Authority of Secured Party. The SECURED PARTY shall have and be ----------------------------- entitled to exercise all such powers hereunder as are specifically delegated to the SECURED PARTY by the terms hereof, together with such powers as are incidental thereto. The SECURED PARTY may execute any of its duties hereunder by or through agents or employees and shall be entitled to retain counsel and to act in reliance upon the advice of such counsel concerning all matters pertaining to its duties hereunder. During the continuance of an Event of Default, the PLEDGOR and TDSM hereby consent to the admission and substitution of the SECURED PARTY as the sole limited partner of the Partnership.
Appears in 4 contracts
Samples: Partnership Interest Pledge and Security Agreement (American Leisure Holdings, Inc.), Partnership Interest Pledge and Security Agreement (American Leisure Holdings, Inc.), Partnership Interest Pledge and Security Agreement (American Leisure Holdings, Inc.)
