Performance by the Lender of the Borrower’s Obligations. If the Borrower fails to perform or comply with any of its agreements contained in the Loan Documents, the Lender may itself perform or comply, or otherwise cause performance or compliance, with such agreement, and the reasonable out-of-pocket expenses of the Lender incurred in connection with such performance or compliance, together with interest thereon at a rate per annum equal to the Post-Default Rate, shall be payable by the Borrower to the Lender on demand and shall constitute Obligations.
Appears in 3 contracts
Samples: Loan and Security Agreement, Loan and Security Agreement (General Motors Corp), Loan and Security Agreement (General Motors Corp)
Performance by the Lender of the Borrower’s Obligations. If the Borrower fails to perform or comply with any of its agreements contained in this Agreement, and the Loan DocumentsLender, as provided for by the Lender may terms of this Agreement, itself perform performs or complycomplies, or otherwise cause causes performance or compliance, with such agreement, and the reasonable out-of-pocket expenses of the Lender incurred in connection with such performance or compliance, together with interest thereon at a rate per annum equal to the Post-Default Ratethereon, shall be payable by the Borrower to the Lender on demand and shall constitute Obligationsan Obligation secured by this Agreement.
Appears in 2 contracts
Samples: Security Agreement (Power Efficiency Corp), Security Agreement (Power Efficiency Corp)
Performance by the Lender of the Borrower’s Obligations. If the Borrower fails to perform or comply with any of its agreements or covenants contained in the Loan Documents, this Agreement and the Lender may itself perform performs or complycomplies, or otherwise cause causes performance or compliance, with such agreementagreement or covenant in accordance with the terms of this Agreement, and then the reasonable out-of-pocket expenses of the Lender incurred in connection with such performance or compliance, together with interest thereon at a rate per annum equal to the Post-Default Rate, compliance shall be payable by the Borrower to the Lender on demand and shall constitute ObligationsObligations secured by this Agreement.
Appears in 1 contract
Samples: Loan and Security Agreement (InPlay Technologies, Inc.)
