Common use of Actions upon Event of Default Clause in Contracts

Actions upon Event of Default. In addition to its rights and remedies provided hereunder, whenever an Event of Default shall have occurred and be continuing, the Secured Party shall have all rights and remedies of a secured party upon default under the U.C.C. or other applicable law. Any notification required by law of any intended disposition by the Secured Party of any of the Collateral shall be deemed reasonably and properly given if given at least 15 days before such disposition. Without limitation of the above, the secured Party may, whenever an Event of Default shall have occurred and be continuing, without prior notice to Pledgor, take all or any of the following actions: (a) transfer all or any part of the Collateral into the name of the Secured Party or its nominee, with or without disclosing that such Collateral is subject to the lien and security interest hereunder; (b) notify the parties obligated on any of the Collateral to make payment to the Secured Party of any amount due or to become due thereunder; (c) enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto; (d) endorse any checks, drafts, or other writings in Pledgor's name to allow collection of the Collateral; (e) take control of any proceeds of the Collateral; and (f) execute (in the name, place and stead of Pledgor) endorsements, assignments, stock powers and other instruments of conveyance or transfer with respect to all or any of the Collateral.

Actions upon Event of Default. In addition to its rights and remedies provided hereunder, whenever an Event of Default shall have occurred and be continuing, the Secured Party shall have all rights and remedies of a secured party upon default under the U.C.C. or other applicable law. Any notification required by law of any intended disposition by the Secured Party of any of the Collateral shall be deemed reasonably and properly given if given at least 15 days before such disposition. Without limitation of the above, the secured Party may, whenever an Event of Default shall have occurred and be continuing, without prior notice to Pledgor, take all or any of the following actions: (a) transfer all or any part of the Collateral into the name of the Secured Party or its nominee, with or without disclosing that such Collateral is subject to the lien Lien and security interest hereunder; (b) notify the parties obligated on any of the Collateral to make payment to the Secured Party of any amount due or to become due thereunder; (c) enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto; (d) endorse any checks, drafts, or other writings in Pledgor's name to allow collection of the Collateral; (e) take control of any proceeds of the Collateral; and (f) execute (in the name, place and stead of Pledgor) endorsements, assignments, stock powers and other instruments of conveyance or transfer with respect to all or any of the Collateral.

Actions upon Event of Default. In addition to its rights and remedies provided hereunder, whenever an Event of Default shall have occurred and be continuing, the Secured Party Collateral Agent shall have all rights and remedies of a secured party upon default under the U.C.C. or other applicable law. Any notification required by law of any intended disposition by the Secured Party Collateral Agent of any of the Collateral shall be deemed reasonably and properly given if given at least 15 ten (10) days before such disposition. Without limitation of the above, the secured Party Collateral Agent may, or upon direction of the Required Lenders shall, whenever an Event of Default shall have occurred and be continuing, without prior notice to the Pledgor, take all or any of the following actions: (a) transfer all or any part of the Collateral into the name of the Secured Party Collateral Agent or its nominee, with or without disclosing that such Collateral is subject to the lien and security interest Lien hereunder; (b) notify the parties obligated obligors on any of the Collateral to make payment to the Secured Party Collateral Agent of any amount due or to become due thereunder; (c) enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto; (d) endorse any checks, drafts, or other writings in a Pledgor's name to allow collection of the Collateral; (e) take control of any proceeds of the Collateral; and (f) execute (in the name, place and stead of any Pledgor) endorsements, assignments, stock powers and other instruments of conveyance or transfer with respect to all or any of the Collateral.

Actions upon Event of Default. In addition to its rights and remedies provided hereunder, whenever an Event of Default shall have occurred and be continuing, the Secured Party Bank shall have all rights and remedies of a secured party upon default under the U.C.C. UCC or other applicable law. Any notification required by law of any intended disposition by the Secured Party Bank of any of the Collateral shall be deemed reasonably and properly given if given at least 15 10 days before such disposition. Without limitation of the above, the secured Party Bank may, whenever an Event of Default shall have occurred and be continuing, and the Obligations shall have been declared immediately due and payable, without prior notice to Pledgorthe Pledgors, take all or any of the following actions: (a) transfer all or any part of the Collateral into the name of the Secured Party Bank or its nominee, with or without disclosing that such Collateral is subject to the lien and security interest hereunder; (b) notify the parties obligated on any of the Collateral to make payment to the Secured Party Bank of any amount due or to become due thereunder; (c) enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto; (d) endorse any checks, drafts, or other writings in Pledgor's the name of the applicable Pledgor to allow collection of the Collateral; (e) take control of any proceeds of the Collateral; and (f) execute (in the name, place and stead of the applicable Pledgor) endorsements, assignments, stock powers and other instruments of conveyance or transfer with respect to all or any of the Collateral.