Common use of PERFORMANCE AND ENFORCEMENT Clause in Contracts

PERFORMANCE AND ENFORCEMENT. (a) The Issuer will faithfully observe and perform, or cause to be observed and performed, all its covenants, agreements, conditions and requirements contained in the Security Documents in accordance with the terms thereof and will maintain the validity and effectiveness of such instruments and the pledge thereof to the Trustee. The Issuer will not take any action, nor permit any action to be taken, that will release any party to such instruments from any of its obligations or liabilities thereunder, or will result in the termination, modification or amendment, or will impair the validity, of any such instruments, except as expressly provided for herein and therein. The Issuer will give the Trustee and the Servicer written notice of any default by any party to any of such instruments promptly after it becomes known to the Issuer. (b) Subject to the provisions of the Leases, the Mortgage and the Mezzanine Loan Agreement in the event of a casualty or condemnation resulting in the payment of any Proceeds, the Servicer shall hold such Proceeds as part of the Collateral in an Eligible Account (the "CASUALTY ACCOUNT"), in the name of the Servicer as agent for the Trustee and shall disburse or apply such Proceeds in accordance with the provisions of the Mortgage and the Mezzanine Loan Agreement.