Common use of Loan Default Clause in Contracts

Loan Default. If a Permitted Financing Encumbrance or any loan secured by a Permitted Financing Encumbrance is in default at any time, then the Permitted Lender shall, as provided by Law, have the right, without City’s prior consent, to perform the following; provided that the Permitted Lender exercises such rights as to the whole of Permitted Lender’s interest in the Ground Lease, Project Implementation Agreement, and this Sublease and/or RIDA, as the case may be, and not portions thereof: (i) In the case of a Permitted Mortgage Lender, accept an Assignment of this Sublease in lieu of foreclosure or, in the case of a Permitted Mezzanine Lender, accept an assignment of its equity collateral resulting from an Equity Collateral Enforcement Action; or (ii) In the case of a Permitted Mortgage Lender, request that a court of competent jurisdiction appoint a receiver as to any or all of the Facility or cause a foreclosure sale to be held pursuant to either judicial proceedings, power of sale and/or foreclosure proceedings as provided in its Permitted Sublease Financing Encumbrance; (iii) In the case of a Permitted Mezzanine Lender, exercise such remedies as may be permitted by its Permitted Equity Financing Encumbrance or applicable Law; provided, however, that no Assignment or Transfer to the successful bidder (a “Foreclosure Purchaser”) that is neither a Permitted Lender, nor an Affiliate of a Permitted Lender that is a special purpose entity set up and operated by a Permitted Lender specifically to take and hold (directly or indirectly) title to the Site or the Mezzanine Interests (“SPE Lender Affiliate”) shall be effective without City’s prior written consent in accordance with Section 9.4 below.

Loan Default. If a Permitted Financing Encumbrance or any loan secured by a Permitted Financing Encumbrance is in default at any time, then the Permitted Lender shall, as provided by Law, have the right, without City’s Landlord's prior consent, to perform the following; provided that the Permitted Lender exercises such rights as to the whole of Permitted Lender’s interest in the Ground Lease, Project Implementation Agreement, and this Sublease and/or RIDA, as the case may be, and not portions thereofto: (ia) In the case of a Permitted Mortgage Lender, accept an Assignment of this Sublease Lease in lieu of foreclosure or, in the case of a Permitted Mezzanine Lender, accept an assignment of its equity collateral resulting from an Equity Collateral Enforcement Action; or (iib) In the case of a Permitted Mortgage Lender, request that a court of competent jurisdiction appoint a receiver as to any or all of the Facility Premises or Improvements or cause a foreclosure sale to be held pursuant to either judicial proceedings, power of sale and/or foreclosure proceedings as provided in its Permitted Sublease Financing Lease Encumbrance; (iiic) In the case of a Permitted Mezzanine Lender, exercise such remedies as may be permitted by its Permitted Equity Financing Encumbrance or applicable Law; provided, however, that no Assignment or Transfer to the successful bidder (a “"Foreclosure Purchaser”") that is neither a the Permitted Mortgage Lender, nor an Affiliate of a the Permitted Mortgage Lender that is a special purpose entity set up and operated by a Permitted Mortgage Lender specifically to take and hold (directly properties with respect to which Permitted Mortgage Lender has foreclosed or indirectly) title to the Site or the Mezzanine Interests taken a deed in lieu of foreclosure (“SPE Lender Affiliate”) shall be effective without City’s Landlord's prior written consent in accordance with Section 9.4 10.4 below.

Loan Default. If a Permitted Financing Encumbrance or any loan secured by a Permitted Financing Encumbrance is in default at any time, then the Permitted Lender shall, as provided by Law, have the right, without CityLandlord’s prior consent, to perform the following; , provided that the Permitted Lender exercises such rights as to the whole of Permitted Lender’s interest in the Ground Lease, Project Implementation Agreement, Lease and this Sublease Convention Center Subleases and/or RIDATenant, as the case may be, and not portions thereof: (ia) In the case of a Permitted Mortgage Lender, accept an Assignment of this Sublease Lease in lieu of foreclosure or, in the case of a Permitted Mezzanine Lender, accept an assignment of its equity collateral resulting from an Equity Collateral Enforcement Action; or (iib) In the case of a Permitted Mortgage Lender, request that a court of competent jurisdiction appoint a receiver as to any or all of the Facility Premises or Improvements or cause a foreclosure sale to be held pursuant to either judicial proceedings, power of sale and/or foreclosure proceedings as provided in its Permitted Sublease Lease Financing Encumbrance; (iiic) In the case of a Permitted Mezzanine Lender, exercise such remedies as may be permitted by its Permitted Equity Financing Encumbrance or applicable Law; ; (d) provided, however, that no Assignment or Transfer to the successful bidder (a “Foreclosure Purchaser”) that is neither a Permitted Lender, nor an Affiliate of a Permitted Lender that is a special purpose entity set up and operated by a Permitted Lender specifically to take and hold (directly or indirectly) title to the Site Premises or the Mezzanine Interests (“SPE Lender Affiliate”) shall be effective without CityLandlord’s prior written consent in accordance with Section 9.4 10.4 below.

Loan Default. If a Permitted Financing Encumbrance or any loan secured by a Permitted Financing Encumbrance is in default at any time, then the Permitted Lender shall, as provided by Law, have the right, without Cityany Public Entity’s prior consent, to perform the following; provided that the Permitted Lender exercises such rights as to the whole of Permitted Lender’s interest in the Ground Lease, the Sublease, and the Project Implementation Agreement, and this Sublease Agreement and/or RIDADeveloper, as the case may be, and not portions thereof: (ia) In the case of a Permitted Mortgage Lender, accept an Assignment of this Sublease the Project Implementation Agreement in lieu of foreclosure or, in the case of a Permitted Mezzanine LenderXxxxxx, accept an assignment of its equity collateral resulting from an Equity Collateral Enforcement Action; or (iib) In the case of a Permitted Mortgage Lender, request that a court of competent jurisdiction appoint a receiver as to any or all of the Facility or cause a foreclosure sale to be held pursuant to either judicial proceedings, power of sale and/or foreclosure proceedings as provided in its Permitted Sublease PIA Financing Encumbrance; (iiic) In the case of a Permitted Mezzanine Lender, exercise such remedies as may be permitted by its Permitted Equity Financing Encumbrance or applicable Law; provided, however, that no Assignment or Transfer to the successful bidder (a “Foreclosure Purchaser”) that is neither a Permitted Lender, nor an Affiliate of a Permitted Lender that is a special purpose entity set up and operated by a Permitted Lender specifically to take and hold (directly or indirectly) title to the Site Facility or the Mezzanine Interests (“SPE Lender Affiliate”) shall be effective without City’s the prior written consent or deemed consent of the Public Entities in accordance with Section 9.4 6 of this Annex I below.