Lenders May Perform Covenants Sample Clauses
The "Lenders May Perform Covenants" clause allows lenders to step in and fulfill certain obligations or covenants that the borrower has failed to perform under the agreement. In practice, if the borrower neglects to carry out a required action—such as maintaining insurance or paying taxes—the lender can do so on the borrower's behalf, often at the borrower's expense. This clause ensures that critical obligations are met to protect the lender's interests, particularly in preserving the value of collateral or the enforceability of the agreement, and addresses the risk of borrower non-compliance.
Lenders May Perform Covenants. If the Borrower shall fail to perform any covenant on its part herein contained, the Agent may on behalf of the Lenders and with the approval of the Majority Lenders, upon five (5) Business Days prior notice to the Borrower, perform any of the said covenants capable of being performed by it and, if any such covenant requires the payment or expenditure of money, it may make such payment or expenditure with its own funds on behalf of the Lenders and shall be entitled to reimbursement of any such expenditure from each Lender based upon the proportion that such Lender's Commitment bears to the Total Commitment. All amounts so paid by the Agent hereunder shall be repaid by the Borrower on demand therefor, and shall bear interest at the rate set forth in Section 5.6 from the date paid by the Agent hereunder to and including the date such amounts are repaid in full by the Borrower.
Lenders May Perform Covenants. If any Loan Party shall fail to perform any of its obligations under any covenant contained in any of the Loan Documents within the time permitted for the performance of any such covenant or for the cure of any default thereof, the Agent may on behalf of the Lenders, on the instructions of the Majority Lenders and after notice to such Loan Party and after providing such Loan Party with a reasonable opportunity to object to such payment on the basis that the obligation underlying the covenant is being disputed in good faith by such Loan Party (in which case no payment shall be made by the Agent pursuant to this Section 9.7 unless failure to make such payment would result in a Material Adverse Effect), perform any such covenant capable of being performed by it and, if any such covenant requires the payment or expenditure of money, it may make such payment or expenditure with its own funds on behalf of the Lenders. All amounts so paid by the Agent hereunder shall be repaid by the applicable Loan Party on demand therefor, and shall bear interest at the rate set forth in Section 5.4 from and including the date paid by the Agent hereunder to but excluding the date such amounts are repaid in full by such Loan Party.
Lenders May Perform Covenants. If the Borrower shall fail to perform any covenant on its part herein contained, the Agent, on behalf of the Lenders and with the approval of the Majority Lenders, may upon 15 days' prior notice to the Borrower, perform any such covenant capable of being performed by the Agent and, if any such covenant requires the payment or expenditure of money, the Agent may make such payment or expenditure with its own funds on behalf of the Lenders. All amounts so paid by the Agent hereunder shall be repaid by the Borrower on demand therefor, and shall bear interest at the Prime Rate plus two (2%) percentage points per annum commencing on the day of payment of such amounts by the Agent, calculated daily and payable on demand.
Lenders May Perform Covenants. If the Company shall fail to perform any of the covenants or fulfil any of the conditions contained in this Agreement, the Lenders may in its discretion perform, but shall be under no obligation to do so, any of the said covenants or fulfil any such condition capable of being performed or fulfilled by it and, if any such covenant or condition requires the payment or expenditure of money, it may make such payments or expenditures with its own funds, or with money borrowed by or advanced to it for such purpose; and all sums so expended or advanced shall be at once payable by the Company and shall bear interest at the then prevailing prime rate until paid and shall be payable out of any monies held by the Lenders under , but no such performance or payment shall be deemed to relieve the Company from any default hereunder.
Lenders May Perform Covenants. If an Event of Default has occurred and is continuing and the Borrower fails to perform any covenant on its part herein contained, the Agent may on behalf of the Lenders and with the approval of the Majority Lenders, without prior notice to the Borrower, perform any of the said covenants capable of being performed by it and, if any such covenant requires the payment or expenditure of money, it may make such payment or expenditure with its own funds on behalf of the Lenders and shall be entitled to reimbursement of any such expenditure from the Lenders on a Pro-Rata basis. All amounts so paid by the Agent hereunder shall be repaid by the Borrower on demand therefor, and shall bear interest at the rate set forth in Section 5.7 from the date paid by the Agent hereunder to and including the date such amounts are repaid in full by the Borrower.
Lenders May Perform Covenants. If the Company shall fail to perform any covenant on its part herein contained, the Administrative Agent may on behalf of the Lenders and with the approval of the Majority Lenders, perform any such covenant capable of being performed by the Administrative Agent and, if any such covenant requires the payment or expenditure of money, the Administrative Agent may make such payment or expenditure with its own funds on behalf of the Lenders. All amounts so paid by the Administrative Agent hereunder shall be repaid by the Company on demand therefor, and shall bear interest at the rate set forth in Section 3.04 commencing on the date following a demand for payment of such amounts.
Lenders May Perform Covenants. If the Borrower fails to perform any covenants on its part herein contained, subject to any consents or notice or cure periods required by Section 9.1, the Lenders may give notice to the Borrower of such failure and if such covenant remains unperformed, the Lenders may, in their discretion but need not, perform any such covenant capable of being performed by the Lenders and if the covenant requires the payment or expenditure of money, the Lenders may make such payments or expenditure and all sums so expended shall be forthwith payable by the Borrower to the Lenders and shall bear interest at the applicable interest rate provided in Section 3.6(b). No such performance, payment or expenditure by the Lenders shall be deemed to relieve the Borrower of any default hereunder.
Lenders May Perform Covenants. If an Event of Default has occurred and is continuing and the Borrower or Petro-Canada fails to perform any covenant on its part herein contained, the Agent may on behalf of the Lenders and with the approval of the Majority Lenders, without prior notice to the Borrower or Petro-Canada, perform any of the said covenants capable of being performed by it and, if any such covenant requires the payment or expenditure of money, it may make such payment or expenditure with its own funds on behalf of the Lenders and shall be entitled to reimbursement of any such expenditure from the Lenders on a Pro-Rata basis. All amounts so paid by the Agent hereunder shall be repaid by the Borrower or Petro-Canada, as applicable, on demand therefor, and shall bear interest at the rate set forth in