Common use of Agent May Perform Covenants Clause in Contracts

Agent May Perform Covenants. If the Principal Borrower or any Obligor fails to perform any covenants on its part herein contained, subject to any consents or notices or cure periods required by Section 12.1 and provided that a period of 10 Banking Days after written notice from the Agent to remedy the same has been given, the Agent may give written notice to the Principal Borrower of such failure and if such covenant remains unperformed, the Agent may, in its discretion but need not, perform any such covenant capable of being performed by the Agent, and if the covenant requires the payment or expenditure of money, the Agent may, upon having received approval of all Lenders, make such payments or expenditure and all sums so expended shall constitute credit advanced by the Lenders for the benefit of the Principal Borrower and shall be forthwith payable by the Principal Borrower to the Agent on behalf of the Lenders and shall bear interest at the applicable interest rate provided in Section 4.7 for amounts due in Cdn. Dollars or US Dollars, as the case may be. No such performance, payment or expenditure by the Agent shall be deemed to relieve any Obligor of any default hereunder or under the other Loan Documents.

Agent May Perform Covenants. If the Principal Borrower or any Obligor Borrower Group Member fails to perform any covenants on its part herein contained, subject to any consents or notices or cure periods required by Section 12.1 11.1 and provided that a period of 10 Banking Days after written notice from the Agent to remedy the same has been given, the Agent may give written notice to the Principal Borrower of such failure and if such covenant remains unperformed, the Agent may, in its discretion but need not, perform any such covenant capable of being performed by the Agent, and if the covenant requires the payment or expenditure of money, the Agent may, upon having received approval of all Lenders, make such payments or expenditure and all sums so expended shall constitute credit advanced by the Lenders for the benefit of the Principal Borrower and shall be forthwith payable by the Principal Borrower to the Agent on behalf of the Lenders and shall bear interest at the applicable interest rate provided in Section 4.7 Exhibit 10.1 for amounts due in Cdn. Dollars or US Dollars, as the case may be. No such performance, payment or expenditure by the Agent shall be deemed to relieve any Obligor Borrower Group Member of any default hereunder or under the other Loan Documents.

Agent May Perform Covenants. If the Principal Borrower or any Obligor fails to perform any covenants on its part herein contained, subject to any consents or notices or cure periods required by Section 12.1 and provided that a period of 10 Banking Days after written notice from the Agent to remedy the same has been given, the Agent may give written notice to the Principal Borrower of such failure and if such covenant remains unperformed, the Agent may, in its discretion but need not, perform any such covenant capable of being performed by the Agent, and if the covenant requires the payment or expenditure of money, the Agent may, upon having received approval of all Lenders, make such payments or expenditure and all sums so expended shall constitute credit advanced by the Lenders for the benefit of the Principal Borrower and shall be forthwith payable by the Principal Borrower to the Agent on behalf of the Lenders and shall bear interest at the applicable interest rate provided in Section 4.7 for amounts due in Cdn. Dollars or US Dollars, as the case may be. No such performance, payment or expenditure by the Agent shall be deemed to relieve any Obligor of any default hereunder or under the other Loan Documents.