Common use of Mezzanine A Loan Defaults Clause in Contracts

Mezzanine A Loan Defaults. (a) Without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Pledgor from any of its obligations hereunder, if there shall occur any Mezzanine A Event of Default, and without regard to any other defenses or offset rights Mezzanine A Borrower may have against Mezzanine A Lender, Pledgor hereby expressly agrees that Lender shall have the immediate right, without notice to or demand on Pledgor or Mezzanine A Borrower, but shall be under no obligation: (i) to pay all or any part of the Mezzanine A Loan, and any other sums, that are then due and payable and to perform any act or take any action on behalf of Mezzanine A Borrower, as may be appropriate, to cause all of the terms, covenants and conditions of the Mezzanine A Loan Documents on the part of Mezzanine A Borrower to be performed or observed thereunder to be promptly performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute discretion, shall deem advisable to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral. Lender shall have no obligation to complete any cure or attempted cure undertaken or commenced by Lender. All sums so paid and the costs and expenses incurred by Lender in exercising rights under this Section (including, without limitation, reasonable attorneys’ and other professional fees), with interest at the Default Rate, for the period from the date of demand by Lender to Pledgor for such payments to the date of payment to Lender, shall constitute a portion of the Debt, shall be secured by the Pledge Agreement and shall be due and payable to Lender within two Business Days following demand therefor.

Mezzanine A Loan Defaults. (a) Without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Pledgor Borrower from any of its obligations hereunder, if there shall occur any Mezzanine A Event of Default, and without regard to any other defenses or offset rights Mezzanine A Borrower may have against Mezzanine A Lender, Pledgor hereby expressly agrees that Lender shall have the immediate right, without notice to or demand on Pledgor Borrower or Mezzanine A Borrower, but shall be under no obligation: (i) to pay all or any part of the Mezzanine A Loan, and any other sums, that are then due and payable and to perform any act or take any action on behalf of Mezzanine A Borrower, as may be appropriate, to cause all of the terms, covenants and conditions of the Mezzanine A Loan Documents on the part of Mezzanine A Borrower to be performed or observed thereunder to be promptly timely performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute discretion, Lender shall deem advisable reasonably determine to be necessary to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral. Lender shall have no obligation to complete any cure or attempted cure undertaken or commenced by Lender. All sums so paid and the costs and expenses incurred by Lender in exercising rights under this Section (including, without limitation, reasonable attorneys’ and other professional fees), with interest at the Default Rate, for the period from the date of demand by Lender to Pledgor Borrower for such payments to the date of payment to Lender, shall constitute a portion of the Debt, shall be secured by the Pledge Agreement and shall be due and payable to Lender within two Business Days ten (10) days following demand therefor.

Mezzanine A Loan Defaults. (a) Without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Pledgor Borrower from any of its obligations hereunder, if there shall occur any default under the Mezzanine A Event Loan Documents or if Mezzanine A Lender asserts that Mezzanine A Borrower has defaulted in the performance or observance of Defaultany terms, covenant or 00000000.0.XXXXXXXX 160 condition of the Mezzanine A Loan Documents (whether or not the same shall have continued beyond any applicable notice or grace periods, whether or not Mezzanine A Lender shall have delivered proper notice to Mezzanine A Borrower, and without regard to any other defenses or offset rights Mezzanine A Borrower may have against Mezzanine A Lender), Pledgor Borrower hereby expressly agrees that Lender shall have the immediate right, without notice to or demand on Pledgor Borrower or Mezzanine A Borrower, but shall be under no obligation: (i) to pay all or any part of the Mezzanine A Loan, and any other sums, that are then due and payable and to perform any act or take any action on behalf of Mezzanine A Borrower, as may be appropriate, to cause all of the terms, covenants and conditions of the Mezzanine A Loan Documents on the part of Mezzanine A Borrower to be performed or observed thereunder to be promptly performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute discretion, shall deem advisable to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral. Lender shall have no obligation to complete any cure or attempted cure undertaken or commenced by Lender. All sums so paid and the costs and expenses incurred by Lender in exercising rights under this Section (including, without limitation, reasonable attorneys’ and other professional fees), with interest at the Default Rate, for the period from the date of demand by Lender to Pledgor Borrower for such payments to the date of payment to Lender, shall constitute a portion of the Debt, shall be secured by the Pledge Agreement and shall be due and payable to Lender within two (12) Business Days following demand therefor.

Mezzanine A Loan Defaults. (a) Without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower or Leasehold Pledgor from any of its obligations hereunder, if there shall occur any default under the Mezzanine A Event of DefaultLoan Documents, Borrower and without regard to any other defenses or offset rights Mezzanine A Borrower may have against Mezzanine A Lender, Leasehold Pledgor each hereby expressly agrees that Lender shall have the immediate right, without prior notice to Borrower or demand on Pledgor or Mezzanine A BorrowerLeasehold Pledgor, but shall be under no obligation: (i) to pay all or any part of the Mezzanine A Loan, Loan and any other sums, sums that are then due and payable payable, and to perform any act or take any action on behalf of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Borrower and/or Mezzanine A Leasehold Pledgor as may be appropriate, to cause all of the terms, covenants and conditions of the Mezzanine A Loan Documents on the part of Mezzanine A Borrower or Mezzanine A Leasehold Pledgor to be performed or observed thereunder to be promptly performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute discretion, shall deem advisable to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral. Lender shall have no obligation to complete any cure or attempted cure undertaken or commenced by Lender. All sums so paid and the costs and expenses incurred by Lender in exercising rights under this Section 12.2 (including, without limitation, reasonable including attorneys’ and other professional fees)) (i) shall constitute additional advances of the Loan to Borrower, with (ii) shall increase the then unpaid Outstanding Principal Balance, (iii) shall bear interest at the Default Rate, Rate for the period from the date of demand by Lender to Pledgor for that such payments costs or expenses were incurred to the date of payment to Lender, (iv) shall constitute a portion of the Debt, (v) shall be secured by the Pledge Agreement and (vi) shall be due and payable to Lender within two five Business Days following written demand therefor.