Common use of Action by Secured Party Clause in Contracts

Action by Secured Party. Secured Party may, but need not, make any payment or perform any act herein required of Debtor 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 Personal Property 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 Secured Party to protect the Personal Property 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 default rate set forth in the Revolving Note. Inaction of Secured Party shall never be considered a waiver of any right accruing to it on account of any default on the part of Debtor.