Common use of Disbursement and Performance by Lenders Clause in Contracts

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations when due and there exists any Event of Default which is continuing, Administrative Agent, in Borrower’s name or in its own name, shall have the right but not the obligation, to pay or perform such Obligation, including (i) payment to any Governmental Authority of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any lien or encumbrance prohibited by the Revolving Credit Agreement to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any Property or the Loan; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s title to the Property, or any security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan to Administrative Agent and the Lenders for such purpose. No such action, payment or disbursement or failure to act, pay or disburse, shall cure or waive any Default or Event of Default or waive any right or remedy of Administrative Agent or the Lenders. (b) Any funds of the Lenders paid or used for any of the purposes referred to in Section 2.3(a) shall constitute an advance of the Loan and be a part of the Obligations, even if in excess of the Total Commitment. Administrative Agent and the Lenders may rely on any statement, invoice, claim or notice without inquiry into the validity or accuracy thereof, and without liability for the sufficiency or adequacy of any such action or payment except for the gross negligence or willful misconduct of Administrative Agent or the Lenders. Upon making any such payment the Lenders shall be subrogated to all rights of the Person receiving such payment. The amount and nature of any such expense or expenditure and the time when paid shall be presumptively established by the statement of Administrative Agent of the amount and nature thereof. (c) All costs, expenses and disbursements incurred by Administrative Agent or the Lenders under this Section 2.3, in connection with any Default or Event of Default, to protect or preserve the Property, or which are reimbursable by Borrower under any provision of this Agreement or any Loan Document shall be a part of the Obligations, even if in excess of the Total Commitment. Except as provided otherwise in the Loan Documents, if incurred before the Termination Date, such costs, expenses and disbursements shall be paid or reimbursed to Lenders upon demand and shall bear interest until paid (i) from the date incurred or paid until the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Variable Rate, provided that if at any time the Variable Rate would exceed the Maximum Lawful Rate then the Variable Rate shall be limited to the Maximum Lawful Rate, but, to the extent permitted by applicable Laws, any subsequent reductions in the Variable Rate shall not reduce the Variable Rate below the Maximum Lawful Rate until the total amount of interest accrued at the Maximum Lawful Rate equals the amount of interest which would have accrued if the Variable Rate had not been limited by the Maximum Lawful Rate, and (ii) from and after the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate. Except as provided otherwise in the Loan Documents, if incurred after the Termination Date, all such costs and expenses shall be reimbursed by Borrower to the Lenders upon demand by Administrative Agent and shall bear interest until paid at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate.

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations Obligation when due and there exists any Event of Default or Potential Default which is continuing, Administrative or Borrower has requested Agent to make an Advance, refrain from making an Advance or take any action, Agent, in Borrower’s 's name or in its own name, shall have the right right, but not the obligation, to pay or perform such Obligation, Obligation including (i) payment to any Governmental Authority Tribunals of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any unpermitted lien or encumbrance prohibited by against the Revolving Credit Agreement Property to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any the Property or the Loan; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s title to the Property, the title thereto, or any other security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan to Administrative Agent and the Lenders for such purpose. Agent and its representatives shall have the right, but not the obligation, to enter upon the Property at any time for the purposes referred to in this Section. No such action, payment or disbursement disbursement, or failure to act, pay or disburse, shall cure or waive any Default or Event of Default Potential Default, or waive any right or remedy of Administrative Agent or the Lenders. (b) Any funds of the Lenders paid or used for any of the purposes referred to above in this Section 2.3(a) shall constitute an advance Advance of the Loan funds and be a part of the ObligationsObligations secured by the Loan Documents, even if in excess of the Total CommitmentCommitted Sum, and Lenders' obligation to make future Advances shall be correspondingly reduced. Administrative Agent and the Lenders may rely on any statement, invoice, claim or notice without inquiry into the validity or accuracy thereof, and without liability for the sufficiency or adequacy of any such action or payment except for the gross negligence or willful misconduct of Administrative Agent or the Lenderspayment. Upon making any such payment the Lenders shall be subrogated to all rights of the Person receiving such payment. The amount and nature of any such expense or expenditure and the time when paid shall be presumptively fully established by the statement of Administrative Agent of the amount and nature thereof. (c) All costs, expenses and disbursements incurred by Administrative Agent or the Lenders under this Section 2.3Section, in connection with any Default or Event of Potential Default, to protect or preserve the Property, or which are reimbursable by Borrower under any provision of this Agreement or any Loan Document shall be a part of the Obligations, even if in excess of the Total CommitmentCommitted Sum, and secured by the Loan Documents. Except as provided otherwise in the Loan Documents, if incurred before the Termination Maturity Date, such costs, expenses and disbursements shall be paid or reimbursed to Lenders upon demand and shall bear interest until paid (i) from the date incurred or paid until the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Variable Base Rate, provided that if at any time the Variable Base Rate would exceed the Maximum Lawful Rate then the Variable Base Rate shall be limited to the Maximum Lawful Rate, but, to the extent permitted by applicable Laws, any subsequent reductions in the Variable Base Rate shall not reduce the Variable Base Rate below the Maximum Lawful Rate until the total amount of interest accrued at the Maximum Lawful Rate equals the amount of interest which would have accrued if the Variable Base Rate had not been limited by the Maximum Lawful Rate, and (ii) from and after the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Past Due Rate. Except as provided otherwise in the Loan Documents, if incurred after the Termination Maturity Date, all such costs and expenses shall be reimbursed by Borrower to the Lenders upon demand by Administrative Agent and shall bear interest until paid at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Past Due Rate.

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations when due and there exists any Event of Default which is continuing, or Borrower has requested Administrative Agent to make an Advance to pay such Obligation, refrain from making an Advance or take any action, Administrative Agent, in Borrower’s 's name or in its own name, shall have the right but not the obligation, to pay or perform such Obligation, including (i) payment to any Governmental Authority of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any unpermitted lien or encumbrance prohibited by against the Revolving Credit Agreement Unencumbered Properties to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any the Property or the LoanCredit Facility; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s 's title to the Property, or any security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan Credit Facility to Administrative Agent and the Lenders for such purpose. No such action, payment or disbursement or failure to act, pay or disburse, shall cure or waive any Default or Event of Default or waive any right or remedy of Administrative Agent or the Lenders. (b) Any funds of the Lenders paid or used for any of the purposes referred to in Section 2.3(a2.5(a) shall constitute an advance of the Loan Advance and be a part of the Obligations, even if in excess of the Total Commitment, and the Lenders' obligation to make future Advances shall be correspondingly reduced. Administrative Agent and the Lenders may rely on any statement, invoice, claim or notice without inquiry into the validity or accuracy thereof, and without liability for the sufficiency or adequacy of any such action or payment except for the gross negligence or willful misconduct of Administrative Agent or the Lenders. Upon making any such payment the Lenders shall be subrogated to all rights of the Person receiving such payment. The amount and nature of any such expense or expenditure and the time when paid shall be presumptively established by the statement of Administrative Agent of the amount and nature thereof. (c) All costs, expenses and disbursements incurred by Administrative Agent or the Lenders under this Section 2.32.5, in connection with any Default or Event of Default, to protect or preserve the Property, or which are reimbursable by Borrower under any provision of this Agreement or any Loan Document shall be a part of the Obligations, even if in excess of the Total Commitment. Except as provided otherwise in the Loan Documents, if incurred before the Termination Date, such costs, expenses and disbursements shall be paid or reimbursed to Lenders upon demand and shall bear interest until paid (i) from the date incurred or paid until the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Variable Rate, provided that if at any time the Variable Rate would exceed the Maximum Lawful Rate then the Variable Rate shall be limited to the Maximum Lawful Rate, but, to the extent permitted by applicable Laws, any subsequent reductions in the Variable Rate shall not reduce the Variable Rate below the Maximum Lawful Rate until the total amount of interest accrued at the Maximum Lawful Rate equals the amount of interest which would have accrued if the Variable Rate had not been limited by the Maximum Lawful Rate, and (ii) from and after the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate. Except as provided otherwise in the Loan Documents, if incurred after the Termination Date, all such costs and expenses shall be reimbursed by Borrower to the Lenders upon demand by Administrative Agent and shall bear interest until paid at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate.

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations when due and there exists any Event of Default which is continuing, Administrative Agent, in Borrower’s 's name or in its own name, shall have the right but not the obligation, to pay or perform such Obligation, including (i) payment to any Governmental Authority of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any lien or encumbrance prohibited by the Revolving Credit Agreement to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any Property or the Loan; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s 's title to the Property, or any security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan to Administrative Agent and the Lenders for such purpose. No such action, payment or disbursement or failure to act, pay or disburse, shall cure or waive any Default or Event of Default or waive any right or remedy of Administrative Agent or the Lenders. (b) Any funds of the Lenders paid or used for any of the purposes referred to in Section 2.3(a) shall constitute an advance of the Loan and be a part of the Obligations, even if in excess of the Total Commitment. Administrative Agent and the Lenders may rely on any statement, invoice, claim or notice without inquiry into the validity or accuracy thereof, and without liability for the sufficiency or adequacy of any such action or payment except for the gross negligence or willful misconduct of Administrative Agent or the Lenders. Upon making any such payment the Lenders shall be subrogated to all rights of the Person receiving such payment. The amount and nature of any such expense or expenditure and the time when paid shall be presumptively established by the statement of Administrative Agent of the amount and nature thereof. (c) All costs, expenses and disbursements incurred by Administrative Agent or the Lenders under this Section 2.3, in connection with any Default or Event of Default, to protect or preserve the Property, or which are reimbursable by Borrower under any provision of this Agreement or any Loan Document shall be a part of the Obligations, even if in excess of the Total Commitment. Except as provided otherwise in the Loan Documents, if incurred before the Termination Maturity Date, such costs, expenses and disbursements shall be paid or reimbursed to Lenders upon demand and shall bear interest until paid (i) from the date incurred or paid until the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Variable Rate, provided that if at any time the Variable Rate would exceed the Maximum Lawful Rate then the Variable Rate shall be limited to the Maximum Lawful Rate, but, to the extent permitted by applicable Laws, any subsequent reductions in the Variable Rate shall not reduce the Variable Rate below the Maximum Lawful Rate until the total amount of interest accrued at the Maximum Lawful Rate equals the amount of interest which would have accrued if the Variable Rate had not been limited by the Maximum Lawful Rate, and (ii) from and after the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate. Except as provided otherwise in the Loan Documents, if incurred after the Termination Maturity Date, all such costs and expenses shall be reimbursed by Borrower to the Lenders upon demand by Administrative Agent and shall bear interest until paid at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate.

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations when due and there exists any Event of Default which is continuing, or Borrower has requested Administrative Agent to make an Advance to pay such Obligation, refrain from making an Advance or take any action, Administrative Agent, in Borrower’s name or in its own name, shall have the right but not the obligation, to pay or perform such Obligation, including (i) payment to any Governmental Authority of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any unpermitted lien or encumbrance prohibited by against the Revolving Credit Agreement Unencumbered Properties to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any the Property or the LoanCredit Facility; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s title to the Property, or any security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan Credit Facility to Administrative Agent and the Lenders for such purpose. No such action, payment or disbursement or failure to act, pay or disburse, shall cure or waive any Default or Event of Default or waive any right or remedy of Administrative Agent or the Lenders. (b) Any funds of the Lenders paid or used for any of the purposes referred to in Section 2.3(a2.5(a) shall constitute an advance of the Loan Advance and be a part of the Obligations, even if in excess of the Total Commitment, and the Lenders’ obligation to make future Advances shall be correspondingly reduced. Administrative Agent and the Lenders may rely on any statement, invoice, claim or notice without inquiry into the validity or accuracy thereof, and without liability for the sufficiency or adequacy of any such action or payment except for the gross negligence or willful misconduct of Administrative Agent or the Lenders. Upon making any such payment the Lenders shall be subrogated to all rights of the Person receiving such payment. The amount and nature of any such expense or expenditure and the time when paid shall be presumptively established by the statement of Administrative Agent of the amount and nature thereof. (c) All costs, expenses and disbursements incurred by Administrative Agent or the Lenders under this Section 2.32.5, in connection with any Default or Event of Default, to protect or preserve the Property, or which are reimbursable by Borrower under any provision of this Agreement or any Loan Document shall be a part of the Obligations, even if in excess of the Total Commitment. Except as provided otherwise in the Loan Documents, if incurred before the Termination Date, such costs, expenses and disbursements shall be paid or reimbursed to Lenders upon demand and shall bear interest until paid (i) from the date incurred or paid until the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Variable Rate, provided that if at any time the Variable Rate would exceed the Maximum Lawful Rate then the Variable Rate shall be limited to the Maximum Lawful Rate, but, to the extent permitted by applicable Laws, any subsequent reductions in the Variable Rate shall not reduce the Variable Rate below the Maximum Lawful Rate until the total amount of interest accrued at the Maximum Lawful Rate equals the amount of interest which would have accrued if the Variable Rate had not been limited by the Maximum Lawful Rate, and (ii) from and after the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate. Except as provided otherwise in the Loan Documents, if incurred after the Termination Date, all such costs and expenses shall be reimbursed by Borrower to the Lenders upon demand by Administrative Agent and shall bear interest until paid at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate.

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations when due and there exists any Event of Default which is continuing, or Borrower has requested Administrative Agent to make an Advance to pay such Obligation, refrain from making an Advance or take any action, Administrative Agent, in Borrower’s 's name or in its own name, shall have the right but not the obligation, to pay or perform such Obligation, including (i) payment to any Governmental Authority of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any unpermitted lien or encumbrance prohibited by against the Revolving Credit Agreement Unencumbered Properties to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any the Property or the LoanCredit Facility; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s 's title to the Property, or any security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan Credit Facility to Administrative Agent and the Lenders for such purpose. No such action, payment or disbursement or failure to act, pay or disburse, shall cure or waive any Default or Event of Default or waive any right or remedy of Administrative Agent or the Lenders. (b) Any funds of the Lenders paid or used for any of the purposes referred to in Section 2.3(aSECTION 2.5(A) shall constitute an advance of the Loan Advance and be a part of the Obligations, even if in excess of the Total Commitment, and the Lenders= obligation to make future Advances shall be correspondingly reduced. Administrative Agent and the Lenders may rely on any statement, invoice, claim or notice without inquiry into the validity or accuracy thereof, and without liability for the sufficiency or adequacy of any such action or payment except for the gross negligence or willful misconduct of Administrative Agent or the Lenders. Upon making any such payment the Lenders shall be subrogated to all rights of the Person receiving such payment. The amount and nature of any such expense or expenditure and the time when paid shall be presumptively established by the statement of Administrative Agent of the amount and nature thereof. (c) All costs, expenses and disbursements incurred by Administrative Agent or the Lenders under this Section 2.3SECTION 2.5, in connection with any Default or Event of Default, to protect or preserve the Property, or which are reimbursable by Borrower under any provision of this Agreement or any Loan Document shall be a part of the Obligations, even if in excess of the Total Commitment. Except as provided otherwise in the Loan Documents, if incurred before the Termination Date, such costs, expenses and disbursements shall be paid or reimbursed to Lenders upon demand and shall bear interest until paid (i) from the date incurred or paid until the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Variable Rate, provided that if at any time the Variable Rate would exceed the Maximum Lawful Rate then the Variable Rate shall be limited to the Maximum Lawful Rate, but, to the extent permitted by applicable Laws, any subsequent reductions in the Variable Rate shall not reduce the Variable Rate below the Maximum Lawful Rate until the total amount of interest accrued at the Maximum Lawful Rate equals the amount of interest which would have accrued if the Variable Rate had not been limited by the Maximum Lawful Rate, and (ii) from and after the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate. Except as provided otherwise in the Loan Documents, if incurred after the Termination Date, all such costs and expenses shall be reimbursed by Borrower to the Lenders upon demand by Administrative Agent and shall bear interest until paid at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate.

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations Obligation when due and there exists any Event of Default or Potential Default which is continuing, Administrative or Borrower has requested Agent to make an Advance, refrain from making an Advance or take any action, Agent, in Borrower’s 's name or in its own name, shall have the right right, but not the obligation, to pay or perform such Obligation, Obligation including (i) payment to any Governmental Authority Tribunals of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any unpermitted lien or encumbrance prohibited by against the Revolving Credit Agreement Property to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any the Property or the Loan; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s title to the Property, the title thereto, or any other security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan to Administrative Agent and the Lenders for such purpose. Agent and its representatives shall have the right, but not the obligation, to enter upon the Property at any time for the purposes referred to in this Section. No such action, payment or disbursement disbursement, or failure to act, pay or disburse, shall cure or waive any Default or Event of Default Potential Default, or waive any right or remedy of Administrative Agent or the Lenders. (b) Any funds of the Lenders paid or used for any of the purposes referred to above in this Section 2.3(a) shall constitute an advance Advance of the Loan funds and be a part of the ObligationsObligations secured by the Loan Documents, even if in excess of the Total CommitmentCommitted Sum, and Lenders' obligation to make future Advances shall be correspondingly reduced. Administrative Agent and the Lenders may rely on any statement, invoice, claim or notice without inquiry into the validity or accuracy thereof, and without liability for the sufficiency or adequacy of any such action or payment except for the gross negligence or willful misconduct of Administrative Agent or the Lenderspayment. Upon making any such payment the Lenders shall be subrogated to all rights of the Person receiving such payment. The amount and nature of any such expense or expenditure and the time when paid shall be presumptively fully established by the statement of Administrative Agent of the amount and nature thereof. (c) All costs, expenses and disbursements incurred by Administrative Agent or the Lenders under this Section 2.3Section, in connection with any Default or Event of Potential Default, to protect or preserve the Property, or which are reimbursable by Borrower under any provision of this Agreement or any Loan Document shall be a part of the Obligations, even if in excess of the Total CommitmentCommitted Sum, and secured by the Loan Documents. Except as provided otherwise in the Loan Documents, if incurred before the Termination Maturity Date, such costs, expenses and disbursements shall be paid or reimbursed to Lenders upon demand Restatement and shall bear interest until paid (i) from the date incurred or paid until the date ten (10) days after demandAmendment of Loan Agreement Dated as of November 25, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Variable Rate, provided that if at any time the Variable Rate would exceed the Maximum Lawful Rate then the Variable Rate shall be limited to the Maximum Lawful Rate, but, to the extent permitted by applicable Laws, any subsequent reductions in the Variable Rate shall not reduce the Variable Rate below the Maximum Lawful Rate until the total amount of interest accrued at the Maximum Lawful Rate equals the amount of interest which would have accrued if the Variable Rate had not been limited by the Maximum Lawful Rate, and (ii) from and after the date ten (10) days after demand, at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate. Except as provided otherwise in the Loan Documents, if incurred after the Termination Date, all such costs and expenses shall be reimbursed by Borrower to the Lenders upon demand by Administrative Agent and shall bear interest until paid at the per annum rate equal to the lesser of the Maximum Lawful Rate or the Default Rate.1997 6