Common use of Performance of Other Party’s Obligations Clause in Contracts

Performance of Other Party’s Obligations. If either party hereto fails to perform or observe any of its covenants, agreements, or obligations hereunder for a period of 30 days after notice of such failure is given by the other party, then the other party shall have the right, but not the obligation, at its sole election (but not as its exclusive remedy), to perform or observe the covenants, agreements, or obligations which are asserted to have not been performed or observed at the expense of the failing party and to recover all costs or expenses incurred in connection therewith, together with interest thereon from the date expended until repaid at an annual rate ("DEFAULT RATE") equal to the lesser of: (A) three (3) percentage points above the prime rate of interest established from time to time by NationsBank (or a comparable rate of interest if such rate of interest is not in effect); or (B) the maximum rate of interest permitted by applicable law. Any performance or observance by a party pursuant to this Section 13.2 shall not constitute a waiver of the other party's failure to perform or observe.

Performance of Other Party’s Obligations. If either party hereto fails to perform or observe any of its covenants, agreements, or obligations hereunder for a period of 30 days after notice of such failure is given by the other party, then the other party shall have the right, but not the obligation, at its sole election (but not as its exclusive remedy), to perform or observe the covenants, agreements, or obligations which are asserted to have not been performed or observed at the expense of the failing party and to recover all costs or expenses incurred in connection therewith, together with interest thereon from the date expended until repaid at an annual rate ("DEFAULT RATE"“Default Rate”) equal to the lesser of: (A) three (3) percentage points above the prime rate of interest established from time to time by NationsBank Nations Bank (or a comparable rate of interest if such rate of interest is not in effect); or (B) the maximum rate of interest permitted by applicable law. Any performance or observance by a party pursuant to this Section 13.2 shall not constitute a waiver of the other party's ’s failure to perform or observe.

Performance of Other Party’s Obligations. If either party hereto fails to perform or observe any of its covenants, agreements, or obligations hereunder for a period of 30 thirty (30) days after notice of such failure is given by the other party, then the other party shall have the right, but not the obligation, at its sole election (but not as its exclusive remedy), to perform or observe the covenants, agreements, or obligations which are asserted to have not been performed or observed at the expense of the failing party and to recover all costs or expenses incurred in connection therewith, together with interest thereon from the date expended until repaid at an annual rate ("DEFAULT RATE") equal to the lesser of: of (Aa) three (3) percentage points percent above the prime rate of interest established from time to time by NationsBank (or a comparable rate of interest if such rate of interest is not in effect); ) or (Bb) the maximum rate of interest permitted by applicable law. Any performance or observance by a party pursuant to this Section 13.2 12.2 shall not constitute a waiver of the other party's failure to perform or observe.

Performance of Other Party’s Obligations. If either party hereto fails to perform or observe any of its covenants, agreements, or obligations hereunder for a period of 30 days after notice of such failure is given by the other party, then the other party shall have the right, but not the obligation, at its sole election (but not as its exclusive remedy), to perform or observe the covenants, agreements, or obligations which are asserted to have not been performed or observed at the expense of the failing party and to recover all costs or expenses incurred in connection therewith, together with interest thereon from the date expended until repaid at an annual rate ("DEFAULT RATE") equal to the lesser of: (A) three (3) percentage points above the prime rate of interest established from time to time by NationsBank Bank of America (or a comparable rate of interest if such rate of interest is not in effect); or (B) the maximum rate of interest permitted by applicable law. Any performance or observance by a party pursuant to this Section 13.2 shall not constitute a waiver of the other party's failure to perform or observe.