Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 6 contracts
Samples: Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp)
Rents. By the terms of the various Security Documents, certain Restricted Persons Loan Parties are and will be assigning to Administrative Agent, for the benefit of Lender Secured Parties, all of the "“Rents" ” (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Event of Default has occurred and is continuing, (ia) such Restricted Persons Loan Parties may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (iib) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a an Event of Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons Loan Parties or to receive directly from the payors of such Rents all other Rents until such time as such Event of Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a an Event of Default, then it shall notify the Borrower thereof and (ia) upon request and pursuant to the instructions of the Borrower, it shall, if no Event of Default is then continuing, remit such proceeds to the Borrower and (iib) at the request and expense of the Borrower, execute and deliver a letter to such payors confirming Restricted Persons' Loan Parties’ right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons Loan Parties constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 4 contracts
Samples: Credit Agreement (SemGroup Energy Partners, L.P.), Credit Agreement (SemGroup Energy Partners, L.P.), Credit Agreement (SemGroup Energy Partners, L.P.)
Rents. By Landlord and Tenant jointly and severally acknowledge that the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, Lease Assignment provides for the benefit direct payment to Lender of Lender Parties, all of the "Rents" (as defined therein) accruing rents and other monies due and to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue become due to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created Landlord under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon Lease upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted certain conditions as set forth in the Lease Assignment without Lender's taking possession of the Demised Premises or otherwise assuming Landlord's position or any of Landlord's obligations under the Security DocumentsLease. Upon receipt from Lender of written notice to pay all such rents and other monies to or at the direction of Lender, including Landlord authorizes and directs Tenant thereafter to make all such payments to or at the right direction of Lender, releases Tenant of any and all liability to obtain possession of Landlord for any and all Rents then held payment so made, and shall defend, indemnify and hold Tenant harmless from and against any and all claims, demands, losses, or liabilities asserted by, through or under Landlord (except by such Restricted Persons or to receive directly from the payors Lender) for any and all payments so made. Upon receipt of such Rents notice, Tenant thereafter shall pay all other Rents until such time as such Default is no longer continuing. If monies then due and becoming due from Tenant under the Administrative Agent shall receive Lease to or at the direction of Lender, notwithstanding any Rent proceeds from any payor at any time other than during provision of the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant Lease to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agentcontrary. In no case shall any failure, whether purposed Tenant agrees that neither Lender's demanding or inadvertent, by Administrative Agent to collect directly receiving any such Rents constitute in payments, nor Lender's exercising any way a waiverother right, remission remedy, privilege, power or release immunity granted by the Mortgage or the Lease Assignment, will operate to impose any liability upon Lender for performance of any obligation of its rights Landlord under the Security Documents, nor Lease unless and until Lender elects otherwise in writing. Such payments shall continue until Lender directs Tenant otherwise in writing. Tenant agrees not to pay any release rent under the Lease more than 30 days in advance without Lender's consent. The provisions of any Rents by Administrative Agent this Paragraph 7 will apply from time to such Restricted Persons constitute a waiver, remission, or release time throughout the term of any other Rents or of any rights of Administrative Agent to collect other Rents thereafterthe Lease.
Appears in 3 contracts
Samples: Lease Agreement (Brooks Automation Inc), Lease Agreement (Abovenet Communications Inc), Lease Agreement (Brooks Automation Inc)
Rents. By the terms of the various Security Documents, ----- certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 3 contracts
Samples: Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp), Credit Agreement (Plains All American Pipeline Lp)
Rents. By the terms A. All of the various Security Documentsrents, certain Restricted Persons royalties, issues, profits, revenue, income and other benefits of the Mortgaged Property, arising from the use or enjoyment of all or any portion thereof or services provided in connection therewith, or from any Tenant Lease or agreement pertaining thereto, whether now due, past due, or to become due, and including all prepaid rents and security deposits (the “Rents”), are hereby absolutely, presently and will unconditionally assigned, transferred, conveyed and set over to Beneficiary to be assigning applied by Beneficiary in payment of the principal and interest and all other sums payable on the Obligations, and of all other sums payable under this Deed of Trust.
B. Grantor agrees and stipulates that the absolute, present, and unconditional assignment of the Rents herein to Administrative AgentBeneficiary perfects Beneficiary’s interest in the Rents and that no further act by Beneficiary is needed to perfect Beneficiary’s interest in the Rents.
C. Beneficiary shall not, for the benefit of Lender Partiesany purpose or under any circumstance, all of the "Rents" (as defined therein) accruing be deemed to be a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the property covered thereby. Notwithstanding Mortgaged Property or the use, occupancy, enjoyment or operation of all or any such assignmentsportion thereof, so long as no Default has occurred unless and is continuinguntil Beneficiary, (i) such Restricted Persons may continue to receive in person or by agent, assumes actual possession thereof.
D. Without the prior written consent of Beneficiary, Grantor shall not take action that might impair Beneficiary’s rights and collect from the payors of such Rents all such Rents, subject, however, interest with respect to the Liens created under Rents. A default by Grantor in the Security Documentsperformance of any covenant in any Tenant Lease assigned to Beneficiary, by reason of which Liens are hereby affirmed and ratified, and free and clear of such Liens, use default the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including tenant has the right to obtain possession of all Rents then held by cancel such Restricted Persons Tenant Lease or to receive directly from claim any diminution of or offset against future rents, shall, at the payors option of Beneficiary, constitute an Event of Default hereunder.
E. Any Tenant Leases entered into by Grantor after the Closing Date shall contain a provision satisfactory to Beneficiary that in the event of the exercise of the private power of sale or a judicial foreclosure hereunder, such Tenant Lease, at the sole and exclusive option of the purchaser at such sale, shall not be terminated and the tenant thereunder shall attorn to such purchaser and, if requested to do so, shall enter into a new Tenant Lease for the balance of the term of such Rents all other Rents until such time as such Default is no longer continuing. If Tenant Lease then remaining upon the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof same terms and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafterconditions.
Appears in 3 contracts
Samples: Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Crimson Wine Group, LTD), Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Crimson Wine Group, LTD), Trust Deed, Assignment of Rents, Security Agreement and Fixture Filing (Crimson Wine Group, LTD)
Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Collateral Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Collateral Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Collateral Agent. Upon the occurrence of a Default, Administrative Collateral Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Collateral Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Collateral Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Collateral Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Collateral Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Collateral Agent to collect other Rents thereafter.
Appears in 2 contracts
Samples: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Rents. By All collected rents shall be prorated for the terms month of Closing based on the actual number of calendar days in such month between Seller and Buyer as of 12:01 a.m. on the Closing Date. Seller shall be entitled to all rents attributable to the period up to but not including the Closing Date. Buyer shall be entitled to all rents attributable to any period on and after the Closing Date. Rents not collected as of the various Security DocumentsClosing Date shall not be prorated at the time of Closing. After Closing, certain Restricted Persons are and will be assigning Buyer shall make a good faith effort for a period not less than ninety (90) days to Administrative Agent, for the benefit of Lender Parties, all collect any rents not collected as of the "Rents" Closing Date on Seller’s behalf and to tender the same to Seller upon receipt (as defined which obligation of Buyer shall survive the Closing and not be merged therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject); provided, however, that all rents collected by Buyer on or after the Closing date shall first be applied to all amounts due under the Leases at the time of collection (i.e., current rents and sums due Buyer as the current owner and landlord) with the balance (if any) payable to Seller, but only to the Liens created under extent of amounts delinquent and actually due Seller (and prorated between Seller and Buyer based upon the Security Documents, which Liens are hereby affirmed Closing Date as previously calculated for collected rents). Seller agrees that the invoicing of delinquent tenants on a monthly basis shall constitute a good faith effort and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will Buyer shall not notify the obligors of such Rents or take any other action be obligated to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of enforce its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remissionLeases, or release threaten such enforcement, or to bring any proceedings in a court of any other Rents law or of any rights of Administrative Agent equity. Buyer shall not have an exclusive right to collect other Rents thereafterthe sums due Seller under the Leases, and Seller hereby retains its rights to pursue any tenant under the Leases for sums due Seller for periods attributable to Seller’s ownership of the Property; provided, however, that Seller (i) shall be required to notify Buyer in writing of its intention to commence or pursue such legal proceedings; (ii) shall only be permitted to commence or pursue any legal proceedings after the date which is three (3) months after Closing and shall commence such proceeding, if at all, prior to the 1st anniversary of the Closing Date; and (iii) shall not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or the termination of the underlying lease. The terms of the immediately preceding sentence shall survive the Closing and not be merged therein.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (NTS Realty Holdings Lp), Purchase and Sale Agreement (NTS Realty Holdings Lp)
Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 1 contract
Samples: Credit Agreement (Genesis Energy Lp)
Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case 004726 000020 DALLAS 1786243.3 SECOND AMENDED AND RESTATED CREDIT AGREEMENT [CONFORMED THROUGH AUGUST 2004] shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 1 contract
Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify US Borrower thereof and (i) upon request and pursuant to the instructions of US Borrower, it shall, if no Default is then continuing, remit such proceeds to the US Borrower and (ii) at the request and expense of US Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 1 contract
Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, 2.05 For so long as no any amounts due under any Series A Purchase Note remain unpaid and as additional security, Trustor gives and confers upon Beneficiary the right, power and authority to collect all of Trustor's right, title and interest in any income, rents, issues and profits of Trustor's right, title and interest in and to the Transmission Easements and Agreements; provided, however, until the occurrence of an event of default in respect of Trustor under this Deed of Trust as provided in Paragraph 4.01 (hereinafter an "Event of Default"), Trustor reserves the right to collect any such income, rents, issues and profits as they become due and payable. When such Event of Default in respect of Trustor has occurred and is continuing, (i) such Restricted Persons Beneficiary may continue at any time, either in person, by agent or by a receiver to receive be appointed by a court of competent jurisdiction, and collect from the payors of such Rents all such Rents, subject, however, without regard to the Liens created under adequacy of any security for the Security Documentsobligations secured by this Deed of Trust, which Liens are hereby affirmed sue for or otherwise collect such income, rents, issues and ratifiedprofits (xxcluding any past due and unpaid) and apply that collected, less costs of collection including reasonable attorney's fees, against the obligations secured by this Deed of Trust in such order as Beneficiary may determine. It is understood and free agreed that neither the foregoing assignment of income, rents, issues and clear of such Liens, use profits to Beneficiary nor the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release Beneficiary of any of its rights or remedies under this Paragraph 2.05 or Paragraph 3.01 shall be deemed to make Beneficiary a "mortgagee-in-possession" or otherwise responsible or liable in any manner with respect to Trustor's right, title and interest in and to the Security DocumentsTransmission Easements and Agreements or the use or enjoyment of Trustor's right, nor shall any release title and interest in and to the Transmission Easements and Agreements, subject to the conditions of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.Paragraph 5.02. BOOK 6520 PAGE 1606
Appears in 1 contract
Samples: Deed of Trust (Zond Windsystem Partners LTD Series 85-A)
Rents. By The rents, deposits, delinquencies, credits and other income and charges set forth in the terms Rent Roll are true and correct as of the various Security Documentsdate of this Agreement, certain Restricted Persons are and will be assigning to Administrative Agentand, except as otherwise noted in the Rent Roll, the same have been actually received for the benefit month immediately preceding the date of Lender Partiessuch Rent Roll, all as modified by any accounts receivable aging attached to the Rent Roll. No space is occupied rent free or by any employee of Seller except as disclosed in the Rent Roll. Except as expressly set forth in the Rent Roll, no Tenant under any of the "Rents" (as defined therein) accruing Leases is entitled to any option, termination right, concessions, allowances, set-offs, rebates, free rent or refunds or has prepaid any rents or other amounts due under any of the Leases for more than the current month; none of the Leases and none of the rents or other amounts payable thereunder have been assigned, pledged or encumbered, except in connection with loans or obligations which assignments, pledges or encumbrances shall be released of record and reconveyed prior to the property covered therebyClosing. Notwithstanding any such assignmentsExcept as expressly set forth in the Rent Roll, so long as no Default Tenant has occurred and is continuing, (i) such Restricted Persons may continue notified Seller or Property Manager in writing of its intent to receive and collect from terminate its Lease prior to expiration of the payors term of such Rents all such Rents, subject, however, to Lease. All of the Liens created under the Security Documents, which Liens Leases are hereby affirmed and ratified, and free and clear of any right or interest of any real estate broker or any other person (whether or not such Liens, use brokers or other persons have negotiated the proceeds Leases or have contracted with the Seller for the collection of the Rentsrents thereunder); and no brokerage or leasing commission or other compensation is or will be due or payable to any person, and (ii) the Administrative Agent will not notify the obligors of such Rents firm, corporation or take any other action entity with respect to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release on account of any of its rights under the Security Documents, nor shall Leases or any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, extensions or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafterrenewals thereof.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Strategic Student & Senior Housing Trust, Inc.)
Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, 2.05 For so long as no any amounts due under any Series B Purchase Note remain unpaid and as additional security, Trustor gives and confers upon Beneficiary the right, power and authority to collect all of Trustor's right, title and interest in any income, rents, issues and profits of Trustor's right, title and interest in and to the Transmission Easements and Agreements; provided, however, until the occurrence of an event of default in respect of Trustor under this Deed of Trust as provided in Paragraph 4.01 (hereinafter an "Event of Default"), Trustor reserves the right to collect any such income, rents, issues and profits as they become due and payable. When such Event of Default in respect of Trustor has occurred and is continuing, (i) such Restricted Persons Beneficiary may continue at any time, either in person, by agent or by a receiver to receive be appointed by a court of competent jurisdiction, and collect from the payors of such Rents all such Rents, subject, however, without regard to the Liens created under adequacy of any security for the Security Documentsobligations secured by this Deed of Trust, which Liens are hereby affirmed sue for or otherwise collect such income, rents, issues and ratifiedprofits (xxcluding any past due and unpaid) and apply that collected, less costs of collection including reasonable attorney's fees, against the obligations secured by this Deed of Trust in such order as Beneficiary may determine. It is understood and free agreed that neither the foregoing assignment of income, rents, issues and clear of such Liens, use profits to Beneficiary nor the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release Beneficiary of any of its rights or remedies under this Paragraph 2.05 or Paragraph 3.01 shall be deemed to make Beneficiary a "mortgagee-in-possession" or otherwise responsible or liable in any manner with respect to Trustor's right, title and interest in and to the Security DocumentsTransmission Easements and Agreements or the use or enjoyment of Trustor's right, nor shall any release title and interest in and to the Transmission Easements and Agreements, subject to the conditions of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.Paragraph 5.02. BOOK 6520 PAGE 1642
Appears in 1 contract
Samples: Deed of Trust (Zond Windsystem Partners LTD Series 85-B)
Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and and
(i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 1 contract
Rents. By the terms of the various Security Documents, ----- certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify US Borrower thereof and (i) upon request and pursuant to the instructions of US Borrower, it shall, if no Default is then continuing, remit such proceeds to the US Borrower and (ii) at the request and expense of US Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 1 contract
Rents. By Assignor hereby presently, absolutely and unconditionally grants, transfers and assigns to Assignee all right, title and interest of Assignor in and to any and all rents, subrents, issues and royalties of and from the terms Property (“Rents”). It is the intention of Assignor to establish a present, absolute and irrevocable transfer and assignment to Assignee of all Rents and to authorize and empower Assignee to collect and receive all Rents without the necessity of further action on the part of the various Security DocumentsAssignor. Promptly upon request by Xxxxxxxx, certain Restricted Persons are Xxxxxxxx agrees to execute and will deliver such further assignments as Assignee may from time to time require. Assignor and Assignee intend this assignment of Rents to be assigning immediately effective and to Administrative Agentconstitute an absolute present assignment and not an assignment for additional security only. For purposes of giving effect to this absolute assignment of rents, and for no other purpose, Rents shall not be deemed to be a part of the Property. However, if this present, absolute and unconditional assignment of Rents is not enforceable by its terms under the laws of the State of Iowa, then the Rents shall be included as part of the Property and Mortgaged Property and it is the intention of the Assignor that in this circumstance this Assignment create and perfect a lien on Rents in favor of Assignee, which lien shall be effective as of the date of this Assignment. Until the occurrence of an Event of Default, Assignee hereby grants Assignor a revocable license to collect and receive all such Rents which become payable prior to an Event of Default, to hold all Rents in trust for the benefit of Lender Parties, Assignee and to apply all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds terms of the Rents, Loan Agreement and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative AgentMortgage. Upon the occurrence of a Defaultan Event of Default and upon Assignee’s election to collect the rents, Administrative Agent may exercise all rights subrents, issues, royalties, income and remedies granted under the Security Documentsprofits as hereinafter provided, including Assignor’s license to collect Rents shall automatically terminate and the right to obtain collect and use any of such proceeds shall cease, and Assignee shall have the right, with or without taking possession of the Property, and either in person, by agent, or through a court-appointed receiver (Assignor hereby consents to the appointment of Assignee or Assignee’s designee as such receiver), to sue for or otherwise collect all Rents then held by such Restricted Persons rents, subrents, issues, royalties, income, and profits, including those past due and unpaid. Any sums so collected, after the deduction of all reasonable costs and expenses of operation and collection, including attorney fees (regardless of the particular nature thereof and whether incurred with or to receive directly from without suit or before or after judgment), shall be applied toward the payors payment of any and all amounts due under the Note, the Contract and the Mortgage (collectively, the “Obligations”). Such right of collection and use of such Rents proceeds by Assignee shall exist both before and after the exercise of the power of sale provisions of the Mortgage, foreclosure of the Mortgage and throughout any period of redemption. The rights granted under this Section 1.1 shall in no way be dependent upon and shall apply without regard to whether all or a portion of the Property is in danger of being lost, removed, or materially injured, or whether the Property or any other Rents until such time as such Default security is no longer continuingadequate to discharge the Obligations. If the Administrative Agent shall receive any Rent proceeds from any payor Assignee’s failure or discontinuance at any time to collect any of such proceeds shall not in any manner affect the right, power, and authority of Assignee thereafter to collect the same. Neither any provision contained herein, nor Assignee’s exercise of Assignee’s right to collect such proceeds, shall be, or be construed to be, an affirmation by Assignee of any tenancy, lease, sublease, option, or other than during interest in the Property, or an assumption of liability under, or subordination of the lien or charge of the Mortgage to, any tenancy, lease, sublease, option, or other interest in the Property. At any time on or after the date of Assignee’s demand for Rents in accordance with this Section 1.1, Assignee may give, and Assignor hereby irrevocably authorizes Assignee to give, notice to all tenants of the Property instructing them to pay all Rents to Assignee. No tenant shall be obligated to inquire further as to the occurrence or continuance of an Event of Default and no tenant shall be obligated to pay to Assignor any amounts which are actually paid to Assignee in response to such a Defaultnotice. Any such notice by Assignee shall be delivered to each tenant personally, then it by mail or by delivering such demand to each rental unit. Assignor shall notify Borrower not interfere with and shall cooperate with Assignee’s collection of such Rents. All tenants, lessees, sublessees and other persons which have any obligation to make any payment to Assignor in connection with the Property or any portion thereof are hereby authorized and (i) upon request directed to pay the rents, subrents, issues, royalties, income, and pursuant profits payable by them with respect to the instructions Property, or any part thereof, directly to Assignee on the demand of BorrowerAssignee, it shallin accordance with this Section 1.1. Assignee’s receipt of such rents, if no Default subrents, issues, royalties, income, and profits shall be a good and sufficient discharge of the obligation of the tenant, lessee, sublessee, or other person concerned to make the payment connected with the amount so received by Assignee. When all of the Obligations have been fully satisfied and such satisfaction is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver evidenced by a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or recorded release of any the Mortgage, this assignment shall no longer be of its rights under the Security Documents, nor effect and shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafterbe void.
Appears in 1 contract
Samples: Assignment of Leases and Rents
Rents. By Landlord and Tenant jointly and severally acknowledge that the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, ----- Lease Assignment provides for the benefit direct payment to Lender of Lender Parties, all of the "Rents" (as defined therein) accruing rents and other monies due and to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue become due to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created Landlord under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon Lease upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted certain conditions as set forth in the Lease Assignment without Lender's taking possession of the Demised Premises or otherwise assuming Landlord's position or any of Landlord's obligations under the Security DocumentsLease. Upon receipt from Lender of written notice to pay all such rents and other monies to or at the direction of Lender, including Landlord authorizes and directs Tenant thereafter to make all such payments to or at the right direction of Lender, releases Tenant of any and all liability to obtain possession of Landlord for any and all Rents then held payment so made, and shall defend, indemnify and hold Tenant harmless from and against any and all claims, demands, losses, or liabilities asserted by, through or under Landlord (except by such Restricted Persons or to receive directly from the payors Lender) for any and all payments so made. Upon receipt of such Rents notice, Tenant thereafter shall pay all other Rents until such time as such Default is no longer continuing. If monies then due and becoming due from Tenant under the Administrative Agent shall receive Lease to or at the direction of Lender, notwithstanding any Rent proceeds from any payor at any time other than during provision of the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant Lease to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agentcontrary. In no case shall any failure, whether purposed Tenant agrees that neither Lender's demanding or inadvertent, by Administrative Agent to collect directly receiving any such Rents constitute in payments, nor Lender's exercising any way a waiverother right, remission remedy, privilege, power or release immunity granted by the Mortgage or the Lease Assignment, will operate to impose any liability upon Lender for performance of any obligation of its rights Landlord under the Security DocumentsLease, nor except as set forth in Paragraph 5 of this Agreement and except as Lender elects otherwise in writing. Such payments shall continue until Lender directs Tenant otherwise in writing. Tenant agrees not to pay any release rent under the Lease more than 30 days in advance without Lender's consent. The provisions of any Rents by Administrative Agent this Paragraph 7 will apply from time to such Restricted Persons constitute a waiver, remission, or release time throughout the term of any other Rents or of any rights of Administrative Agent to collect other Rents thereafterthe Lease.
Appears in 1 contract
Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify SECOND AMENDED AND RESTATED CREDIT AGREEMENT Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 1 contract
Rents. By the terms of the various Security Documents, certain Restricted Persons Loan Parties are and will be assigning to Administrative Agent, for the benefit of Lender PartiesLenders, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons Loan Parties may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons Loan Parties or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted PersonsLoan Parties' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons Loan Parties constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 1 contract
Samples: Credit Agreement (Genesis Energy Lp)
Rents. By the terms of the various Security Documents, certain Restricted Persons the Loan Parties are and will be assigning to Administrative Agent, for the benefit of Lender PartiesAdministrative Agent, L/C Issuer and Lenders, all of the "“Rents" ” (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, ,
(ia) such Restricted Persons Loan Parties may continue to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created under the Security Documents, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and and
(iib) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons Loan Parties or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (ia) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (iib) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' Loan Parties’ right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons Loan Parties constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafter.
Appears in 1 contract
Samples: Credit Agreement
Rents. By the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, for the benefit of Lender Parties, all of the "Rents" (as defined therein) accruing to the property covered thereby. Notwithstanding any such assignments, For so long as no any amounts due under any Series A Purchase Note remain unpaid and as additional security, Trustor gives and confers upon Beneficiary the right, power and authority to collect all of Trustor's right, title and interest in any income, rents, issues and profits of Trustor's right, title and interest in and to the Series A Wind Park Agreements; provided, however, until the occurrence of an event of default in respect of Trustor under this Deed of Trust as provided in Paragraph 4.01 (hereinafter an "Event of Default"), Trustor reserves the right to collect any such income, rents, issues and profits as they become due and payable. When such an Event of Default in respect of Trustor has occurred and is continuing, (i) such Restricted Persons Beneficiary may continue at any time, either in person, by agent or by a receiver to receive be appointed by a court of competent jurisdiction, and collect from the payors of such Rents all such Rents, subject, however, without regard to the Liens created under adequacy of any security for the Security Documentsobligations secured by this Deed of Trust, which Liens are hereby affirmed sue for or otherwise collect such income, rents, issues and ratifiedprofixx (including any past due and unpaid) and apply that collected, less costs of collection including reasonable attorney's fees, against the obligations secured by this Deed of Trust in such order as Beneficiary may determine. It is understood and free agreed that neither the foregoing assignment of income, rents, issues and clear of such Liens, use profits to Beneficiary nor the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon the occurrence of a Default, Administrative Agent may exercise all rights and remedies granted under the Security Documents, including the right to obtain possession of all Rents then held by such Restricted Persons or to receive directly from the payors of such Rents all other Rents until such time as such Default is no longer continuing. If the Administrative Agent shall receive any Rent proceeds from any payor at any time other than during the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant to the instructions of Borrower, it shall, if no Default is then continuing, remit such proceeds to the Borrower and (ii) at the request and expense of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release Beneficiary of any of its rights or remedies under this Paragraph 2.05 or Paragraph 3.01 shall be deemed to make Beneficiary a "mortgagee-in-possession" or otherwise responsible or liable in any manner with respect to Trustor's right, title and interest in and to the Security DocumentsSeries A Wind Park Agreements or the use or enjoyment of Trustor's right, nor shall any release title and interest in and to the Series A Wind Park Agreements, subject to the conditions of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafterParagraph 5.02.
Appears in 1 contract
Samples: Purchase Note and Security Agreement (Zond Windsystem Partners LTD Series 85-A)
Rents. By Landlord and Tenant jointly and severally agree that the terms of the various Security Documents, certain Restricted Persons are and will be assigning to Administrative Agent, Mortgage provides for the benefit direct payment to Lender of Lender Parties, all of the "Rents" (as defined therein) accruing rents and other monies due and to the property covered thereby. Notwithstanding any such assignments, so long as no Default has occurred and is continuing, (i) such Restricted Persons may continue become due to receive and collect from the payors of such Rents all such Rents, subject, however, to the Liens created Landlord under the Security DocumentsLease, which Liens are hereby affirmed and ratified, and free and clear of such Liens, use the proceeds of the Rents, and (ii) the Administrative Agent will not notify the obligors of such Rents or take any other action to cause proceeds thereof to be remitted to the Administrative Agent. Upon upon the occurrence of a Defaultcertain conditions as set forth in the Mortgage, Administrative Agent may exercise all rights and remedies granted without Lender’s taking possession of the Property or otherwise assuming Landlord’s position, or any of Landlord’s obligations, under the Security DocumentsLease. Upon receipt from Lender of written notice to pay all such rents and other monies to or at the direction of Lender, including Landlord authorizes and directs Tenant thereafter to make all such payments to or at the right direction of Lender, releases Tenant of any and all liability to obtain possession Landlord for any and all payments so made, and will defend, indemnify, and hold Tenant harmless of and from any and all Rents then held claims, demands, losses, or liabilities asserted by, through, or under Landlord (except by such Restricted Persons or to receive directly from the payors Lender) for any and all payments so made. Upon receipt of such Rents notice, Tenant thereafter will pay all other Rents until such time as such Default is no longer continuing. If monies then due and to become due from Tenant under the Administrative Agent shall receive Lease to or at the direction of Lender, notwithstanding any Rent proceeds from any payor at any time other than during provision of the continuance of a Default, then it shall notify Borrower thereof and (i) upon request and pursuant Lease to the instructions contrary. Tenant agrees that neither Lender’s demanding or receiving any such payments, nor Lender’s exercising any other right, remedy, privilege, power, or immunity granted by the Mortgage, will operate to impose any liability upon Lender for performance of Borrower, it shall, if no Default is then continuing, remit such proceeds any obligation of Landlord under the Lease unless and until Lender elects otherwise in writing or acquires title to the Borrower and (ii) at Property by foreclosure of otherwise. Such payments will continue until Lender directs Tenant otherwise in writing. The provisions of this Section will apply from time to time throughout the request and expense term of Borrower, execute and deliver a letter to such payors confirming Restricted Persons' right to receive and collect Rents until otherwise notified by Administrative Agent. In no case shall any failure, whether purposed or inadvertent, by Administrative Agent to collect directly any such Rents constitute in any way a waiver, remission or release of any of its rights under the Security Documents, nor shall any release of any Rents by Administrative Agent to such Restricted Persons constitute a waiver, remission, or release of any other Rents or of any rights of Administrative Agent to collect other Rents thereafterLease.
Appears in 1 contract
Samples: Office Lease Agreement (Royal Caribbean Cruises LTD)