Common use of Payment of Charges and Claims Clause in Contracts

Payment of Charges and Claims. The Pledgor shall pay (a) all Charges imposed upon any Collateral, and (b) all claims that have become due and payable and, under applicable law, have or may become Liens (other than Permitted Liens) upon any Collateral, in each case before any penalty shall be incurred with respect thereto. If the Pledgor fails to pay or obtain the discharge of any Charge, claim or Lien required to be paid or discharged under this Section and asserted against any Collateral, the Second Priority Collateral Trustee may, at any time and from time to time, in its sole discretion and without waiving or releasing any obligation of the Pledgor under this Agreement or waiving any Event of Default, make such payment, obtain such discharge or take such other action with respect thereto as the Second Priority Collateral Trustee deems advisable.

Payment of Charges and Claims. The Pledgor shall pay (a) all Charges imposed upon any Collateral, and (b) all claims that have become due and payable and, under applicable law, have or may become Liens (other than Permitted Liens) upon any Collateral, in each case before any penalty shall be incurred with respect thereto. If the Pledgor fails to pay or obtain the discharge of any Charge, claim or Lien required to be paid or discharged under this Section and asserted against any Collateral, the Second Priority Collateral Trustee may, at any time and from time to time, in its sole discretion and without waiving or releasing any obligation of the Pledgor under this Agreement or waiving any Event of Default, make such payment, obtain such discharge or take such other action with respect thereto as the Second Priority Collateral Trustee deems advisable.