Common use of ADVANCES TO PROTECT COLLATERAL Clause in Contracts

ADVANCES TO PROTECT COLLATERAL. Pledgors agree to pay, prior to delinquency, all taxes, liens and assessments against the Collateral, and upon their failure to do so, Pledgees, at their option, may pay any of them, and shall be the sole judge of the legality or validity thereof and the amount necessary to discharge same, and Pledgors' failure to pay same shall be a default hereunder and the sums so advanced shall be due and payable to Pledgees together with interest thereon at the rate of twelve percent (12%) per annum until fully repaid.

ADVANCES TO PROTECT COLLATERAL. Pledgors agree to pay, prior to delinquency, all taxes, liens and assessments against the Collateral, and upon their failure to do so, PledgeesPledgee, at their his option, may pay any of them, and shall be the sole judge of the legality or validity thereof and the amount necessary to discharge same, and Pledgors' failure to pay same shall be a default hereunder and the sums so advanced shall be due and payable to Pledgees together with interest thereon at the rate of twelve percent (12%) per annum until fully repaid.