Common use of Lender’s Right to Perform for Borrower Clause in Contracts

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 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 any Borrower fails to perform or comply with any of its 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 BorrowersBorrower, 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 Borrower to Lender, at the Default Late Payment Rate, shall be payable by Borrowers Borrower 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 Borrower hereunder or be deemed to cure any Default default of Borrowers Borrower hereunder. All such sums and amounts so expended by Lender shall be repayable by Borrowers Borrower immediately without notice or demand, shall be secured by the applicable Vessel and related Collateral with respect to which they were expended (or, if not expended with respect to a single Vessel, shall be ratably secured by each of the Vessels and their respective related Collateral), and shall bear interest from the date said amounts are expended at the Default Late Payment Rate.