Common use of Action by Bank Clause in Contracts

Action by Bank. If an Event of Default has occurred, Bank may, but need not, make any payment or perform any act herein required of Borrower in any form and manner deemed expedient by it, and may, but need not, purchase, discharge, compromise or settle any tax lien or other lien, security interest, or other encumbrance at any time levied or placed on the Collateral. All monies paid for any of the purposes herein authorized and expenses paid or incurred in connection therewith, including reasonable attorneys' fees, and any other monies advanced by Bank to protect the Collateral and the security interest and lien hereof, shall be additional indebtedness secured hereby and shall become immediately due and payable without notice and with interest thereon at the rate set forth in the Revolving Note. Inaction of Bank shall never be considered a waiver of any right accruing to it on account of any default on the part of Borrower.