Common use of Rights of Qualified Unsecured Lenders Clause in Contracts

Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York Mortgage in accordance with Section 9.01(c)(iii) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, in the sole discretion of such Qualified Unsecured Lender, that such New York Mortgage be released. This Section 9.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX and acceptance of the benefits of this Section 9.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York Mortgage or to enforce any New York Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York Mortgage contemplated by this Article IX, the nonperfection or lack of priority of any New York Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York Mortgage in accordance with this Article IX. Notwithstanding any provision herein (including in Section 11.01) or in any other Credit Document to the contrary, neither this Section 9.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt” and “New York Mortgage” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks or the Issuing Banks under Article VIII of this Agreement (except to the extent described in clause (i) of this Section 9.01(f) above), nor shall this Section 9.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks or the Issuing Bank to enforce or otherwise protect their rights and benefits under any Credit Document other than a New York Mortgage or the right of the Borrower to cause any New York Mortgage to be released in accordance with Section 9.01(c)(iii). ARTICLE X

Appears in 3 contracts

Samples: Senior Unsecured Credit Agreement (LaSalle Hotel Properties), Senior Unsecured Credit Agreement (LaSalle Hotel Properties), Senior Unsecured Credit Agreement (LaSalle Hotel Properties)

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Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York Qualified Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York Qualified Mortgage in accordance with Section 9.01(c)(iii8.01(c)(iii) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, in the sole discretion of such Qualified Unsecured Lender, that such New York Qualified Mortgage be released. This Section 9.01(f8.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX VIII and acceptance of the benefits of this Section 9.01(f8.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York Qualified Mortgage or to enforce any New York Qualified Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York Qualified Mortgage contemplated by this Article IXVIII, the nonperfection or lack of priority of any New York Qualified Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York Qualified Mortgage in accordance with this Article IXVIII. Notwithstanding any provision herein (including in Section 11.0110.01) or in any other Credit Loan Document to the contrary, neither this Section 9.01(f8.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt,and “Qualified Mortgage,” “Qualified Note,” “New York Mortgage,” “New York Term Note,” “Florida Mortgage,” or “Florida Term Note” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f8.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks Agent or the Issuing Banks Lenders under Article VIII VI of this Agreement (except to the extent described in clause (i) of this Section 9.01(f8.01(f) above), nor shall this Section 9.01(f8.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks Agent or the Issuing Bank Lenders to enforce or otherwise protect their rights and benefits under any Credit Loan Document other than a New York Qualified Mortgage or the right of the Borrower to cause any New York Qualified Mortgage to be released in accordance with Section 9.01(c)(iii8.01(c)(iii). ARTICLE X.

Appears in 2 contracts

Samples: Term Loan Agreement (Hersha Hospitality Trust), Term Loan Agreement (Hersha Hospitality Trust)

Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York Qualified Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York Qualified Mortgage in accordance with Section 9.01(c)(iii8.01(c)(iii) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, in the sole discretion of such Qualified Unsecured Lender, that such New York Qualified Mortgage be released. This Section 9.01(f8.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX VIII and acceptance of the benefits of this Section 9.01(f8.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York Qualified Mortgage or to enforce any New York Qualified Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York Qualified Mortgage contemplated by this Article IXVIII, the nonperfection or lack of priority of any New York Qualified Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York Qualified Mortgage in accordance with this Article IXVIII. Notwithstanding any provision herein (including in Section 11.0110.01) or in any other Credit Loan Document to the contrary, neither this Section 9.01(f8.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt,and “Qualified Mortgage,” “Qualified Note,” “New York Mortgage,” “New York Term Note,” “Florida Mortgage,” or “Florida Term Note” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f8.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks Agent or the Issuing Banks Lenders under Article VIII VI of this Agreement (except to the extent described in clause (i) of this Section 9.01(f8.01(f) above), nor shall this Section 9.01(f8.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks Agent or the Issuing Bank Lenders to enforce or otherwise protect their rights and benefits under any Credit Loan Document other than a New York Qualified Mortgage or the right of the Borrower to cause any New York Qualified Mortgage to be released in accordance with Section 9.01(c)(iii8.01(c)(iii).  ARTICLE XIX THE ADMINISTRATIVE AGENT

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York Qualified Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York Qualified Mortgage in accordance with Section 9.01(c)(iii8.01(c)(iii) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, in the sole discretion of such Qualified Unsecured Lender, that such New York Qualified Mortgage be released. This Section 9.01(f8.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX VIII and acceptance of the benefits of this Section 9.01(f8.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York Qualified Mortgage or to enforce any New York Qualified Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York Qualified Mortgage contemplated by this Article IXVIII, the nonperfection or lack of priority of any New York Qualified Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York Qualified Mortgage in accordance with this Article IXVIII. Notwithstanding any provision herein (including in Section 11.0110.01) or in any other Credit Loan Document to the contrary, neither this Section 9.01(f8.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt,and “Qualified Mortgage,” “Qualified Note,” “New York Mortgage,” “New York Term Note,” “Florida Mortgage,” or “Florida Term Note” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f8.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks Agent or the Issuing Banks Lenders under Article VIII VI of this Agreement (except to the extent described in clause (i) of this Section 9.01(f8.01(f) above), nor shall this Section 9.01(f8.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks Agent or the Issuing Bank Lenders to enforce or otherwise protect their rights and benefits under any Credit Loan Document other than a New York Qualified Mortgage or the right of the Borrower to cause any New York Qualified Mortgage to be released in accordance with Section 9.01(c)(iii8.01(c)(iii). ARTICLE X90 

Appears in 1 contract

Samples: Term Loan Agreement (Hersha Hospitality Trust)

Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York YorkQualified Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York YorkQualified Mortgage in accordance with Section 9.01(c)(iii8.01(c)(iii) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, in the sole discretion of such Qualified Unsecured Lender, that such New York YorkQualified Mortgage be released. This Section 9.01(f8.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX VIII and acceptance of the benefits of this Section 9.01(f8.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York YorkQualified Mortgage or to enforce any New York YorkQualified Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York YorkQualified Mortgage contemplated by this Article IXVIII, the nonperfection or lack of priority of any New York YorkQualified Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York YorkQualified Mortgage in accordance with this Article IXVIII. Notwithstanding any provision herein (including in Section 11.0110.01) or in any other Credit Loan Document to the contrary, neither this Section 9.01(f8.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt,” and “New York Mortgage“Qualified Mortgage,” “Qualified Note,” “New York Mortgage,” “New York Term Note,” “Florida Mortgage,” or “Florida Term Note” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f8.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks Agent or the Issuing Banks Lender PartiesLenders under Article VIII VI of this Agreement (except to the extent described in clause (i) of this Section 9.01(f8.01(f) above), nor shall this Section 9.01(f8.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks Agent or the Issuing Bank Lender PartiesLenders to enforce or otherwise protect their rights and benefits under any Credit Loan Document other than a New York YorkQualified Mortgage or the right of the Borrower to cause any New York YorkQualified Mortgage to be released in accordance with Section 9.01(c)(iii8.01(c)(iii). ARTICLE X.

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York Qualified Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York Qualified Mortgage in accordance with Section 9.01(c)(iii8.01(c)(iii) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, in the sole discretion of such Qualified Unsecured Lender, that such New York Qualified Mortgage be released. This Section 9.01(f8.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX VIII and acceptance of the benefits of this Section 9.01(f8.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York Qualified Mortgage or to enforce any New York Qualified Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York Qualified Mortgage contemplated by this Article IXVIII, the nonperfection or lack of priority of any New York Qualified Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York Qualified Mortgage in accordance with this Article IXVIII. Notwithstanding any provision herein (including in Section 11.0110.01) or in any other Credit Loan Document to the contrary, neither this Section 9.01(f8.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt,and “Qualified Mortgage,” “Qualified Note,” “New York Mortgage,” “New York Term Note,” “Florida Mortgage,” or “Florida Term Note” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f8.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks Agent or the Issuing Banks Lenders under Article VIII VI of this Agreement (except to the extent described in clause (i) of this Section 9.01(f8.01(f) above), nor shall this Section 9.01(f8.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks Agent or the Issuing Bank Lenders to enforce or otherwise protect their rights and benefits under any Credit Loan Document other than a New York Qualified Mortgage or the right of the Borrower to cause any New York Qualified Mortgage to be released in accordance with Section 9.01(c)(iii8.01(c)(iii). ARTICLE X 116

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York Mortgage in accordance with Section 9.01(c)(iii) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, in the sole discretion of such Qualified Unsecured Lender, that such New York Mortgage be released. This Section 9.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX and acceptance of the benefits of this Section 9.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York Mortgage or to enforce any New York Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York Mortgage contemplated by this Article IX, the nonperfection or lack of priority of any New York Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York Mortgage in accordance with this Article IX. Notwithstanding any provision herein (including in Section 11.01) or in any other Credit Document to the contrary, neither this Section 9.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt” and “New York Mortgage” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks or the Issuing Banks under Article VIII of this Agreement (except to the extent described in clause (i) of this Section 9.01(f) above), nor shall this Section 9.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks or the Issuing Bank to enforce or otherwise protect their rights and benefits under any Credit Document other than a New York Mortgage or the right of the Borrower to cause any New York Mortgage to be released in accordance with Section 9.01(c)(iii). ARTICLE X.

Appears in 1 contract

Samples: Pledge and Security Agreement (LaSalle Hotel Properties)

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Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York Mortgage in accordance with Section 9.01(c)(iii8.01(c)(iv) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, in the sole discretion of such Qualified Unsecured Lender, that such New York Mortgage be released. This Section 9.01(f8.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX X and acceptance of the benefits of this Section 9.01(f8.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York Mortgage or to enforce any New York Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York Mortgage contemplated by this Article IXX, the nonperfection or lack of priority of any New York Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York Mortgage in accordance with this Article IX. X. Notwithstanding any provision herein (including in Section 11.0110.01) or in any other Credit Loan Document to the contrary, neither this Section 9.01(f8.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt” and “New York Mortgage” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f8.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks Agent or the Issuing Banks Lender Parties under Article VIII VI of this Agreement (except to the extent described in clause (i) of this Section 9.01(f8.01(f) above), nor shall this Section 9.01(f8.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks Agent or the Issuing Bank Lender Parties to enforce or otherwise protect their rights and benefits under any Credit Loan Document other than a New York Mortgage or the right of the Borrower to cause any New York Mortgage to be released in accordance with Section 9.01(c)(iii8.01(c)(iii). ARTICLE X.

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York Mortgage in accordance with Section 9.01(c)(iii8.01(c)(iii) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, in the sole discretion of such Qualified Unsecured Lender, that such New York Mortgage be released. This Section 9.01(f8.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX VIII and acceptance of the benefits of this Section 9.01(f8.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York Mortgage or to enforce any New York Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York Mortgage contemplated by this Article IXVIII, the nonperfection or lack of priority of any New York Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York Mortgage in accordance with this Article IXVIII. Notwithstanding any provision herein (including in Section 11.0110.01) or in any other Credit Loan Document to the contrary, neither this Section 9.01(f8.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt” and “New York Mortgage” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f8.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks Agent or the Issuing Banks Lender Parties under Article VIII VI of this Agreement (except to the extent described in clause (i) of this Section 9.01(f8.01(f) above), nor shall this Section 9.01(f8.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks Agent or the Issuing Bank Lender Parties to enforce or otherwise protect their rights and benefits under any Credit Loan Document other than a New York Mortgage or the right of the Borrower to cause any New York Mortgage to be released in accordance with Section 9.01(c)(iii8.01(c)(iii). ARTICLE X.

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

Rights of Qualified Unsecured Lenders. Notwithstanding any provision herein to the contrary, the Administrative Agent (i) shall not foreclose or otherwise enforce the Lien of any New York Qualified Mortgage without the prior written consent of each Qualified Unsecured Lender, acting in its sole discretion, and (ii) shall release the Lien of any New York Qualified Mortgage in accordance with Section 9.01(c)(iii8.01(c)(iii) promptly upon the Administrative Agent’s receipt of a written notice from any Qualified Unsecured Lender (x) stating that an event of default has occurred and is continuing in respect of the related Qualified Unsecured Debt and (y) requesting, Annex A - 89 in the sole discretion of such Qualified Unsecured Lender, that such New York Qualified Mortgage be released. This Section 9.01(f8.01(f) shall inure to the benefit of each Qualified Unsecured Lender as a third party beneficiary, provided that by its acknowledgement of this Article IX VIII and acceptance of the benefits of this Section 9.01(f8.01(f), each Qualified Unsecured Lender shall be deemed to have acknowledged (A) that nothing in this Agreement shall be deemed to create an advisory, fiduciary or agency relationship, or fiduciary duty between the Administrative Agent and any Qualified Unsecured Lender or any other holder of Qualified Unsecured Debt, and (B) that the Administrative Agent shall have no duty whatsoever to protect, secure, perfect, or insure the Lien of any New York Qualified Mortgage or to enforce any New York Qualified Mortgage against any Person or collateral, and (C) that such Qualified Unsecured Lender shall have no claim or cause of action in connection with any release of any New York Qualified Mortgage contemplated by this Article IXVIII, the nonperfection or lack of priority of any New York Qualified Mortgage, or any action taken or omitted to be taken by the Administrative Agent in respect of a New York Qualified Mortgage in accordance with this Article IXVIII. Notwithstanding any provision herein (including in Section 11.0110.01) or in any other Credit Loan Document to the contrary, neither this Section 9.01(f8.01(f) nor the defined terms “Qualified Unsecured Lender,” “Qualified Unsecured Debt,and “Qualified Mortgage,” “Qualified Note,” “New York Mortgage,” “New York Term Note,” “Florida Mortgage,” or “Florida Term Note” may be amended or waived (as applicable) without the written consent of each Qualified Unsecured Lender. For the avoidance of doubt, nothing in this Section 9.01(f8.01(f) shall be deemed to limit the rights of Administrative Agent, the Banks Agent or the Issuing Banks Lenders under Article VIII VI of this Agreement (except to the extent described in clause (i) of this Section 9.01(f8.01(f) above), nor shall this Section 9.01(f8.01(f) limit or restrict or affect in any manner whatsoever the rights of the Administrative Agent, the Banks Agent or the Issuing Bank Lenders to enforce or otherwise protect their rights and benefits under any Credit Loan Document other than a New York Qualified Mortgage or the right of the Borrower to cause any New York Qualified Mortgage to be released in accordance with Section 9.01(c)(iii8.01(c)(iii). ARTICLE X

Appears in 1 contract

Samples: Term Loan Agreement (Hersha Hospitality Trust)

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