The Lender's Payment of Claims Asserted Against the Collateral Clause Samples

The Lender's Payment of Claims Asserted Against the Collateral. In the event a Lien, other than a Permitted Lien, is asserted by any Person against the Collateral and if the Lender has given Borrower five days' prior written notice and Borrower has failed to either (i) satisfy the Lien or (ii) cause the Lien to be transferred to a bond acceptable to the Lender, then the Lender may at any time after such five-day period in its discretion without waiving or releasing any obligation, liability or duty of the Borrower under this Agreement, the other Loan Documents or any Default or Event of Default, pay, acquire and/or accept an assignment of such Lien. All sums paid by the Lender in respect thereof and all costs, fees and expenses, including, without limitation, attorneys' fees, court costs, expenses and other charges relating thereto, which are incurred by the Lender on account thereof, shall be payable, upon demand, by the Borrower to the Lender and shall be additional Indebtedness hereunder secured by the Collateral.