Common use of Advancements Clause in Contracts

Advancements. If the BORROWERS fail to perform any of their agreements or covenants contained in this AGREEMENT or if the BORROWERS fail to protect or preserve the COLLATERAL or the status and priority of the security interests of the SECURED PARTIES in the COLLATERAL, the AGENT for the account of the LENDERS may make advances to perform the same on behalf of the BORROWERS to protect or preserve the COLLATERAL or the status and priority of the security interests of the SECURED PARTIES in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in this AGREEMENT, and shall become part of the principal amount owed to the LENDERS with interest to be assessed at the BASE RATE plus four hundred (400) BASIS POINTS. The BORROWERS shall repay on demand all sums so advanced on the BORROWERS’ behalf, plus all expenses or costs incurred by the AGENT, on account of the LENDERS, including reasonable legal fees, with interest thereon. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the AGENT upon the occurrence of an EVENT OF DEFAULT. The authorization contained in this Section is not intended to impose any duty or obligation on the AGENT to perform any action or make any advancement on behalf of the BORROWERS and is intended to be for the sole benefit and protection of the LENDERS.

Advancements. If the BORROWERS fail MORTGAGOR fails to perform any of their agreements or the covenants contained in this AGREEMENT MORTGAGE or if the BORROWERS fail in any MORTGAGEE DOCUMENT, or to protect or preserve the COLLATERAL SECURED PROPERTY or the status and priority priorities of the liens and security interests of established or evidenced by the SECURED PARTIES in the COLLATERALMORTGAGEE DOCUMENTS, the AGENT for MORTGAGEES, after five (5) calendar days advance notice to the account of the LENDERS MORTGAGOR, may make advances to perform the same on behalf of the BORROWERS to protect or preserve the COLLATERAL or the status and priority of the security interests of the SECURED PARTIES in the COLLATERALMORTGAGOR for such purposes, and all sums so advanced shall immediately upon advance advancement become a lien and security interest upon the SECURED PROPERTY and shall be secured by this MORTGAGE. The contrary notwithstanding, if in the MORTGAGEES' reasonable discretion, the value or security of the SECURED PROPERTY, or the status or the priority of the MORTGAGEES' liens and security interests granted thereon, is in this AGREEMENTimmediate peril, and the MORTGAGEES shall become part of the principal amount owed be required to provide only one (1) calendar day advance notice to the LENDERS with interest MORTGAGOR prior to be assessed at the BASE RATE plus four hundred (400) BASIS POINTSmaking such advances. The BORROWERS MORTGAGOR shall repay on demand all sums so advanced on the BORROWERS’ MORTGAGOR'S behalf, plus all any reasonable expenses or costs incurred by the AGENT, on account of the LENDERSMORTGAGEES, including without limitation reasonable legal attorney=s fees, with interest thereonthereon at the rate of fifteen percent (15%) per annum. The provisions of this Section shall not be construed to prevent the institution of the foreclosure or other rights and remedies of the AGENT MORTGAGEES upon the occurrence of an EVENT OF DEFAULT. The contrary notwithstanding, the authorization contained in this Section is not intended to shall impose any no duty or obligation on the AGENT MORTGAGEES to perform any action or make any advancement on behalf of the BORROWERS MORTGAGOR and is intended to be for the sole benefit and protection of the LENDERSMORTGAGEES.

Advancements. If the BORROWERS fail BORROWER fails to perform any of their its agreements or covenants contained in this AGREEMENT or if the BORROWERS fail BORROWER fails to protect or preserve the COLLATERAL or the status and priority of the security interests interest of the SECURED PARTIES LENDER in the COLLATERAL, the AGENT for the account of the LENDERS LENDER may make advances to perform the same on behalf of the BORROWERS BORROWER to protect or preserve the COLLATERAL or the status and priority of the security interests interest of the SECURED PARTIES LENDER in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in this AGREEMENT, and shall become part of the principal amount owed to the LENDERS LENDER with interest to be assessed at the BASE RATE plus four hundred (400) BASIS POINTSapplicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTS. The BORROWERS BORROWER shall repay on demand all sums so advanced on the BORROWERS’ BORROWER'S behalf, plus all expenses or costs incurred by the AGENT, on account of the LENDERSLENDER, including reasonable legal fees, with interest thereonthereon at the highest rate authorized in the NOTE. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the AGENT upon the occurrence of an EVENT OF DEFAULT. The authorization contained in this Section is not intended to impose any duty or obligation on the AGENT to perform any action or make any advancement on behalf of the BORROWERS and is intended to be for the sole benefit and protection of the LENDERS.LENDER

Advancements. If any of the BORROWERS fail fails to perform any of their its agreements or covenants contained in this AGREEMENT or if any of the BORROWERS fail fails to protect or preserve the COLLATERAL or the status and priority of the security interests interest of the SECURED PARTIES LENDER in the COLLATERAL, the AGENT for the account of the LENDERS LENDER may make advances to perform the same on behalf of the BORROWERS such BORROWER to protect or preserve the COLLATERAL or the status and priority of the security interests interest of the SECURED PARTIES LENDER in the COLLATERAL, and all sums so advanced shall immediately upon advance become secured by the security interests granted in this AGREEMENT, and shall become part of the principal amount owed to the LENDERS LENDER with interest to be assessed at the BASE RATE plus four hundred (400) BASIS POINTSapplicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTS. The BORROWERS shall repay on demand all sums so advanced on the BORROWERS’ any BORROWERS behalf, plus all expenses or costs incurred by the AGENT, on account of the LENDERSLENDER, including reasonable legal fees, with interest thereonthereon at the highest rate authorized in the NOTE. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the AGENT LENDER upon the occurrence of an EVENT OF DEFAULT. The authorization contained in this Section is not intended to impose any duty or obligation on the AGENT LENDER to perform any action or make any advancement on behalf of any or all of the BORROWERS and is intended to be for the sole benefit and protection of the LENDERSLENDER.