Common use of Senior Loan Monetary Cure Period Clause in Contracts

Senior Loan Monetary Cure Period. If the default is a monetary default relating to a liquidated sum of money, each Mezzanine Lender shall have until seven (7) Business Days after the later of (i) receipt or deemed receipt from Senior Lender of the Senior Loan Default Notice and (ii) the expiration of the Borrower’s cure period provided for in the Senior Loan Documents, if any (a “Monetary Cure Period”) to cure such monetary default. If more than one Mezzanine Lender tenders a cure of a monetary default to Senior Lender during the Monetary Cure Period, Senior Lender shall accept such cure from the most subordinate Mezzanine Lender and shall return the cure payment received from the Senior Mezzanine Lender. In the event a Mezzanine Lender elects to cure any such monetary default, such Mezzanine Lender shall reimburse the Senior Lender for any interest charged by Senior Lender on any required (pursuant to an applicable pooling and servicing agreement) advances for monthly payments of principal and/or interest on the Senior Loan and/or on any Protective Advances. Mezzanine Lenders shall not have the right to cure as hereinabove set forth with respect to monthly scheduled debt service payments on the Senior Loan for a period of more than six consecutive months unless the Mezzanine Lender making such cure payments has commenced and is continuing to diligently pursue its rights against the Equity Collateral. Notwithstanding the foregoing, if a Mezzanine Lender elects to pursue each such cure of defaults involving monthly scheduled debt service payments set forth above and thereafter either fails to make the required cure payments or fails to diligently pursue its rights against such Mezzanine Lender’s Equity Collateral, then notwithstanding the earlier election of the remaining Mezzanine Lender not to cure the defaults involving monthly scheduled debt service payments, such other Mezzanine Lender shall be entitled to succeed to all such cure rights, upon written notice to Senior Lender, so long as such other Mezzanine Lender promptly commences and thereafter diligently pursues its rights against its Equity Collateral and otherwise satisfies the provisions of this Section 12(b). The Mezzanine Lenders shall not be required, in order to effect a cure hereunder (other than the cure by a Mezzanine Lender of a default in the payment of the Senior Loan in full on the maturity date thereof or the reimbursement of interest on advances for monthly payment of principal and/or interest and/or on any Protective Advances, as aforesaid), to pay any interest calculated at the default rate under the Senior Loan Documents to the extent the same is in excess of the rate of interest which would have been payable by the Borrower in the absence of such default (and irrespective of any cure of such default by a Mezzanine Lender pursuant to the provisions of this Agreement) or to have such interest accrue at the default rate as against the Mezzanine Lenders for such period, nor shall the Mezzanine Lenders be required, in order to effect a cure hereunder, to pay any late fee required under the Senior Loan Agreement.

Senior Loan Monetary Cure Period. If the default identified in a Senior Loan Default Notice is a monetary default relating to the payment of interest or scheduled principal (if any) or a liquidated sum of money, each Mezzanine Junior Lender shall have until seven ten (710) Business Days after the later of (iA) the receipt or deemed receipt by it from Senior Lender of the Senior Loan Default Notice and (iiB) the expiration of the Borrower’s cure period with respect to such default provided for in the Senior Loan Documents, if any any, to cure such monetary default (a the “Monetary Cure Period”) to cure such monetary default. If more than one Mezzanine Lender tenders a cure of a monetary default to Senior Lender during the Monetary Cure Period, Senior Lender shall accept such cure from the most subordinate Mezzanine Lender and shall return the cure payment received from the Senior Mezzanine Lender). In the event a Mezzanine Junior Lender elects to cure any such monetary default, such Mezzanine Junior Lender shall (x) reimburse the Senior Lender for any interest charged by Senior Lender on any required (pursuant to an applicable pooling and servicing agreementagreement or trust and servicing agreement in connection with a Securitization) advances for monthly payments of principal and/or interest on the Senior Loan and/or on any (including Protective Advances) for amounts which Borrower would be obligated to pay under the Senior Loan Documents together with payment of all other amounts then due under the Senior Loan Documents (excluding any late charges, late fees and default interest), and (y) for so long as such Junior Lender is curing such monetary default, with respect to any liquidated sum of money that becomes first due and payable pursuant to the Senior Loan Documents after the delivery of a Senior Loan Default Notice, such Junior Lender shall pay or cause to be paid such sum, in the amount notified to such Junior Lender by Senior Lender, not more than five (5) Business Days after receipt of such notice from Senior Lender, in accordance with the Senior Loan Documents, subject only to any grace period with respect to such sum provided in the Senior Loan Documents and without the additional grace period applicable to such Junior Lender with respect to the initial monetary default pursuant to this Section 12(b), but subject to any notice requirements under the Senior Loan Documents, provided, however, the curing Junior Lender shall not be required to pay default interest or late charges in respect of such sum accruing for the ten (10) Business Day period after receipt of the Senior Loan Default Notice. Mezzanine Each of the Junior Lenders shall not only have the right to cure as hereinabove set forth with respect to monthly scheduled debt service payments on the Senior Loan for a period of no more than six (6) months in any consecutive months twelve (12) month period unless the Mezzanine Junior Lender making such cure payments has commenced and is continuing to diligently pursue its rights against the such Junior Lender’s Equity Collateral. In the event more than one Junior Lender cures any monetary default in accordance with the terms of this Section 12(b), Senior Lender hereby agrees (x) to accept the cure from the junior most Junior Lender and (y) to return to Senior Junior Lender within three (3) Business Days of accepting such cure from the junior most Junior Lender any funds tendered by Senior Junior Lender. The cure period for a Junior Lender with respect to a monetary default shall run concurrently with the cure period for the other Junior Lenders with respect to such monetary default and in no event shall such cure periods run sequentially. Notwithstanding the foregoing, if a Mezzanine Junior Lender elects to pursue each such cure of defaults involving monthly scheduled debt service payments as set forth above and thereafter either fails to make the required cure payments or fails to diligently pursue its rights against such Mezzanine Junior Lender’s Equity Collateral, then notwithstanding the any earlier election of the remaining Mezzanine Lender Junior Lenders not to cure the defaults involving monthly scheduled debt service payments, such any other Mezzanine Junior Lender shall be entitled to succeed to all such cure rights, upon written notice to Senior Lender, so long as such other Mezzanine Junior Lender promptly commences and thereafter diligently pursues its rights against its Equity Collateral as required above and otherwise satisfies the provisions of this Section 12(b). The Mezzanine Lenders shall not be required, If the default referenced in order to effect a cure hereunder (other than the cure by a Mezzanine Lender of a default in the payment of the Senior Loan in full on the maturity date thereof or the reimbursement Default Notice has been cured such that there is no longer an Event of interest on advances for monthly payment of principal and/or interest and/or on any Protective Advances, as aforesaid), to pay any interest calculated at the default rate Default under the Senior Loan Documents to the extent Documents, Junior Lenders shall have the same is in excess of the rate of interest which would have been payable by the Borrower in the absence of such default (and irrespective of Monetary Cure Period with respect to any cure of such default by a Mezzanine Lender pursuant to the provisions of this Agreement) or to have such interest accrue at the default rate as against the Mezzanine Lenders for such period, nor shall the Mezzanine Lenders be required, in order to effect a cure hereunder, to pay any late fee required under the future Senior Loan AgreementDefault Notice.

Senior Loan Monetary Cure Period. If the default identified in a Senior Loan Default Notice is a monetary default relating to the payment of a liquidated sum of money, each money (it being acknowledged that failure of Borrower to make the deposits required by Section 2.1.10 of the Building Loan Agreement or Section 2.1.10 of the Project Loan Agreement within specific time frames provided for therein in respect of Shortfall or a failure to deliver Additional Collateral as and when required by Section 4.1.49 of the Project Loan Agreement is a monetary default and that such monetary default shall be deemed cured if Second Mezzanine Lender makes a Shortfall Component Advance in the amount requested by Senior Lender in accordance with the terms of the Senior Loan Agreement within ten (10) Business Days of Senior Lender’s request for such Shortfall Advance, subject to the three (3)-day cure right of funding participants in accordance with Section 15(i)), Junior Lenders shall have until seven five (75) Business Days (or one (1) Business Day with respect to the failure of Borrower to pay the Senior Loan on the Maturity Date) after the later of (i) receipt or deemed receipt from the effective date of the giving by Senior Lender of the Senior Loan Default Notice and (ii) the expiration of the Borrower’s cure period period, if any, for such monetary default provided for in the Senior Loan Documents, if any to cure such monetary default (a such period, the “Monetary Cure Period”) ). In the event that a Junior Lender elects to cure such monetary default. If more than one Mezzanine Lender tenders a cure of a monetary default to under the Senior Loan, such Junior Lender shall (x) indemnify, defend and hold harmless Senior Lender during the for all costs, expenses, losses, liabilities, obligations, damages, penalties and disbursements imposed on, incurred by or asserted against Senior Lender due to or arising from such Monetary Cure Period, Senior Lender shall accept such cure from (y) without duplication of the most subordinate Mezzanine Lender and shall return the cure payment received from the Senior Mezzanine Lender. In the event a Mezzanine Lender elects to cure any such monetary defaultforegoing, such Mezzanine Lender shall reimburse the Senior Lender for any interest charged by Senior Lender or its servicer on any advances required (pursuant to an under the applicable pooling and servicing agreement) advances agreement for monthly payments of principal and/or interest on the Senior Loan and/or on any Protective AdvancesAdvances during the Monetary Cure Period, and (z) without duplication of the foregoing, if the monetary default is not cured within the Monetary Cure Period, pay Senior Lender the excess of interest accruing at the default rate under the Senior Loan Documents over interest accruing at the rate of interest which would have been payable by Borrower in the absence of such default under the Senior Loan for the number of days after the expiration of the Monetary Cure Period that such Event of Default continued uncured less any amounts paid by such Junior Lender under clause (y) above. Mezzanine Lenders Notwithstanding the foregoing, during the Monetary Cure Period, the curing Junior Lender shall not be required, in order to effect a cure hereunder (other than the cure by such Junior Lender of a default in the payment of the Senior Loan in full on the maturity date thereof or the reimbursement of interest (at the rate specified in the Securitization servicing agreement, if any) on advances for monthly payments of principal and/or interest on the Senior Loan and/or any Protective Advances, as aforesaid) to pay any interest at the default rate or late charges under the Senior Loan Documents, and no interest at the default rate or late charges shall accrue against such Junior Lender during the Monetary Cure Period, provided, however, that interest at the default rate and late charges under the Senior Loan Documents shall be payable by such Junior Lender with respect to any subsequent cure of a monetary default during the period when Borrower has failed to cure its default under the Senior Loan Documents unless during such time such Junior Lender continues to pay on a current basis and in a timely manner, as and when due by Borrower to Senior Lender, all amounts owing under the terms of the Senior Loan Documents. Notwithstanding the foregoing, no Junior Lender shall have the right to cure as hereinabove set forth with respect to monthly scheduled debt service payments on the Senior Loan for a period of more than six four (4) consecutive months unless the Mezzanine such Junior Lender making such cure payments has commenced and is continuing to diligently pursue its rights against the Equity Collateral. In the event more than one Junior Lender cures any monetary default in accordance with the terms of this Section, Senior Lender hereby agrees (x) to accept the cure from the Second Mezzanine Lender and (y) to return to First Mezzanine Lender within three (3) Business Days of accepting such cure from the Second Mezzanine Lender any funds paid by First Mezzanine Lender. Notwithstanding the foregoing, if a Mezzanine any Junior Lender elects not to commence to cure the default or if any Junior Lender elects to pursue each such cure of defaults involving monthly scheduled debt service payments as set forth above and thereafter either fails to make the required cure payments or fails to diligently pursue its rights against such Mezzanine Junior Lender’s Equity CollateralCollateral as required above, then notwithstanding the earlier election of the remaining Mezzanine other Junior Lender not to cure the defaults involving monthly scheduled debt service payments, such other Mezzanine Junior Lender shall be entitled to succeed to all such cure rights, upon written notice to the Senior Lender, so long as such other Mezzanine Junior Lender promptly commences and thereafter diligently pursues its rights against its Equity Collateral as required above and cures any monetary default under the Senior Loan no later than one (1) Business Day after the expiration of the Monetary Cure Period with respect to such monetary default and otherwise satisfies the provisions of this Section 12(b). The Mezzanine Lenders shall not be required, If the default referenced in order to effect a cure hereunder (other than the cure by a Mezzanine Lender of a default in the payment of the Senior Loan in full on the maturity date thereof or the reimbursement Default Notice has been cured such that there is no longer an Event of interest on advances for monthly payment of principal and/or interest and/or on any Protective Advances, as aforesaid), to pay any interest calculated at the default rate Default under the Senior Loan Documents Documents, the Junior Lenders shall have the same Monetary Cure Period with respect to any future Senior Loan Default Notice (subject to the extent the same is limitations relating to four (4) consecutive cures of monetary defaults set forth above in excess of the rate of interest which would have been payable by the Borrower in the absence of such default (and irrespective of any cure of such default by this Section 12(b)). If a Mezzanine Junior Lender pursuant to the provisions of this Agreement) or to have such interest accrue at the default rate as against the Mezzanine Lenders for such period, nor shall the Mezzanine Lenders be required, in order to effect makes a cure hereunderunder this Section 12(b), to pay any late fee required under it shall notify the Senior Loan Agreementother Junior Lender promptly following such cure.