Lender’s Right to Perform for Borrower. If any Borrower fails to perform or comply with any Obligations contained in the Loan Documents, Lender may (but shall not be obligated to do so), on ten (10) days' notice (or such shorter, or no, notice, as may be reasonable under the circumstances) to Borrowers, if such failure is not cured by the last day of such period, itself perform or comply with such Obligations, and the amount of the reasonable costs and expenses of Lender incurred in connection with such performance or compliance, together with interest on such amount from the date paid by Lender until the date repaid by Borrowers to Lender, at the Default Rate, shall be payable by Borrowers to Lender upon demand. No such performance or compliance by Lender shall be deemed a waiver of the rights and remedies of Lender or any successor or assignee of Lender against Borrowers hereunder or be deemed to cure any Default of Borrowers hereunder. All such sums and amounts so expended by Lender shall be repayable by Borrowers immediately without notice or demand, shall be secured by the Vessels and related Collateral, and shall bear interest from the date said amounts are expended at the Default Rate.
Lender’s Right to Perform for Borrower. If Borrower fails to perform or comply with any of its agreements contained herein, Lender shall have the right, but shall not be obligated, to effect such performance or compliance, and the amount of any out-of-pocket expenses and other reasonable expenses of Lender thereby incurred, together with interest thereon at the Late Charge Rate (as defined in each Note), shall be due and payable by Borrower upon demand. Borrower hereby irrevocably authorizes Lender to file UCC statements in connection with the Collateral, and further appoints Lender as Borrower’s attorney-in-fact (which power shall be deemed coupled with an interest) to execute, endorse and deliver any deed, conveyance, assignment or other instrument in writing as may be required to vest in Lender any right, title or power which by the terms hereof are expressed to be conveyed to or conferred upon Lender, including, without limitation, documents and checks or drafts relating to or received in payment for any loss or damage under the policies of insurance required by the provisions of Section 6(e) hereof, but only to the extent that the same relates to the Collateral; provided, however, that the power of attorney granted under this Section 11, other than in connection with the perfection or maintaining the perfection or priority of Lender’s Lien on the Collateral or any portion thereof, shall not be exercised by Lender unless an Event of Default has occurred and is continuing.
Lender’s Right to Perform for Borrower. If the Borrower fails to make any payment or to perform or comply with any of its agreements contained herein, then (but in each case no earlier than 3 Business Days after notice to Borrower as to the occurrence of such failure, whether or not it shall yet constitute an Event of Default hereunder) the Lender may itself make such payment or perform or comply with such agreement but shall not be obligated hereunder to do so, and the amount of such payment and the amount of the reasonable expenses of the Lender incurred in connection with such payment or the performance of or compliance with such agreement, as the case may be, together with interest thereon at the Past Due Rate, shall be payable by Borrower upon demand.
Lender’s Right to Perform for Borrower. If Borrower fails to duly and --------------------------------------- promptly perform any of its obligations under this Master Agreement or fails to comply with any of the covenants or agreements contained herein, Lender may itself perform such obligations or comply with such covenants or agreements, for the account of Borrower, without thereby waiving any default, and any amount paid or expense (including, without limitation, attorney's fees) reasonably incurred by Lender in connection with such performance or compliance shall, together with interest thereon at the Default Interest Rate borne by the earliest dated Note then outstanding, be payable by Borrower to Lender on demand.
Lender’s Right to Perform for Borrower. If Borrower fails to make any payment, perform any DIP Obligation, or do any act set forth in or secured by this Agreement, Lender, at Lender's option, without notice to or demand on Borrower and without releasing Borrower from the duty to make such payments, perform such DIP Obligations, or do such acts, then or in the future, may make such payment, perform such DIP Obligation or do such act in such manner and to such extent as Lender may deem necessary to protect the security of this Agreement. Without limiting any foregoing clause, Lender may pay, purchase, contest, or compromise any encumbrance, charge, or lien that, in Lender's sole judgment, appears to be prior or superior to this Agreement. In exercising any such power, Lender may pay all necessary expenses incurred, including reasonable attorney fees. Borrower will pay, immediately and without demand, all sums so expended by Lender with interest, from the date of expenditure, at the rate from time to time applicable hereunder (and such amounts shall be deemed Post-Petition Expenses). Notwithstanding the foregoing or the other provisions of this Agreement, Lender shall have no duty to collect any income accruing on the Collateral or to preserve any rights relating to the Collateral. The powers conferred on Lender hereunder are solely to protect the interests of Lender in the Collateral, and shall not impose any duty upon Lender to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, Lender shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.
Lender’s Right to Perform for Borrower. If Borrower fails to perform or comply with any of its agreements contained herein, Lender shall have the right, but shall not be obligated, to effect such performance or compliance, and the amount of any out-of-pocket expenses and other reasonable expenses of Lender thereby incurred, together with interest thereon at the Late Charge Rate (as defined in the Promissory Note), shall be due and payable by Borrower upon demand.
Lender’s Right to Perform for Borrower
