Payments Before Senior Loan Default [; Soft Subordinate Debt]. Until the occurrence of a Senior Mortgage Default, Subordinate Lender will be entitled to retain for its own account all payments of the principal of and interest on the Subordinate Indebtedness pursuant to the Subordinate Loan Documents; provided that Subordinate Lender expressly agrees that it will not accept any such payment that is made more than 10 days in advance of its due date [PROVISION FOR SOFT DEBT: and provided further that Subordinate Lender will not accept any payment in an amount that exceeds 75% of then available Surplus Cash].
Appears in 7 contracts
Samples: Subordination Agreement, Subordination Agreement, Subordination Agreement
Payments Before Senior Loan Default [; Soft Subordinate Debt]. Until the occurrence of a Senior Mortgage Default, Subordinate Lender will be entitled to retain for its own account all payments of the principal of and interest on the Subordinate Indebtedness pursuant to the Subordinate Loan Documents; provided that Subordinate Lender expressly agrees that it will not accept any such payment that is made more than 10 days in advance of its due date [PROVISION FOR SOFT DEBT: and provided further that Subordinate Lender will not accept any payment in an amount that exceeds [IF PRIVATE ENTITY UNRELATED TO BORROWER: 75% %] [IF PRIVATE ENTITY RELATED TO BORROWER: 100%] of then available Surplus Cash].
Appears in 6 contracts
Samples: Subordination Agreement, Subordination Agreement, Subordination Agreement
Payments Before Senior Loan Default [; Soft Subordinate Debt]. Until the occurrence of a Senior Mortgage Default, Subordinate Lender will be entitled to retain for its own account all payments of the principal of and interest on the Subordinate Indebtedness pursuant to the Subordinate Loan Documents; provided that Subordinate Lender expressly agrees that it will not accept any such payment that is made more than 10 days in advance of its due date [PROVISION FOR SOFT DEBT: and provided further that Subordinate Lender will not accept any payment in an amount that exceeds 75% of then available Surplus Cash].
Appears in 5 contracts
Samples: Subordination Agreement, Subordination Agreement, Subordination Agreement
Payments Before Senior Loan Default [; Soft Subordinate Debt]. Until the occurrence of a Senior Mortgage Loan Default, Subordinate Lender will be entitled to retain for its own account all payments of the principal of and interest on the Subordinate Indebtedness pursuant to the Subordinate Loan Documents; provided that Subordinate Lender expressly agrees that it will not accept any such payment that is made more than 10 days in advance of its due date [PROVISION FOR SOFT DEBT: and provided further that Subordinate Lender will not accept any payment in an amount that exceeds 75% of then available Surplus Cash].
Appears in 2 contracts
