Unenforceability of Loan Documents. (i) Any material provision of any Loan Document after delivery thereof pursuant to Section 3.01 or Section 3.02 shall for any reason (other than pursuant to the terms thereof) cease to be valid and binding on or enforceable against any Loan Party which is party to it, or (ii) any such Loan Party shall so state in writing; provided, however, that solely with respect to clause (i), any such failure shall not give rise to an Event of Default hereunder if such failure is unintentional on the part of the Loan Parties and reasonably susceptible of cure by the Loan Parties with the reasonable cooperation of the Administrative Agent and the Lenders and is cured within ten (10) days after the earlier of the date on which (A) a Responsible Officer of a Loan Party obtains actual knowledge of such failure or (B) written notice thereof shall have been given to the Borrowers by the Administrative Agent or any Lender; provided further that the Administrative Agent and the Lenders shall reasonably cooperate with the Loan Parties in effecting such cure; or
Appears in 1 contract
Sources: Term Loan Agreement (American Realty Capital Hospitality Trust, Inc.)
Unenforceability of Loan Documents. (i) Any material provision of any Loan Document after delivery thereof pursuant to Section 3.01 or Section 3.02 shall for any reason (other than pursuant to the terms thereof) cease to be valid and binding on or enforceable against any Loan Party which is party to it, or (ii) any such Loan Party shall so state in writing; provided, however, that solely with respect to clause (i), any such failure shall not give rise to an Event of Default hereunder if such failure is unintentional on the part of the Loan Parties and reasonably susceptible of cure by the Loan Parties with the reasonable cooperation of the Administrative Agent and the Lenders and is cured within ten (10) days after the earlier of the date on which (A) a Responsible Officer of a Loan Party obtains actual knowledge of such failure or (B) written notice thereof shall have been given to the Borrowers by the Administrative Agent or any Lender; provided further that the Administrative Agent and the Lenders shall reasonably cooperate with the Loan Parties in effecting such cure; or
Appears in 1 contract
Sources: Term Loan Agreement (Hospitality Investors Trust, Inc.)