Advances by Secured Party. If the Debtor shall fail to pay any taxes, assessments or other governmental charges assessed against the Collateral or any premiums for insurance policies required by this Agreement, the Secured Party may advance its own funds on behalf of the Debtor to pay those amounts. However, the Secured Party shall not be obligated to pay those amounts. Any amounts advanced by the Secured Party shall bear interest at a rate of twelve percent (l2%) per annum. Any amounts advanced by the Secured Party, together with accrued interest, shall be added to the indebtedness secured by this Agreement.
Advances by Secured Party. On failure of any Grantor to perform any of the covenants and agreements contained herein, the Secured Party may, at its sole option and in its sole discretion, perform the same and in so doing may expend such sums as the Secured Party 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 that the Secured Party or the holders of the Secured Obligations may make for the protection of the security hereof or that may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Grantors on a joint and several basis (subject to Section 24 hereof) promptly upon timely 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 specified in the Notes. No such performance of any covenant or agreement by the Secured Party or the holders of the Secured Obligations on behalf of any Grantor, and no such advance or expenditure therefor, shall relieve the Grantors of any default under the terms of this Security Agreement, the other Transaction Agreements or any other documents relating to the Secured Obligations. The holders of the Secured Obligations may make any payment hereby authorized in accordance with any bill, statement or estimate xxxcured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate xx 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 Grantor in appropriate proceedings and against which adequate reserves are being maintained in accordance with generally-accepted accounting principles (GAAP).
Advances by Secured Party. Secured Party is authorized, for the account of ------------------------- Debtor, to make any required payments under any lien prior to this security interest, or under this Agreement, the non-payment of which would constitute a default hereunder or under the Note. All sums so advanced shall attach to and become part of the Indebtedness, shall become payable at any time on demand therefor and, from the date of the advance to the date of repayment, any sum so advanced shall bear interest at a rate per annum equal to ( %) percent per annum. The failure by Debtor to make payment of any such sum on demand shall, at the option of Secured Party, constitute a default hereunder, giving rise to all of the remedies herein provided for an event of default.
Advances by Secured Party. If Debtor shall fail to pay any taxes, assessments, expenses or charges, to keep all of the Collateral free from other security interests, encumbrances or claims, other than for Permitted Liens, to keep the Collateral in good condition and repair, to procure and maintain insurance thereon, or to perform otherwise as required herein, Secured Party may advance the monies necessary to pay the same, to accomplish such repairs, to procure and maintain such insurance or to so perform. Secured Party is hereby authorized to enter upon any property in the possession or control of Debtor for such purposes.
Advances by Secured Party. Each and every agreement and covenant herein contained shall be performed and kept by Pledgors solely at Pledgors' expense. If Pledgors shall fail to perform or keep any of the agreements or covenants of whatsoever kind or nature contained in this Agreement, Secured Party may, but shall not be obligated to, make advances to perform the same on Pledgors' behalf. No such advance shall be deemed to relieve Pledgors from any default hereunder.
Advances by Secured Party. On failure of the Debtor to perform any of the covenants or agreements contained herein, the Secured Party may, at its sole option and in its sole discretion, perform the same or cause the performance of the same and in so doing may expend such sums as the Secured Party 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, expenditures made in defending against any adverse claim and all other expenditures which the Secured Party may reasonably make for the protection of the security hereof or which the Secured Party may be compelled to make by operation of law. All such sums and amounts so expended shall be repayable by the Debtor promptly upon notice thereof and written demand therefor, shall constitute additional Obligations and shall bear interest from the date that is five business days after the date said amounts are demanded in writing at the Default Rate. No such performance of any covenant or agreement by the Secured Party on behalf of the Debtor and no such advance or expenditure therefor shall relieve the Debtor of any default under the terms of this Security Agreement or the GDA.
