Common use of Expenditures by the Agent Clause in Contracts

Expenditures by the Agent. In the event the Borrower shall fail to pay taxes, insurance, assessments, costs or expenses which the Borrower is, under any of the terms hereof or of any of the other Financing Agreements, required to pay, or fails to keep the Collateral free from other security interests, liens or encumbrances, except as permitted herein, the Agent may, in its sole discretion, make expenditures for any or all of such purposes, and the amount so expended, shall be part of the Liabilities, payable on demand and secured by the Collateral and shall, if not paid by the Borrower when due or demanded, bear interest at the rate applicable to Floating Rate Loans.

Expenditures by the Agent. In the event the Borrower shall fail ------------------------- to pay taxes, insurance, assessments, costs or expenses which the Borrower is, under any of the terms hereof or of any of the other Financing Agreements, required to pay, or fails to keep the Collateral free from other security interests, liens or encumbrances, except as permitted herein, the Agent may, in its sole discretion, make expenditures for any or all of such purposes, and the amount so expended, shall be part of the Liabilities, payable on demand and secured by the Collateral and shall, if not paid by the Borrower when due or demanded, bear interest at the rate applicable to Floating Rate Loans.