Common use of Administrative Agent’s Right to Cure Clause in Contracts

Administrative Agent’s Right to Cure. In addition to the other remedies provided to the Administrative Agent in the Credit Agreement and the other Loan Documents, should the Indemnitor fail to abide by any provisions of this Agreement, subject to the terms of the Lease, the Administrative Agent may, should it elect to do so, perform any Corrective Work and any other such actions as it, in its sole discretion, deems necessary to repair, respond to and remedy any damage to the Property caused by Hazardous Substances or Contamination or any such Corrective Work. In such event, all funds expended by the Administrative Agent in connection with the performance of any Corrective Work, including all contractor charges, reasonable attorneys’ fees, engineering fees, consultant fees and similar charges, shall become a part of the obligation secured by the Credit Agreement and other Loan Documents and shall be due and payable by the Indemnitor on demand. Each disbursement made by the Administrative Agent pursuant to this provision shall bear interest at the lower of the rate of interest after default (as contained in Section 3.3.1 of the Credit Agreement) or the highest rate allowable under applicable laws from the date the Indemnitor shall have received written notice that the funds have been advanced by the Administrative Agent until paid in full.

Administrative Agent’s Right to Cure. In addition to the other remedies provided to the Administrative Agent in the Credit Agreement and the other Loan Documents, should the Indemnitor fail to abide by any provisions of this Agreement, subject to the terms of the Lease, the Administrative Agent may, should it elect to do so, perform any Corrective Work and any other such actions as it, in its sole discretion, deems necessary to repair, respond to and remedy any damage to the Property caused by Hazardous Substances or Contamination or any such Corrective Work. In such event, all funds expended by the Administrative Agent in connection with the performance of any Corrective Work, including all contractor charges, reasonable attorneys’ fees, engineering fees, consultant fees and similar charges, shall become a part of the obligation secured by the Credit Agreement and other Loan Documents and shall be due and payable by the Indemnitor on demand. Each disbursement made by the Administrative Agent pursuant to this provision shall bear interest at the lower of the rate of interest after default (as contained in Section 3.3.1 3.3.2 of the Credit Agreement) or the highest rate allowable under applicable laws from the date the Indemnitor shall have received written notice that the funds have been advanced by the Administrative Agent until paid in full.