Common use of Alternative Remedy Clause in Contracts

Alternative Remedy. Notwithstanding the provisions of this Agreement, on and after the occurrence of an Event of Default, Secured Party may (but shall not be obligated to) elect, in lieu of the remedies specified in Section 4 to retain all of the Pledged Collateral as full and complete liquidated damages for any amounts then due and owing by the Pledgor to Secured Party under the Obligation and other Obligation.

Alternative Remedy. Notwithstanding the provisions of this Agreement, on and after the occurrence of an Event of Default, the Secured Party may (but shall not be obligated to) elect, in lieu of the remedies specified in Section 4 to retain all of the Pledged Collateral as full and complete liquidated damages for any amounts then due and owing by the Pledgor to the Secured Party under the Obligation Obligations and other ObligationObligations.