Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 5 contracts
Samples: Credit Agreement (Ryman Hospitality Properties, Inc.), Credit Agreement (Ryman Hospitality Properties, Inc.), Amendment No. 1 and Joinder Agreement (Ryman Hospitality Properties, Inc.)
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Pledge Agreement (School Specialty Inc), Pledge Agreement (Fti Consulting Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate specified in Section 2.08 of the Credit Agreement for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxxbxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Security Agreement (Orbital Sciences Corp /De/), Security Agreement (Orbital Sciences Corp /De/)
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Term Loans. No such performance of any covenant or agreement by the Administrative Agent on behalf of any GrantorAgent, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Credit Agreement (Ipayment Inc), Pledge Agreement (Ipayment Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent may make for the protection of the security hereof or that may be compelled to make by operation of lawLaw. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall shall, subject to Section 2.08 of the Credit Agreement, bear interest from the date said amounts are expended at the Default Raterate then applicable to Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Security Agreement (Armstrong World Industries Inc), Security Agreement (Armstrong World Industries Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor the Pledgor to perform any of the covenants and agreements contained hereinherein and upon prior written notice to the Pledgor, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent may make for the protection of the security hereof or that may be compelled to make by operation of lawLaw. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) Pledgor promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall shall, subjection to Section 2.08 of the Credit Agreement, bear interest from the date said amounts are expended at the Default Raterate then applicable to Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any Grantorthe Pledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgor of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor the Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Canadian Pledge Agreement (Armstrong World Industries Inc), Canadian Pledge Agreement (Armstrong World Industries Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 2.08 of the Credit Agreement for Base Rate Revolving Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Pledge Agreement (School Specialty Inc), Pledge Agreement (Fti Consulting Inc)
Advances by Holders of the Secured Obligations. On Upon the occurrence of an Event of Default and during the continuation thereof, on the failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, upon notice to the Pledgors, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable under the circumstances (including taking into account the value of the Pledged Collateral) in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of lawLaw. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under Default or Event of Default. Upon the terms occurrence of this Security Agreementan Event of Default and during the continuation thereof, upon reasonable (and in any event after ten (10) Business Days) prior written notice to the Pledgor, the other Loan Documents or any other documents relating to holders of the Secured Obligations. The Administrative Agent Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which reserves reasonably believed by the Responsible Officers of such Pledgor to be adequate reserves and in accordance with GAAP are being maintained in accordance with GAAPby such Pledgor.
Appears in 2 contracts
Samples: Credit Agreement (Prometheus Laboratories Inc), Credit Agreement (Prometheus Laboratories Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Security Agreement (Ict Group Inc), Security Agreement (Ict Group Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxxbxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Credit Agreement (Ryman Hospitality Properties, Inc.), Credit Agreement (Gaylord Entertainment Co /De)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 2.08 of the Credit Agreement for Base Rate Revolving Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Security Agreement (Fti Consulting Inc), Security Agreement (School Specialty Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, and upon advance notice to the Pledgors, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent on behalf of any GrantorAgent, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Pledge Agreement (Ict Group Inc), Pledge Agreement (Ict Group Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained hereinherein and upon prior written notice to the Pledgor, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent may make for the protection of the security hereof or that may be compelled to make by operation of lawLaw. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall shall, subject to Section 2.08 of the Credit Agreement, bear interest from the date said amounts are expended at the Default Raterate then applicable to Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Pledge Agreement (Armstrong World Industries Inc), Pledge Agreement (Kraton Polymers LLC)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of lawLaws. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans in respect of the Term Facility. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Credit Agreement (Ipayment Inc), Security Agreement (Ipayment Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained hereinherein and upon prior written notice to the Pledgor, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent may make for the protection of the security hereof or that may be compelled to make by operation of lawLaw. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall shall, subjection to Section 2.08 of the Credit Agreement, bear interest from the date said amounts are expended at the Default Raterate then applicable to Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 2 contracts
Samples: Pledge Agreement (Armstrong World Industries Inc), Pledge Agreement (Armstrong World Industries Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretionpursuant to the Intercreditor Agreement, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rategreater of (a) the default rate specified in the Revolver Credit Agreement for Base Rate Loans and (b) the default rate specified in the Term Loan Credit Agreement for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Financing Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, thereof including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith faith
by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 25 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Pledge Agreement (Amerigroup Corp)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 3.1 of the Credit Agreement for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent may make for the protection of the security hereof or that may be compelled to make by operation of lawLaw. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall shall, subject to Section 2.08 of the Credit Agreement, bear interest from the date said amounts are expended at the Default Raterate then applicable to Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Security Agreement (Armstrong World Industries Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole reasonable discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof26) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Security Agreement (Premiere Global Services, Inc.)
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such reasonable and documented sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 3.1 of the Credit Agreement for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxxbill, statement or estimate procured from the appropriate public office xxxxce or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbill, statement or estimate or into the validity of any tax assessmentasxxxxment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, upon notice to the Pledgors, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien (other than a Permitted Lien), expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Domestic Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor the Pledgor to perform any of the covenants and agreements contained hereinherein and upon prior written notice to the Pledgor, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent may make for the protection of the security hereof or that may be compelled to make by operation of lawLaw. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) Pledgor promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall shall, subject to Section 2.08 of the Credit Agreement, bear interest from the date said amounts are expended at the Default Raterate then applicable to Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any Grantorthe Pledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgor of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor the Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Canadian Pledge Agreement (Armstrong World Industries Inc)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make made by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 25 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 3.1 of the Credit Agreement for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxxbill, statement or estimate estxxxxe procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbill, statement or estimate estxxxxe or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely within ten Business Days after notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 3.1 of the Credit Agreement for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxxbill, statement or estimate estixxxx procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbill, statement or estimate estixxxx or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor the Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole reasonable discretion, perform the same (provided that the Collateral Agent shall promptly give the Borrower notice of such performance after the fact) and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) Pledgor promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in the Credit Agreement for Revolving Loans that are ABR Loans (or, in the case of the SpaceCom Credit Agreement, Revolving Credit Loans that are Base Rate Loans). No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any Grantorthe Pledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgor of any default under the terms of this Security Pledge Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor the Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Pledge Agreement (Loral Space & Communications LTD)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 2.08 of the Credit Agreement for Base Rate Revolving Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxxbill, statement or estimate procured from the appropriate public office offxxx or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbill, statement or estimate or into the validity of any tax assessmentassessmexx, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole reasonable discretion, perform the same (provided that the Collateral Agent shall promptly give the Borrower notice of such performance after the fact) and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 26 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in the Credit Agreement for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxxbill, statement or estimate procured from the appropriate public office offxxx or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbill, statement or estimate or into the validity of any tax assessmentassessmexx, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Pledge Agreement (Loral Space & Communications LTD)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien (other than a Permitted Lien), expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 22 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretionpursuant to the Intercreditor Agreement, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rategreater of (a) the default rate specified in the Revolver Credit Agreement for Base Rate Loans and (b) the default rate specified in the Term Loan Credit Agreement for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Financing Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 3.1 of the Credit Agreement for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent (for itself or on behalf of the other holders of the Secured Obligations) may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely within ten Business Days after notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such reasonable and documented sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 3.1 of the Credit Agreement for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 2.08 of the Credit Agreement for Base Rate Revolving Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxxbill, statement or estimate procured from the appropriate public office offxxx or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbill, statement or estimate or into the validity of any tax assessmentassessmexx, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien (other than a Permitted Lien), expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On the failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and and, in so doing doing, may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including (i) the payment of any insurance premiums, the payment of any taxes, a payment premiums or taxes or to obtain a release of a Lien or potential Lien, (ii) expenditures made in defending against any adverse claim and (iii) all other expenditures that the Administrative Collateral Agent may make for the protection of the security hereof or that it may be compelled to make by operation of lawLaw. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall shall, subject to Section 2.08 of the Credit Agreement, bear interest from the date said amounts are expended at the Default Raterate then applicable to Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim claim, except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 25 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Security Agreement (Amerigroup Corp)
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained hereinherein in a material respect, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment when due and payable of any insurance premiums, the payment of any premiums or taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of applicable law. All such sums and out-of-pocket amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended demanded at the Default RateRate specified in Section 2.08 of the Credit Agreement for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, xxxx or statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, xxxx or statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Term Loan Credit Agreement (Ardent Health Partners, LLC)
Advances by Holders of the Secured Obligations. On failure of any Grantor the Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) Pledgor promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any Grantorthe Pledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgor of any default under the terms of this Security Pledge Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor the Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Pledge Agreement (Amerigroup Corp)
Advances by Holders of the Secured Obligations. On failure of any the Grantor to perform any of the covenants and agreements contained hereinherein in a material respect, the Administrative Agent Lender may, at as its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent Lender may reasonably deem advisable in the performance thereof, including, without limitation, the payment when due and payable of any insurance premiums, the payment of any premiums or taxes, a payment to obtain a release of a Lien lien or potential Lienlien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent Lender may make for the protection of the security hereof or that may be compelled to make by operation of applicable law. All such sums and out-of-pocket amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) Grantor promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended demanded at the Default Ratedefault rate specified in the Promissory Note. No such performance of any covenant or agreement by the Administrative Agent Lender on behalf of any the Grantor, and no such advance or expenditure therefor, shall relieve the Grantors Grantor of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent Lender may make any payment hereby authorized in accordance with any xxxx, bill or statement or estimate procured from the appropriate public office or holder of holdxx xf the claim to be discharged without inquiry into the accuracy of such xxxx, bill or statement or estimate or into the validity of any tax assessment, sale, forfeiturefxxxxiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a the Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained hereinherein in a material respect, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment when due and payable of any insurance premiums, the payment of any premiums or taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of applicable law. All such sums and out-of-pocket amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended demanded at the Default RateRate specified in Section 2.08 of the Credit Agreement for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, xxxx or statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, xxxx or statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, upon notice to the Pledgors, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential LienLien (other than a Lien permitted pursuant to the terms of the Note Documents), expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Domestic Pledge Agreement, the other Loan Note Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Pledge Agreement (GFI Group Inc.)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained hereinherein in a material respect, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment when due and payable of any insurance premiums, the payment of any premiums or taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of applicable law. All such sums and out-of-pocket amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended demanded at the Default RateRate specified in Section 2.08 of the Credit Agreement for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, xxxx or statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, xxxx or statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Term Loan Credit Agreement (Ardent Health Partners, LLC)
Advances by Holders of the Secured Obligations. On failure Upon the occurrence and during the continuation of any Grantor an Event of Default and upon prior written notice to perform any of the covenants and agreements contained hereinPledgors, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent (for itself or on behalf of the other holders of the Secured Obligations) may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely within ten Business Days after notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxxbxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole reasonable discretion, perform the same (provided that the Collateral Agent shall promptly give the Borrower notice of such performance after the fact) and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 26 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in the Credit Agreement for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxxbill, statement or estimate procured from the appropriate public office offxxx or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbill, statement or estimate or into the validity of any tax assessmentassessmexx, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Security Agreement (Loral Space & Communications LTD)
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained hereinherein in a material respect, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment when due and payable of any insurance premiums, the payment of any premiums or taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of applicable law. All such sums and out-of-pocket amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended demanded at the Default RateRate specified in Section 2.08 of the Credit Agreement for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, xxxx or statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, xxxx or statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien Encumbrance or potential LienEncumbrance, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the Credit Agreements, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained hereinherein and upon prior written notice to the Pledgor, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent may make for the protection of the security hereof or that may be compelled to make by operation of lawApplicable Law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall shall, subject to Section 3.1.1 of the Loan Agreement, bear interest from the date said amounts are expended at the Default Raterate then applicable to U.S. Revolving Loans that are U.S. Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Samples: Pledge Agreement (Kraton Performance Polymers, Inc.)
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained hereinherein which constitutes an Event of Default and solely while such Event of Default continues, the Administrative Agent may, at its sole option and in its sole discretion, upon written notice to the Grantors, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rateinterest rate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Obligor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such reasonable and documented sums and amounts so expended shall be repayable by the Grantors Obligors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Ratedefault rate specified in Section 3.1 of the Credit Agreement for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorObligor, and no such advance or expenditure therefor, shall relieve the Grantors Obligors of any default under the terms of this Security Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxxbill, statement or estimate procured from the appropriate public office xxxxce or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbill, statement or estimate or into the validity of any tax assessmentasxxxxment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor an Obligor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent on behalf of any GrantorAgent, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent may make any payment hereby authorized in accordance with any xxxxbxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Collateral Agent may, at its sole option and in its sole reasonable discretion, perform the same and in so doing may expend such sums as the Administrative Collateral Agent may reasonably deem advisable in the performance thereof, including, without limitation, including the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Collateral Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof27) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Revolving Loans that are Base Rate Loans. No such performance of any covenant or agreement by the Administrative Collateral Agent on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Collateral Agent may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors Pledgors on a joint and several basis (subject to Section 24 hereof) promptly upon timely within ten Business Days after notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any GrantorPledgor, and no such advance or expenditure therefor, shall relieve the Grantors Pledgors of any default under the terms of this Security Pledge Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained hereinherein which constitutes an Event of Default and while such Event of Default continues, the Administrative Agent may, at its sole option and in its sole discretion, discretion perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures that the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 23 hereof) promptly upon timely within ten Business Days after notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default RateRate for Base Rate Loans. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Loan Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxx, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract
Advances by Holders of the Secured Obligations. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien Encumbrance or potential LienEncumbrance, expenditures made in defending against any adverse claim and all other expenditures that which the Administrative Agent or the holders of the Secured Obligations may make for the protection of the security hereof or that which may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the Default Rate. No such performance of any covenant or agreement by the Administrative Agent or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the Credit Agreements, the other Loan Credit Documents or any other documents relating to the Secured Obligations. The Administrative Agent holders of the Secured Obligations may make any payment hereby authorized in accordance with any xxxxbill, statement or estimate procured from the appropriate public office oxxxxe or holder of the claim to be discharged without inquiry into the accuracy of such xxxxbill, statement or estimate or into the validity of any tax assessmentassessxxxx, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.
Appears in 1 contract