Common use of REMEDYING DEFAULTS Clause in Contracts

REMEDYING DEFAULTS. The Licensor may, but shall not be required to, pay such sums or to do any act that requires the expenditure of monies or services that may be necessary or appropriate by reason of the failure or neglect of the Licensee to perform any of the provisions of this License. In the event of the exercise of such right by the Licensor, the Licensee agrees to pay to the Licensor, forthwith, upon demand, all such sums expended by the Licensor (or the fair value thereof, whichever is greater), together with interest thereon at a rate equal of three percent (3%) over the prime rate in effect from time to time of the Bank of America [but in no event less than eighteen percent (18%) per annum], as an Additional Charge.

REMEDYING DEFAULTS. The Licensor may, but shall not be required to, pay such sums or to do any act that requires the expenditure of monies or services that may be necessary or appropriate by reason of the failure or neglect of the Licensee to perform any of the provisions of this License. In the event of the exercise of such right by the Licensor, the Licensee agrees to pay to the Licensor, forthwith, upon demand, all such sums expended by the Licensor (or the fair value thereof, whichever is greater), together with interest thereon at a rate equal of three percent (3%) over the prime rate in effect from time to time of the Bank of America [but in no event less than eighteen percent (18%) per annum], as an Additional Charge.. Initials