Advancements. If the BORROWER fails to perform any of its agreements or covenants contained in this AGREEMENT or if the BORROWER fails to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, the LENDER may make advances to perform the same on behalf of the BORROWER to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in this AGREEMENT, and shall become part of the principal amount owed to the LENDER with interest to be assessed at the applicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTS. The BORROWER shall repay on demand all sums so advanced on the BORROWER'S behalf, plus all expenses or costs incurred by the LENDER, including reasonable legal fees, with interest thereon at the highest rate provided for in the LOAN DOCUMENTS. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the LENDER upon the occurrence of an
Appears in 1 contract
Sources: Loan and Security Agreement (Ea Engineering Science & Technology Inc)
Advancements. If the BORROWER fails Trustor should fail to perform any of its agreements or the covenants contained in this AGREEMENT Deed of Trust, or if the BORROWER fails to protect or preserve the COLLATERAL Secured Property or the status and priority of the lien and security interest of the LENDER in the COLLATERALthis Deed of Trust, the LENDER may Beneficiary may, but shall not be obligated to, make advances to perform the same on behalf of the BORROWER Trustor or to protect or preserve the COLLATERAL Secured Property or the status and priority of the lien and security interest of the LENDER in the COLLATERALthis Deed of Trust, and all sums so advanced shall immediately upon advance advancement become a lien and security interest upon the Secured Property and shall be secured by this Deed of Trust. For the security interests granted purposes of taking any and all acts as set forth in this AGREEMENTSection 1.5., the Trustor hereby constitutes and appoints the Beneficiary as its attorney in fact and the power of attorney granted hereby shall become part of the principal amount owed to the LENDER with interest be deemed to be assessed at the applicable rate thereon coupled with an interest and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTSirrevocable. The BORROWER shall Trustor, will repay on demand all sums so advanced on the BORROWER'S Trustor's behalf, plus all any expenses or costs incurred by the LENDERTrustees or the Beneficiary, including reasonable legal attorneys fees, with interest thereon at the highest rate provided for in of interest permitted under the LOAN DOCUMENTSPromissory Note. The provisions of this Section shall not be construed to prevent the institution of the foreclosure or other rights and remedies of the LENDER Trustees upon the occurrence of anan Event of Default hereunder.
Appears in 1 contract
Sources: Deed of Trust, Security Agreement and Assignment of Leases and Rents (Trex Co Inc)
Advancements. If either of the BORROWER BORROWERS fails to perform any of its agreements or covenants contained in this AGREEMENT or if either of the BORROWER BORROWERS fails to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, the LENDER may make advances to perform the same on behalf of the such BORROWER to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in this AGREEMENT, and shall become part of the principal amount owed to the LENDER with interest to be assessed at the applicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTS. The BORROWER BORROWERS shall repay on demand all sums so advanced on the any BORROWER'S behalf, plus all expenses or costs incurred by the LENDER, including reasonable legal fees, with interest thereon at the highest rate provided for authorized in any of the LOAN DOCUMENTSNOTE. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the LENDER upon the occurrence of an
Appears in 1 contract
Sources: Loan and Security Agreement (Imtek Office Solutions Inc)
Advancements. If the BORROWER fails to materially perform any of its agreements or covenants contained in this AGREEMENT or if the BORROWER fails to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, the LENDER may make advances to perform the same on behalf of the BORROWER to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in this AGREEMENT, and shall become part of the principal amount owed to the LENDER with interest to be assessed at the applicable rate thereon in accordance with the NOTE and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTS. The BORROWER shall repay on demand all sums so advanced on the BORROWER'S behalf, plus all expenses or costs incurred by the LENDER, including reasonable legal fees, with interest thereon at the highest rate provided for authorized in the LOAN DOCUMENTSNOTE. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the LENDER upon the occurrence of an
Appears in 1 contract
Sources: Loan and Security Agreement (Avatech Solutions Inc)
Advancements. If the BORROWER DEBTOR fails to perform any of its agreements or the affirmative covenants contained in this AGREEMENT Article or to protect or preserve its assets and properties, or if the BORROWER DEBTOR fails to protect or preserve the COLLATERAL or the status and priority of the security interests of the SECURED PARTIES in the COLLATERAL, the SECURED PARTIES may make advances to perform the same on behalf of the DEBTOR or to protect or preserve the assets and properties of the DEBTOR or to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER in the COLLATERAL, the LENDER may make advances to perform the same on behalf of the BORROWER to protect or preserve the COLLATERAL or the status and priority of the security interest of the LENDER SECURED PARTIES in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in interest created by this AGREEMENT, and shall become part of the principal amount owed to the LENDER with interest to be assessed at the applicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTS. The BORROWER DEBTOR shall repay on demand all sums so advanced on the BORROWERDEBTOR'S behalf, plus all expenses or costs incurred by the LENDERSECURED PARTIES, including reasonable legal fees, with interest thereon at the highest rate provided for in the LOAN DOCUMENTSallowed under applicable LAW (not to exceed fifteen percent (15%) per annum). The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the LENDER SECURED PARTIES upon the occurrence of an
Appears in 1 contract