Common use of Performance by Secured Party Clause in Contracts

Performance by Secured Party. If Debtor shall fail to perform any covenant or agreement contained in this Agreement, Secured Party may perform or attempt to perform such covenant or agreement on behalf of Debtor. In such event, Debtor shall, at the request of Secured Party, promptly pay any amount expended by Secured Party in connection with such performance or attempted performance to Secured Party, together with interest thereon at the Default Rate from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that Secured Party shall not have any liability or responsibility for the performance of any obligation of Debtor under this Agreement.

Appears in 10 contracts

Samples: Pledge and Security Agreement (Karts International Inc), Pledge and Security Agreement (Net2000 Communications Inc), Security Agreement (Cais Internet Inc)

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Performance by Secured Party. If Debtor fails to perform any agreement contained herein, Secured Party may itself perform, or cause the performance of, such agreement, and the reasonable expenses of Secured Party incurred in connection therewith shall fail be payable by Debtor under Section 5.8. In no event, however, shall Secured Party have any obligation or duties whatsoever to perform any covenant or agreement of Debtor contained in this Agreementherein, and any such performance by Secured Party may perform or attempt to perform such covenant or agreement on behalf of Debtor. In such event, Debtor shall, at the request of party shall be wholly discretionary with Secured Party, promptly pay any amount expended by Secured Party in connection with such performance or attempted performance to Secured Party, together with interest thereon at the Default Rate from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that Secured Party shall not have any liability or responsibility for the performance of any obligation of Debtor under this Agreement.

Appears in 8 contracts

Samples: Pledge and Security Agreement (Mobility Electronics Inc), Pledge and Security Agreement (Mobility Electronics Inc), Pledge and Security Agreement (Smith Jack T)

Performance by Secured Party. If Debtor shall fail to perform any covenant or agreement contained in this Agreement, Secured Party may perform or attempt to perform such covenant or agreement on behalf of Debtor. In such event, Debtor shall, at the request of Secured Party, promptly pay any amount expended by Secured Party in connection with such performance or attempted performance to Secured Party, together with interest thereon at the Default Rate from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that Secured Party shall not have any liability or responsibility for the performance of any indebtedness, liability or obligation of Debtor under this Agreement.

Appears in 6 contracts

Samples: Pledge Agreement (Savvis Communications Corp), Pledge Agreement (State Communications Inc), Pledge Agreement (Savvis Communications Corp)

Performance by Secured Party. If Debtor shall fail to perform any covenant or agreement contained in this Agreement, Secured Party may perform or attempt to perform such covenant or agreement on behalf of Debtor. In such event, Debtor shall, at the request of Secured Party, promptly pay any amount expended by Secured Party in connection with such performance or attempted performance to Secured Party, together with interest thereon at the Default Rate default rate as described in Section 1.3 of the Restated Lease Agreement from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that Secured Party shall not have any liability or responsibility for the performance of any indebtedness, liability or obligation of Debtor under this Agreement.

Appears in 4 contracts

Samples: Security Agreement (Savvis Communications Corp), Security Agreement (Savvis Communications Corp), Security Agreement (Savvis Communications Corp)

Performance by Secured Party. If any Debtor shall fail fails to perform or comply with any covenant or agreement of its agreements contained in this Agreementherein, Secured Party may perform itself may, at its sole discretion, cause or attempt to perform such covenant cause performance or agreement on behalf of Debtor. In such event, Debtor shall, at the request of Secured Party, promptly pay any amount expended by Secured Party in connection compliance with such performance or attempted performance to agreement and the expenses of Secured Party, together with interest thereon at the Default Rate from overdue rate set forth in the Notes, shall be payable by Debtors to Secured Party on demand and including the date of such expenditure to but excluding the date such expenditure is paid in fullshall constitute Obligations secured by this Agreement. Notwithstanding the foregoing, it is expressly agreed that Secured Party shall not have any liability or responsibility for the performance of any obligation of any Debtor under this Agreement.

Appears in 2 contracts

Samples: Letter Agreement (Industrial Holdings Inc), Letter Agreement (Industrial Holdings Inc)

Performance by Secured Party. If Debtor Debtors shall fail to ---------------------------- perform any covenant or agreement contained in this Agreement, Secured Party or the Equity Lenders may perform or attempt to perform such covenant or agreement on behalf of DebtorDebtors. In such event, Debtor Debtors shall, at the request of Secured Party, promptly pay any amount expended by Secured Party in connection with such performance or attempted performance to Secured Party, together with interest thereon at the Default Rate from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that neither Secured Party or the Equity Lenders shall not have any liability or responsibility for the performance of any obligation of Debtor Debtors under this Agreement.

Appears in 1 contract

Samples: Security Agreement (Mail Well Inc)

Performance by Secured Party. If Debtor Debtors shall fail to ---------------------------- perform any covenant or agreement contained in this Agreement, Secured Party may perform or attempt to perform such covenant or agreement on behalf of DebtorDebtors. In such event, Debtor Debtors shall, at the request of Secured Party, promptly pay any amount expended by Secured Party in connection with such performance or attempted performance to Secured Party, together with interest thereon at the Default Rate from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that neither Secured Party nor the Financing Lenders shall not have any liability or responsibility for the performance of any obligation of Debtor Debtors under this Agreement.

Appears in 1 contract

Samples: Security Agreement (Mail Well Inc)

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Performance by Secured Party. If Debtor shall fail to perform any covenant or agreement contained in this Agreement, Secured Party may perform or attempt to perform such covenant or agreement on behalf of Debtor. In such event, Debtor shall, at the request of Secured Party, promptly pay any amount expended by Secured Party in connection with such performance or attempted performance to Secured Party, together with interest thereon at the Default Rate maximum rate of interest permitted by applicable law from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that Secured Party shall not have any liability or responsibility for the performance of any obligation of Debtor under this Agreement.

Appears in 1 contract

Samples: Security Agreement (Sielox Inc)

Performance by Secured Party. If Debtor shall fail to perform any covenant or agreement contained in this Agreement, Secured Party may perform or attempt to perform such covenant or agreement on behalf of Debtor. In such event, Debtor shall, at the request of Secured Party, promptly pay any amount expended by Secured Party in connection with such performance or attempted performance to Secured Party, together with interest thereon at the Default Rate default rate as described in Section 1.3 of the Restated Lease Agreement from and including the date of such ___ expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that Secured Party shall not have any liability or responsibility for the performance of any indebtedness, liability or obligation of Debtor under this Agreement.

Appears in 1 contract

Samples: Security Agreement (Savvis Communications Corp)

Performance by Secured Party. If Debtor shall fail to ---------------------------- perform any covenant or agreement contained in this Agreement, Secured Party may perform or attempt to perform such covenant or agreement on behalf of Debtor. In such event, Debtor shall, at the request of Secured Party, promptly pay any amount expended by Secured Party in connection with such performance or attempted performance to Secured Party, together with interest thereon at the Default Rate from and including the date of such expenditure to but excluding the date such expenditure is paid in full. Notwithstanding the foregoing, it is expressly agreed that Secured Party shall not have any liability or responsibility for the performance of any indebtedness, liability or obligation of Debtor under this Agreement.

Appears in 1 contract

Samples: Pledge and Security Agreement (Nettel Communications Inc)

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