Common use of Preservation of Collateral by Secured Party Clause in Contracts

Preservation of Collateral by Secured Party. Should Debtor fail or refuse to make any payment, perform or observe any other covenant, condition or obligation, or take any other action required by the terms of this Agreement at the time or in the manner herein provided, then Secured Party may, at Secured Party’s sole discretion, without notice to or demand upon Debtor, and without releasing Debtor from any obligation, covenant or condition hereof, make, perform, observe, take or do the same in such manner and to such extent as Secured Party may deem necessary to protect its security interest in or the value of the Collateral. Furthermore, Secured Party may commence, defend, appeal or otherwise participate in any action or proceeding purporting to affect its security interest in or the value of the Collateral. Debtor hereby agrees to reimburse Secured Party on demand for any payment made, or any expense incurred by Secured Party pursuant to the foregoing authorization (including court costs and attorneys’ fees and disbursements), and agrees further to pay interest thereon from the date of said payment or expenditure at the Default Interest Rate as specified in the Note.

Preservation of Collateral by Secured Party. Should Debtor fail or refuse to make any payment, perform or observe any other covenant, condition or obligation, or take any other action required by the terms of this Agreement or the Note at the time or in the manner herein provided, then Secured Party may, at Secured Party’s 's sole discretion, without notice to or demand upon Debtor, and without releasing Debtor from any obligation, covenant or condition hereof, make, perform, observe, take or do the same in such manner and to such extent as Secured Party may deem necessary to protect its security interest in or the value of the Collateral. Furthermore, Secured Party may commence, defend, appeal or otherwise participate in any action or proceeding purporting to affect its security interest in or the value of the Collateral. Debtor hereby agrees to reimburse Secured Party on demand for any payment made, or any expense incurred by Secured Party pursuant to the foregoing authorization (including court costs and reasonable attorneys’ ' fees and disbursements), and agrees further to pay interest thereon from the date of said payment or expenditure at the Default Interest Rate as rate specified in the NoteNote as the Default Rate.

Preservation of Collateral by Secured Party. Should Debtor fail or ------------------------------------------- refuse to make any payment, perform or observe any other covenant, condition or obligation, or take any other action required by the terms of this Agreement or the Loan Agreement at the time or in the manner herein provided, then Secured Party may, at Secured Party’s 's sole discretion, without notice to or demand upon Debtor, and without releasing Debtor from any obligation, covenant or condition hereof, make, perform, observe, take or do the same in such manner and to such extent as Secured Party may deem necessary to protect its security interest in or the value of the Collateral. Furthermore, upon Debtor's failure to do so, Secured Party may commence, defend, appeal or otherwise participate in any action or proceeding purporting to affect its security interest in or the value of the Collateral. Debtor hereby agrees to reimburse Secured Party on demand for any payment made, or any expense incurred by by, Secured Party pursuant to the foregoing authorization (including court costs and reasonable attorneys’ ' fees and disbursements), and agrees further to pay interest thereon from the date of said payment or expenditure at the Default Interest Rate as rate specified in the NoteNote as the Default Rate.

Preservation of Collateral by Secured Party. Should Debtor fail or refuse to make any paymentpayment when due, perform or observe any other covenant, condition or obligation, or take any other action required by the terms of this Agreement or the Loan Agreement at the time or in the manner herein provided, then Secured Party may, at Secured Party’s 's sole discretion, without notice to or demand upon Debtor, and without releasing Debtor from any obligation, covenant or condition hereof, make, perform, observe, take or do the same in such manner and to such extent as Secured Party may deem necessary to protect its security interest in or the value of the Collateral. Furthermore, Secured Party may commence, defend, appeal or otherwise participate in any action or proceeding purporting to affect its security interest in or the value of the Collateral. Debtor hereby agrees to reimburse Secured Party on demand for any payment made, or any expense incurred by by, Secured Party pursuant to the foregoing authorization (including court costs and reasonable attorneys’ ' fees and disbursements), and agrees further to pay interest thereon from the date of said payment or expenditure at the Default Interest Rate as rate specified in the NoteLoan Agreement as the Default Rate.

Preservation of Collateral by Secured Party. Should Debtor fail or refuse to ------------------------------------------- make any payment, perform or observe any other covenantcovenants, condition conditions or obligationobligations, or take any other action required by the terms of this Agreement which Debtor is obligated hereunder to make, perform, observe, take or do, at the time or in the manner herein provided, then Secured Party may, at Secured Party’s 's sole discretion, without notice to or demand upon Debtor, Debtor and without releasing Debtor from any obligation, covenant or condition hereof, make, perform, observe, take or do the same in such manner and to such extent as Secured Party may deem necessary to protect its security interest in or the value of the Collateral. Furthermore, Secured Party may commence, defend, appeal or otherwise participate in any action or proceeding purporting to affect its security interest in or the value of the Collateral. Debtor hereby agrees to reimburse Secured Party on demand for any payment made, or any expense incurred by Secured Party pursuant to the foregoing authorization (including court costs and reasonable attorneys’ ' fees and disbursements), and agrees further to pay interest thereon at the default rate of interest provided for in the Note, from the date of said such payment or expenditure at the Default Interest Rate as specified in the Noteexpenditure.