Common use of Loan Default Clause in Contracts

Loan Default. If a Permitted Encumbrance or any loan secured by a Permitted Encumbrance is in default at any time, then the Permitted Lender shall, as provided by Law, have the right, without Landlord's prior consent, to: (a) In the case of a Permitted Mortgage Lender, accept an Assignment of this Lease in lieu of foreclosure or, in the case of a Permitted Mezzanine Lender, accept an assignment of its equity collateral resulting from an Equity Collateral Enforcement Action; or (b) In the case of a Permitted Mortgage Lender, request that a court of competent jurisdiction appoint a receiver as to any or all of the Premises or Improvements or cause a foreclosure sale to be held pursuant to either judicial proceedings, power of sale and/or foreclosure proceedings as provided in its Permitted Lease Encumbrance; (c) In the case of a Permitted Mezzanine Lender, exercise such remedies as may be permitted by its Permitted Equity Encumbrance or applicable Law; provided, however, that no Assignment to the successful bidder (a "Foreclosure Purchaser") that is neither the Permitted Mortgage Lender, an Affiliate of the Permitted Mortgage Lender that is a special purpose entity set up and operated by Permitted Mortgage Lender specifically to take and hold properties with respect to which Permitted Mortgage Lender has foreclosed or taken a deed in lieu of foreclosure (“SPE Lender Affiliate”) shall be effective without Landlord's prior written consent in accordance with Section 10.4 below.

Loan Default. If a Permitted Financing Encumbrance or any loan secured by a Permitted Financing Encumbrance is in default at any time, then the Permitted Lender shall, as provided by Law, have the right, without Landlord's City’s prior consent, toto perform the following; provided that the Permitted Lender exercises such rights as to the whole of Permitted Lender’s interest in the Ground Lease, Project Implementation Agreement, and this Sublease and/or RIDA, as the case may be, and not portions thereof: (ai) In the case of a Permitted Mortgage Lender, accept an Assignment of this Lease Sublease in lieu of foreclosure or, in the case of a Permitted Mezzanine Lender, accept an assignment of its equity collateral resulting from an Equity Collateral Enforcement Action; or (bii) In the case of a Permitted Mortgage Lender, request that a court of competent jurisdiction appoint a receiver as to any or all of the Premises or Improvements Facility or cause a foreclosure sale to be held pursuant to either judicial proceedings, power of sale and/or foreclosure proceedings as provided in its Permitted Lease Sublease Financing Encumbrance; (ciii) In the case of a Permitted Mezzanine Lender, exercise such remedies as may be permitted by its Permitted Equity Financing Encumbrance or applicable Law; provided, however, that no Assignment or Transfer to the successful bidder (a "“Foreclosure Purchaser"”) that is neither the a Permitted Mortgage Lender, nor an Affiliate of the a Permitted Mortgage Lender that is a special purpose entity set up and operated by a Permitted Mortgage Lender specifically to take and hold properties with respect (directly or indirectly) title to which Permitted Mortgage Lender has foreclosed the Site or taken a deed in lieu of foreclosure the Mezzanine Interests (“SPE Lender Affiliate”) shall be effective without Landlord's City’s prior written consent in accordance with Section 10.4 9.4 below.

Loan Default. If a Permitted Financing Encumbrance or any loan secured by a Permitted Financing Encumbrance is in default at any time, then the Permitted Lender shall, as provided by Law, have the right, without Landlord's any Public Entity’s prior consent, toto perform the following; provided that the Permitted Lender exercises such rights as to the whole of Permitted Lender’s interest in the Ground Lease, the Sublease, and the Project Implementation Agreement and/or Developer, as the case may be, and not portions thereof: (a) In the case of a Permitted Mortgage Lender, accept an Assignment of this Lease the Project Implementation Agreement in lieu of foreclosure or, in the case of a Permitted Mezzanine Lender▇▇▇▇▇▇, accept an assignment of its equity collateral resulting from an Equity Collateral Enforcement Action; or (b) In the case of a Permitted Mortgage Lender, request that a court of competent jurisdiction appoint a receiver as to any or all of the Premises or Improvements Facility or cause a foreclosure sale to be held pursuant to either judicial proceedings, power of sale and/or foreclosure proceedings as provided in its Permitted Lease PIA Financing Encumbrance; (c) In the case of a Permitted Mezzanine Lender, exercise such remedies as may be permitted by its Permitted Equity Financing Encumbrance or applicable Law; provided, however, that no Assignment or Transfer to the successful bidder (a "“Foreclosure Purchaser"”) that is neither the a Permitted Mortgage Lender, nor an Affiliate of the a Permitted Mortgage Lender that is a special purpose entity set up and operated by a Permitted Mortgage Lender specifically to take and hold properties with respect (directly or indirectly) title to which Permitted Mortgage Lender has foreclosed the Facility or taken a deed in lieu of foreclosure the Mezzanine Interests (“SPE Lender Affiliate”) shall be effective without Landlord's the prior written consent or deemed consent of the Public Entities in accordance with Section 10.4 6 of this Annex I below.

Loan Default. If a Permitted Financing Encumbrance or any loan secured by a Permitted Financing Encumbrance is in default at any time, then the Permitted Lender shall, as provided by Law, have the right, without Landlord's ’s prior consent, toto perform the following, provided that the Permitted Lender exercises such rights as to the whole of Permitted Lender’s interest in the Lease and Convention Center Subleases and/or Tenant, as the case may be, and not portions thereof: (a) In the case of a Permitted Mortgage Lender, accept an Assignment of this Lease in lieu of foreclosure or, in the case of a Permitted Mezzanine Lender, accept an assignment of its equity collateral resulting from an Equity Collateral Enforcement Action; or (b) In the case of a Permitted Mortgage Lender, request that a court of competent jurisdiction appoint a receiver as to any or all of the Premises or Improvements or cause a foreclosure sale to be held pursuant to either judicial proceedings, power of sale and/or foreclosure proceedings as provided in its Permitted Lease Financing Encumbrance; (c) In the case of a Permitted Mezzanine Lender, exercise such remedies as may be permitted by its Permitted Equity Financing Encumbrance or applicable Law; ; (d) provided, however, that no Assignment or Transfer to the successful bidder (a "“Foreclosure Purchaser"”) that is neither the a Permitted Mortgage Lender, nor an Affiliate of the a Permitted Mortgage Lender that is a special purpose entity set up and operated by a Permitted Mortgage Lender specifically to take and hold properties with respect (directly or indirectly) title to which Permitted Mortgage Lender has foreclosed the Premises or taken a deed in lieu of foreclosure the Mezzanine Interests (“SPE Lender Affiliate”) shall be effective without Landlord's ’s prior written consent in accordance with Section 10.4 below.