Common use of Manager’s Right to Perform Owner’s Obligations Clause in Contracts

Manager’s Right to Perform Owner’s Obligations. If Owner fails to make any payment, including fees or other amounts owed to Manager and its Affiliates pursuant to this Agreement, or to perform any of its other obligations pursuant to this Agreement and such failure shall continue for ten (10) business days after Manager has given written notice thereof to Owner, Manager, at its sole discretion and without further notice to, or demand upon, Owner, and without waiving or releasing Owner from any obligations under this Agreement, may make such payment, either with its own funds (an “Advance”) or with funds withdrawn for such purpose from the Operating Account, or perform such obligation. Owner will reimburse Manager on demand for all Advances, and all necessary incidental expenses incurred by Manager in connection with the performance of any such obligation (if not paid from the Operating Account), together with interest at the lesser of eighteen (18%) per year or the highest lawful rate permitted by Legal Requirements from the date such Advance or expenditure is made.