Common use of Performance Notices Clause in Contracts

Performance Notices. Borrowers shall timely pay and perform each of the obligations of Borrowers under or in connection with each Lease and shall otherwise pay such sums and take such action as shall be necessary or required in order to maintain such Lease in full force and effect in accordance with its terms. Borrowers shall within five (5) Business Days following receipt thereof, furnish to Administrative Agent copies of (i) any notices given to any Borrower by the Tenant under any Lease (a) alleging the default by any Borrower in the timely payment or performance of such Borrower’s obligations under such Lease, (b) purporting to terminate or cancel such Lease prior to its stated expiration date, or (c) requiring or demanding the expenditure of any sum by any Borrower (or demanding the taking of any action by any Borrower), and (ii) any subsequent communications related thereto. Borrowers shall enforce all of the material terms, covenants and conditions contained in the Leases upon the part of the Tenant or any other party that is not any Borrower thereunder to be observed or performed. No Borrower shall permit or consent to any assignment or subletting of any Lease unless such assignment or subletting is consummated in accordance with the terms of such Lease, and no Borrower shall consent to any assignment or subletting of any Lease to a Required Tenant without the prior written consent of Administrative Agent. Borrowers agree that, during the existence of an Event of Default, Administrative Agent, in Administrative Agent’s sole discretion, may (following written notice to Borrowers) advance any sum or take any action that Administrative Agent reasonably believes is necessary or required to maintain the Leases in full force and effect, and all such sums advanced by Administrative Agent and/or Lender, together with all costs and expenses incurred by Administrative Agent and/or Lender in connection with any action taken by Administrative Agent and/or Lender pursuant to this Section 7.1.13, shall be due and payable by Borrowers to Administrative Agent not later than ten (10) days following Administrative Agent’s demand therefor, shall bear interest at the Default Rate from the date such sums are advanced by Administrative Agent and/or Lender until the date such sums (together with the applicable interest thereon 153251886 Loan Agreement (NY Loan) - GTJ Portfolio Refinancing - AIG at the Default Rate) are paid by Borrowers to Administrative Agent, and shall be part of the Secured Obligations.

Performance Notices. Borrowers shall timely pay and perform each of the obligations of Borrowers under or in connection with each Lease and shall otherwise pay such sums and take such action as shall be necessary or required in order to maintain such Lease in full force and effect in accordance with its terms. Borrowers shall within five (5) Business Days following receipt thereof, furnish to Administrative Agent copies of (i) any notices given to any Borrower by the Tenant under any Lease (a) alleging the default by any Borrower in the timely payment or performance of such Borrower’s obligations under such Lease, (b) purporting to terminate or cancel such Lease prior to its stated expiration date, or (c) requiring or demanding the expenditure of any sum by any Borrower (or demanding the taking of any action by any Borrower), and (ii) any subsequent communications related thereto. Borrowers shall enforce all of the material terms, covenants and conditions contained in the Leases upon the part of the Tenant or any other party that is not any Borrower thereunder to be observed or performed. No Borrower shall permit or consent to any assignment or subletting of any Lease unless such assignment or subletting is consummated in accordance with the terms of such Lease, and no Borrower shall consent to any assignment or subletting of any Lease to a Required Tenant without the prior written consent of Administrative Agent. Borrowers agree that, during the existence of an Event of Default, Administrative Agent, in Administrative Agent’s sole discretion, may (following written notice to Borrowers) advance any sum or take any action that Administrative Agent reasonably believes is necessary or required to maintain the Leases in full force and effect, and all such sums advanced by Administrative Agent and/or Lender, together with all costs and expenses incurred by Administrative Agent and/or Lender in connection with any action taken by Administrative Agent and/or Lender pursuant to this Section 7.1.13, shall be due and payable by Borrowers to Administrative Agent not later than ten (10) days following Administrative Agent’s demand therefor, shall bear interest at the Default Rate from the date such sums are advanced by Administrative Agent and/or Lender until the date such sums (together with the applicable interest thereon 153251886 Loan Agreement (NY Loan) - GTJ Portfolio Refinancing - AIG at the Default Rate) are paid by Borrowers to Administrative Agent, and shall be part of the Secured Obligations.