Performance by the Lender. In the event any Loan Party fails to pay or otherwise perform or satisfy any of its obligations to others or under or in respect of any of the Collateral or any ESOP Related Document as required by this Agreement or any other Loan Instrument, the Lender shall have the right in its sole and absolute discretion (but shall be under no duty or obligation) to make any such payment or cause the performance or satisfaction of any other such obligation, including (without limitation) the payment of any tax, claim or insurance premium, the maintenance or defense of any part of the Collateral or the purchase or discharge of any Lien on any part of the Collateral. The Lender will endeavor to give the Loan Parties prior notice (which may be by telephone or telecopy) of any such payment or action; provided, however, that the failure to give such notice or any time to perform shall not affect the validity of the payment or action or the reimbursement obligations of the Loan Parties' with respect thereto. The Loan Parties shall pay or reimburse on demand any and all amounts advanced or expenses incurred by the Lender or its designee under this subsection, which shall constitute additional Loans under (and secured by) this Agreement and shall bear interest at the rate applicable to the Loans. No payment made or action taken by the Lender or its designee shall be deemed or construed to be a waiver, cure or satisfaction of the underlying default, which default shall be deemed to be continuing until such time (if ever) as the Loan Parties have, prior to the Maturity Date, (i) resumed the payment, performance and satisfaction required by this Agreement SPAR ESOP Term Loan Agreement and the other Loan Instruments and (ii) repaid all Loans advanced for such payments and actions, together with interest thereon, and paid all others to whom the Lender has requested direct payment respecting such payments and actions.
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Sources: Term Loan, Guaranty and Security Agreement (Spar Group Inc)
Performance by the Lender. In the event any Loan Party fails to pay or otherwise perform or satisfy any of its obligations to others or under or in respect of any of the Collateral or any ESOP Related Document as required by this Agreement or any other Loan Instrument, the Lender shall have the right in its sole and absolute discretion (but shall be under no duty or obligation) to make any such payment or cause the performance or satisfaction of any other such obligation, including (without limitation) the payment of any tax, claim or insurance premium, the maintenance or defense of any part of the Collateral or the purchase or discharge of any Lien on any part of the Collateral. The Lender will endeavor to give the Loan Parties prior notice (which may be by telephone or telecopy) of any such payment or action; provided, however, that the failure to give such notice or any time to perform shall not affect the validity of the payment or action or the reimbursement obligations of the Loan Parties' with respect thereto. The Loan Parties shall pay or reimburse on demand any and all amounts advanced or expenses incurred by the Lender or its designee under this subsection, which shall constitute additional Loans under (and secured by) this Agreement and shall bear interest at the rate applicable to the Loans. No payment made or action taken by the Lender or its designee shall be deemed or construed to be a waiver, cure or satisfaction of the underlying default, which default shall be deemed to be continuing until such time (if ever) as the Loan Parties have, prior to the Maturity Date, (i) resumed the payment, performance and satisfaction required by this Agreement SPAR ESOP Term Loan Agreement and the other Loan Instruments and (ii) repaid all Loans advanced for such payments and actions, together with interest thereon, and paid all others to whom the Lender has requested direct payment respecting such payments and actions.
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