Default of Borrower. Should Borrower default under any of its Indebtedness in favor of Lenders as provided in the Credit Agreement, Guarantor unconditionally and absolutely agrees to pay in full the then unpaid amount of all of Borrower's Indebtedness guaranteed hereunder, in principal interest, costs and reasonable attorneys' fees. Such payment or payments shall be made immediately following demand by Lenders at Agent's offices at 313 Xxxxxxxxxx Xxxxxx, Xxx Xxxxxxx, Xxxxxxxxx 00000. Xxarantor hereby waives notice of acceptance of this Agreement and of any Indebtedness to which it applies or may apply. Guarantor further waives presentation and demand for payment of Borrower's Indebtedness, notice of dishonor and of nonpayment, notice of intention to accelerate, notice of acceleration, protest and notice of protest, collection or institution of any suit or other action by Lenders in collection thereof, including any notice of default in payment thereof or other notice to, or demand for payment thereof on any party. Guarantor additionally waives any and all rights and pleas of division and discussion as provided under Louisiana law, as well as, to the degree applicable, any similar rights as may be provided under the laws of any other state.
Default of Borrower. In the event of default by a Borrower in the payment of any installment of principal or interest, Lead Lender shall not be required to remit principal or interest to Participant until collected from Borrower or for Borrower’s account. In the event of the inability of Lead Lender to collect the Loan after exercising reasonable efforts to do so, Lead Lender agrees to give prompt notice to Participant, and the Lead Lender shall take any and all steps required by Participant in the handling of said default from the inception thereof until said default is cured, the Collateral is seized, or the Mortgaged Property is foreclosed. Lead Lender may, but is not obligated, to buy the Mortgaged Property at the foreclosure sale, or to accept a deed in lieu of foreclosure, and to manage any Mortgaged Property acquired in liquidation and to maintain it, provided that Lead Lender may not both reject a deed in lieu of foreclosure and decline to bid for the Mortgaged Property at foreclosure sale without first obtaining the written consent of Participant. Lead Lender and Participant shall share ratably in the income and expense incurred in payment of taxes, insurance premiums, waste prevention, repairs, maintenance, foreclosure, collection fees and costs, attorneys’ fees and other similar expenses. Participant agrees to pay promptly its proportion of any such necessary expenses. Lead Lender shall not improve, sell or dispose of any Collateral Security or Mortgaged Property so acquired without written approval of Participant.
Default of Borrower. (a) If either party acquires any actual knowledge of (i) a material default in connection with the Loan or (ii) any matter which such party xxxxx xxx affect the enforceability or collectability of the Loan, then the party having such knowledge will reasonably promptly thereafter notify the other party in writing, and the parties will thereafter consult as appropriate regarding any action to be taken in connection therewith. In the event of a disagreement as to the appropriate course of action in a given instance, the decision of the party (or parties, in the case of more than one Loan participant) with the larger percentage interest in the Loan will govern.
Default of Borrower. Upon borrower’s default under the Loan Documents and after receiving instructions of Lender (or of the Majority in a Multi-Lender Loan), SERVICER, or its designated Contractor (e.g., trustee, substitute trustee, or foreclosure agent) are each authorized by Lender to take any and all reasonable or necessary actions on behalf of Lender to: (1) satisfy or complete any conditions precedent to initiating, processing and concluding a non-judicial or judicial foreclosure, including, but not limited to, taking any actions required or permitted by the Loan Documents or pursuant to Civil Code §§ 2920 et seq.; and (2) to initiate, process, and conclude a non-judicial foreclosure including, but not limited to, taking any actions required or permitted by the Loan Documents or pursuant to Civil Code §§ 2920 et seq. The authority granted by the Lender under this Agreement includes, but is not limited to, SERVICER and a Contractor selected by SERVICER (e.g., trustee, substitute trustee, or foreclosure agent) each of whom is authorized to take all actions on behalf of Lender relating to executing and processing a Notice(s) of Default; a Declaration of Mortgage SERVICER included in the Notice(s) of Default; using a title company or vendor of SERVICER’S choice for recording documents on behalf of Lender, SERVICER or its Contractor; to prepare and record a Substitution of Trustee, if needed; to order a Trustee’s Sale Guarantee or litigation guaranty; to mail “Post-Notice of Default Solicitation Letter” if necessary; to post, publish and take any and all other action regarding a Notice of Trustee’s Sale; to request a bid or postponement information; to send required postponement letters under Xxxxxx’s or SERVICER’S name; to conduct and/or continue a Trustee’s Sale; to distribute all funds received whether reinstatement, payoff, or trustee sale proceeds. For each default of borrower, Xxxxxx authorizes SERVICER, in its sole discretion, to direct any and all foreclosure actions through foreclosure sale (which includes final distribution of any surplus proceeds), reinstatement, redemption or other legal satisfaction or extinguishment of the Deed of Trust. Xxxxxx understands that SERVICER may “underbid” to commence bidding, but SERVICER shall not accept less than full credit bid at trustee sale without Lender’s approval or, in a Multi-Lender Loan, without Majority approval. Additionally SERVICER has authority to quote payoff/reinstatements, or redemption figures to borrower and to ...
Default of Borrower or any of its --------------------------- Subsidiaries in payment when due of any principal or interest on any Indebtedness or (2) breach or default of Borrower or any of its Subsidiaries with respect to any Indebtedness, if such failure to pay, breach or default entitles the holder to cause such Indebtedness having an individual principal amount in excess of $250,000 or having an aggregate principal amount in excess of $500,000 to become or be declared due prior to its stated maturity; or
Default of Borrower. Upon the occurrence of an Event of Default as provided in the Credit Agreement, Guarantor unconditionally and absolutely agrees to pay in full the then unpaid amount of all of Borrower's Indebtedness guaranteed hereunder, in principal interest, costs and reasonable attorneys' fees. Such payment or payments shall be made immediately following demand by Agent at its offices at 313 Carondelet Street, New Orleans, Louisiana 70130. Other than the xxxxxx xxxxxxxx xx xx xxx xxxxxxxxxxx xxxxxxxxx xxntence, Guarantor hereby waives notice of acceptance of this Agreement and of any Indebtedness to which it applies or may apply. Guarantor further waives presentation and demand for payment of Borrower's Indebtedness, notice of dishonor and of nonpayment, notice of intention to accelerate, notice of acceleration, protest and notice of protest, collection or institution of any suit or other action by Agent in collection thereof, including any notice of default in payment thereof or other notice to, or demand for payment thereof on any party. Guarantor additionally waives any and all rights and pleas of division and discussion as provided under Louisiana law, as well as, to the degree applicable, any similar rights as may be provided under the laws of any other state.
Default of Borrower. An event of default of the borrower is the occurrence of one or more of the following circumstances:
Default of Borrower. Should Borrower default under any of the Indebtedness in favor of Lender, Guarantor hereby, jointly and severally, unconditionally and absolutely agrees to pay the full then unpaid amount of all Borrower's Indebtedness guaranteed hereunder, in principal, interest, costs and attorneys' fees. Such payment or payments shall be made immediately following demand by Lender at Lender's offices as indicated in the Loan Agreement. Guarantor hereby waives notice of acceptance of this Guaranty and of any Indebtedness to which it applies or may apply. Guarantor further waives presentation and demand for payment of the Indebtedness, notice of dishonor and of nonpayment, notice of intention to accelerate, notice of acceleration, protest and notice of protest, collection or institution of any suit or other action by Lender in connection thereof, including any notice of default in payment thereof or other notice to, or demand for payment thereof on any party. Guarantor additionally waives any and all rights and pleas of division and discussion as provided under New York law, as well as, to the degree applicable, any similar rights as may be provided under the laws of any other state.
Default of Borrower. In the event of the Borrower failing to observe and perform any of the covenants, undertakings, stipulations or terms contained in the Facilities Agreement and/or the other Security Documents to which the Borrower is a party, the Beneficiaries shall notwithstanding anything to the contrary contained in the Facilities Agreement and/or the other Security Documents be entitled to demand payment in full from the Guarantor the whole of the Guaranteed Indebtedness or such part thereof as may be outstanding.
Default of Borrower. The Compliance Monitoring Agent shall not at any time, without the express written consent of the Issuer, consent to a postponement of compliance on the part of the Borrower with any of the terms and provisions of the Project Loan Agreement, Subordinate Loan Agreement, the Land Use Restriction Agreement, the Mortgages, or any other Loan Document, or in any manner grant an extension or waiver to the Borrower.
