Common use of Cure of Default Clause in Contracts

Cure of Default. The Agent shall have the right, but shall not be obligated, from time to time while a Default or Event of Default shall have occurred and remain continuing, to take in its name or in the name of the Borrower or otherwise such action as it shall consider necessary or desirable to cure or rectify such Default or Event of Default and, in so doing, neither the Agent nor the Lenders shall incur any liability to the Borrower if any such action taken by the Agent or the Lenders or on the Borrower's behalf shall prove to be in whole or in part inadequate or invalid and the Borrower shall indemnify and hold the Agent and the Lenders harmless from and against any loss, costs, liability or expense (including, without limitation, reasonable fees on a solicitor and a solicitor's own client basis and disbursements of counsel) paid, suffered or incurred by the Agent or the Lenders in connection therewith or arising therefrom.

Cure of Default. The Lender and the Security Agent shall have the right, but shall not be obligated, from time to time while a Default or Event of Default shall have occurred and remain continuing, to take in its name or in the name of the Borrower or otherwise such action as it shall consider necessary or desirable to cure or rectify such Default or Event of Default and, in so doing, neither the Lender and the Security Agent nor the Lenders shall not incur any liability to the Borrower if any such action taken by the Agent Lender or the Lenders or Security Agent on the Borrower's behalf shall prove to be in whole or in part inadequate or invalid and the Borrower shall indemnify and hold the Agent Lender and the Lenders Security Agent harmless from and against any loss, costs, liability or expense (including, without limitation, reasonable fees on a solicitor and a solicitor's own client basis and disbursements of counsel) paid, suffered or incurred by the Lender and the Security Agent or the Lenders in connection therewith or arising therefrom.