Performance By The Collateral Agent. If Trend fails to perform any material covenant, agreement, duty or obligation of Trend under this Agreement, the Collateral Agent may, after any applicable cure period, at any time or times in its discretion, take action to effect performance of such obligation. All reasonable expenses of the Collateral Agent incurred in connection with the foregoing authorization shall be payable by Trend as provided in Paragraph 12.1 hereof. No discretionary right, remedy or power granted to the Collateral Agent under any part of this Agreement shall be deemed to impose any obligation whatsoever on the Collateral Agent with respect thereto, such rights, remedies and powers being solely for the protection of the Collateral Agent.
Appears in 2 contracts
Sources: Security and Pledge Agreement (Trend Mining Co), Security and Pledge Agreement (Trend Mining Co)