Common use of Losses from Breaking of Anchorage Clause in Contracts

Losses from Breaking of Anchorage. If the Borrower and/or the Joint Obligors make principal payments on any day other than the Principal Payment Date or Interest Payment Date, or if the Borrower does not carry out a Disposition after having submitted a Disposition Request, the Accredited Party will reimburse each Creditor, through the Agent, within 10 (ten) calendar days following the latter's request, any direct losses or duly documented expenses resulting that the Creditors have incurred, including, where applicable, as any loss incurred in obtaining, liquidating or using third party deposits. This provision will survive beyond the validity of this Agreement.