Common use of Performance By The Collateral Agent Clause in Contracts

Performance By The Collateral Agent. If the Debtor shall fail to perform any covenant or agreement contained in this Agreement, the Collateral Agent may perform or attempt to perform such covenant or agreement on behalf of the Debtor, in which case Collateral Agent shall exercise good faith and make diligent efforts to give Debtor prompt prior written notice of such performance or attempted performance. In such event, the Debtor shall, at the request of the Collateral Agent, promptly pay any reasonable amount expended by the Collateral Agent in connection with such performance or attempted performance to the Collateral Agent, together with interest thereon at the interest rate set forth in the Credit Agreement, from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that the Collateral Agent shall not have any liability or responsibility for the performance of any obligation of the Debtor under this Agreement.

Appears in 2 contracts

Samples: Security Agreement (Credit Acceptance Corporation), Security Agreement (Credit Acceptance Corporation)

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Performance By The Collateral Agent. If the any Debtor shall fail to perform any covenant or agreement contained in this Agreement, the Collateral Agent may perform or attempt to perform such covenant or agreement on behalf of the such Debtor, in which case Collateral Agent shall exercise good faith and make diligent efforts to give Debtor Debtors prompt prior written notice of such performance or attempted performance. In such event, the Debtor Debtors shall, at the request of the Collateral Agent, promptly pay any reasonable amount expended by the Collateral Agent in connection with such performance or attempted performance to the Collateral Agent, together with interest thereon at the interest rate set forth in the Credit Agreement, from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that the Collateral Agent shall not have any liability or responsibility for the performance of any obligation of the Debtor Debtors under this Agreement.

Appears in 2 contracts

Samples: Security Agreement (Credit Acceptance Corporation), Security Agreement (Credit Acceptance Corporation)

Performance By The Collateral Agent. If the any Debtor shall fail to perform any covenant or agreement contained in this Agreement, the Collateral Agent may perform or attempt to perform such covenant or agreement on behalf of the such Debtor, in which case Collateral Agent shall exercise good faith and make diligent efforts to give Debtor Debtors prompt prior written notice of such performance or attempted performance. In such event, the Debtor Debtors shall, at the request of the Collateral Agent, promptly pay any reasonable amount expended by the Collateral Agent in connection with such performance or attempted performance to the Collateral Agent, together with interest thereon at the interest rate set forth in the Credit Agreement, from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that the Collateral Agent shall not have any liability or responsibility for the performance of any obligation of the Debtor Debtors under this Agreement.. 22 <PAGE> SECTION 5.5

Appears in 1 contract

Samples: Security Agreement

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Performance By The Collateral Agent. If the any Debtor shall fail to perform any covenant or agreement contained in this Agreement, the Collateral Agent may perform or attempt to perform such covenant or agreement on behalf of the such Debtor, in which case Collateral Agent shall exercise good faith and make diligent efforts to give Debtor Debtors prompt prior written notice of such performance or attempted performance. In such event, the Debtor Debtors shall, at the request of the Collateral Agent, promptly pay any reasonable amount expended by the Collateral Agent in connection with such performance or attempted performance to the Collateral Agent, together with interest thereon at the interest rate set forth in the Credit AgreementAgreement (or if the Credit Agreement is not then in effect, the highest non-default interest rate contained in the other First Lien Credit Documents then in effect), from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that the Collateral Agent shall not have any liability or responsibility for the performance of any obligation of the Debtor Debtors under this Agreement.

Appears in 1 contract

Samples: Security Agreement (Credit Acceptance Corp)

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