Common use of Notice Prior to Rejection Clause in Contracts

Notice Prior to Rejection. Mezzanine Borrower shall cause Mortgage Borrower to give Mezzanine Lender not less than thirty (30) days prior written notice of the date on which Mortgage Borrower shall apply to any court or other Governmental Authority for authority and permission to reject an Operating Agreement in the event that there shall be filed by or against Mortgage Borrower any petition, action or proceeding under the Bankruptcy Code or under any other similar federal or state law now or hereafter in effect and if Mortgage Borrower determines to reject an Operating Agreement. Mezzanine Lender shall have the right, but not the obligation, to serve upon Mezzanine Borrower within such thirty (30) day period a notice stating that Mezzanine Lender demands that Mezzanine Borrower cause Mortgage Borrower to assume such Operating Agreement and assign same to Mortgage Lender subject to and in accordance with the Loan Agreement (Mortgage) and the Bankruptcy Code. If Mezzanine Lender serves upon Mezzanine Borrower the notice described above, Mezzanine Borrower shall not permit Mortgage Borrower to seek to reject such Operating Agreement and shall comply with the demand provided for in the preceding sentence within fifteen (15) days after the notice shall have been given by Mezzanine Lender.

Notice Prior to Rejection. Mezzanine Borrower or the Leasehold Holder shall cause Mortgage Borrower to give Mezzanine Lender Administrative Agent not less than thirty (30) days prior written notice of the date on which Mortgage Borrower or Leasehold Holder shall apply to any court or other Governmental Authority for authority and permission to reject an Operating any Management Agreement in the event that there shall be filed by or against Mortgage Borrower or Leasehold Holder any petition, action or proceeding under the Bankruptcy Code or under any other similar federal or state law now or hereafter in effect and if Mortgage Borrower or Leasehold Holder determines to reject an Operating the applicable Management Agreement. Mezzanine Lender shall have the right, but not the obligation, to serve upon Mezzanine Borrower or the Leasehold Holder within such thirty (30) day period a notice stating that Mezzanine Lender (i) Administrative Agent demands that Mezzanine Borrower cause Mortgage Borrower to or Leasehold Holder assume such Operating Agreement and assign same the applicable Management Agreement to Mortgage Lender Administrative Agent (or its designee) subject to and in accordance with the Loan Agreement (Mortgage) and the Bankruptcy Code, and (ii) Administrative Agent covenants to cure or provide reasonably adequate assurance thereof with respect to all defaults reasonably susceptible of being cured by Lender and of future performance under such Management Agreement. If Mezzanine Lender Administrative Agent serves upon Mezzanine Borrower or Leasehold Holder the notice described above, Mezzanine Borrower or the Leasehold Holder shall not permit Mortgage Borrower to seek to reject such Operating the applicable Management Agreement and shall comply with the demand provided for in the preceding sentence clause (i) above within fifteen (15) days after the notice shall have been given by Mezzanine LenderAdministrative Agent.