Common use of Payments After Senior Loan Default or Bankruptcy Clause in Contracts

Payments After Senior Loan Default or Bankruptcy. Except for payments received by Equity Bridge Lender from a Permitted Payment Source: (i) Immediately upon Equity Bridge Lender’s receipt of Notice or actual knowledge of a Senior Mortgage Default, Equity Bridge Lender will not accept any payments of the Equity Bridge Indebtedness, and the provisions of Section 3(d) of this Agreement will apply. (ii) If Equity Bridge Lender receives any of the following, whether voluntarily or by action of law, after a Senior Mortgage Default of which Equity Bridge Lender has actual knowledge (or is deemed to have actual knowledge as provided in Section 4(c)) or has been given Notice, such will be received and held in trust for Senior Lender: (A) Any payment, property, or asset of any kind or in any form in connection with the Equity Bridge Indebtedness. (B) Any proceeds from any Enforcement Action. (C) Any payment, property, or asset in or in connection with any Bankruptcy Proceeding. (iii) Senior Lender or Funding Lender may pursue all rights and remedies available to it under the Senior Loan Documents, at law, or in equity, regardless of any Enforcement Action Notice or Enforcement Action by Equity Bridge Lender. No action or failure to act on the part of Senior Lender or Funding Lender in the event of a Equity Bridge Loan Default or commencement of an Enforcement Action will constitute a waiver on the part of Senior Lender or Funding Lender of any provision of the Senior Loan Documents or this Agreement. (iv) Equity Bridge Lender will promptly remit, in kind and properly endorsed as necessary, all such payments, properties, and assets described in Section 3(d)(ii) to Senior Lender. Senior Lender will apply any payment, asset, or property so received from Equity Bridge Lender to the Senior Indebtedness in such order, amount (with respect to any asset or property other than immediately available funds), and manner as Senior Lender determines in its sole and absolute discretion. Equity Bridge Lender designates and appoints, irrevocably and coupled with an interest, Senior Lender (and all persons and entities designated by Senior Lender) as Equity Bridge Lender’s true and lawful attorney-in-fact with power to endorse the name of Equity Bridge Lender upon any check or other instrument and to take any action necessary to collect any payment, property, or asset referred to in, or otherwise effectuate the provisions of, this Section 3(d).

Payments After Senior Loan Default or Bankruptcy. Except for payments received by Equity Bridge Lender from a Permitted Payment Source: (i) Immediately upon Equity Bridge LenderSubordinate Xxxxxx’s receipt of Notice or actual knowledge of a Senior Mortgage Default, Equity Bridge Subordinate Lender will not accept any payments of the Equity Bridge Subordinate Indebtedness, and the provisions of Section 3(d3(e) of this Agreement will apply. (ii) If Equity Bridge Lender Subordinate Xxxxxx receives any of the following, whether voluntarily or by action of law, after a Senior Mortgage Default of which Equity Bridge Subordinate Lender has actual knowledge (or is deemed to have actual knowledge as provided in Section 4(c)) or has been given Notice, such will be received and held in trust for Senior Lender: (A) Any payment, property, or asset of any kind or in any form in connection with the Equity Bridge Subordinate Indebtedness. (B) Any proceeds from any Enforcement Action. (C) Any payment, property, or asset in or in connection with any Bankruptcy Proceeding. (iii) Senior Lender or Funding Lender may pursue all rights and remedies available to it under the Senior Loan Documents, at law, or in equity, regardless of any Enforcement Action Notice or Enforcement Action by Equity Bridge Lender. No action or failure to act on the part of Senior Lender or Funding Lender in the event of a Equity Bridge Loan Default or commencement of an Enforcement Action will constitute a waiver on the part of Senior Lender or Funding Lender of any provision of the Senior Loan Documents or this Agreement. (iv) Equity Bridge Subordinate Lender will promptly remit, in kind and properly endorsed as necessary, all such payments, properties, and assets described in Section 3(d)(ii3(e)(ii) to Senior Lender. Senior Lender will apply any payment, asset, or property so received from Equity Bridge Subordinate Lender to the Senior Indebtedness in such order, amount (with respect to any asset or property other than immediately available funds), and manner as Senior Lender determines in its sole and absolute discretion. Equity Bridge Subordinate Lender designates and appoints, irrevocably and coupled couple with an interest, Senior Lender (and all persons and entities designated by Senior Lender) as Equity Bridge LenderSubordinate Xxxxxx’s true and lawful attorney-in-fact with power to endorse the name of Equity Bridge Subordinate Lender upon any check or other instrument and to take any action necessary to collect any payment, property, or asset referred to in, or otherwise effectuate the provisions of, this Section 3(d3(e).

Payments After Senior Loan Default or Bankruptcy. Except for payments received by Equity Bridge Lender from a Permitted Payment Source: (i) Immediately upon Equity Bridge Lender’s receipt of Notice or actual knowledge of a Senior Mortgage Default, Equity Bridge Lender will not accept any payments of the Equity Bridge Indebtedness, and the provisions of Section 3(d) of this Agreement will apply. (ii) If Equity Bridge Lender receives any of the following, whether voluntarily or by action of law, after a Senior Mortgage Default of which Equity Bridge Lender has actual knowledge (or is deemed to have actual knowledge as provided in Section 4(c)) or has been given Notice, such will be received and held in trust for Senior Lender: (A) Any payment, property, or asset of any kind or in any form in connection with the Equity Bridge Indebtedness. (B) Any proceeds from any Enforcement Action. (C) Any payment, property, or asset in or in connection with any Bankruptcy Proceeding. (iii) Senior Lender or Funding Lender may pursue all rights and remedies available to it under the Senior Loan Documents, at law, or in equity, regardless of any Enforcement Action Notice or Enforcement Action by Equity Bridge Lender. No action or failure to act on the part of Senior Lender or Funding Lender in the event of a an Equity Bridge Loan Default or commencement of an Enforcement Action will constitute a waiver on the part of Senior Lender or Funding Lender of any provision of the Senior Loan Documents or this Agreement. (iv) Equity Bridge Lender will promptly remit, in kind and properly endorsed as necessary, all such payments, properties, and assets described in Section 3(d)(ii) to Senior Lender. Senior Lender will apply any payment, asset, or property so received from Equity Bridge Lender to the Senior Indebtedness in such order, amount (with respect to any asset or property other than immediately available funds), and manner as Senior Lender determines in its sole and absolute discretion. Equity Bridge Lender designates and appoints, irrevocably and coupled with an interest, Senior Lender (and all persons and entities designated by Senior Lender) as Equity Bridge Lender’s true and lawful attorney-in-fact with power to endorse the name of Equity Bridge Lender upon any check or other instrument and to take any action necessary to collect any payment, property, or asset referred to in, or otherwise effectuate the provisions of, this Section 3(d).

Payments After Senior Loan Default or Bankruptcy. Except for payments received by Equity Bridge Lender from a Permitted Payment Source: (i) Immediately upon Equity Bridge Lender’s receipt of Notice or actual knowledge of a Senior Mortgage Default, Equity Bridge Lender will not accept any payments of the Equity Bridge Indebtedness, and the provisions of Section 3(d) of this Agreement will apply. (ii) If Equity Bridge Lender receives any of the following, whether voluntarily or by action of law, after a Senior Mortgage Default of which Equity Bridge Lender has actual knowledge (or is deemed to have actual knowledge as provided in Section 4(c)) or has been given Notice, such will be received and held in trust for Senior Lender: (A) Any payment, property, or asset of any kind or in any form in connection with the Equity Bridge Indebtedness. (B) Any proceeds from any Enforcement Action. (C) Any payment, property, or asset in or in connection with any Bankruptcy Proceeding. (iii) Senior Lender or Funding Lender may pursue all rights and remedies available to it under the Senior Loan Documents, at law, or in equity, regardless of any Enforcement Action Notice or Enforcement Action by Equity Bridge Lender. No action or failure to act on the part of Senior Lender or Funding Lender in the event of a an Equity Bridge Loan Default or commencement of an Enforcement Action will constitute a waiver on the part of Senior Lender or Funding Lender of any provision of the Senior Loan Documents or this Agreement. (iv) Equity Bridge Lender will promptly remit, in kind and properly endorsed as necessary, all such payments, properties, and assets described in Section 3(d)(ii) to Senior Lender. Senior Lender will apply any payment, asset, or property so received from Equity Bridge Lender to the Senior Indebtedness in such order, amount (with respect to any asset or property other than immediately available funds), and manner as Senior Lender determines in its sole and absolute discretion. Equity Bridge Lender designates and appoints, irrevocably and coupled with an interest, Senior Lender (and all persons and entities designated by Senior Lender) as Equity Bridge Lender’s true and lawful attorney-in-fact with power to endorse the name of Equity Bridge Lender upon any check or other instrument and to take any action necessary to collect any payment, property, or asset referred to in, or otherwise effectuate the provisions of, this Section 3(d).