Common use of Expenses Incurred by Collateral Agent Clause in Contracts

Expenses Incurred by Collateral Agent. In the Collateral Agent’s discretion, if the Maker fails to do so, the Collateral Agent may discharge taxes and other encumbrances at any time levied or placed on any of the Collateral, make repairs thereto and pay any necessary filing fees or insurance premiums. The Maker agrees to reimburse the Collateral Agent upon written demand for all expenditures so made; provided that the Collateral Agent shall provide to the Maker a written statement as to the amount due, which shall set forth in reasonable detail the calculations upon which the Collateral Agent determined such amount. The Collateral Agent shall have no obligation to the Maker to make any such expenditures, nor shall the making thereof be construed as a waiver or cure any Event of Default.