Common use of Performance by the Administrative Agent Clause in Contracts

Performance by the Administrative Agent. Upon the occurrence and during the continuance of an Event of Default, should any Borrower fail to perform any covenant, duty, or agreement contained herein or in any of the Loan Documents relating to the Collateral, and such failure continues beyond any applicable cure period, the Administrative Agent may, but shall not be obligated to, perform or attempt to perform such covenant, duty, or agreement on behalf of such Person. In such event, the Borrowers shall, at the request of the Administrative Agent, promptly pay any amount expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent at its designated Agency Services Address, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly understood that neither the Administrative Agent nor the Lenders assume any liability or responsibility for the performance of any duties of the Borrowers, or any related Person hereunder or under any of the Loan Documents or other control over the management and affairs of any Borrower, or any related Person, nor by any such action shall the Administrative Agent or the Lenders be deemed to create a partnership arrangement with any Borrower, or any related Person.

Performance by the Administrative Agent. Upon Should the occurrence and during the continuance of an Event of Default, should any Borrower Borrowers fail to perform any covenant, duty, or agreement contained herein or in any of the Loan Documents relating to the Collateralwhich it is a party, and such failure continues beyond any applicable cure period, the Administrative Agent maymay (pursuant to such Loan Documents, including any collateral assignments therein to the Administrative Agent), but shall not be obligated to, perform or attempt to perform such covenant, duty, or agreement on behalf of such Person. In such event, the Borrowers shall, at the request of the Administrative Agent, promptly pay any amount expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent at its designated Agency Services Address, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly understood that neither the Administrative Agent Agents nor the Lenders assume any liability or responsibility for the performance of any duties of the Borrowers, or any related Person hereunder or under any of the Loan Documents or other control over the management and affairs of any Borrowerthe Borrowers, or any related Person, nor by any such action shall the Administrative Agent Agents or the Lenders be deemed to create a partnership arrangement with any Borrower, or any related Person.

Performance by the Administrative Agent. Upon the occurrence and during the continuance of an Event of Default, should Should any Borrower Loan Party fail to perform any covenant, duty, or agreement contained herein or in any of the Loan Documents relating to the CollateralDocuments, as applicable, and such failure continues beyond any applicable cure period, the Administrative Agent maymay (pursuant to such Loan Documents, including any collateral assignments therein to the Administrative Agent), but shall not be obligated to, perform or attempt to perform such covenant, duty, or agreement on behalf of such Person. In such event, the Borrowers Loan Parties shall, at the request of the Administrative Agent, Agent promptly pay any reasonable amount expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent at its designated Agency Services Addressthe Administrative Agent’s Office, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly understood that neither the Administrative Agent nor the Lenders assume any liability or responsibility for the performance of any duties of the Borrowersany Loan Party, or any related Person hereunder or under any of the Loan Documents or other control over the management and affairs of any Borrowerthe Loan Parties, or any related Person, nor by any such action shall the Administrative Agent or the Lenders be deemed to create a partnership arrangement with any Borrower, Loan Party or any related Person.