Common use of Rights during Response Period Clause in Contracts

Rights during Response Period. Unless a Credit Event or an Unmatured Credit Event has occurred and is continuing, the Servicer shall refrain during any Response Period from taking any legal action against the Defaulted Borrower under the Defaulted Loan which is the subject of such Response Period, and from accelerating payment of the Loan Indebtedness under such Defaulted Loan but the Servicer shall cease funding any further Advances pursuant to the Loan Commitment to such Defaulted Borrower. If the Sponsor waives and cures any Loan Payment Default prior to the expiration of a Response Period, then as to each Loan Payment Default so waived and cured, the Defaulted Borrower’s and the Servicer’s respective rights and obligations under the Loan Documents shall be restored to the same status as if such waived Loan Payment Default never occurred. In addition, if the Sponsor takes over the operation of the business of an Established Franchisee Borrower as provided in Section 4.3, the Servicer shall refrain from exercising remedies against such Borrower for as long as the Sponsor is complying with Section 4.3, unless a Credit Event has occurred and is continuing or the Required Participants otherwise agree.

Rights during Response Period. Unless a Credit Event or an Unmatured Credit Event has occurred and is continuing, the Servicer shall refrain during any Response Period from taking any legal action against the Defaulted Borrower under the Defaulted Loan which is the subject of such Response Period, and from accelerating payment of the Loan Indebtedness under such Defaulted Loan but the Servicer shall cease funding any further Advances pursuant to the Loan Commitment to such Defaulted Borrower. If the Sponsor waives and cures any Loan Payment Default prior to the expiration of a Response Period, then as to each Loan Payment Default so waived and cured, the Defaulted Borrower’s 's and the Servicer’s 's respective rights and obligations under the Loan Documents shall be restored to the same status as if such waived Loan Payment Default never occurred. In addition, if the Sponsor takes over the operation of the business of an Established Franchisee Borrower as provided in Section 4.3, the Servicer shall refrain from exercising remedies against such Borrower for as long as the Sponsor is complying with Section 4.3, unless a Credit Event has occurred and is continuing or the Required Participants otherwise agree.

Rights during Response Period. Unless a Credit Event or an Unmatured Credit Event has occurred and is continuing, the Servicer shall refrain during any Response Period from taking any legal action against the Defaulted Borrower under the Defaulted Loan which is the subject of such Response Period, and from accelerating payment of the Loan Indebtedness under such Defaulted Loan but the Servicer shall cease funding any further Advances pursuant to the Loan Commitment to such Defaulted Borrower. If the Sponsor waives and cures any Loan Payment Default prior to the expiration of a Response Period, then as to each Loan Payment Default so waived and cured, the Defaulted Borrower’s and the Servicer’s respective rights and obligations under the Loan Documents shall be restored to the same status as if such waived Loan Payment Default never occurred. In addition, if the Sponsor takes over the operation . (L) Section 4.5 of the business of an Established Franchisee Borrower as provided Loan Facility Agreement is hereby amended by replacing such Section in Section 4.3, its entirety with the Servicer shall refrain from exercising remedies against such Borrower for as long as the Sponsor is complying with Section 4.3, unless a Credit Event has occurred and is continuing or the Required Participants otherwise agree.following: