Lease Defaults. In the event Landlord shall fail to perform or observe any of the terms, conditions or agreements in the Lease, Tenant shall give written notice thereof to Lender and Lender shall have the right (but not the obligation) to cure such default. Tenant shall not take any action with respect to such default under the Lease, including without limitation any action in order to terminate, rescind or avoid the Lease or to withhold any rent or other monetary obligations thereunder, for a period of thirty (30) days following receipt of such written notice by Lender; provided, however, that in the case of any default which cannot with diligence be cured within said thirty (30) day period, if Lender shall proceed promptly to cure such default and thereafter prosecute the curing of such default with diligence and continuity, the time within which such default may be cured shall be extended for such period as may be necessary to complete the curing of such default with diligence and continuity.
Lease Defaults. To the extent reasonably requested by the Servicer, the Administrative Agent shall coordinate and provide assistance on behalf of WEST and each other Managed Group Member with such party and outside counsel in a Lessee default or repossession situation.
Lease Defaults. Landlord further agrees to provide Lender with telephonic confirmation of any default or event of default under the Lease upon inquiry by Lender.
Lease Defaults. Landlord further agrees to provide Lessor written notice of any default or event of default under the Lease (each a "Default Notice") simultaneously with the giving of notice of the same to Tenant or, if no such notice is required under the Lease, at least thirty (30) days prior to the date Landlord would be entitled to terminate the Lease. Each such notice shall be sent to the address of Lessor set forth below the signature of Lessor on the last page hereof or such other address as Lessor may from time to time provide to Landlord, and shall be deemed delivered (i) in the case of notice by letter, five (5) business days after deposited in the United States mail registered and return receipt requested, (ii) in the case of notice by overnight courier, two (2) business days after delivery to such courier and (iii) in the case of notice given by telex or telecommunication, when given or sent with electronic confirmation of receipt. During any time period when Tenant is in default under the Lease, Lessor shall have the option, but not the obligation, to cure any such default. Landlord shall accept such cure if it occurs within thirty (30) days after Lessor has received the relevant Default Notice as fully as if Tenant had fully performed its obligation under the Lease. Upon curing any such default, Lessor shall be subrogated to the rights of Landlord against Tenant and, as between Landlord and Tenant, such cured defaults shall no longer exist.
Lease Defaults. Lessee shall furnish, following the Document Closing Date and until the termination of the Lease, to Certificate Trustee, Administrative Agent and each Participant a certificate of Lessee signed by a Responsible Officer of Lessee promptly after Lessee obtains knowledge that there exists a Lease Default, Lease Event of Default or Construction Agency Event of Default, which such certificate shall describe such Lease Default in reasonable detail, with a statement of Lessee's action with respect thereto taken or proposed to be taken.
Lease Defaults. Both Borrower and Landlord agree and represent to Lender that, to the best of their knowledge, there is no breach or offset existing under the Lease or under any other agreement between Borrower and Landlord. Landlord agrees not to terminate the Lease, despite any default by Borrower, without giving Lender written notice of the default and an opportunity to cure the default within a period of sixty (60) days from the receipt of the notice. If the default is one that cannot reasonably be cured by Lender (such as insolvency, bankruptcy, or other judicial proceedings against Borrower), then Landlord will not terminate the Lease so long as Landlord receives all sums due under the Lease for the period during which Lender is in possession of the Premises, or so long as Lender reassigns the Lease to a new lessee reasonably satisfactory to Landlord.
Lease Defaults. Any of the following acts or occurrences shall constitute a default hereunder (each, a "Lease Default"):
(a) on any Deposit Date, the Program Lessee shall fail to make, or cause to be made, to the Program Lessor, or the Indenture Trustee or Origination Trustee, as the case may be, in lieu of the Program Lessor, the Lease Payment due on such Deposit Date, and such default shall continue for a period of 15 days or more after written notice thereof shall have been given to the Program Lessee by the Program Lessor;
(b) the Program Lessee shall breach a material representation or warranty, or fail to perform any covenant contained in Articles Two or Five;
(c) the Program Lessee shall default in the due performance and observance of any of its covenants or agreements in this Agreement, which default materially and adversely affects the rights of the Program Lessor or its interest in the 99% 2001-A Vehicle SUBI Certificate or the 99% 2001-A Lease SUBI Certificate, and such default shall continue for a period of 30 days after written notice thereof shall have been given to the Program Lessee by the Program Lessor;
(d) any representation, warranty or statement of the Program Lessee made in this Agreement or any other Basic Document, or any certificate, report or other writing delivered pursuant to this Agreement or an Administration Supplement shall prove to have been incorrect when made, which has a material adverse effect on the Program Lessor or its interest in the 99% 2001-A Vehicle SUBI Certificate or the 99% 2001-A Lease SUBI Certificate and such material adverse effect shall continue for a period of 30 days after written notice thereof shall have been given to the Program Lessee by the Program Lessor or by the Indenture Trustee;
(i) the existence of any proceeding or action involving, or the entry of a decree or order for relief by a court or regulatory authority having jurisdiction over the
Lease Defaults. Both Borrower and Landlord agree and represent to Lender that, to the best of their knowledge, there is no breach or offset existing under the Lease or under any other agreement between Borrower and Landlord. Xxxxxxxx agrees not to terminate the Lease, despite any default by Xxxxxxxx, without giving Xxxxxx written notice of the default and an opportunity to cure the default within a period of sixty (60) days from the receipt of the notice. If the default is one that cannot reasonably be cured by Xxxxxx (such as insolvency, bankruptcy, or other judicial proceedings against Borrower), then Landlord will not terminate the Lease so long as Landlord receives all sums due under the Lease for the period during which Lender is in possession of the Premises, or so long as Lender reassigns the Lease to a new lessee reasonably satisfactory to Landlord. DISCLAIMER OF INTEREST: Xxxxxxxx agrees that any lien or claim it may now have or may hereafter have in the Collateral will at all times be subject and subordinate to Xxxxxx’s security interest (or other present or future interest) in the Collateral and will be subject to the rights granted by Landlord to Lender in this Agreement.
Lease Defaults. If any act or omission of Former Landlord or its successor-in-interest would give Tenant the right, either immediately or after lapse of time, to terminate the Lease, Tenant shall not exercise such right to terminate the Lease until: (a) Tenant shall have given written notice of such act or omission to Former Landlord and Lender; (b) Former Landlord shall have failed to remedy same within the time period stated in the Lease for effecting such cure (or, if no such time period is specified, within no more than thirty (30) days after receipt of such written notice); and (c) Lender (or, if applicable, Successor Landlord) shall not have cured such default within the time period in the preceding clause (b) for Landlord’s cure plus sixty (60) days; provided this Paragraph shall not apply to or limit in any way, Tenant’s termination rights or otherwise extend the time period for the exercise of such termination rights (nor the date any termination is effective), under Article XVII or Article XVIII of the Lease.
Lease Defaults. To the Partnership’s Knowledge, except for defaults cured and except as set forth on Schedule 7.1(E)(ii) attached hereto and incorporated herein by this reference, Partnership has neither (1) received any written notice from any Tenant of the Real Property asserting or alleging that Partnership is in default under such Tenant’s Lease, nor (2) sent to any Tenant of the Real Property any written notice alleging or asserting that such Tenant is in default under such Tenant’s Lease. To the Partnership’s Knowledge, there exists no material default under any Lease that is material to the continued operation of the Hotel.
