Common use of Re-Dating Clause in Contracts

Re-Dating. In connection with a Securitization or other sale of all or a portion of the Loan, Lender shall have the right to modify all operative dates (including but not limited to payment dates, interest period start dates and end dates, etc) under the Loan Documents, by up to ten (10) days (e.g., if the Monthly Payment Date is on the first (1st) of the month, it could be changed to any day out until the 11th of the month) (such action and all related action is a “Re-Dating”). Borrower shall cooperate with Lender, at Lender’s sole cost and expense, to implement any Re-Dating (including obtaining a modification of the Interest Rate Cap Agreement). If Borrower fails to cooperate with Lender within ten (10) Business Days of written request by Lender, Lender is hereby appointed as Borrower’s attorney in fact to execute any and all documents necessary to accomplish the Re-Dating, including, without limitation, obtaining a modification of the Interest Rate Cap Agreement. In addition, in connection with a change in the Monthly Payment Date, if such amended Monthly Payment Date shall fall on a date other than a Business Day, such Monthly Payment Date shall be deemed to be the Business Day immediately preceding the Monthly Payment Date and not immediately succeeding the Monthly Payment Date.