RecD08 2008-042417 - Laserfiche WebLink

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any other sums secured by the Subordinate Security Instrument) without the Swap Provider's prior written consent. The Subordinate Lender agrees that, after it receives a Default Notice from the Swap Provider with written instructions directing the Subordinate Lender not to accept payments from the Borrower on account of the Subordinate Loan, it will not accept any payments under or pursuant to the Subordinate Loan Documents (including but not limited to principal, interest, additional interest, late payment charges, default interest, attorney's fees, or any other sums secured by the Subordinate Security Instrument) without the Swap Provider's prior written consent. If the Subordinate Lender receives written notice from the Swap Provider that the Senior Default which gave rise to the Subordinate Lender's obligation not to accept payments has been cured, waived, or otherwise suspended by the Swap Provider, the restrictions on payment to the Subordinate Lender in this Section 4 shall terminate, and the Swap Provider shall have no right to any subsequent payments made to the Subordinate Lender by the Borrower prior to the Subordinate Lender's receipt of a new Default Notice from the Swap Provider in accordance with the provisions of this Section 4(d). (e) Remitting Subordinate Loan Payments to Swap Provider. If, after the Subordinate Lender receives a Default Notice from the Swap Provider in accordance with subsection (d) above, the Subordinate Lender receives any payments under the Subordinate Loan Documents, the Subordinate Lender agrees that such payment or other distribution will be received and held in trust for the Swap Provider and unless the Swap Provider otherwise notifies the Subordinate Lender in writing, will be promptly remitted, in kind, to the Swap Provider, properly endorsed to the Swap Provider, to be applied to amounts due under the Senior Documents in accordance with the provisions of the Senior Documents. By executing this Agreement, the Borrower specifically authorizes the Subordinate Lender to endorse and remit any such payments to the Swap Provider and specifically waives any and all rights to have such payments returned to the Borrower or credited against the Subordinate Loan. Borrower and Swap Provider acknowledge and agree that payments received by the Subordinate Lender, and remitted to the Swap Provider under this Section 4, shall not be applied or otherwise credited against the Subordinate Loan, nor shall the tender of such payment to the Swap Provider waive any Subordinate Loan Default which may arise from the inability of the Subordinate Lender to retain such payment or apply such payment to the Subordinate Loan. (f) Agreement Not to Commence Bankruptcy Proceeding. The Subordinate Lender agrees that during the term of this Agreement it will not commence, or join with any other creditor in commencing any bankruptcy reorganization, arrangement, insolvency or liquidation proceedings with respect to the Borrower, without the Swap Provider's prior written consent. (g) Borrower's Equity Interests. (i) Notwithstanding any provisions of the Subordinate Loan Documents to the contrary, (A) the required debt service on the Subordinate Loan shall not, in any event, exceed 75% of the Property's Excess Cash Flow and (B) the Subordinate Lender's right and interest in and to the Borrower's equity in the Property in the event of a sale or other transfer (other than through foreclosure or deed-in-lieu of foreclosure), after the payment of the Senior Security Instrument, all other accounts (other than the Subordinate Loan) required to be satisfied in connection with such sale or transfer, shall not exceed 75%. For pwposes of this subsection, debt service on the Subordinate Loan and Excess Cash 5