Common use of Performance by Lender Clause in Contracts

Performance by Lender. If Borrower shall fail to perform any covenant, duty, or agreement contained in any of the Loan Documents, Lender may perform or attempt to perform such covenant, duty, or agreement on behalf of Borrower. In such event, Borrower shall, at the request of Lender, promptly pay any amount expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly agreed that Lender shall not have any liability or responsibility for the performance of any obligation of Borrower under this Agreement or any other Loan Document.

Appears in 4 contracts

Samples: Loan Agreement (Arabian Shield Development Co), Loan Agreement (First Wave Marine Inc), Credit Agreement (Iri International Corp)

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Performance by Lender. If Borrower Borrowers shall fail to perform any covenant, duty, or agreement contained in any of the Loan Documents, Lender may perform or attempt to perform such covenant, duty, or agreement on behalf of BorrowerBorrowers. In such event, Borrower Borrowers shall, at the request of Lender, promptly pay any amount expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly agreed that Lender shall not have any liability or responsibility for the performance of any obligation of Borrower Borrowers under this Agreement or any other Loan Document.

Appears in 2 contracts

Samples: Loan Agreement (Oyo Geospace Corp), Loan Agreement (Oyo Geospace Corp)

Performance by Lender. If Borrower shall fail to perform any covenant, duty, duty or agreement contained in any of the Loan Documents, Lender may perform or attempt to perform such covenant, duty, duty or agreement on behalf of Borrower. In such event, Borrower shall, at the request of Lender, promptly pay any amount expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly agreed that Lender shall not have any liability or responsibility for the performance of any obligation of Borrower under this Agreement or any other Loan Document. ARTICLE XI.

Appears in 1 contract

Samples: Loan Agreement (Global Geophysical Services Inc)

Performance by Lender. If Borrower shall fail to perform --------------------- any covenant, duty, or agreement contained in any of the Loan Documents, Lender may perform or attempt to perform such covenant, duty, or agreement on behalf of Borrower. , In such event, Borrower shall, at the request of Lender, promptly pay any reasonable amount expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly agreed that Lender shall not have any liability or responsibility for the performance of any obligation of Borrower under this Agreement or any other Loan Document, except for matters arising from the gross negligence or willful misconduct of Lender.

Appears in 1 contract

Samples: Guaranteed Loan Agreement (Scientific Measurement Systems Inc/Tx)

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Performance by Lender. If Borrower shall fail to perform any covenant, duty, duty or agreement contained in any of the Loan Documents, Lender may perform or attempt to perform such covenant, duty, duty or agreement on behalf of Borrower. In such event, Borrower shall, at the request of Lender, promptly pay any amount expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly agreed that Lender shall not have any liability or responsibility for the performance of any obligation of Borrower under this Agreement or any other Loan Document.

Appears in 1 contract

Samples: Loan Agreement (Spacehab Inc \Wa\)

Performance by Lender. If Borrower shall fail to perform any covenant, duty, duty or agreement contained in any of the Loan Documents, Lender may perform or attempt to perform such covenant, duty, or agreement on behalf of Borrower. In such event, Borrower shall, at the request of Lender, promptly pay any amount expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly agreed that Lender shall not have any liability or responsibility for the performance of any obligation of Borrower under this Agreement or any other Loan Document.

Appears in 1 contract

Samples: Loan Agreement (Transamerican Waste Industries Inc)

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