Payment and Performance of Obligations Secured Sample Clauses

The "Payment and Performance of Obligations Secured" clause establishes the requirement that the borrower or obligor must fulfill all payment and other obligations that are covered by the security agreement. In practice, this means the party must make timely payments and comply with all terms related to the secured debt or obligation, such as interest, principal, and any associated fees. This clause ensures that the secured party has legal grounds to enforce the security interest if the obligations are not met, thereby protecting the lender's interests and reducing the risk of default.
Payment and Performance of Obligations Secured. Grantor shall promptly pay when due the principal of and interest on the Indebtedness and all other payment Obligations secured by this Mortgage, all in lawful money of the United States of America, and shall further perform fully and in a timely manner all Obligations of Grantor. All sums payable by Grantor hereunder shall be paid without demand, counterclaim, offset, deduction (except as required by law) or defense. Grantor waives all rights now or hereafter conferred by statute or otherwise to any such demand, counterclaim (other than mandatory counterclaims), setoff, deduction or defense.
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Payment and Performance of Obligations Secured. Borrower shall promptly pay when due the principal of and interest on the Indebtedness and all other payment Obligations secured by this Mortgage, all in lawful money of the United States of America, and shall further perform fully and in a timely manner all Obligations of Borrower. All sums payable by Borrower hereunder shall be paid without demand, counterclaim, offset, deduction (except as required by law) or defense. Borrower waives all rights now or hereafter conferred by statute or otherwise to any such demand, counterclaim (other than mandatory counterclaims), setoff, deduction or defense.
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Payment and Performance of Obligations Secured. Grantor shall ---------------------------------------------- promptly pay when due the principal of and interest on the Indebtedness and all other payment Obligations secured by this Mortgage, all in lawful money of the United States of America, and shall further perform fully and in a timely manner all Obligations of Grantor. All sums payable by Grantor hereunder shall be paid without demand, counterclaim, offset, deduction (except as required by law) or defense. Grantor waives all rights now or hereafter conferred by statute or otherwise to any such demand, counterclaim (other than mandatory counterclaims), setoff, deduction (except to the extent the same may not, by law, be waived) or defense.
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Payment and Performance of Obligations Secured. Each Mortgagor shall jointly and severally promptly pay when due the principal of and interest on the Indebtedness, any prepayments, late charges and fees provided for in the Notes, and all other payment Obligations secured by this Mortgage, all in lawful money of the United States of America, and shall further perform fully and in a timely manner all Obligations of Mortgagors. All sums payable by Mortgagors hereunder shall be paid without demand (except as otherwise specifically set forth herein or in the other Loan Documents), counterclaim, offset, deduction or defense all without relief from valuation and appraisement laws. Mortgagors waive all rights now or hereafter conferred by statute or otherwise to any such demand (except as so provided herein or in the other Loan Documents), counterclaim, setoff, deduction or defense.
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Payment and Performance of Obligations Secured. The Mortgagor ----------------------------------------------- shall perform fully and in a timely manner all Obligations of the Mortgagor hereunder or under any other Loan Document to which Mortgagor is a party. All sums payable by the Mortgagor hereunder shall be paid without demand, counterclaim, offset, deduction or defense all without relief from valuation and appraisement laws. The Mortgagor waives all rights now or hereafter conferred by statute or otherwise to any such demand, counterclaim, setoff, deduction (except as required by law) or defense.
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Payment and Performance of Obligations Secured a) Mortgagor shall promptly pay when due the principal of and interest on the Indebtedness, any prepayments, late charges and fees provided for in the Mortgage Notes, and all other payment Obligations secured by this Mortgage, all in lawful money of the United States of America, and shall further perform fully and in a timely manner all Obligations of Mortgagor. All sums payable by Mortgagor hereunder shall be paid without demand, counterclaim, offset, deduction (except as required by law) or defense. As of the date hereof, Mortgagor waives all rights now or hereafter conferred by statute or otherwise to any such demand, counterclaim, setoff, deduction or defense. b) At or prior to the maturity of the Class A Note or any Additional Notes (whether at the stated maturity date or due to prepayment thereof, but not due to acceleration), payments made by Mortgagor under the Mortgage Notes, the Rate Swap Agreement and this Mortgage shall be applied in the following order of priority: (i) First, to the payment of accrued and unpaid interest (excluding Additional Amounts and Default Interest, if any) due and payable on the Class A Note until all such accrued and unpaid interest then due and payable on the Class A Note has been paid in full; (ii) Second, to the payment of any Rate Swap Net Amount due and owing the Rate Swap Counterparty; (iii) Third, to the payment of accrued and unpaid interest (excluding Additional Amounts and Default Interest, if any) due and payable on each class of Additional Notes until all such accrued and unpaid interest then due and payable has been paid in full; (iv) Fourth, to any net payments (other than breakage costs) due any Additional Counterparty in connection with any Additional Rate Agreement; (v) Fifth, to the payment of all principal then due and payable on the Class A Note until all unpaid principal then due and payable on the Class A Note has been paid in full; (vi) Sixth, to the payment of all principal then due and payable on each class of Additional Notes until all unpaid principal on each such class of Additional Notes has been paid in full; (vii) Seventh, to the payment of Default Interest then due and payable on the Class A Note until all accrued and unpaid Default Interest then due and payable on the Class A Note has been paid in full; (viii) Eighth, to the payment of Default Interest then due and payable on each class of Additional Notes until all accrued and unpaid Default Interest then due and payable on each class ...
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Related to Payment and Performance of Obligations Secured

  • Payment and Performance of Obligations Pay and perform all material Obligations under this Agreement and the other Loan Documents, and pay or perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property, and (b) all other indebtedness, obligations and liabilities in accordance with customary trade practices; except to the extent that IPT or the Borrower is contesting any item described in clauses (a) or (b) of this Section 7.5 in good faith and is maintaining adequate reserves with respect thereto in accordance with GAAP.

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Guaranty of Payment and Performance Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection.

  • Payment and Performance The Borrower will pay all amounts due under the Loan Documents in accordance with the terms thereof and will observe, perform and comply with every covenant, term and condition expressed or implied in the Loan Documents. The Borrower will cause each other Loan Party to observe, perform and comply with every such term, covenant and condition in any Loan Document.

  • Payment and Performance Bonds A payment bond and performance is required for a public works contract involving expenditure in excess of twenty-five thousand dollars ($25,000) and no work can be commenced prior to both bonds being approved the County. The Contractor shall furnish, at time of signing the Contract, one surety bond which shall protect the laborers and material men and shall be for $60,000, in accordance with Section 9554 of the Civil Code, and one surety bond in the amount of $60,000, guaranteeing the faithful performance of the Contract. If at any time the value of the total task orders is expected to exceed $60,000, the Contractor shall furnish, in a manner acceptable to the County, evidence that the Contractor is bonded to the expected total value of outstanding task orders for both the faithful performance and laborers and material men bonds. Contractor shall not be entitled to, nor shall County authorize, task orders when the total outstanding value of the task orders under this contract exceeds the bond values for which the County is an obligee. Said bonds to be approved by the office of the County Counsel and the County Executive Office of Orange County. Such bonds shall be the forms provided in these specifications and issued and executed by an admitted surety insurer (authorized to transact surety insurance in California). (e.g., if the bonds are issued through a surplus line broker, both the surplus line broker and the insurer with whom he is doing business for purposes of this project must be licensed in California to issue such bonds.) The faithful performance bond shall be issued by a Surety company with a minimum insurance rating of A- (Secure Best’s Rating) and VIII (Financial Size Category) as determined by the most current edition of the Best’s Key Rating Guide/Property-Casualty/United States or ▇▇▇▇▇▇.▇▇▇. The Surety Company must also be authorized to write in California by the Department of the Treasury, and must be listed on the most current edition of the Department of Treasury’s Listing of Approved Securities. If any surety upon any bond furnished in connection with this Contract becomes unacceptable to the County, or if any such surety fails to furnish reports as to his financial condition from time to time as requested by OC Public Works, the Contractor shall promptly furnish such additional security as may be required by OC Public Works or the Board of Supervisors from time to time to protect the interests of the County and of persons supplying labor or materials in the prosecution of the Work contemplated by this Contract. If the County increases the total Contract amount the Contractor is to provide a new bond for the new total Contract amount or a bond for the difference.