Common use of Borrower’s Loan Obligations Clause in Contracts

Borrower’s Loan Obligations. It is understood and agreed as between Lender and Borrower, Borrower shall be responsible for all costs and expenses of every nature whatsoever arising out of or in connection with or related to this Loan or the Collateral, or its possession, ownership, or use (including, but not limited to, taxes, insurance, maintenance, transportation in and out, rigging, drayage, packing, installation and disconnect charges). Borrower’s obligations hereunder (including its obligation to pay Loan Payment when and as due without notice or demand, or any other sum due hereunder upon demand) are absolute and unconditional, and (i) may not be terminated, rescinded or revoked for any reason whatsoever, except pursuant to the express provisions hereof, and (ii) shall not be subject to any abatement, reduction, recoupment, defense, offset or counterclaim available to Borrower for any reason whatsoever including operation of law, defect in the Collateral, failure of Lender or any Assignee to perform any of its obligations hereunder (other than Lender’s obligation to allow Borrower’s quiet enjoyment of the Collateral in accordance with the provisions hereof) or for any other cause or reason whatsoever, whether similar or dissimilar to the foregoing. Borrower hereby waives any and all defenses or claims Borrower may assert against Lender or any Assignee, whether now or in the future, and which would prevent Borrower from performing its obligations hereunder, including, without limitation, defect in the Collateral, interference with the Borrower’s use, operation or possession of the Collateral (other than Lender’s obligation to allow Borrower’s quiet enjoyment of the Collateral in accordance with the provisions hereof), failure of the Lender or of any Assignee to perform any of its obligations hereunder (other than Lender’s obligation to allow Borrower’s quiet enjoyment of the Collateral in accordance with the provisions hereof), the liability or indebtedness of Lender or any Assignee to Borrower or any other person, or the bankruptcy, insolvency or default of the Lender or any Assignee. In the event this Loan is terminated prior to its expiration by agreement or otherwise between Lender or Borrower or for any other reason whatsoever, including, without limitation, early termination, casualty loss, or default, then Borrower shall be responsible and agrees to pay any and all costs and expenses and/or liabilities of Lender as a result thereof, including taxes and any pre-payment penalties, fees or charges assessed by any Assignee against Lender or Borrower in accordance with the terms hereof; provided that Borrower shall not be liable for any portion of any such liabilities, costs, expenses, or other amounts resulting from Lender’s or Assignee’s gross negligence or willful misconduct. Borrower hereby agrees that in the event that Borrower fails to pay or perform any obligation under this Loan, Lender may, at its option, pay or perform said obligation and any payment made or expense incurred by Lender in connection therewith shall become additional Loan Payment which shall be due and payable by Borrower upon demand.

Borrower’s Loan Obligations. It is understood and agreed as between Lender and Borrower, Borrower shall be responsible for all costs and expenses of every nature whatsoever arising out of or in connection with or related to this Loan or the Collateral, or its possession, ownership, or use (including, but not limited to, taxes, insurance, maintenance, transportation in and out, rigging, drayage, packing, installation and disconnect charges). Borrower’s obligations hereunder (including its obligation to pay Loan Payment when and as due without notice or demand, or any other sum due hereunder upon demand) are absolute and unconditional, and (i) may not be terminated, rescinded or revoked for any reason whatsoever, except pursuant to the express provisions hereof, and (ii) shall not be subject to any abatement, reduction, recoupment, defense, offset or counterclaim available to Borrower for any reason whatsoever including operation of law, defect in the Collateral, failure of Lender or any Assignee to perform any of its obligations hereunder (other than Lender’s obligation to allow Borrower’s quiet enjoyment of the Collateral in accordance with the provisions hereof) or for any other cause or reason whatsoever, whether similar or dissimilar to the foregoing. Borrower hereby waives any and all defenses or claims Borrower may assert against Lender or any Assignee, whether now or in the future, and which would prevent Borrower from performing its obligations hereunder, including, without limitation, defect in the Collateral, interference with the Borrower’s use, operation or possession of the Collateral (other than Lender’s obligation to allow Borrower’s quiet enjoyment of the Collateral in accordance with the provisions hereof)Collateral, failure of the Lender or of any Assignee to perform any my of its obligations hereunder (other than Lender’s obligation to allow Borrower’s quiet enjoyment of the Collateral in accordance with the provisions hereof)hereunder, the liability or indebtedness of Lender or any Assignee to Borrower or any other person, or the bankruptcy, insolvency or default of the Lender or any Assignee. In the event this Loan is terminated prior to its expiration by agreement or otherwise between Lender or Borrower or for any other reason whatsoever, including, without limitation, early termination, casualty loss, or default, then Borrower shall be responsible and agrees to pay any and all costs and expenses and/or liabilities of Lender as a result thereof, including taxes and any pre-payment penalties, fees or charges assessed by any Assignee against Lender or Borrower in accordance with the terms hereof; provided that Borrower shall not be liable for any portion of any such liabilities, costs, expenses, or other amounts resulting from Lender’s or Assignee’s gross negligence or willful misconductBorrower. Borrower hereby agrees that in the event that Borrower fails to pay or perform any obligation under this Loan, Lender may, at its option, pay or perform said obligation and any payment made or expense incurred by Lender in connection therewith shall become additional Loan Payment which shall be due and payable by Borrower upon demand.