Common use of Expenses Incurred by Secured Party Clause in Contracts

Expenses Incurred by Secured Party. If Pledgor fails to discharge taxes or other encumbrances at any time levied or placed on any of the Collateral, make repairs thereto or pay any necessary filing fees or insurance premiums, Secured Party may, in its discretion, discharge such taxes and other encumbrances, make such repairs and pay such filing fees or insurance premiums. Secured Party shall have no obligation to Pledgor to make any such expenditures, nor shall the making thereof relieve Pledgor of any default. Pledgor shall reimburse Secured Party immediately upon demand for any such expenditures pursuant to Section 21.09.