Common use of Reporting Defaults Clause in Contracts

Reporting Defaults. Notwithstanding Section 6.2, except as provided in the second to last sentence of this paragraph, the sole remedy for any failure to comply by the Company with Section 4.2 shall be the payment of liquidated damages as described in the following sentence, such failure to comply shall not constitute an Event of Default, and Holders shall not have any right to accelerate the maturity of the Notes as a result of any such failure to comply. If a failure to comply by the Company with Section 4.2 is continuing on the day that is 60 days following the Company’s receipt of notice of such failure to comply in accordance with Section 6.1(d) (such notice, the “Reports Default Notice”), the Company will pay liquidated damages to all Holders at a rate per annum equal to 0.25% of the principal amount of the Notes then outstanding from such date to, but not including, the earlier of (x) the 121st day following the Company’s receipt of the Reports Default Notice and (y) the date on which the failure to comply by the Company with Section 4.2 shall have been cured or waived. On the earlier of the dates specified in the immediately preceding clauses (x) and (y), such liquidated damages will cease to accrue. If the failure to comply by the Company with Section 4.2 shall not have been cured or waived on or before the 121st day following the Company’s receipt of the Reports Default Notice, then the failure to comply by the Company with Section 4.2 shall on such 121st day constitute an Event of Default. A failure to comply with Section 4.2 automatically shall cease to be continuing and shall be deemed cured at such time as the Company furnishes to the Trustee the applicable information or report; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed pursuant to the XXXXX service (or its successor) nor shall the Trustee have any liability or responsibility for the content of such reports.

Reporting Defaults. Notwithstanding (a) If the Class B Limited Partner fails to deliver, or cause to be delivered, to the SLP the documents required by Section 6.210.7(a), except as provided Section 10.7(c), Section 10.7(e), Section 10.7(f) or Section 10.9 within the time periods set forth in the second said Sections, or fails to last sentence of this paragraph, the sole remedy for perform (or cause to be performed) any failure to comply by the Company with requirement made under Section 4.2 shall be the payment of liquidated damages as described in the following sentence, such failure to comply shall not constitute an Event of Default, and Holders shall not have any right to accelerate the maturity of the Notes as a result of any such failure to comply. If a failure to comply by the Company with Section 4.2 is continuing on the day that is 60 days following the Company’s receipt of notice of such failure to comply in accordance with Section 6.1(d10.13(b) (such noticeindividually and collectively, the a “Reports Default NoticeReporting Default”), the Company will Class B Limited Partner, and/or Guarantor shall, upon receipt of an invoice from the SLP and assuming that no Limited Partner has caused such delay, pay liquidated as damages the sum of $100 per day per report due pursuant to Section 10.7(c), commencing on the first day after the date the report was due and ending on the date the report in question is received by the SLP (the “Reporting Damages”). No notice or warning of such reporting delinquency shall be required and, if notice or warning is given by the SLP, such notice shall not affect the date the report in question was due or the amount of Reporting Damages owed to the ILP. If the Class B Limited Partner, and/or Guarantor fail to pay, any amount of such Reporting Damages not so paid shall be deducted against such Section 4.2 and/or 4.5 payments or distributions otherwise due to the Class B Limited Partner, the Guarantor and/or their Affiliates. Further, all Holders at Partners hereby expressly consent to the exercise by the SLP of collecting payment of such Reporting Damages from any Capital Contributions to be funded by the ILP and/or from Partnership reserves. (b) If a rate per annum equal Reporting Default occurs with respect to 0.25% Section 10.7(c), or if the Accountants otherwise fail to timely prepare any audit, tax return or other document required herein or as required by the Lender, Agency or HUD, or if upon any review of the principal amount Accountants the SLP identifies any issue which would have caused the SLP to not consent to the engagement of the Notes Accountants, and such default or issue is not cured within fifteen (15) days, the SLP may by written notice instruct the Class B Limited Partner to change the Accountants, and the Class B Limited Partner shall cause the Partnership to promptly terminate the Partnership’s engagement of the Accountants and appoint a replacement acceptable to the Limited Partners. If the SLP notifies the Partnership that the Accountants are to be replaced, and if within thirty (30) days of such notice the Class B Limited Partner fails to cause the Partnership to replace the Accountants with a firm satisfying the terms of the preceding sentence, then outstanding the SLP shall appoint replacement Accountants of its own choosing. All Partners hereby grant to the SLP a special power of attorney, irrevocable to the extent permitted by law, coupled with an interest, to so appoint replacement Accountants and to do anything else which in the view of the SLP may be necessary or appropriate to accomplish the purposes of this Section 10.11. The Class B Limited Partner shall immediately furnish to such replacement Accountants all documentation and other information necessary to prepare such statements, returns, forms and reports. The SLP agrees to refrain from exercising such date to, but not including, power of attorney until the earlier of a Reporting Default with respect to Section 10.7(c) or the failure by the Class B Limited Partner to terminate the Accountant as provided in this Section 10.11(b). (xc) the 121st day following the Company’s receipt Any failure of the Reports Default Notice and Partnership, Class B Limited Partner to provide documents or other information required according to Section 10.7 to the ILP and/or the SLP for two (y2) the date on which the failure to comply consecutive periods for each applicable report by the Company with Section 4.2 shall have been cured or waived. On due dates therefor and the earlier of the dates specified in the immediately preceding clauses (x) and (y), such liquidated damages will cease to accrue. If the failure to comply by the Company with Section 4.2 Class B Limited Partner shall not have been cured such default within ten (10) business days following notice thereof from the ILP or waived on or before the 121st day following SLP, shall constitute grounds for the Company’s receipt removal of the Reports Default Notice, then the failure to comply by the Company with Section 4.2 shall on such 121st day constitute an Event of Default. A failure to comply with Section 4.2 automatically shall cease to be continuing and shall be deemed cured at such time as the Company furnishes to the Trustee the applicable information or report; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed Property Manager pursuant to the XXXXX service (or its successor) nor shall the Trustee have any liability or responsibility for the content of such reportsSection 6.11.

Reporting Defaults. Notwithstanding Section 6.2, except as provided in the second to last sentence of this paragraph, the sole remedy for any failure to comply by the Company Issuer with Section 4.2 shall be the payment of liquidated damages as described in the following sentence, such failure to comply shall not constitute an Event of Default, and Holders shall not have any right to accelerate the maturity of the Notes as a result of any such failure to comply. If a failure to comply by the Company Issuer with Section 4.2 is continuing on the day that is 60 days following the CompanyIssuer’s receipt of notice of such failure to comply in accordance with Section 6.1(d) (such notice, the “Reports Default Notice”), the Company Issuer will pay liquidated damages to all Holders at a rate per annum equal to 0.25% of the principal amount of the Notes then outstanding from such date to, but not including, the earlier of (x) the 121st day following the CompanyIssuer’s receipt of the Reports Default Notice and (y) the date on which the failure to comply by the Company Issuer with Section 4.2 shall have been cured or waived. On the earlier of the dates specified in the immediately preceding clauses (x) and (y), such liquidated damages will cease to accrue. If the failure to comply by the Company Issuer with Section 4.2 shall not have been cured or waived on or before the 121st day following the CompanyIssuer’s receipt of the Reports Default Notice, then the failure to comply by the Company Issuer with Section 4.2 shall on such 121st day constitute an Event of Default. A failure to comply with Section 4.2 automatically shall cease to be continuing and shall be deemed cured at such time as the Company Issuer furnishes to the Trustee the applicable information or report; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed pursuant to the XXXXX EXXXX service (or its successor) nor shall the Trustee have any liability or responsibility for the filing, timeliness or content of such reports. For avoidance of doubt, for purposes of the foregoing, any failure by Iron Mountain to comply with Section 4.2 shall constitute a failure by the Issuer to comply with Section 4.2.

Reporting Defaults. Notwithstanding Section 6.2, except as provided in the second to last sentence of this paragraph, the sole remedy for any failure to comply by the Company with Section 4.2 shall be the payment of liquidated damages as described in the following sentence, such failure to comply shall not constitute an Event of Default, and Holders shall not have any right to accelerate the maturity of the Notes as a result of any such failure to comply. If a failure to comply by the Company with Section 4.2 is continuing on the day that is 60 days following the Company’s receipt of notice of such failure to comply in accordance with Section 6.1(d) (such notice, the “Reports Default Notice”), the Company will pay liquidated damages to all Holders at a rate per annum equal to 0.25% of the principal amount of the Notes then outstanding from such date to, but not including, the earlier of (x) the 121st day following the Company’s receipt of the Reports Default Notice and (y) the date on which the failure to comply by the Company with Section 4.2 shall have been cured or waived. On the earlier of the dates specified in the immediately preceding clauses (x) and (y), such liquidated damages will cease to accrue. If the failure to comply by the Company with Section 4.2 shall not have been cured or waived on or before the 121st day following the Company’s receipt of the Reports Default Notice, then the failure to comply by the Company with Section 4.2 shall on such 121st day constitute an Event of Default. A failure to comply with Section 4.2 automatically shall cease to be continuing and shall be deemed cured at such time as the Company furnishes to the Trustee the applicable information or report; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed pursuant to the XXXXX EXXXX service (or its successor) nor shall the Trustee have any liability or responsibility for the filing, timeliness or content of such reports. For avoidance of doubt, for purposes of the foregoing, any failure by the Company to comply with Section 4.2 shall constitute a failure by the Company to comply with Section 4.2.