Examples of Due Diligence Cap in a sentence
Seller further agrees that Seller shall pay all out-of-pocket costs and expenses incurred by Buyer in connection with Buyer’s activities pursuant to this Section 35 (“Due Diligence Costs”); provided, that such Due Diligence Costs shall not exceed the Due Diligence Cap per calendar year unless a Default or Event of Default shall have occurred, in which event Buyer shall have the right to perform due diligence, at the sole expense of Seller without regard to the dollar limitation set forth herein.
In addition, the Buyer may perform corporate level due diligence on the Seller and Servicer, provided, however, that prior to the occurrence and continuation of an Event of Default the Seller shall not be required to pay for such corporate level due diligence more than once per annum (which due diligence shall also be subject to the Due Diligence Cap; provided that the Due Diligence Cap shall not apply upon the occurrence and continuance of an Event of Default).
On the date of execution of this Agreement, Borrowers shall reimburse Lender for all invoiced expenses (including reasonable legal fees and expenses, but subject to the cap set forth in Section 16(b)) incurred by Lender on or prior to such date in connection with the negotiation and documentation of this Agreement and the related Facility Documents, and diligence of proposed Rental Properties and Financed Rental Properties, subject to the applicable Due Diligence Cap.
Seller further agrees that Seller shall pay all reasonable third-party out-of-pocket costs and expenses incurred by Buyer in connection with Buyer’s activities pursuant to this Section 21 (“Due Diligence Costs”) in an amount not to exceed the Due Diligence Cap per calendar year; provided that the Due Diligence Cap shall not apply upon the occurrence and continuance of an Event of Default.
Each Seller further agrees that such Seller shall pay all reasonable and documented out‑of‑pocket costs and expenses incurred by Buyer in connection with Buyer’s activities pursuant to this Section 34 in an amount not to exceed the Due Diligence Cap; provided that the Due Diligence Cap shall not apply upon the occurrence of an Event of Default.