Common use of Senior Recovery Lender Clause in Contracts

Senior Recovery Lender. Guarantor agrees that if, during the continuation of an Event of Default, Mortgage Loan Default, or Other Mezzanine Loan Default, including following delivery of a deed in lieu of foreclosure (or equivalent transfer), Guarantor or a Related Party of Guarantor receives, directly or indirectly, any cash distributions fees, property or payments from or relating to any collateral securing the Loan, Mortgage Loan or any Other Mezzanine Loan, as applicable (the “Defaulted Loan”) which is not paid over or transferred to either (i) Xxxxx Fargo Mortgage Loan Lender (if a Xxxxx Fargo Mortgage Loan Default is outstanding) or (ii) if no Xxxxx Fargo Mortgage Loan Default shall be outstanding, Lender or the most senior Other Senior Mezzanine Lender for which a Senior Mezzanine Loan Default shall then be outstanding (“Senior Recovery Lender”), then the amounts or property so received by such Guarantor or Related Party of Guarantor shall be paid over to the Senior Recovery Lender. The Guaranty Cap shall not be reduced as a result of any amounts paid under this Section 1.14 and the obligations under this Section 1.14 shall constitute a component of the “Guaranteed Obligations” hereunder.

Senior Recovery Lender. Guarantor agrees that if, during the continuation of an Event of Default, Mortgage Loan Default, or Other Senior Mezzanine Loan Default, including following delivery of a deed in lieu of foreclosure (or equivalent transfer), Guarantor or a Related Party of Guarantor receives, directly or indirectly, any cash distributions fees, property or payments from or relating to any collateral securing the Loan, Mortgage Loan or any Other Senior Mezzanine LoanLoans, as applicable (the “Defaulted Loan”) which is not paid over or transferred to either (i) Xxxxx Fargo Mortgage Loan Lender (if a Xxxxx Fargo Mortgage Loan Default is outstanding) or (ii) if no Xxxxx Fargo Mortgage Loan Default shall be outstanding, Lender or the most senior Other Senior Mezzanine Lender for which a Senior Mezzanine Loan Default shall then be outstanding (“Senior Recovery Lender”), then the amounts or property so received by such Guarantor or Related Party of Guarantor shall be paid over to the next most senior Senior Recovery Mezzanine Lender and, if such Senior Mezzanine Loan is not then outstanding, to the most junior Senior Mezzanine Loan, and if such Senior Mezzanine Loan is not outstanding, to Lender. The Guaranty Cap shall not be reduced as a result of any amounts paid under this Section 1.14 and the obligations under this Section 1.14 shall constitute a component of the “Guaranteed Obligations” hereunder.