Protection of Lender’s Interest. If: (i) Borrower fails to perform the covenants and agreements contained in this Security Instrument; (ii) there is a legal proceeding or government order that might significantly affect Lender’s interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture, for enforcement of a lien that has priority or may attain priority over this Security Instrument, or to enforce laws or regulations); or (iii) Lender reasonably believes that Xxxxxxxx has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Xxxxxx’s interest in the Property and/or rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender’s actions may include, but are not limited to: (I) paying any sums secured by a lien that has priority or may attain priority over this Security Instrument; (II) appearing in court; and (III) paying: (A) reasonable attorneys’ fees and costs; (B) property inspection and valuation fees; and (C) other fees incurred for the purpose of protecting Lender’s interest in the Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes, but is not limited to, exterior and interior inspections of the Property, entering the Property to make repairs, changing locks, replacing or boarding up doors and windows, draining water from pipes, eliminating building or other code violations or dangerous conditions, and having utilities turned on or off. Although Lender may take action under this Section 9, Lender is not required to do so and is not under any duty or obligation to do so. Lender will not be liable for not taking any or all actions authorized under this Section 9.
Protection of Lender’s Interest. 8.13.1. Borrower shall cause its insurance carrier to agree:
(a) to provide Lender 30 days written notice (10 days prior written notice for nonpayment of premium) prior to any cancellation, termination or nonrenewal of the required insurance;
(b) to allow Lender to pay premiums to continue the policy upon notice of cancellation for nonpayment.
8.13.2. Every Property Insurance policy shall by its terms remain valid and insure Lender’s interest regardless of any:
(a) Named insured’s act, failure to act, negligence, or violation of warranties, declarations, or conditions;
(b) Occupancy of use of the Property for purposes more hazardous than those permitted; or
(c) Exercise of any Lender’s remedies. If Lender reasonably deems itself insecure, on Lender’s request, Borrower will be required to make monthly deposits for insurance premiums equal to one-twelfth (1/12) of the annual charges as estimated by Lender to accumulate with Lender sufficient funds to pay the insurance premiums thirty (30) days prior to their due date, such deposits to be held by Lender without interest.
Protection of Lender’s Interest. Lender may do and pay for whatever is reasonable or appropriate to protect Xxxxxx’s interest in the Property and its rights under this Trust Deed, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Any amounts disbursed by Xxxxxx under this Section shall become additional debt of Borrower secured by this Trust Deed. These amounts shall bear interest at the same rate as the Principal Amount in the Note.
Protection of Lender’s Interest. To the extent commercially obtainable, in each insurance policy (or an endorsement thereto), the carrier shall: (a) agree not to cancel or terminate such policy without giving Administrative Agent thirty (30) days’ prior written notice (ten (10) days’ notice for nonpayment of premium); (b) waive any right to claim any premiums and commissions against Administrative Agent or any Lender, provided that the policy need not waive the requirement that the premium be paid in order for a claim to be paid to the insured; and (c) allow Administrative Agent or any Lender to pay premiums to continue such policy upon notice of cancellation for nonpayment. Every property insurance policy shall provide that as to Administrative Agent’s interest, such policy shall remain valid and shall insure Administrative Agent regardless of any: (1) named insured’s act, failure to act, negligence, or violation of warranties, declarations, or conditions; (2) occupancy or use of the Improvements for purposes more hazardous than those permitted; or (3) Administrative Agent’s or any Lender’s exercise of any of their respective rights or remedies hereunder or under any of the Loan Documents. Administrative Agent reserves the right for them or their designated representative to review full and complete copies of Borrower’s insurance policies required hereunder. Such policy review to take place at a location of mutual consent within seven (7) days of Administrative Agent’s written request. It is agreed that such request shall take place only in the event of a direct damage claim to one of the locations that are the subject of this agreement, or a significant third party claim resulting from the operations at one of the locations that is the subject of this agreement.
Protection of Lender’s Interest. (a) Borrower shall cause its insurance carrier to give Lender the following protections in each insurance policy (or an endorsement) as follows:
(i) an agreement not to change the deductible, coverage limit(s). or other term(s) of the policy, if the policy would thereafter cease to comply with the Loan Agreement;
(ii) a waiver of any right to claim any premiums and commissions against Lender; provided that the policy need not waive the requirement that the premium be paid in order for a claim to be paid to the insured; and
(iii) an agreement to allow Lender to pay premiums to continue the policy upon notice of cancellation for nonpayment.
(b) Every Property Insurance policy shall by its terms remain valid and insure the Lender’s interest regardless of any:
(i) Named insured’s act, failure to act, negligence, or violation of warranties, declarations, or conditions;
(ii) Occupancy of use of the property for purposes more hazardous than those permitted; or
(iii) Exercise of any of Lender’s remedies. THIS MEMBERSHIP INTEREST PLEDGE AGREEMENT (this "Agreement") is made as of January 20, 2014, between Crumbs Holdings LLC, a Delaware limited liability company (“Pledgor”) and Fxxxxxx Enterprises, L.L.C., an Oklahoma limited liability company (“Lender”), with reference to the following:
A. Pledgor owns one hundred percent (100%) of the issued and outstanding units of membership interests in each of the companies set forth on Exhibit A (the “Pledged Entities”);
B. Crumbs Bake Shop, Inc., a Delaware corporation (“Crumbs”), and Pledgor, each as a borrower, and Lender are parties to that certain Senior Secured Loan and Security Agreement, dated as of January 20, 2014 (such agreement, as amended, restated, supplemented or otherwise modified from time to time, being hereinafter referred to as the "Loan Agreement"), pursuant to which Lender has extended in favor of the Borrowers certain credit facilities;
C. It is a condition precedent to the obligations of Lender under the Loan Agreement that Pledgor shall have granted to Lender a first priority security interest in and a lien on all of the outstanding membership units and interests of the Pledged Entities owned by Pledgor and in which Pledgor have any interest at any time; and
D. Pledgor has determined that the execution, delivery and performance of this Agreement directly benefits and is in the best interest of and supported by valuable consideration received by Pledgor.
Protection of Lender’s Interest. Borrower shall cause its insurance carrier to agree:
Protection of Lender’s Interest. Debtor will defend the Property against any other claim. Xxxxxx agrees to do whatever Lender requires to protect Xxxxxx’s security interest and keep Xxxxxx’s claim in the Property ahead of the claims of other creditors. Debtor will not do anything to harm Xxxxxx’s position. Debtor will keep, and allow Lender reasonable access to, books, records, and accounts about the Property and Xxxxxx’s business in general. If this Security Agreement covers chattel paper or instruments, either as original collateral or proceeds of the Property, Debtor will note Xxxxxx’s interest on the face of the chattel paper or instruments. Use, Location, and Protection of the Property. Debtor will keep the Property in Debtor’s possession and in good repair. Debtor will use the Property only for commercial or agricultural purposes and will not change this specified use without Lender’s prior written consent. Xxxxxx has the right of reasonable access to inspect the Property and Debtor will immediately inform Xxxxxx of any loss or damage to the Property. Debtor will not cause or permit waste to the Property. Debtor will keep the Property at Debtor’s address unless Xxxxxx and Debtor agree that it may be kept at another location. If the Property is to be used in other states, Debtor will give Lender a list of those states. Debtor will notify Xxxxxx in writing and obtain Xxxxxx’s prior written consent to any change in location of any of the Property. The location of the Property is given to aid in the identification of the Property and does not in any way limit the scope of the security interest granted to Lender. Debtor will not use the Property in violation of any law. Debtor will notify Lender in writing prior to any change in Debtor’s address, name or, if an organization, any change in Debtor’s identity or structure. Debtor will pay all taxes and assessments levied or assessed against Debtor or the Property and provide timely proof of payment of these taxes and assessments upon request. Selling, Leasing, or Encumbering the Property. Debtor will not sell, offer to sell, lease, grant a security interest in, or otherwise transfer or encumber the Property without Xxxxxx’s prior written permission, except for Inventory sold in the ordinary course of business at fair market value, or at a minimum price established between Debtor and Lender. If Debtor is in default under this Security Agreement, Debtor may not sell the Inventory portion of the Property even in the ordinary course of business...
Protection of Lender’s Interest. The Lender may take appropriate action to protect their interest in the Property and its rights under this Trust Deed, including assessing the value of the Property, and securing and repairing the Property. Any amount disbursed by the Lender will become additional debt secured in this Trust Deed bearing the same rate as the Principal Amount in the Note.
Protection of Lender’s Interest. To the extent commercially obtainable, in each insurance policy (or an endorsement thereto), the carrier shall: (a) agree not to cancel or terminate such policy without giving Administrative Agent thirty (30) days’ prior written notice (ten (10) days’ notice for nonpayment of premium), or if such notice is not granted by the carrier, Borrower shall provide such notice upon receipt of the same; (b) waive any right to claim any premiums and commissions against Administrative Agent or any Lender, provided that the policy need not waive the requirement that the premium be paid in order for a claim to be paid to the insured; and (c) allow Administrative Agent or any Lender to pay premiums to continue such policy upon notice of cancellation for nonpayment. Every property insurance policy shall provide that as to Administrative Agent’s interest, such policy shall remain valid and shall insure Administrative Agent regardless of any: (1) named insured’s act, failure to act, negligence, or violation of warranties, declarations, or conditions; (2) occupancy or use of the Improvements for purposes more hazardous than those permitted; or (3) Administrative Agent’s or any Lender’s exercise of any of their respective rights or remedies hereunder or under any of the Loan Documents.
