Common use of Disbursement and Performance by Lenders Clause in Contracts

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations when due and there exists any Event of Default which is continuing, Administrative Agent, in Borrower’s name or in its own name, shall have the right but not the obligation, to pay or perform such Obligation, including (i) payment to any Governmental Authority of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any lien or encumbrance prohibited by the Revolving Credit Agreement to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any Property or the Loan; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s title to the Property, or any security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan to Administrative Agent and the Lenders for such purpose. No such action, payment or disbursement or failure to act, pay or disburse, shall cure or waive any Default or Event of Default or waive any right or remedy of Administrative Agent or the Lenders.

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations when due and there exists any Event of Default which is continuing, or Borrower has requested Administrative Agent to make an Advance to pay such Obligation, refrain from making an Advance or take any action, Administrative Agent, in Borrower’s 's name or in its own name, shall have the right but not the obligation, to pay or perform such Obligation, including (i) payment to any Governmental Authority of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any unpermitted lien or encumbrance prohibited by against the Revolving Credit Agreement Unencumbered Properties to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any the Property or the LoanCredit Facility; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s 's title to the Property, or any security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan Credit Facility to Administrative Agent and the Lenders for such purpose. No such action, payment or disbursement or failure to act, pay or disburse, shall cure or waive any Default or Event of Default or waive any right or remedy of Administrative Agent or the Lenders.

Disbursement and Performance by Lenders. (a) If Borrower fails to pay or perform any of the Obligations when due and there exists any Event of Default which is continuing, Administrative Agent, in Borrower’s 's name or in its own name, shall have the right but not the obligation, to pay or perform such Obligation, including (i) payment to any Governmental Authority of taxes, assessments and other charges with respect to any of the Property; (ii) payment to insurers to maintain insurance; (iii) payment to the holder of any lien or encumbrance prohibited by the Revolving Credit Agreement to remove same; (iv) performing any other Obligation including payment to any third party Administrative Agent deems necessary or advisable in connection with any Work or expenses incident to any Property or the Loan; and (v) taking any action and paying any amounts Administrative Agent deems necessary or advisable to protect and preserve Borrower’s 's title to the Property, or any security that may at any time be given for the Obligations. Borrower hereby assigns and pledges the proceeds of the Loan to Administrative Agent and the Lenders for such purpose. No such action, payment or disbursement or failure to act, pay or disburse, shall cure or waive any Default or Event of Default or waive any right or remedy of Administrative Agent or the Lenders.