Common use of Senior Mezzanine Loan Defaults Clause in Contracts

Senior Mezzanine Loan Defaults. (a) Without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, if there shall occur any default under the Senior Mezzanine Loan Documents or if Senior Mezzanine Lender asserts that Senior Mezzanine Borrower has defaulted in the performance or observance of any term, covenant or condition of the Senior Mezzanine Loan Documents (whether or not the same shall have continued beyond any applicable notice or grace periods, whether or not Senior Mezzanine Lender shall have delivered proper notice to Senior Mezzanine Borrower, and without regard to any other defenses or offset rights Senior Mezzanine Borrower may have against Senior Mezzanine Lender), Borrower hereby expressly agrees that Lender shall have the immediate right, without notice to or demand on Borrower or Senior Mezzanine Borrower, but shall be under no obligation: (i) to pay all or any part of the Senior Mezzanine Loan, and any other sums, that are then due and payable and to perform any act or take any action on behalf of Senior Mezzanine Borrower, as may be appropriate, to cause all of the terms, covenants and conditions of the Senior Mezzanine Loan Documents on the part of Senior Mezzanine Borrower to be performed or observed thereunder to be promptly performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute discretion, shall deem advisable to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral. Lender shall have no obligation to complete any cure or attempted cure undertaken or commenced by Lender. All sums so paid and the costs and expenses incurred by Lender in exercising rights under this Section (including, without limitation, reasonable attorneys’ and other professional fees), with interest at the Default Rate, for the period from the date of demand by Lender to Borrower for such payments to the date of payment to Lender, shall constitute a portion of the Debt, shall be secured by the Pledge Agreements and shall be due and payable to Lender within two Business Days following demand therefor.

Senior Mezzanine Loan Defaults. (a) Without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, if there shall occur any default under the Senior Mezzanine Loan Documents or if Senior Mezzanine Lender asserts that Senior Mezzanine Borrower has defaulted in the performance or observance of any term, covenant or condition of the Senior Mezzanine Loan Documents (whether or not the same shall have continued beyond any applicable notice or grace periods, whether or not Senior Mezzanine Lender shall have delivered proper notice to Senior Mezzanine Borrower, and without regard to any other defenses or offset rights Senior Mezzanine Borrower may have against Senior Mezzanine Lender), Borrower hereby expressly agrees that Lender shall have the immediate right, without notice to or demand on Borrower or Senior Mezzanine Borrower, but shall be under no obligation: (i) to pay all or any part of the Senior Mezzanine Loan, and any other sums, that are then due and payable and to perform any act or take any action on behalf of Senior Mezzanine Borrower, as may be appropriate, to cause all of the terms, covenants and conditions of the Senior Mezzanine Loan Documents on the part of Senior Mezzanine Borrower to be performed or observed thereunder to be promptly performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute discretion, shall deem advisable to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral. Lender shall have no obligation to complete any cure or attempted cure undertaken or commenced by Lender. All sums so paid and the costs and expenses incurred by Lender in exercising rights under this Section (including, without limitation, reasonable attorneys’ and other professional fees), with interest at the Default Rate, for the period from the date of demand by Lender to Borrower for such payments to the date of payment to Lender, shall constitute a portion of the Debt, shall be secured by the 133 Pledge Agreements and shall be due and payable to Lender within two Business Days following demand therefor.

Senior Mezzanine Loan Defaults. (a) Without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, if there shall occur any default Event of Default (as such term is defined in the Senior Mezzanine Loan Agreement) under the Senior Mezzanine Loan Documents or if Senior Mezzanine Lender asserts that Senior Mezzanine Borrower has defaulted in the performance or observance of any term, covenant or condition of the Senior Mezzanine Loan Documents (whether or not the same shall have continued beyond any applicable notice or grace periods, whether or not Senior Mezzanine Lender shall have delivered proper notice to Senior Mezzanine Borrower, and without regard to any other defenses or offset rights Senior Mezzanine Borrower may have against Senior Mezzanine Lender)Documents, Borrower hereby expressly agrees that Lender shall have the immediate right, without prior notice to or demand on Borrower or Senior Mezzanine Borrower, but shall be under no obligation: (i) to pay all or any part of the Senior Mezzanine Loan, Loan and any other sums, sums that are then due and payable payable, and to perform any act or take any action on behalf of Borrower and/or Senior Mezzanine Borrower, Loan Borrower as may be appropriate, to cause all of the terms, covenants and conditions of the Senior Mezzanine Loan Documents on the part of Senior Mezzanine Loan Borrower to be performed or observed thereunder to be promptly performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute discretion, shall deem advisable to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral. Lender shall have no obligation to complete any cure or attempted cure undertaken or commenced by Lender. All sums so paid and the costs and expenses incurred by Lender in exercising rights under this Section 11.2 (including, without limitation, including reasonable attorneys’ and other professional fees)) (i) shall constitute additional advances of the Loan to Borrower, with (ii) shall increase the then unpaid Principal, (iii) shall bear interest at the Default Rate, Rate for the period from the date of demand by Lender to Borrower for that such payments costs or expenses were incurred to the date of payment to Lender, (iv) shall constitute a portion of the Debt, and (v) shall be secured by the Pledge Agreements and shall be due and payable to Lender within two Business Days following demand thereforPledge.

Senior Mezzanine Loan Defaults. (a) Without limiting the generality of the other provisions of this Agreement, and without waiving or releasing Borrower from any of its obligations hereunder, if there shall occur any default under the Senior Mezzanine Loan Documents or if Senior Mezzanine Lender asserts that Senior Mezzanine Borrower has defaulted in the performance or observance of any term, covenant or condition of the Senior Mezzanine Loan Documents (whether or not the same shall have continued beyond any applicable notice or grace periods, whether or not Senior Mezzanine Lender shall have delivered proper notice to Senior Mezzanine Borrower, and without regard to any other defenses or offset rights Senior Mezzanine Borrower may have against Senior Mezzanine Lender), Borrower hereby expressly agrees that Lender shall have the immediate right, without notice to or demand on Borrower or Senior Mezzanine Borrower, but shall be under no obligation: (i) to pay all or any part of the Senior Mezzanine Loan, and any other sums, that are then due and payable and to perform any act or take any action on behalf of Senior Mezzanine Borrower, as may be appropriate, to cause all of the terms, covenants and conditions of the Senior Mezzanine Loan Documents on the part of Senior Mezzanine Borrower to be performed or observed thereunder to be promptly performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute discretion, shall deem advisable to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral. Lender shall have 143 no obligation to complete any cure or attempted cure undertaken or commenced by Lender. All sums so paid and the costs and expenses incurred by Lender in exercising rights under this Section (including, without limitation, reasonable attorneys’ and other professional fees), with interest at the Default Rate, for the period from the date of demand by Lender to Borrower for such payments to the date of payment to Lender, shall constitute a portion of the Debt, shall be secured by the Pledge Agreements and shall be due and payable to Lender within two Business Days following demand therefor.