Additional Advances and Disbursements. Grantor agrees that, if an Event of Default shall have occurred and be continuing, then Beneficiary shall have the right without notice to Grantor to advance all or any part of amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary shall have no duty or be under any obligation to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursement. No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions in the name and on behalf of Grantor. This appointment, being coupled with an interest, shall be irrevocable until all of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note Obligations.
Appears in 2 contracts
Sources: Deed of Trust (Aventine Renewable Energy Holdings Inc), Deed of Trust (Aventine Renewable Energy Holdings Inc)
Additional Advances and Disbursements. Grantor The Mortgagor agrees that, if an Event the Mortgagor fails to pay or perform any obligation of Default shall have occurred the Mortgagor under this Mortgage (including the -15- EXHIBIT C-2 obligation to procure and be continuingmaintain the insurance at the limits of coverage required by Section 2.10), then Beneficiary the Mortgagee shall have the right right, but not the obligation, in the Mortgagor's name or otherwise, and without notice to Grantor the Mortgagor, to advance all pay or any part of amounts owing perform, or to perform cause the payment or performance of, such obligation and, for such purpose, the Mortgagor expressly grants to the Mortgagee, in addition and without prejudice to any other rights and remedies under this Mortgage, the right to enter upon and take possession of the Mortgaged Property to such extent and as often as the Mortgagee may deem necessary or all required actions not paid desirable to prevent or performed by Grantor (it being understood that Beneficiary shall have no duty or be under remedy any obligation to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make such advance or disbursement failure by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) Mortgagor to pay or perform such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursementobligation. No such advance payment or performance by the Mortgagee shall be deemed to have cured such default. default by the Mortgagor or any Event of Default with respect thereto, All sums advanced so paid, and all expenses incurred incurred, by Beneficiary the Mortgagee in connection with such advances payment or actionsperformance shall be deemed obligations owing by the Mortgagor to the Mortgagee and shall bear interest, from the date paid or incurred until repaid, at the Default Rate provided for in the Promissory Note. The amount of all such payments and expenses, and all other sums advanced or expenses incurred by Beneficiary hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shallsuch interest thereon, subject to Section 2.01, shall be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor Obligations and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions in the name and on behalf of Grantor. This appointment, being coupled with an interest, shall be irrevocable until all of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note ObligationsMortgage.
Appears in 1 contract
Sources: Facility Agreement (Vencor Inc)
Additional Advances and Disbursements. Grantor agrees that, if an Event of Default shall have occurred and be continuing, then Beneficiary Mortgagee shall have the right without notice to Grantor to advance all or any part of amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary shall have no duty or be under any obligation to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursementGrantor. No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary Mortgagee in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary Mortgagee hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, be part of the Note Secured Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary Mortgagee to and including the date paid by Grantor and shall be secured by this Deed of TrustMortgage. Grantor hereby appoints Beneficiary Mortgagee its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions in the name and on behalf of Grantor. This appointment, being coupled with an interest, shall be irrevocable until all of the Note Secured Obligations shall be fully satisfied, paid and performed and Beneficiary Mortgagee shall have no further Note Secured Obligations.
Appears in 1 contract
Sources: Indenture (Verasun Energy Corp)
Additional Advances and Disbursements. Grantor Trustor agrees that, that if an Event of Default shall have occurred occurs hereunder and be continuingis continuing with respect to any obligations hereunder to pay any amount or to perform any action, including, without limitation, its obligation under Section 2.7 to pay Impositions and under Section 2.3 to procure, maintain and pay premiums on the insurance policies referred to therein, then Trustee and/or Beneficiary shall have the right right, but not the obligation, in Trustor’s name or in its or their own name, and without notice to Grantor Trustor, to advance all or any part of such amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary shall have no duty or be under such actions, and, for such purpose, Trustor expressly grants to Trustee and Beneficiary, in addition and without prejudice to any obligation other rights and remedies hereunder, the right to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make such advance or disbursement by the Holders of not less than 25% enter upon and take possession of the aggregate principal amount Premises in accordance with applicable law to such extent and as often as either of the Notes at the time outstanding voting them may deem necessary or desirable to prevent or remedy any such default. Except as a single classotherwise provided by law, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursement. No no such advance or performance shall be deemed to have cured such defaultdefault by Trustor or any Event of Default with respect thereto. All sums advanced and all expenses incurred by Trustee and/or Beneficiary in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, shall be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including of disbursement until paid (as defined in the date paid by Grantor Note) and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions in the name and on behalf of Grantor. This appointmentTrustee and/or Beneficiary, being coupled with an interestupon making any such advance, shall be irrevocable until subrogated to all of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note Obligationsrights of the person receiving such advance.
Appears in 1 contract
Additional Advances and Disbursements. The Grantor agrees thatshall pay by the last day payable without premium or penalty all payments and charges on all liens, if an Event of Default shall have occurred encumbrances, ground and be continuingother leases and security interests which affect or may affect or attach or may attach to the Premises, then or any part thereof, and in default thereof, the Beneficiary shall have the right right, but shall not be obligated, to pay, without notice to the Grantor, such payments and charges and the Grantor shall, on demand, reimburse the Beneficiary for amounts so paid. In addition, upon default of the Grantor in the performance of any other terms, covenants, conditions or obligations by it to advance all be performed hereunder or under any part of amounts owing such lien, encumbrance, lease or to perform any or all required actions not paid or performed by Grantor (it being understood that security interest, the Beneficiary shall have no duty or the right, but shall not be under any obligation obligated, to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make cure such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursement. No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions default in the name and on behalf of the Grantor. This appointmentAll sums advanced and reasonable expenses incurred at any time by the Beneficiary pursuant to this Section 2.13 or as otherwise provided under the terms and provisions of this Deed of Trust or under applicable law shall bear interest from the date that such sum is advanced or expenses incurred, being coupled to and including the date of reimbursement, computed at a fluctuating interest rate per annum at all times equal to the Default Rate. All interest payable hereunder shall be computed on the basis of a 360-day year over the actual number of days elapsed. Any such amounts advanced or incurred by the Beneficiary, together with an interestthe interest thereon, shall be irrevocable payable on demand, shall, until all paid, be secured by this Deed of Trust as a lien on the Premises and shall be part of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note ObligationsIndebtedness.
Appears in 1 contract
Additional Advances and Disbursements. The Grantor agrees thatshall pay by the last day payable without premium or penalty all payments and charges on all liens, if an Event of Default shall have occurred encumbrances, ground and be continuingother leases and security interests which affect or may affect or attach or may attach to the Premises, then or any part thereof, and in default thereof, the Beneficiary shall have the right right, but shall not be obligated, to pay, without notice to the Grantor, such payments and charges and the Grantor shall, on demand, reimburse the Beneficiary for amounts so paid. In addition, upon default of the Grantor in the performance of any other terms, covenants, conditions or obligations by it to advance all be performed hereunder or under any part of amounts owing such lien, encumbrance, lease or to perform any or all required actions not paid or performed by Grantor (it being understood that security interest, the Beneficiary shall have no duty or the right, but shall not be under any obligation obligated, with, except in the case of an emergency condition, prior notice to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing Grantor, to make cure such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursement. No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions default in the name and on behalf of the Grantor. This appointmentAll reasonable sums advanced and reasonable out-of-pocket expenses incurred at any time by the Beneficiary pursuant to this SECTION 2.13 or as otherwise provided under the terms and provisions of this Leasehold Deed of Trust or under applicable law shall bear interest from the date that such sum is advanced or expenses incurred, being coupled to and including the date of reimbursement, computed at the Post-Default Rate. All interest payable hereunder shall be computed on the basis of a 360-day year over the actual number of days elapsed. Any such amounts advanced or incurred by the Beneficiary, together with an interestthe interest thereon, shall be irrevocable payable on demand, shall, until all paid, be secured by this Leasehold Deed of Trust as a lien on the Premises and shall be part of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note ObligationsIndebtedness.
Appears in 1 contract
Sources: Leasehold Deed of Trust, Assignment of Rents and Security Agreement (Aerobic Creations, Inc.)
Additional Advances and Disbursements. Grantor Mortgagor agrees that, if an Event Mortgagor shall default in any of Default shall have occurred its obligations hereunder to pay any amount or to perform any action, including its obligation under Section 2.07 to pay Impositions and be continuingunder Section 2.03 to procure, maintain and pay premiums on the insurance policies referred to therein, then Beneficiary Mortgagee shall have the right right, but not the obligation, in Mortgagor's name or in its own name, and without notice to Grantor Mortgagor, to advance all or any part of such amounts owing or to perform any or all required actions not paid such actions, and, for such purpose, Mortgagor expressly grants to Mortgagee, in addition and without prejudice or performed by Grantor (it being understood that Beneficiary shall have no duty or be under any obligation other rights and remedies hereunder, the right to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make such advance or disbursement by the Holders of not less than 25% enter upon and take possession of the aggregate principal amount of the Notes at the time outstanding voting Premises to such extent and as a single class, and (ii) often as it may deem necessary or desirable to prevent or remedy any such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursementdefault. No such advance or performance shall be deemed to have cured such defaultdefault by Mortgagor or any Event of Default with respect thereto. All sums advanced and all expenses incurred by Beneficiary Mortgagee in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary Mortgagee hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, shall be part of the Note Obligations, shall bear interest at the Default Rate from rate stated in the date advanced by Beneficiary to and including the date paid by Grantor Notes for overdue principal amounts and shall be secured by this Deed of TrustMortgage and the Security Agreement. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions in the name and on behalf of Grantor. This appointmentMortgagee, being coupled with an interestupon making any such advance, shall be irrevocable until subrogated to all of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note Obligationsrights of the person receiving such advance.
Appears in 1 contract
Sources: Collateral Agency Agreement
Additional Advances and Disbursements. Grantor (a) Mortgagor agrees that, if an Event Mortgagor shall default in any of Default shall have occurred and be continuingits obligations hereunder, then Beneficiary Mortgagee shall have the right without notice to Grantor Mortgagor to advance all or any part of amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary shall have no duty or be under any obligation to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursementactions. No such advance or performance shall be deemed to have cured such defaultdefault by Mortgagor or any Event of Default with respect thereto. All sums advanced and all expenses incurred by Beneficiary Mortgagee in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary Mortgagee hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, shall be part of the Note Secured Obligations, shall bear interest at the Default Rate from and as provided in the date advanced by Beneficiary to and including the date paid by Grantor Credit Agreement and shall be secured by this Deed of TrustMortgage. Grantor Mortgagor hereby appoints Beneficiary Mortgagee its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions in the name and on behalf of GrantorMortgagor. This appointment, being coupled with an interest, shall be irrevocable until all of the Note Secured Obligations shall be fully satisfied, paid and performed and Beneficiary Mortgagee shall have no further Note Secured Obligations.
(b) This Mortgage secures all Secured Obligations of Mortgagor and the other Loan Parties Borrowers, a portion of which will be constituted by revolving credit indebtedness pursuant to which Mortgagor and/or the other Loan Parties may borrow, repay and reborrow. This Mortgage secures not only initial advances of such revolving credit indebtedness, but also all future advances of the revolving credit indebtedness and all additional indebtedness, whether direct, indirect, future, contingent or otherwise, connected with or arising out of the Credit Agreement, as the same may hereafter by amended, to the extent of not more than the Maximum Amount.
Appears in 1 contract
Sources: Credit Agreement (Accuride Corp)
Additional Advances and Disbursements. Grantor Mortgagor agrees that, if an Event Mortgagor shall default in any of Default shall have occurred its obligations hereunder to pay any amount or to perform any action, including, without limitation, its obligation under Section 4.7 hereof to pay Impositions and be continuingunder Section 4.5 hereof to procure, maintain and pay premiums on the insurance policies referred to therein, then Beneficiary Mortgagee shall have the right without right, but not the obligation, subject to Mortgagee's obligations under Section 7.27 of the Loan Agreement, in Mortgagor's name or in its own name, and upon five (5) Business Days prior written notice to Grantor Mortgagor, to advance all or any part of such amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary shall have no duty or be under such actions, and, for such purpose Mortgagor expressly grants to Mortgagee, in addition and without prejudice to any obligation other rights and remedies hereunder, the right to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make such advance or disbursement by the Holders of not less than 25% enter upon and take possession of the aggregate principal amount of the Notes at the time outstanding voting Premises to such extent and as a single class, and (ii) often as Mortgagee may deem necessary or desirable to prevent or remedy any such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursementdefault. No such advance or performance shall be deemed to have cured such defaultdefault by Mortgagor or any Event of Default with respect thereto. All sums so advanced and all expenses incurred by Beneficiary Mortgagee in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary Mortgagee hereunder or under applicable law (whether required shall be deemed obligations owing by Mortgagor to Mortgagee and shall bear interest, from the date paid or optional incurred until paid, at the Default Rate. All such amounts advanced or incurred, and whether indemnified hereunder or not) shallall such interest thereon, subject to Section 2.01, shall be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor Obligations and shall be secured by this Deed of TrustMortgage. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions in the name and on behalf of Grantor. This appointmentMortgagee, being coupled with an interestupon making any such advance, shall be irrevocable until subrogated to all of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note Obligationsrights of the Person receiving such advance.
Appears in 1 contract
Additional Advances and Disbursements. Grantor agrees thatThe Mortgagor shall pay by the last day payable without premium or penalty all payments and charges on all liens, if an Event of Default shall have occurred encumbrances, ground and be continuingother leases and security interests which affect or may affect or attach or may attach to the Premises, then Beneficiary or any part thereof, and in default thereof; the Mortgagee shall have the right right, but shall not be obligated, to pay, without notice to Grantor to advance all or any part the Mortgagor, such payments and charges and the Mortgagor shall, on demand, reimburse the Mortgagee for amounts so paid. In addition, upon default of amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary shall have no duty or be under any obligation to make any advances or disbursements the Mortgagor in the performance of any nature under other terms, covenants, conditions or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing obligations by it to make such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursement. No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary performed hereunder or under applicable law (whether required any such lien, encumbrance, lease or optional and whether indemnified hereunder or not) shallsecurity interest, subject the Mortgagee shall have the right, but shall not be obligated, with, except in the case of an emergency condition, prior notice to Section 2.01Mortgagor, be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions cure such default in the name and on behalf of Grantorthe Mortgagor. This appointmentAll reasonable sums advanced and reasonable out-of-pocket expenses incurred at any time by the Mortgagee pursuant to this SECTION 2.13 or as otherwise provided under the terms and provisions of this Mortgage or under applicable law shall bear interest from the date that such sum is advanced or expenses incurred, being coupled to and including the date of reimbursement, computed at the Post-Default Rate. All interest payable hereunder shall be computed on the basis of a 360-day year over the actual number of days elapsed. Any such amounts advanced or incurred by the Mortgagee, together with an interestthe interest thereon, shall be irrevocable payable on demand, shall, until all paid, be secured by this Mortgage as a lien on the Premises and shall be part of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note ObligationsIndebtedness.
Appears in 1 contract
Sources: Leasehold Mortgage, Assignment of Rents and Security Agreement (Aerobic Creations, Inc.)
Additional Advances and Disbursements. Grantor agrees thatThe Mortgagor ------------ ------------------------------------- shall pay by the last day payable without premium or penalty all payments and charges on all liens, if an Event of Default shall have occurred encumbrances, ground and be continuingother leases and security interests which affect or may affect or attach or may attach to the Premises, then Beneficiary or any part thereof, and in default thereof, the Mortgagee shall have the right right, but shall not be obligated, to pay, without notice to Grantor to advance all or any part the Mortgagor, such payments and charges and the Mortgagor shall, on demand, reimburse the Mortgagee for amounts so paid. In addition, upon default of amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary shall have no duty or be under any obligation to make any advances or disbursements the Mortgagor in the performance of any nature under other terms, covenants, conditions or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing obligations by it to make such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursement. No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary performed hereunder or under applicable law (whether required any such lien, encumbrance, lease or optional and whether indemnified hereunder or not) shallsecurity interest, subject the Mortgagee shall have the right, but shall not be obligated, to Section 2.01, be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions cure such default in the name and on behalf of Grantorthe Mortgagor. This appointmentAll sums advanced and reasonable expenses incurred at any time by the Mortgagee pursuant to this Section 2.13 or as otherwise provided under the terms and provisions of this Mortgage or under applicable law shall bear interest from the date that such sum is advanced or expenses incurred, being coupled to and including the date of reimbursement, computed at a fluctuating interest rate per annum at all times equal to the then applicable rate of interest set forth in the Loan Agreement for overdue payments of principal and interest. Any such amounts advanced or incurred by the Mortgagee, together with an interestthe interest hereon, shall be irrevocable payable on demand, shall, until all paid, be secured by this Mortgage as a lien on the Premises and shall be part of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note ObligationsIndebtedness.
Appears in 1 contract
Additional Advances and Disbursements. Grantor agrees thatThe Mortgagor shall pay by the last day payable without premium or penalty all payments and charges on all liens, if an Event of Default shall have occurred encumbrances, ground and be continuingother leases and security interests which affect or may affect or attach or may attach to the Premises, then Beneficiary or any part thereof, and in default thereof, the Mortgagee shall have the right right, but shall not be obligated, to pay, without notice to Grantor to advance all or any part the Mortgagor, such payments and charges and the Mortgagor shall, on demand, reimburse the Mortgagee for amounts so paid. In addition, upon default of amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary shall have no duty or be under any obligation to make any advances or disbursements the Mortgagor in the performance of any nature under other terms, covenants, conditions or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing obligations by it to make such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursement. No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary performed hereunder or under applicable law (whether required any such lien, encumbrance, lease or optional and whether indemnified hereunder or not) shallsecurity interest, subject the Mortgagee shall have the right, but shall not be obligated, to Section 2.01, be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions cure such default in the name and on behalf of Grantorthe Mortgagor. This appointmentAll sums advanced and reasonable expenses incurred at any time by the Mortgagee pursuant to this Section 2.13 or as otherwise provided under the terms and provisions of this Mortgage or under applicable law shall bear interest from the date that such sum is advanced or expenses incurred, being coupled to and including the date of reimbursement, computed at a fluctuating interest rate per annum at all times equal to four percent (4%) per annum above then applicable rate of interest set forth in the Note, as if such rate were then effective interest rate under the Note (the "Default Rate"). All interest payable hereunder shall be computed on the basis of a 360-day year over the actual number of days elapsed. Any such amounts advanced or incurred by the Mortgagee, together with an interestthe interest hereon, shall be irrevocable payable on demand, and shall, until all paid, be secured by this Mortgage as a lien on the Premises and shall be part of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note ObligationsIndebtedness.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Graham Field Health Products Inc)
Additional Advances and Disbursements. Grantor agrees that, if an Event of Default shall have occurred and be continuing, then Beneficiary Mortgagee shall have the right without notice to Grantor to advance all or any part of amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary Mortgagee shall not have no any duty or be under any obligation to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary Mortgagee shall have been requested or directed in writing to make such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the such funds to Beneficiary to make such advance or disbursement, Mortgagee or (y) indemnified Beneficiary Mortgagee to BeneficiaryMortgagee’s satisfaction in respect of such advance or disbursement. No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary Mortgagee in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary Mortgagee hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary Mortgagee to and including the date paid by Grantor and shall be secured by this Deed of TrustMortgage. Grantor hereby appoints Beneficiary Mortgagee its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions in the name and on behalf of Grantor. This appointment, being coupled with an interest, shall be irrevocable until all of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary Mortgagee shall have no further Note Obligations.
Appears in 1 contract
Additional Advances and Disbursements. Grantor agrees that, if an Event of Default shall have occurred and be continuing, then Beneficiary Mortgagee shall have the right without notice to Grantor to advance all or any part of amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary Mortgagee shall have no duty or be under any obligation to make any advances or disbursements of disbursements, or to take any nature such actions, under or in respect of this Mortgage unless (i) Beneficiary Mortgagee shall have been requested or directed in writing to make such advance or disbursement disbursement, or take such action, in any such case by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, class and (ii) such Holders shall have either (x) advanced or disbursed to Mortgagee the funds to Beneficiary to make such advance be so advanced or disbursement, disbursed or (y) indemnified Beneficiary Mortgagee to BeneficiaryMortgagee’s satisfaction in respect of such advance advance, disbursement or disbursementaction). No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary Mortgagee in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary Mortgagee hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary Mortgagee to and including the date paid by Grantor and shall be secured by this Deed of TrustMortgage. Grantor hereby appoints Beneficiary Mortgagee its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions in the name and on behalf of Grantor. This appointment, being coupled with an interest, shall be irrevocable until all of the Note Obligations shall be fully satisfied, paid and performed and Beneficiary Mortgagee shall have no further Note Obligations.
Appears in 1 contract
Sources: Leasehold Mortgage (Aventine Renewable Energy Holdings Inc)
Additional Advances and Disbursements. Grantor agrees thatMortgagor shall pay when due all payments and charges on all mortgages, if an Event deeds of Default shall have occurred trust, security agreements, liens, encumbrances, ground and other leases, and security interests which may be continuingor become superior or inferior to the lien of this Instrument, then Beneficiary and in default thereof, Mortgagee shall have the right right, but shall not be obligated, to pay, without notice to Grantor Mortgagor, such payments and charges, and Mortgagor shall, within ten (10) days following Borrower’s receipt of written demand therefor (including the substantiation of such costs and expenses), reimburse Mortgagee for amounts so paid. In addition, upon default of Mortgagor in the performance of any other terms, covenants, conditions, or obligations by it to advance all be performed under any such prior or any part of amounts owing subordinate lien, encumbrance, lease, or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary security interest, Mortgagee shall have no duty or the right, but shall not be under any obligation obligated, to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make cure such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursement. No such advance or performance shall be deemed to have cured such default. All sums advanced and all expenses incurred by Beneficiary in connection with such advances or actions, and all other sums advanced or expenses incurred by Beneficiary hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shall, subject to Section 2.01, be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated by the aforesaid provisions default in the name and on behalf of GrantorMortgagor. This appointmentAll out of pocket sums advanced and expenses incurred at any time by Mortgagee pursuant to this Section 1.8 or as otherwise provided under the terms and provisions of this Instrument or under applicable law shall be reimbursed by Mortgagor within ten (10) days following Mortgagor’s receipt of written demand therefor (including the substantiation of such costs and expenses) and, being coupled with an interestif unpaid within such time period, shall be irrevocable until all bear interest from the date that such sum is advanced or expense incurred, to and including the date of reimbursement, computed at the Note Obligations shall be fully satisfied, paid and performed and Beneficiary shall have no further Note ObligationsDefault Rate (as defined in the Note).
Appears in 1 contract
Additional Advances and Disbursements. The Grantor agrees that, ------------------------------------- if an Event the Grantor fails to pay or perform any obligation of Default shall have occurred the Grantor under this Deed of Trust (including the obligation to procure and be continuingmaintain the insurance at the limits of coverage required by Section 2.10), then the Trustee or the Beneficiary shall have the right right, but not the obligation, in the Grantor's name or otherwise, and without notice to the Grantor, to pay or perform, or to cause the payment or performance of, such obligation and, for such purpose, the Grantor expressly grants to the Trustee and the Beneficiary, in addition and without prejudice to any other rights and remedies under this Deed of Trust the right to enter upon and take possession of the Mortgaged Property to such extent and as often as the Trustee or the Beneficiary may deem necessary or desirable to prevent or remedy any failure by the Grantor to advance all pay or any part of amounts owing or to perform any or all required actions not paid or performed by Grantor (it being understood that Beneficiary shall have no duty or be under any obligation to make any advances or disbursements of any nature under or in respect of this Mortgage unless (i) Beneficiary shall have been requested or directed in writing to make such advance or disbursement by the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding voting as a single class, and (ii) such Holders shall have either (x) advanced or disbursed the funds to Beneficiary to make such advance or disbursement, or (y) indemnified Beneficiary to Beneficiary’s satisfaction in respect of such advance or disbursementobligation. No such advance payment or performance by the Trustee or the Beneficiary shall be deemed to have cured such defaultdefault by the Grantor or any Event of Default with respect thereto. All sums advanced so paid, and all expenses incurred incurred, by the Trustee or the Beneficiary in connection with such advances payment or actionsperformance shall be deemed obligations owing by the Grantor to the Trustee or the Beneficiary and shall bear interest, from the date paid or incurred until repaid, at the Default Rate provided for in the Promissory Note. The amount of all such payments and expenses, and all other sums advanced or expenses incurred by Beneficiary hereunder or under applicable law (whether required or optional and whether indemnified hereunder or not) shallsuch interest thereon, subject to Section 2.01, shall be part of the Note Obligations, shall bear interest at the Default Rate from the date advanced by Beneficiary to and including the date paid by Grantor Obligations and shall be secured by this Deed of Trust. Grantor hereby appoints Beneficiary its true and lawful attorney-in-fact to make the payments and effect the performance contemplated This Deed of Trust secures future advances or future obligations. This Deed of Trust is governed by the aforesaid provisions in the name and on behalf of Grantor. This appointment, being coupled with an interest, shall be irrevocable until all Section 443.055 of the Note Revised Statutes of Missouri. The total amount of the Obligations shall that may be fully satisfied, paid and performed and Beneficiary shall have no further Note Obligationssecured by this Deed of Trust is $[_______________].
Appears in 1 contract
Sources: Facility Agreement (Vencor Inc)