Performance by the Secured Party Clause Samples
The "Performance by the Secured Party" clause allows the secured party to take action to fulfill obligations that the debtor has failed to perform under the agreement. For example, if the debtor neglects to pay taxes or maintain insurance on collateral, the secured party may step in and make such payments or arrangements on the debtor's behalf. This clause ensures that the value and security of the collateral are preserved, protecting the secured party's interests and minimizing the risk of loss due to the debtor's inaction.
Performance by the Secured Party. In the event the Debtor shall at any time fail to pay or perform punctually any of its duties hereunder, the Secured Party may, at its option and without notice to or demand upon the Debtor, without obligation and without waiving or diminishing any of its other rights or remedies hereunder, fully perform or discharge any of such duties. All costs and expenses incurred by the Secured Party in connection therewith, together with interest thereon at the Secured Party's CoBank Base Rate plus four percent per annum, shall become part of the Obligations secured hereby and be paid by the Debtor upon demand.
Performance by the Secured Party. If any Debtor shall fail to perform any covenant or agreement contained in this Agreement, the Secured Party may (but shall not be obligated to) perform or attempt to perform such covenant or agreement on behalf of the Debtors, in which case the Secured Party shall exercise good faith and make diligent efforts to give Debtors prompt prior written notice of such performance or attempted performance. In such event, the Debtors shall, at the request of the Secured Party, promptly pay any reasonable amount expended by the Secured Party in connection with such performance or attempted performance to the Secured Party. Notwithstanding the foregoing, it is expressly agreed that the Secured Party shall not have any liability or responsibility for the performance (or non-performance) of any obligation of the Debtors under this Agreement.
Performance by the Secured Party. In the event the Debtor shall at any time fail to pay or perform punctually any of its duties hereunder within any grace period provided therefor, the Secured Party may, at its option and without notice to or demand upon the Debtor, without obligation and without waiving or diminishing any of its other rights or remedies hereunder, fully perform or discharge any of such duties. All costs and expenses incurred by the Secured Party in connection therewith, together with interest thereon at the Secured Party's National Variable Rate (as defined in the Loan Agreement) plus 4% per annum, shall become part of the Obligations secured hereby and be paid by the Debtor upon demand.
Performance by the Secured Party. If the Debtor shall fail to perform any covenant or agreement contained in this Agreement, the Administrative Agent, may, at the direction of the Required Lenders, perform or attempt to perform such covenant or agreement on behalf of the Debtor. In such event, the Debtor shall, at the request of the Administrative Agent, promptly pay any amount expended by the Administrative Agent or any Lender in connection with such performance or attempted performance to the Administrative Agent, 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 the Administrative Agent nor any Lender shall have any liability or responsibility for the performance of any obligations of the Debtor under this Agreement.
Performance by the Secured Party. If the Pledgor fails to perform any covenant or agreement contained in this Agreement, the Secured Party may (but shall not be obligated to) perform or attempt to perform such covenant or agreement on behalf of the Pledgor, in which case the Secured Party shall exercise good faith and make diligent efforts to give the Pledgor prompt prior written notice of such performance or attempted performance. In such event, the Pledgor shall, at the request of the Secured Party, promptly pay any reasonable amount expended by the Secured Party in connection with such performance or attempted performance to the Secured Party. Notwithstanding the foregoing, it is expressly agreed that the Secured Party shall not have any liability or responsibility for the performance (or nonperformance) of any obligation of the Pledgor under this Agreement.
Performance by the Secured Party. If the Pledgors shall -------------------------------- fail to perform any covenant or agreement contained in this Agreement or the Note after being given notice of such failure by the Secured Party, the Secured Party may perform or attempt to perform such covenant or agreement on behalf of the Pledgor. In such event, the Pledgor shall, at the request of the Secured Party, promptly pay any amount expended by the Secured Party in connection with such performance or attempted performance to the 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 the Secured Party shall not have any liability or responsibility for the performance of any obligation of the Pledgors under this Agreement on the Note.
Performance by the Secured Party. If any Obligor fails to perform any agreement or obligation provided for in any Loan Document, the Secured Party may, upon prior notice to any Debtor, itself perform, or cause performance of, such agreement or obligation, and the reasonable out-of-pocket and documented expenses of the Secured Party incurred in connection therewith shall be a part of the Obligations secured by the Collateral and payable by the Debtors on demand.
Performance by the Secured Party. The Secured Party may, but is not obligated to, perform or attempt to perform any agreement of the Borrower contained herein. If any material part of the Collateral becomes the subject of any proceeding and the Borrower fails to defend such proceeding and to protect the Borrower’s and the Secured Party’s rights in such Collateral in good faith, the Secured Party may, at its option elect to defend such litigation or other proceeding, and if the Borrower fails to defend such proceeding, the Secured Party may (a) select and retain counsel, (b) determine whether settlement shall be offered or accepted, and (c) determine and negotiate all settlement terms.
Performance by the Secured Party. In the event the Debtor shall at any time fail to pay or perform punctually any of its duties hereunder within any grace period provided therefor, the Secured Party may, at its option and without notice to or demand upon the Debtor, without obligation and without waiving or diminishing any of its other rights or remedies hereunder, fully perform or discharge any of such duties. All costs and expenses incurred by the Secured Party in connection therewith, together with interest thereon at the Secured Party's National Variable Rate (as defined in the Mississippi One Loan Agreement) plus 4% per annum, shall become part of the Obligations secured hereby and be paid by the Debtor upon demand.
Performance by the Secured Party. In the event the Debtor shall at any time fail to pay or perform punctually any of its duties hereunder, the Secured Party may, at its SECURITY AGREEMENT 7 ▇▇▇▇▇▇▇ FARMS OF VERMONT, INC Swanton, Vermont option and without notice to or demand upon the Debtor, without obligation and without waiving or diminishing any of its other rights or remedies hereunder, fully perform or discharge any of such duties. All costs and expenses incurred by the Secured Party in connection therewith, together with interest thereon at the Secured Party's National Variable Rate plus four percent per annum, shall become part of the Obligations secured hereby and be paid by the Debtor upon demand.