Other Amounts Deemed Loans Clause Samples
The "Other Amounts Deemed Loans" clause defines certain payments or financial obligations as loans, even if they are not originally structured as such. For example, if a borrower receives advances, payments, or other financial accommodations from the lender that are not explicitly labeled as loans, this clause ensures those amounts are treated as if they were loans under the agreement. This approach helps clarify the parties' obligations and ensures that all relevant financial transactions are subject to the same terms, such as interest and repayment provisions, thereby preventing ambiguity and potential disputes over the treatment of such amounts.
Other Amounts Deemed Loans. If Borrower fails to pay any tax, assessment, governmental charge or levy or to maintain insurance within the time permitted or required by this Agreement, or to discharge any Lien prohibited hereby, or to comply with any other Obligation, Bank may, but shall not be obligated to, pay, satisfy, discharge or bond the same for the account of Borrower, and to the extent permitted by law and at the option of Bank, all monies so paid by Bank on behalf of Borrower will be deemed Loans and Obligations.
Other Amounts Deemed Loans. If Borrower fails to pay any tax, assessment, governmental charge or levy or to maintain insurance within the time permitted or required by this Agreement, or to discharge any Lien prohibited hereby, or to comply with any other Obligation, Lender may, but shall not be obligated to, pay, satisfy, discharge or bond the same for the account of Borrower. To the extent permitted by law and at the option of Lender, all monies so paid by Lender on behalf of Borrower shall be deemed Obligations and Borrower’s payments under this Agreement may be increased to provide for payment of such Obligations plus interest thereon.
Other Amounts Deemed Loans. If any Loan Party fails to pay any tax, assessment, governmental charge or levy or to maintain insurance within the time permitted or required by this Agreement, but subject to Section 4.6, or to discharge any Lien prohibited hereby, or to comply with any other Obligation, Lender may, but shall not be obligated to, pay, satisfy, discharge or bond the same for the account of Loan Parties, and to the extent permitted by law and at the option of Lender, all monies so paid by Lender on behalf of a Loan Party shall be deemed Loans and Obligations.
Other Amounts Deemed Loans. If any Borrower fails to pay any tax, assessment, governmental charge or levy or to maintain insurance within the time permitted or required by this Agreement, but subject to Section 4.6, or to discharge any Lien prohibited hereby, or to comply with any other obligation, Lender may, but shall not be obligated to, pay, satisfy, discharge or bond the same for the account of Borrowers, and to the extent permitted by law and at the option of Lender, all monies so paid by Lender on behalf of a Borrower shall be deemed Loans and Obligations.
Other Amounts Deemed Loans. If any Borrower fails to pay any tax, assessment, governmental charge or levy or to maintain insurance within the time permitted or required by this Agreement, or to discharge any Lien prohibited hereby, or to comply with any other Obligation, Bank may, but shall not be obligated to, pay, satisfy, discharge or bond the same for the account of such Borrower, and to the extent permitted by law and at the option of Bank, all monies so paid by Bank on behalf of such Borrower will be deemed Loans and Obligations.
Other Amounts Deemed Loans. If Borrower fails to pay any tax, assessment, governmental charge or levy or to maintain insurance within the time permitted or required by this Agreement or any Loan Document, or to discharge any lien prohibited hereby, or to comply with any other term, condition or covenant of this Agreement or any Loan Document, Lender may, but shall not be obligated to, make protective advances under the Loans in order to protect and preserve the Collateral and pay, satisfy, discharge or bond the same for the account of Borrower, and to the extent permitted by law and at the option of Lender, all monies so paid by Lender on behalf of Borrower shall be added to the principal balance of the Loans upon which such amount interest shall accrue and shall be secured by any collateral given to Lender by Borrower for the payment and performance of the Loans.”
Other Amounts Deemed Loans. If at any time after the occurrence and during the continuation of an Event of Default; Borrower fails to timely comply with any Covenant, Agent may, but shall not be obligated to, pay, satisfy, discharge or bond the same for the account of Borrower, and to the extent permitted by law and at the option of Agent, all monies so paid by Agent on behalf of Borrower shall be deemed Liabilities due upon demand and shall bear interest at the Default Rate.
Other Amounts Deemed Loans. If Borrower fails to pay any tax, assessment, government charge or levy or to maintain insurance within the time permitted by this Agreement or the Credit Agreement, or to discharge any Lien prohibited hereby, or to comply with any other obligation, Agent may, but will not be required to, pay, satisfy, discharge or bond the same of the account of Borrower, and to the extent permitted by law and all monies so paid out will be secured by the Collateral.
Other Amounts Deemed Loans. If either Corporation fails to pay -------------------------- any tax, assessment, governmental charge or levy or to maintain insurance within the time permitted by this Agreement, or to discharge any Lien prohibited hereby, or to comply with any other obligation, Bank may, but shall not be obligated to, pay, satisfy, discharge or bond the same for the account of such Corporation, and to the extent permitted by law and at the option of Bank, all monies so paid by Bank on behalf of such Corporation shall be deemed Loans and Obligations.
Other Amounts Deemed Loans. If Borrower fails to pay any tax, assessment, governmental charge or levy or to maintain insurance within the time permitted by this Agreement, or to comply with any other obligation, Lender may, but shall not be obligated to, pay, satisfy, discharge or bond the same for the account of Borrower, and to the extent permitted by law and at the option of Lender, all monies so paid by Lender on behalf of Borrower will be deemed Revolving Loans and Obligations.