant, Lessee, and each Note Holder. Subject to the terms of Sections 2.13, 4.03, 4.04, 4.08, 5.02 and 5.03 hereof, the Mortgagee shall take such action, or refrain from taking such action, with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of Section 5.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to the preceding provisions of this Section 5.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine advisable in the best interests of the Note Holders; PROVIDED, HOWEVER, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture, in the absence of Actual Knowledge on the part of the Mortgagee, the Owner Trustee or the Owner Participant, the Mortgagee, the Owner Trustee or the Owner Participant, as the case may be, shall not be deemed to have knowledge of a Default or an Event of Default (except, in the case of the Mortgagee, the failure of Lessee to pay any installment of Basic Rent within one Business Day after the same shall become due, if any portion of such installment was then required to be paid to the Mortgagee, which failure shall constitute knowledge of a Default) unless notified in writing by Lessee, the Owner Trustee, the Owner Participant or one or more Note Holders.

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