Common use of Right of Secured Party to Prevent or Remedy Default Clause in Contracts

Right of Secured Party to Prevent or Remedy Default. If LASIK shall fail to perform any of the covenants, conditions and agreements required to be performed and observed by LASIK under any Other Agreement, or in respect of the Collateral (subject to any applicable default cure period), Secured Party (a) may but shall not be obligated to take any action Secured Party deems necessary or desirable to prevent or remedy any such default by LASIK or otherwise to protect the Security Interest, and (b) shall have the absolute and immediate right to take possession of the Collateral or any part thereof (to the extent Secured Party has not previously taken possession) to such extent and as often as the Secured Party, in its sole discretion, deems necessary or desirable in order to prevent or to cure any such default by LASIK, or otherwise to protect the security of this Agreement. Secured Party may advance or expend such sums of money for the account of LASIK as Secured Party in its sole discretion deems necessary for any such purpose.

Right of Secured Party to Prevent or Remedy Default. If LASIK Debtor shall fail to perform any of the covenants, conditions and agreements required to be performed and observed by LASIK Debtor under any Other Agreement, or in respect of the Collateral (subject to any applicable default cure period), Secured Party (a) may but shall not be obligated to take any action Secured Party deems necessary or desirable to prevent or remedy any such default by LASIK Debtor or otherwise to protect the Security Interest, and (b) shall have the absolute and immediate right to take possession of the Collateral or any part thereof (to the extent Secured Party has not previously taken possession) to such extent and as often as the Secured Party, in its sole discretion, deems necessary or desirable in order to prevent or to cure any such default by LASIKDebtor, or otherwise to protect the security of this Agreement. Secured Party may advance or expend such sums of money for the account of LASIK Debtor as Secured Party in its sole discretion deems necessary for any such purpose.