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: Credit Agreement (Old America Stores Inc), Pledge and Security Agreement (Karts International Inc), Security Agreement (Savvis Communications Corp)

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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 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 (State Communications Inc), Pledge Agreement (Savvis Communications Corp), Pledge and 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 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: Purchase and Sale Agreement (Industrial Holdings Inc), Purchase and Sale Agreement (Industrial Holdings 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 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 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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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)

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 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)

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