Common use of Splitting the Note Clause in Contracts

Splitting the Note. Xxxxxx has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretion, which promissory notes may be included in separate sales or Securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedule; provided however: (a) if Lender redefines the interest rate, the weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Interest Rate (as defined in the Note), and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall require no more amortization to be paid under the Loan than as required under this Instrument and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notes. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. Xxxxxxxx, at Xxxxxxxx's expense, agrees to cooperate with all reasonable requests of Xxxxxx to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable require. Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided however, Lender shall not make or execute any such documents under such power until ten (10) Business Days after written Notice has been given to Borrower by Xxxxxx of Xxxxxx's intent to exercise its rights under such power. Xxxxxxxx's failure to deliver any of the documents requested by Xxxxxx hereunder for a period of ten (10) Business Days after such Notice by Xxxxxx shall, at lender's option, constitute an Event of Default hereunder.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretion, discretion (including the creation of a mezzanine loan secured by a collateral assignment of the equity interest in Borrower and SPE Party) which will be senior in priority and rights to any Permitted Mezzanine Financing pursuant to Schedule VI attached hereto which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedulerate; provided however: (a) provided, however if Lender redefines the interest rate, the initial weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined and all other economic terms shall remain unchanged in the Note), and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall require no more amortization to be paid under the Loan than as required under this Instrument and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notesaggregate. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. XxxxxxxxBorrower, at Xxxxxxxx's expenseBorrower’s expense (not including Lender’s costs and expenses or the costs of Lender’s legal counsel), agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other related documents as Lender shall reasonable reasonably require. Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, Lender shall not make or execute any such documents under such power until ten five (105) Business Days after written Notice notice has been given to Borrower by Xxxxxx Lender of Xxxxxx's Lender’s intent to exercise its rights under such power. Xxxxxxxx's Except as may be required in connection with a Securitization, (i) Borrower shall not be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the severed Loan Documents, and (ii) the severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the severed Loan Documents will be given by Borrower only as of the Closing Date. Borrower’s failure to deliver any of the documents requested by Xxxxxx Lender hereunder for a period of ten (10) Business Days business days after such Notice notice by Xxxxxx Lender shall, at lender's Lender’s option, constitute an Event of Default hereunder.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretion, which promissory notes may be included in separate sales or Securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedule; provided however: (a) if Lender redefines the interest rate, the weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Interest Rate (as defined in the Note), and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall require no more amortization to be paid under the Loan than as required under this Instrument and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notes. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. XxxxxxxxBorrower, at XxxxxxxxBorrower's expense, agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable require. Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided however, Lender shall not make or execute any such documents under such power until ten (10) Business Days after written Notice has been given to Borrower by Xxxxxx Lender of XxxxxxLender's intent to exercise its rights under such power. XxxxxxxxBorrower's failure to deliver any of the documents requested by Xxxxxx Lender hereunder for a period of ten (10) Business Days after such Notice by Xxxxxx Lender shall, at lender's option, constitute an Event of Default hereunder.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretiondiscretion (including the creation of a mezzanine loan secured by a collateral assignment of the Equity Interests in Borrower and SPE Equity Owner), which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedule; provided provided, however: (a) if Lender redefines the interest rate, the weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined in the Note)Rate, and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall shall, require no more amortization to be paid under the Loan than as required under this Instrument Loan Agreement and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notesLender. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Loan Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. XxxxxxxxBorrower, at Xxxxxxxx's Borrower’s expense, agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable reasonably require. Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, Lender shall not make or execute any such documents under such power until ten five (105) Business Days days after written Notice notice has been given to Borrower by Xxxxxx Lender of Xxxxxx's Lender’s intent to exercise its rights under such power. Xxxxxxxx's Borrower’s failure to deliver any of the documents requested by Xxxxxx Lender hereunder for a period of ten (10) Business Days after such Notice notice by Xxxxxx Lender shall, at lender's Lender’s option, constitute an Event of Default hereunder.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretiondiscretion (including the creation of a mezzanine loan secured by a collateral assignment of the Equity Interests in Borrower and Equity Owner), which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedulerate; provided provided, however: (a) , that if Lender redefines the interest rate, the weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined in the Note), and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall require no more amortization to be paid under the Loan than as required under this Instrument and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notesRate. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Loan Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross cross–default provisions. XxxxxxxxBorrower, at Xxxxxxxx's Borrower’s expense, agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable reasonably require. Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, Lender shall not make or execute any such documents under such power until ten five (105) Business Days days after written Notice notice has been given to Borrower by Xxxxxx Lender of Xxxxxx's Lender’s intent to exercise its rights under such power. Xxxxxxxx's Borrower’s failure to deliver any of the documents requested by Xxxxxx Lender hereunder for a period of ten (10) Business Days after such Notice notice by Xxxxxx Lender shall, at lender's Lender’s option, constitute an Event of Default hereunder. Notwithstanding the foregoing, any costs or expenses incurred by Lender in connection with Borrower’s cooperation with any restructuring of the Loan shall be borne solely by Lender, to the extent that such costs exceed $5,000.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretiondiscretion (including the creation of a mezzanine loan secured by a collateral assignment of the Equity Interests in Borrower), which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedule; provided provided, however: (a) if Lender redefines the interest rate, the weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined in the Note)Rate, and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall shall, require no more amortization to be paid under the Loan than as required under this Instrument Loan Agreement and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notesLender. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Loan Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. XxxxxxxxBorrower, at Xxxxxxxx's Borrower’s expense, agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable requirereasonably require (provided, however, that Borrower shall not be obligated to pay Lender’s legal or administrative review costs incurred in connection with the same). Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, Lender shall not make or execute any such documents under such power until ten five (105) Business Days days after written Notice notice has been given to Borrower by Xxxxxx Lender of Xxxxxx's Lender’s intent to exercise its rights under such power. Xxxxxxxx's Borrower’s failure to deliver any of the documents requested by Xxxxxx Lender hereunder for a period of ten (10) Business Days after such Notice notice by Xxxxxx Lender shall, at lender's Lender’s option, constitute an Event of Default hereunder.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretiondiscretion (including the creation of a mezzanine loan secured by a collateral assignment of the Equity Interests in Borrower and SPE Equity Owner), which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedule; provided providing, however: (a) if Lender redefines the interest rate, the initial weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined in the Note)Rate, and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall shall, require no more amortization to be paid under the Loan than as required under this Instrument Loan Agreement and the Note at the time such action was taken by Lender (adjusted, if applicable, to account for an amortization schedule of thirty (30) years with the first five (5) years interest only) and such redefined amortization shall not result in a change in (c) the amount principal balance of the monthly payment due under components of the Note. The Borrower shall only be required Note immediately after the effective date of such modification equals the principal balance of the Loan immediately prior to make one payment under such separate promissory notesmodification. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Loan Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. XxxxxxxxBorrower, at XxxxxxxxBorrower's expense, agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonably require, which shall all be subject to the reasonable requireapproval of Borrower's counsel. Borrower hereby appoints Lender its attorney-in-in­ fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do in accordance with the terms hereof by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, Lender shall not make or execute any such documents under such power until ten five (105) Business Days days after written Notice notice has been given to Borrower by Xxxxxx Lender of XxxxxxLender's intent to exercise its rights under such power. XxxxxxxxBorrower's failure to deliver any of the documents requested by Xxxxxx Lender that Borrower is required to deliver hereunder for a period of ten (10) Business Days business days after such Notice notice by Xxxxxx Lender shall, at lenderLender's option, constitute an Event of Default hereunder. Notwithstanding the foregoing, (i) Borrower's payment obligations shall at all times be the same as if the entire Loan was evidenced by one promissory note at the Applicable Interest Rate; (ii) subject to the limitation set forth in Section 15.02, Lender's costs incurred in connection with any splitting of the Note shall be shared equally between Borrower and Lender; and (iii) in the event new promissory notes evidencing the Loan are prepared and executed in connection with such a splitting of the Note, Lender shall promptly return the original Note to the Borrower. Nothing in this Section 15.01 shall result in an economic change in the transaction, impose any legal obligations on Borrower or restrict Borrower in any material way.

Splitting the Note. Xxxxxx Lxxxxx has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretion, which promissory notes may be included in separate sales or Securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedule; provided however: (a) if Lender redefines the interest rate, the weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Interest Rate (as defined in the Note), and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall require no more amortization to be paid under the Loan than as required under this Instrument and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notes. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. XxxxxxxxBxxxxxxx, at XxxxxxxxBxxxxxxx's expense, agrees to cooperate with all reasonable requests of Xxxxxx Lxxxxx to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable require. Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided however, Lender shall not make or execute any such documents under such power until ten (10) Business Days after written Notice has been given to Borrower by Xxxxxx Lxxxxx of XxxxxxLxxxxx's intent to exercise its rights under such power. XxxxxxxxBxxxxxxx's failure to deliver any of the documents requested by Xxxxxx Lxxxxx hereunder for a period of ten (10) Business Days after such Notice by Xxxxxx Lxxxxx shall, at lender's option, constitute an Event of Default hereunder.

Splitting the Note. Xxxxxx Lender has the right from time to time time, at Lender’s cost and expense, to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretion, discretion (including the creation of a mezzanine loan secured by a collateral assignment of the equity interest in Borrower and SPE Equity Owner) which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, but subject to the following provisions of this Section 15.01, Lender may redefine the interest rate and amortization schedule; provided provided, however: (a) if Lender redefines the interest rate, the initial weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined in the Note)Rate, and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall require no more amortization to be paid under the Loan than as required under this Instrument Loan Agreement and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notesLender. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Loan Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. Xxxxxxxx, at Xxxxxxxx's expense, Borrower agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable reasonably require, provided, however, that no changes to the terms of the Loan shall increase Borrower’s obligations under the Loan Documents or have a significant adverse effect on the economics of the transaction to Borrower. Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall lawfully do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, Lender shall not make or execute any such documents under such power until ten five (105) Business Days days after written Notice notice has been given to Borrower by Xxxxxx Lender of Xxxxxx's Lender’s intent to exercise its rights under such power. Xxxxxxxx's Borrower’s failure to deliver any of the documents requested by Xxxxxx Lender hereunder for a period of ten (10) Business Days business days after such Notice notice by Xxxxxx Lender shall, at lender's Lender’s option, constitute an Event of Default hereunder.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretiondiscretion (including the creation of a mezzanine loan secured by a collateral assignment of the Equity Interests in Borrower, Texas Equity Owner and Equity Owner), which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedulerate; provided provided, however: (a) , that if Lender redefines the interest rate, the weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined in the Note), and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall require no more amortization to be paid under the Loan than as required under this Instrument and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notesRate. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Loan Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross cross-default provisions. XxxxxxxxBorrower, at XxxxxxxxBorrower's expense, agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable reasonably require. Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, Lender shall not make or execute any such documents under such power until ten five (105) Business Days days after written Notice notice has been given to Borrower by Xxxxxx Lender of XxxxxxLender's intent to exercise its rights under such power. XxxxxxxxBorrower's failure to deliver any of the documents requested by Xxxxxx Lender hereunder for a period of ten (10) Business Days after such Notice notice by Xxxxxx Lender shall, at lenderLender's option, constitute an Event of Default hereunder. Notwithstanding the foregoing, any costs or expenses incurred by Lender in connection with Borrower's cooperation with any restructuring of the Loan shall be borne solely by Lender, to the extent that such costs exceed $5,000.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretiondiscretion (including the creation of a mezzanine loan secured by a collateral assignment of the Equity Interests in Borrower), which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedule; provided provided, however: (a) if Lender redefines the interest rate, the initial weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined in the Note)Rate, and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall shall, require no more amortization to be paid under the Loan than as required under this Instrument Loan Agreement and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notesLender. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Loan Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. XxxxxxxxBorrower, at XxxxxxxxBorrower's expense, agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable requirereasonably require (provided, however, that Borrower shall not be obligated to pay Lender's legal or administrative review costs incurred in connection with the same). Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, Lender shall not make or execute any such documents under such power until ten five (105) Business Days days after written Notice notice has been given to Borrower by Xxxxxx Lender of XxxxxxLender's intent to exercise its rights under such power. XxxxxxxxBorrower's failure to deliver any of the documents requested by Xxxxxx Lender hereunder for a period of ten (10) Business Days business days after such Notice notice by Xxxxxx Lender shall, at lenderLender's option, constitute an Event of Default hereunder.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretiondiscretion (including the creation of a mezzanine loan secured by a collateral assignment of the Equity Interests in Borrower and SPE Equity Owner), which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedule; provided provided, however: (a) if Lender redefines the interest rate, the weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined in the Note)Rate, and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall shall, require no more amortization to be paid under the Loan than as required under this Instrument Loan Agreement and the Note at the time such action was taken by Lender and such redefined amortization shall not result in a change in the amount of the monthly payment due under the Note. The Borrower shall only be required to make one payment under such separate promissory notes. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Loan Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. XxxxxxxxBorrower, at Xxxxxxxx's Borrower’s expense, agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonable reasonably require. Borrower hereby appoints Lender its attorney-in-fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, . Lender shall not make or execute any such documents under such power until ten (10) Business Days days after written Notice notice has been given to Borrower by Xxxxxx Lender of Xxxxxx's Lender’s intent to exercise its rights under such power. Xxxxxxxx's Borrower’s failure to deliver any of the documents requested by Xxxxxx Lender hereunder for a period of ten (10) Business Days business days after such Notice notice by Xxxxxx Lender shall, at lender's Lender’s option, constitute an Event of Default hereunder.

Splitting the Note. Xxxxxx Lender has the right from time to time to sever the Note into one or more separate promissory notes in such denominations as Lender determines in its sole discretiondiscretion (including the creation of a mezzanine loan secured by a collateral assignment of the Equity Interests in Borrower and SPE Equity Owner), which promissory notes may be included in separate sales or Securitizations securitizations undertaken by Lender. In conjunction with any such action, Lender may redefine the interest rate and amortization schedule; provided provided, however: (a) if Lender redefines the interest rate, the initial weighted average of the interest rates contained in the severed promissory notes taken in the aggregate shall equal the Fixed Applicable Interest Rate (as defined in the Note)Rate, and (b) if Lender redefines the amortization schedule, the amortization of the severed promissory notes taken in the aggregate shall shall, require no more amortization to be paid under the Loan than as required under this Instrument Loan Agreement and the Note at the time such action was taken by Lender (adjusted, if applicable, to account for an amortization schedule of thirty (30) years with the first five (5) years interest only) and such redefined amortization shall not result in a change in (c) the amount principal balance of the monthly payment due under components of the Note. The Borrower shall only be required Note immediately after the effective date of such modification equals the principal balance of the Loan immediately prior to make one payment under such separate promissory notesmodification. Subject to the foregoing, each severed promissory note, and the Loan evidenced thereby, shall be upon all of the terms and provisions contained in this Instrument Loan Agreement and the Loan Documents which continue in full force and effect, except that Lender may allocate specific collateral given for the Loan as security for performance of specific promissory notes, in each case with or without cross default provisions. XxxxxxxxBorrower, at XxxxxxxxBorrower's expense, agrees to cooperate with all reasonable requests of Xxxxxx Lender to accomplish the foregoing, including, without limitation, execution and prompt delivery to Lender of a severance agreement and such other documents as Lender shall reasonably require, which shall all be subject to the reasonable requireapproval of Borrower's counsel. Borrower hereby appoints Lender its attorney-in-in­ fact with full power of substitution (and which shall be deemed to be coupled with an interest and irrevocable until the Loan is paid and this the Security Instrument is discharged of record, with Borrower hereby ratifying all that its said attorney shall do in accordance with the terms hereof by virtue thereof) to make and execute all documents necessary or desirable to effect the aforesaid severance; provided provided, however, Lender shall not make or execute any such documents under such power until ten five (105) Business Days days after written Notice notice has been given to Borrower by Xxxxxx Lender of XxxxxxLender's intent to exercise its rights under such power. XxxxxxxxBorrower's failure to deliver any of the documents requested by Xxxxxx Lender that Borrower is required to deliver hereunder for a period of ten (10) Business Days business days after such Notice notice by Xxxxxx Lender shall, at lenderLender's option, constitute an Event of Default hereunder. Notwithstanding the foregoing, (i) Borrower's payment obligations shall at all times be the same as if the entire Loan was evidenced by one promissory note at the Applicable Interest Rate; (ii) subject to the limitation set forth in Section 15.02, Lender's costs incurred in com1ection with any splitting of the Note shall be shared equally between Borrower and Lender; and (iii) in the event new promissory notes evidencing the Loan are prepared and executed in connection with such a splitting of the Note, Lender shall promptly return the original Note to the Borrower. Nothing in this Section 15.01 shall result in an economic change in the transaction, impose any legal obligations on Borrower or restrict Borrower in any material way.