Common use of Actions by Lender Clause in Contracts

Actions by Lender. (1) Borrower agrees that Lender may, at its option, and without any obligation to do so, pay, perform, and discharge any and all amounts, costs, expenses and liabilities that are the responsibility of Borrower under the Loan Documents if Borrower fails to timely pay, perform or discharge the same, and all amounts expended by Lender in so doing or in respect of or in connection with the Equipment shall become part of the obligations secured by the Loan Documents and shall be immediately due and payable by Borrower to Lender upon demand therefor and shall bear interest at the Default Rate. (2) Borrower agrees that the Loan Documents shall remain in full effect, without waiver or surrender of any of Lender's rights thereunder, notwithstanding the occurrence of any one or more of the following: (a) extension of the time of payment of the whole or any part of any Equipment Note; (b) any change in the terms and conditions of one or more Equipment Notes; (c) substitution of any other evidence of indebtedness for one or more Equipment Notes; (d) acceptance by Lender of any collateral or security of any kind for the payment of one or more Equipment Notes; (e) surrender, release, exchange or alteration of any Equipment, collateral or other security, either in whole or in part; or (f) release, settlement, discharge, compromise, change or amendment, in whole or in part, of any claim of Lender against Borrower or of any claim of Lender against any guarantor or other party secondarily or additionally liable for the payment of an Equipment Note.

Actions by Lender. (1) Borrower agrees that Lender may, at its option, and without any obligation to do so, pay, perform, and discharge any and all amounts, costs, expenses and liabilities that are the responsibility of Borrower under the Loan Documents if Borrower fails to timely pay, perform or discharge the same, and all amounts expended by Lender in so doing or in respect of or in connection with the Equipment shall become part of the obligations secured by the Loan Documents and shall be immediately due and payable by Borrower to Lender upon demand therefor and shall bear interest at the Default Rate. (2) Borrower agrees that the Loan Documents shall remain in full effect, without waiver or surrender of any of Lender's rights thereunder, notwithstanding the occurrence of any one or more of the following: (a) extension of the time of payment of the whole or any part of any the Equipment Note; (b) any change in the terms and conditions of one or more the Equipment NotesNote; (c) substitution of any other evidence of indebtedness for one or more the Equipment NotesNote; (d) acceptance by Lender of any collateral or security of any kind for the payment of one or more the Equipment NotesNote; (e) surrender, release, exchange or alteration of any Equipment, collateral or other security, either in whole or in part; or (f) release, settlement, discharge, compromise, change or amendment, in whole or in part, of any claim of Lender against Borrower or of any claim of Lender against any guarantor or other party secondarily or additionally liable for the payment of an the Equipment Note.

Actions by Lender. (1) Borrower agrees that Lender may, at its option, and without any obligation to do so, pay, perform, and discharge any and all amounts, costs, expenses and liabilities that are the responsibility of Borrower under the Loan Documents if Borrower fails to timely pay, perform or discharge the same, and all amounts expended by Lender in so doing or in respect of or in connection with the Equipment Collateral shall become part of the obligations secured by the Loan Documents and shall be immediately due and payable by Borrower to Lender upon demand therefor therefore and shall bear interest at the Default Rate. (2) Borrower agrees that the Loan Documents shall remain in full effect, without waiver or surrender of any of Lender's rights thereunder, notwithstanding the occurrence of any one or more of the following: (a) extension of the time of payment of the whole or any part of any Equipment Notethe Notes; (b) any change in the terms and conditions of one or more Equipment the Notes; (c) substitution of any other evidence of indebtedness for one or more Equipment the Notes; (d) acceptance by Lender of any collateral or security of any kind for the payment of one or more Equipment the Notes; (e) surrender, release, exchange or alteration of any EquipmentCollateral, collateral or other security, either in whole or in part; or (f) release, settlement, discharge, compromise, change or amendment, in whole or in part, of any claim of Lender against Borrower or of any claim of Lender against any guarantor or other party secondarily or additionally liable for the payment of an Equipment Notethe Notes.