Common use of Substitute Performance Clause in Contracts

Substitute Performance. If Debtor shall fail to maintain the required insurance, pay taxes or other charges, properly maintain or repair the Equipment, or perform any other duty or obligation required hereunder, Company may at any time thereafter (but shall not be required to) perform any such duty or obligation to the extent determined by Company and make expenditures for any or all such purposes in order to maintain and preserve the Equipment. The amount so expended, together with interest thereon at the lessor of eighteen percent (18%) per annum or the highest lawful contract rate of interest, shall be immediately due and payable by Debtor to Company and shall be secured by the security interest herein granted.

Substitute Performance. If Debtor shall fail to maintain the required ------------------------ insurance, pay taxes or other charges, properly maintain or repair the Equipment, or perform any other duty or obligation required hereunder, Company may at any time thereafter (but shall not be required to) perform any such duty or obligation to the extent determined by Company and make expenditures for any or all such purposes in order to maintain and preserve the Equipment. The amount so expended, together with interest thereon at the lessor of eighteen percent (18%) per annum or the highest lawful contract rate of interest, shall be immediately due and payable by Debtor to Company and shall be secured by the security interest herein granted.

Substitute Performance. If Debtor shall fail to maintain the required insurance, pay taxes or other charges, properly maintain or repair the Equipment, or perform any other duty or obligation required hereunder, Company may at any time thereafter (but shall not be required to) perform any such duty or obligation to the extent determined by Company and make expenditures for any or all such purposes in order to maintain and preserve the Equipment. The amount so expended, together with interest thereon at the lessor lesser of eighteen percent (18%) per annum or the highest lawful contract rate of interest, shall be immediately due and payable by Debtor to Company and shall be secured by the security interest herein granted.