Monthly Payment Notice definition
Examples of Monthly Payment Notice in a sentence
Senior Lender shall have no liability to any Junior Lender for including a Prior Payment Amount as being the amount due to a Junior Lender that failed to deliver a Junior Lender Monthly Payment Notice, shall have no obligation to notify any Junior Lender of the failure of Senior Lender to receive a Junior Lender Monthly Payment Notice and shall have no obligation with respect to pursuing the collection of any amounts owing to any Junior Lender.
If a Prior Payment Amount for any Junior Lender is paid to such Junior Lender in accordance with the foregoing, any Junior Lender that failed to deliver a Junior Lender Monthly Payment Notice to Senior Lender shall make prompt demand on the applicable Junior Borrower for payment of any shortfall due to such Junior Lender as of such Monthly Payment Date.
Senior Lender’s sole responsibility shall be to apply (or to direct the Cash Management Bank to apply) the amount set forth in each Junior Lender Monthly Payment Notice in accordance with the terms of the Cash Management Agreement, the other Senior Loan Documents and this Agreement.
Each Junior Lender acknowledges that Senior Lender shall have the right to rely on any such Junior Lender Monthly Payment Notice and that Senior Lender shall have no responsibility to verify or correct any amounts set forth in any Junior Lender Monthly Payment Notice and no liability to any Junior Lender if the amount set forth in any Junior Lender Monthly Payment Notice is incorrect.