Common use of Secured Party's Rights Clause in Contracts

Secured Party's Rights. (a) If Debtor fails to perform an obligation of Debtor under this Agreement, then Secured Party may, without giving Debtor notice, to or obtaining Debtor’s consent, perform that obligation on Debtor’s behalf. Debtor must reimburse Secured Party on demand for each expense that Secured Party incurs in performing an obligation and must pay to Secured Party interest on the expense, from the date on which Secured Party incurred the expense, at an annual rate equal to 5 percent. Secured Party is not required to perform an obligation that Debtor has failed to perform. If Secured Party does so, then that will not be a waiver of Secured Party’s right to declare the Indebtedness immediately due and payable because of Debtor’s failure to perform. (b) With respect to the custody and preservation of Collateral in its possession, Secured Party’s only duty will be to use reasonable care. Secured Party will not have an obligation to take steps necessary to preserve rights against prior parties. Secured Party will not have a duty to sell Collateral even if its value declines. Secured Party must not have an obligation to exercise, or to notify Debtor of, a conversion or redemption right or to take similar action with regard to any Collateral. (c) Each of Debtor and XG, LLC agrees to comply with all instructions originated by Secured Party directing it to transfer, redeem or otherwise act with respect to the Collateral (“Instructions”), subject to this Section 6(c) and the other provisions of this Agreement. Prior to the occurrence of an Event of Default, Instructions shall require the consent of Debtor. After the occurrence of an Event of Default, Instructions shall not require the consent of Debtor except to the extent required by MCL 440.9620 (Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral).

Secured Party's Rights. Secured Party shall have the rights specified in this Section 5 only after the occurrence of (ai) failure by Debtor to pay any of the Indebtedness at maturity, (ii) Secured Party has given the notice specified in Section 7 following such failure, and (iii) the 90-day period specified in Section 7 has expired without cure. a. If Debtor fails to perform an obligation any of Debtor Debtor’s obligations under this Agreement, then Secured Party may, without giving Debtor notice, to notice or obtaining the consent of Debtor’s consent, perform that obligation on Debtor’s behalf. (This may include, for example, signing stock powers and other documents described in Section 4(a) above). To the extent necessary, Debtor must appoints Secured Party as Debtor’s agent and attorney-in-fact with full power and authority to perform those obligations. Debtor shall reimburse Secured Party on demand for each any expense that Secured Party incurs in performing an any obligation and must shall pay to Secured Party interest on the expense, from the date on which the Secured Party incurred the expense, at an annual rate equal to 5 percent8% per annum. Secured Party is not required to perform an obligation that Debtor has failed to perform. If Secured Party does so, then that will not be a waiver of Secured Party’s right to declare the Indebtedness immediately due and payable because of Debtor’s failure to perform. (b) b. With respect to the custody and preservation of Collateral in its possession, Secured Party’s only duty will be to use reasonable care. Secured Party will shall not have an any obligation to take any steps necessary to preserve rights against prior parties. Secured Party will shall not have a any duty to sell any Collateral even if its value declines. Secured Party must shall not have an any obligation to exercise, or to notify Debtor of, a any conversion or redemption right rights or to take any similar action with regard to any Collateral. (c) Each of Debtor and XG, LLC agrees to comply with all instructions originated by Secured Party directing it to transfer, redeem or otherwise act with respect to the Collateral (“Instructions”), subject to this Section 6(c) and the other provisions of this Agreement. Prior to the occurrence of an Event of Default, Instructions shall require the consent of Debtor. After the occurrence of an Event of Default, Instructions shall not require the consent of Debtor except to the extent required by MCL 440.9620 (Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral).

Secured Party's Rights. (a) If Debtor fails to perform an obligation any of Debtor Debtor's obligations under this Agreement, then Secured Party may, without giving Debtor notice, notice to or obtaining the consent of Debtor’s consent, perform that obligation on Debtor’s 's behalf. (This may include, for example, signing stock powers and other documents described in Paragraph 4(a) above.) To the extent necessary, Debtor must appoints Secured Party as Debtor's agent and attorney-in-fact with full power and authority to perform those obligations. Debtor shall reimburse Secured Party on demand for each any expense that Secured Party incurs in performing an any obligation and must shall pay to Secured Party interest on the expense, from the date on which Secured Party incurred the expense, at an annual rate equal to 5 percentfive percent above the rate of interest that Secured Party designates from time to time as its "prime" interest rate. Secured Party is not required to perform an obligation that Debtor has failed to perform. If Secured Party does so, then that will not be a waiver of Secured Party’s 's right to declare the Indebtedness immediately due and payable because of Debtor’s 's failure to perform. (b) With respect to the custody and preservation of Collateral in its possession, Secured Party’s 's only duty will be to use reasonable care. Secured Party will shall not have an any obligation to take any steps necessary to preserve rights against prior parties. Secured Party will shall not have a any duty to sell any Collateral even if its value declines. Secured Party must shall not have an any obligation to exercise, or to notify Debtor of, a any conversion or redemption right rights or to take any similar action with regard to any Collateral. (c) Each of Debtor and XG, LLC agrees to comply with all instructions originated by Secured Party directing it to transfer, redeem or otherwise act with respect to the Collateral (“Instructions”), subject to this Section 6(c) and the other provisions of this Agreement. Prior to the occurrence of an Event of Default, Instructions shall require the consent of Debtor. After the occurrence of an Event of Default, Instructions shall not require the consent of Debtor except to the extent required by MCL 440.9620 (Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral).

Secured Party's Rights. (a) a. If Debtor fails to perform an obligation any of Debtor Debtor’s obligations under this Agreementagreement, then Secured Party may, without giving Debtor notice, notice to or obtaining the consent of Debtor’s consent, perform that obligation on Debtor’s behalf. (This may include, for example, signing stock powers and other documents described in paragraph 4(a).) To the extent necessary, Debtor must appoints Secured Party as Debtor’s agent and attorney-in-fact with full power and authority to perform any such obligations. Debtor will reimburse Secured Party on demand for each any expense that Secured Party incurs in performing an any such obligation and must will pay to Secured Party interest on the expense, from the date on which the expense was incurred by Secured Party incurred the expenseParty, at an annual rate equal to 5 percent. [the lesser of (i) [[percentage]/[percentage] above the rate of interest determined from time to time by ____________, as its “prime” interest rate], or (ii) the highest rate to which Debtor could lawfully agree in writing /[percentage] per annum.] Secured Party is not required to perform an obligation that Debtor has failed to perform. If Secured Party does so, then that will not be a waiver of Secured Party’s right to declare the Indebtedness indebtedness immediately due and payable because of Debtor’s failure to perform. (b) b. With respect to the custody and preservation of Collateral the collateral in its possession, Secured Party’s only duty will be to use reasonable care. Secured Party will not have an no obligation to take any steps necessary to preserve rights against prior parties. Secured Party will not have a no duty to sell Collateral any collateral even if its value declines. Secured Party must not will have an no obligation to exercise, or to notify Debtor of, a any conversion or redemption right rights or to take any similar action with regard to any Collateralcollateral. (c) Each of c. Secured Party may at any time, without notice to Debtor and XGwithout Debtor’s consent, LLC agrees to comply with all instructions originated by transfer any of the collateral into Secured Party directing it to transfer, redeem Party’s name or otherwise act with respect to the Collateral (“Instructions”), subject to this Section 6(c) and the other provisions name of this Agreement. Prior to the occurrence of an Event of Default, Instructions shall require the consent of Debtor. After the occurrence of an Event of Default, Instructions shall not require the consent of Debtor except to the extent required by MCL 440.9620 (Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral)Secured Party’s nominee.