Common use of Performance by the Secured Party Clause in Contracts

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.