Senior Lender/Syndicator Cure Period Sample Clauses

Senior Lender/Syndicator Cure Period. If a default occurs under the THDA Loan Documents, THDA shall notify the Senior Lender and Syndicator in writing within five (5) business days of THDA’s knowledge of the default, which notice shall specify the nature of the default. For a period of thirty (30) days following the Senior Lender’s receipt of such notice or the Syndicator’s receipt of such notice (the “Senior Lender/Syndicator Cure Period”), THDA will not exercise any of its remedies under the THDA Loan Documents or institute any legal action against the Borrower or the Property, including accelerating the maturity of its Note or instituting foreclosure. During the Senior Lender/Syndicator Cure Period, Senior Lender and/or Syndicator shall have the right (but not the obligation) to cure Borrower’s default without meeting any requirements as to the assumption of the THDA Note. If the default is a non-monetary default that Senior Lender or Syndicator is incapable of curing (such as a bankruptcy, the insolvency of Borrower, or an assignment for the benefit of creditors by Borrower), Senior Lender and Syndicator shall have the right to pay the THDA Loan in full in accordance with the terms of the THDA Loan Documents and obtain the release of the Property and Collateral from any lien or security interest or title created under the THDA Loan Documents. If Senior Lender and/or Syndicator cures the default within the Senior Lender/Syndicator Cure Period or if Borrower cures the default, as otherwise permitted, then the THDA Loan shall be deemed reinstated, and, in the latter case, THDA shall promptly notify Senior Lender and/or Syndicator of the cure. If neither Senior Lender nor Syndicator does not cures the default within the Senior Lender/Syndicator Cure Period or if Borrower does not cure the default, as otherwise permitted, or if Senior Lender and/or Syndicator notifies THDA during the Senior Lender/Syndicator Cure Period that it does not intend to cure the default and Borrower’s right to cure, if any, has expired, THDA shall have no further obligation to allow Senior Lender or syndicator to cure the default and THDA may then exercise its rights and remedies under the THDA Loan Documents (including the right to waive the default or forbear from exercising its remedies) without further notice to or consent from Senior Lender and/or Syndicator (but subject to the rights of Senior Lender under the Senior Loan Documents. and/or Syndicator under the Syndicator Agreement).
Sample 1
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Senior Lender/Syndicator Cure Period. If a default occurs under the THDA Loan Documents, THDA shall notify the Senior Lender and Syndicator in writing within five (5) business days of THDA’s knowledge of the default, which notice shall specify the nature of the default. For a period of thirty
Sample 1

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