Pledgee May Perform. If the Pledgor shall fail to do any act or things which it has covenanted to do hereunder, the Pledgee may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend its funds for such purpose. Any and all amounts so expended by the Pledgee shall be repayable to it by the Pledgor immediately upon the Pledgee's demand therefor, with interest at a per annum rate equal to the Default Rate. Pledgor's obligations under this Section 19 shall survive the termination of this Pledge Agreement and the discharge of Pledgor's obligations under this Pledge Agreement.
Appears in 4 contracts
Samples: Share Pledge Agreement (Seven Seas Steamship Co Nv), Share Pledge Agreement (Seven Seas Steamship Co Nv), Share Pledge Agreement (Seven Seas Steamship Co Nv)
Pledgee May Perform. If the either Pledgor shall fail to do any act or things which it has covenanted to do hereunder, the Pledgee may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend its funds for such purpose. Any and all amounts so expended by the Pledgee shall be repayable to it by the such Pledgor immediately upon the Pledgee's demand therefor, with interest at a per annum rate equal to the Default Rate. Each Pledgor's 'S obligations under this Section 19 shall survive the termination of this Pledge Agreement and the discharge of such Pledgor's 'S obligations under this Pledge Agreement.
Appears in 1 contract
