Common use of OBLIGATIONS OF LENDER AND SUCCESSORS Clause in Contracts

OBLIGATIONS OF LENDER AND SUCCESSORS. No Lender, in the exercise of its rights under this Agreement, shall solely on account of such exercise be deemed to be an assignee or transferee or mortgagee in possession of the Leased Premises so as to require such Lender to assume or otherwise be obligated to perform any of FirstWorld's obligations under this Agreement except when, and then only for matters accruing while, such Lender has entered into possession of the Leased Premises in the exercise of its remedies under its Financing Encumbrance (as distinct from its rights under this Agreement to cure any Events of Default or exercise Lender's Cure Rights). Except for pre-existing uncured monetary defaults of FirstWorld, which any Lender (or purchaser at foreclosure sale) shall be obligated to cure upon becoming the owner of FirstWorld's rights hereunder, no Lender (or purchaser at a foreclosure sale held pursuant to a Financing Encumbrance) shall be liable under this Agreement unless and until such time as it becomes, and in the case of the Lender only for matters accruing while it remains, the owner of the interest of FirstWorld in and to the Leased Premises under this Agreement after foreclosure or an assignment in lieu thereof. During such time, and for matters accruing while any Lender is in possession of the Leased Premises, Lender shall be fully liable and responsible for all obligations under the terms and provisions of this Agreement. Except as to pre-existing uncured monetary defaults of FirstWorld, which any purchaser shall be obligated to cure, any purchaser from a Lender after the Lender's foreclosure or acceptance of an assignment in lieu of foreclosure shall only be liable under this Agreement from and after the time it becomes the owner of the interests of FirstWorld in and to the Leased Premises under this Agreement.

OBLIGATIONS OF LENDER AND SUCCESSORS. No Lender, in the exercise of its rights under this Agreement, shall solely on account of such exercise be deemed to be an assignee or transferee of FirstWorld, or mortgagee in possession of the Leased Premises License, so as to require such Lender to assume or otherwise be obligated to perform any of FirstWorld's obligations under this Agreement except when, and then only for matters accruing while, such Lender has entered into possession of the Leased Premises License in the exercise of its remedies under its a Financing Encumbrance (as distinct from its rights under this Agreement to cure any Events of Default or exercise Lender's Cure Rights). Except for pre-existing uncured monetary defaults of FirstWorld, which any Lender (or purchaser at foreclosure sale) shall be obligated to cure upon becoming the owner of FirstWorld's rights hereunder, no Lender (or purchaser at a foreclosure sale held pursuant to a Financing Encumbrance) shall be liable under this Agreement unless and until such time as it becomes, and in the case of the Lender only for matters accruing while it remains, the owner of the interest of FirstWorld in and to the Leased Premises under this Agreement License or FirstWorld's rights hereunder after foreclosure or an assignment in lieu thereof. During such time, and for matters accruing while any Lender is in possession the owner of the Leased PremisesFirstWorld's rights hereunder, Lender shall be fully liable and responsible for all obligations under the terms and provisions of this Agreement. Except as to pre-existing uncured monetary defaults of FirstWorld, which any purchaser shall be obligated to cure, any purchaser from a Lender after the Lender's foreclosure or acceptance of an assignment in lieu of foreclosure shall only be liable under this Agreement from and after the time it becomes the owner of the interests of FirstWorld in and to the Leased Premises License under this Agreement.