Protective Disbursements Clause Samples

Protective Disbursements. If the Corporation fails to perform any of its covenants in this debenture or otherwise, then the Holder may, in its absolute discretion, perform any covenant capable of being performed by it and, if the covenant requires the payment or expenditure of money, the Holder may make the payment but shall be under no obligation to do so. All sums so paid or expended by the Holder shall be immediately payable by the Corporation, shall bear interest at the rate set forth in this debenture and shall be secured by this debenture, having the benefit of the Security in priority to the indebtedness evidenced by this debenture. No such performance or payment shall relieve the Corporation from any default under this debenture or the consequences of such default.

Protective Disbursements. If the Obligor fails to perform any of its covenants in this Debenture, then the Holder may, in its absolute discretion, perform any covenant capable of being performed by it and, if the covenant requires the payment or expenditure of money, the Holder may make the payment but is under no obligation to do so. All sums paid or expended by the Holder are immediately payable by the Obligor, bear interest at the rate set forth in this Debenture and are secured by this Debenture, having the benefit of the Security in priority to the indebtedness evidenced by this Debenture. No such performance or payment will relieve the Obligor from any default under this Debenture or the consequences of such default.

Protective Disbursements. If the Chargor fails to perform any of its covenants in this Debenture or otherwise, then the Secured Creditor may, in its absolute discretion, perform any covenant capable of being performed by it and, if the covenant requires the payment or expenditure of money, the Secured Creditor may make the payment but is under no obligation to do so. All sums paid or expended by the Secured Creditor are immediately payable by the Chargor, bear interest at the rate set forth in this Debenture and are secured by this Debenture, having the benefit of the Charge in priority to the indebtedness evidenced by this Debenture. No such performance or payment will relieve the Chargor from any default under this Debenture or the consequences of such default.

Protective Disbursements. If Solx fails to perform any covenant on its part contained in this Security Agreement, then OccuLogix, in its absolute discretion, may perform (but has no obligation to perform) any such covenant capable of being performed by it. If any such covenant requires the payment or expenditure of money, OccuLogix may make, but will be under no obligation to make, such payment or expenditure, and all sums so paid or expended by OccuLogix will be immediately payable by Solx, will bear interest at the per annum rate equal to the “Prime Rate” as announced from time to time by Bank of America, N.A., or its successor, plus 2%, until paid and will be secured hereby, having the benefit of the Security Interest hereby created in priority to the other indebtedness secured by this Security Agreement. No such performance or payment will relieve Solx from any default under this Security Agreement or any consequences of such default.

Protective Disbursements. 4 Section 2.6 Attachment...................................................................................5 ARTICLE 3 ENFORCEMENT Section 3.1 Enforcement..................................................................................5 Section 3.2 Remedies.....................................................................................5 Section 3.3 Additional Rights............................................................................6 Section 3.4 Receiver's Powers............................................................................6 Section 3.5 Dealing with the Charged Premises............................................................7 Section 3.6 Standards of Sale............................................................................8 Section 3.7 Dealings by Third Parties....................................................................8 Section 3.8 No Right of Set-Off..........................................................................8 Section 3.9 No Merger or Novation........................................................................9 Section 3.10 Presentation of Debenture....................................................................9 Section 3.11 Appointment of Attorney......................................................................9 Section 3.12 Crystallization of Floating Charge...........................................................9