Protective action. At its option, Lender may discharge taxes, liens, security interests, or other encumbrances at any time levied or placed on the Collateral, may pay for insurance on the Collateral, and may pay for the maintenance and preservation of the Collateral. Borrower agrees to reimburse Lender on demand for any payment made, or any expense incurred, by Lender pursuant to the foregoing authorization, together with interest thereon from date of payment at the maximum lawful rate of interest permitted under applicable law from time to time.
Appears in 2 contracts
Sources: Loan and Security Agreement (Landair Corp), Loan and Security Agreement (Forward Air Corp)