Common use of Advances by Agent Clause in Contracts

Advances by Agent. On failure of any Pledgor to perform any of the covenants and agreements contained herein, the Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which the Agent or the Lenders may make for the protection of the security hereof or which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Pledgors immediately without notice or demand, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the default rate provided in Section 3.1 of the Credit Agreement. No such performance of any covenant or agreement by the Agent or the Lenders on behalf of any Pledgor, and no such advance or expenditure therefor, shall relieve the Pledgors of any default under the terms of this Pledge Agreement or the other Credit Documents. The Agent or Lenders may make any payment hereby authorized in accordance with any bill, statement or estimate procur▇▇ ▇rom the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or int▇ ▇▇e validity of any tax assessment, sale, forfeiture, tax lien, title or claim.

Advances by Agent. On failure of any Pledgor to perform any of the covenants and agreements contained herein, the Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which the Agent or the Lenders may make for the protection of the security hereof or which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Pledgors immediately without notice or demand, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the default rate provided in Section 3.1 of the Credit Agreement. No such performance of any covenant or agreement by the Agent or the Lenders on behalf of any Pledgor, and no such advance or expenditure therefor, shall relieve the Pledgors of any default under the terms of this Pledge Agreement or the other Credit Documents. The Agent or Lenders may make any payment hereby authorized in accordance with any bill, statement ▇▇atement or estimate procur▇▇ ▇rom procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement ▇▇atement or estimate or int▇ ▇▇e into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim.

Advances by Agent. On failure of any Pledgor the Borrower to perform any of the ----------------- covenants and agreements contained hereinherein contained, the Agent may, at its sole option and in its sole discretionoption, perform the same and in so doing may expend such sums as the Agent may reasonably deem advisable in the performance thereof, including, including without limitation, limitation the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lienliens and encumbrances, expenditures made in defending against any adverse claim and all other expenditures which the Agent or the Lenders may make for the protection of the security hereof or which may be compelled to make by operation of lawlaw or which the Agent may make by agreement or otherwise for the protection of the security hereof. All such sums and amounts so expended shall be repayable by the Pledgors Borrower immediately without notice or demand, shall constitute so much additional Secured Obligations and shall bear interest from the date said amounts are expended at the default rate per annum provided in Section 3.1 2.04 of the Credit AgreementLoan Agreement (such rate per annum as so determined being hereinafter referred to as the "Default Rate"). No such performance of any covenant or agreement by the ------------ Agent or the Lenders on behalf of any Pledgorthe Borrower, and no such advance or expenditure therefor, shall relieve the Pledgors Borrower of any default under the terms of this Pledge Agreement or the other Credit DocumentsAgreement. The Agent or Lenders may make Agent, in making any payment hereby authorized in accordance with may do so according to any bill▇▇▇▇, statement or estimate procur▇▇ ▇rom procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill▇▇▇▇, statement or estimate or int▇ ▇▇e into the validity of any tax assessment, sale, forfeiture, tax lien, lien or title or claim. The Agent, in performing any act hereunder, shall be the judge in its reasonable discretion of whether the Borrower is required to perform the same under the terms of this Agreement. The Agent is authorized to charge any depository account of the Borrower maintained with the Agent, for the amount of such sums and amounts so expended by such party. The Agent will provide notice and an opportunity to cure to the Borrower prior to exercise of rights under this subparagraph (g), but only where such notice and opportunity would not adversely affect the Collateral or the Agent's rights therein.