Common use of Advances by Lender Clause in Contracts

Advances by Lender. On failure of any Pledgor to perform any of the covenants and agreements contained herein, Lender may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as Lender may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which Lender may make for the protection of the security hereof or which Lender may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Pledgors on a joint and several basis promptly upon notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the default rate provided for in Section 2.3 of the Note. No such performance of any covenant or agreement by Lender on behalf of any Pledgor, and no such advance or expenditure therefor, shall relieve the Pledgors of any default under the terms of this Pledge Agreement or the other Loan Documents. Lender may make any payment hereby authorized in accordance with any bill, ▇▇atement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, ▇▇atement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.

Advances by Lender. On failure of any Pledgor Obligor to perform any of the covenants and agreements contained herein, Lender may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as Lender may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which Lender may make for the protection of the security hereof or which Lender may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Pledgors on a joint and several basis promptly upon Obligors immediately without notice thereof and demand thereforor demand, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the default rate provided for in Section 2.3 of the Note. No such performance of any covenant or agreement by Lender on behalf of any PledgorObligor, and no such advance or expenditure therefor, shall relieve the Pledgors Obligors of any default under the terms of this Pledge Agreement or the other Loan Documents. Lender may make any payment hereby authorized in accordance with any bill, ▇▇atement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, ▇▇atement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAPclaim.

Advances by Lender. On failure of any Pledgor to perform any of the covenants and agreements contained herein, Lender may, at its sole option and in its sole reasonable discretion, upon ten (10) business days prior written notice to Pledgor, perform the same and in so doing may expend such sums as Lender may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any taxes, a payment to obtain a release of a Lien lien or potential Lienlien, expenditures made in defending against any adverse claim and all other expenditures which Lender may make for the protection of the security hereof or which Lender may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Pledgors on a joint and several basis Pledgor promptly upon notice thereof and demand thereforfrom Lender, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the default rate provided for specified in Section 2.3 of the NoteLoan Agreement. No such performance of any covenant or agreement by Lender on behalf of any Pledgor, and no such advance or expenditure therefor, shall relieve the Pledgors Pledgor of any default under the terms Event of this Pledge Agreement or the other Loan DocumentsDefault. After an Event of Default, Lender may make any payment hereby authorized in accordance with any bill, ▇▇atement ▇▇, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, ▇▇atement ▇▇, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.

Advances by Lender. On failure of any Pledgor to perform any of the covenants and agreements contained herein, the Lender may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Lender may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which the Lender may make for the protection of the security hereof or which Lender it may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Pledgors on a joint and several basis promptly upon notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the default rate provided for in Section 2.3 2.11(b) of the NoteCredit Agreement. No such performance of any covenant or agreement by the Lender on behalf of any Pledgor, and no such advance or expenditure therefor, shall relieve the Pledgors of any default under the terms of this Pledge Agreement or the other Loan Credit Documents. The Lender may make any payment hereby authorized in accordance with any bill, b▇▇atement ▇, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, b▇▇atement ▇, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP.