Common use of Enforcement by the Secured Party Clause in Contracts

Enforcement by the Secured Party. 12.1 If an Enforcement Event has occurred, the power of sale or application under the Law shall be exercisable in respect of the Collateral without any requirement to obtain any order of the Courts of Guernsey immediately upon the Secured Party serving on the Debtor a notice specifying that an Enforcement Event has occurred. 12.2 The power of sale or application under the Law may be exercised in such manner, at such time and intervals and for such consideration (whether payable immediately, by instalments or otherwise deferred) as the Secured Party shall in its absolute discretion determine, including by way of sale to an associate or nominee of the Secured Party, but subject always to the provisions of section 7(5) of the Law. 12.3 For the purposes of this agreement, references to the exercise of the power of sale or application shall include any method or process by which value is given, allowed or credited by the Secured Party for the Collateral against the Secured Obligations. 12.4 The Secured Party shall be entitled to appropriate any part of the Collateral which is money and shall apply the same towards the Secured Obligations as if they were proceeds of sale. 12.5 The Secured Party may collect, receive or compromise and give a good discharge for any and all monies and claims for monies due and to become due for the time being comprised in the Collateral subject hereto. 12.6 To the extent permitted by the laws of Guernsey, the Secured Party shall be under no liability to the Debtor: (a) to preserve or enhance the Collateral or its value; (b) for any loss arising out of the exercise or non-exercise of the power of sale or application or other realisation or appropriation of the Collateral pursuant to this agreement; or (c) for any failure to apply and distribute the monies representing the proceeds of sale or application of the Collateral in accordance with the Law if the Secured Party applies and distributes such proceeds in good faith in accordance with the information expressly known to it, without further enquiry, at the time of such application and distribution. 12.7 The exercise by the Secured Party of any right or power of sale or application under this clause shall not constitute a waiver or release of, nor the exercise of, any other right or power of sale or application held by the Secured Party unless expressly stated.

Enforcement by the Secured Party. 12.1 If an Enforcement Event has occurred, the 9.1 The Secured Party’s power of sale or application under the Law shall be exercisable in respect of over the Collateral without shall become exercisable upon and at any requirement to obtain any order time on or after the occurrence of the Courts an Event of Guernsey immediately upon Default which is outstanding provided that the Secured Party serving has served on the Debtor Grantor a notice specifying that an Enforcement the particular Event has occurredof Default complained of. 12.2 9.2 The power of sale or application under shall be exercisable without the Law may be exercised need for any court order and (subject to the Law) in such manner, at such time and intervals manner and for such consideration (whether payable immediately, by instalments or otherwise deferred) as the Secured Party shall in its absolute discretion determine, including and by way of sale to a third party or an associate or nominee of the Secured Party, but subject always to the provisions of section 7(5) of the Law. 12.3 9.3 For the purposes of this agreementAgreement, references to the exercise of the a "power of sale or application sale" shall include any method or process by which value is given, allowed or credited by the Secured Party for the Collateral against the Secured Obligations. 12.4 9.4 The Secured Party may at its discretion: 9.4.1 exercise its power of sale over parts of the Collateral at such different times, in such different manner and for such different consideration as it considers appropriate; and 9.4.2 refrain from exercising its power of sale over any one part of the Collateral notwithstanding that it shall have exercised such power over any other. 9.5 For the purposes of section 7(5)(b)(iii) of the Law, where the power of sale or application is exercised in relation to any obligation other than a payment obligation, the “monies properly due” in respect of such obligation shall be the loss or losses suffered by the Secured Party or by any other person and by reason of non-performance of such obligation (including as such obligation is owed, or also owed, to any other person), including, without limitation, any such loss(es) as calculated and set out in a certificate submitted to the Grantor by the Secured Party. 9.6 No person dealing with the Secured Party shall be entitled concerned to appropriate enquire as to the propriety of exercise of any part power of the Collateral which is money and shall apply the same towards sale or application (including, without limitation, whether any security interest has become enforceable, whether any of the Secured Obligations remain due, as if they were to the necessity or expediency of any conditions to which a sale is made subject or generally as to the application of any monies representing the proceeds of salesale or application). Each such dealing shall be deemed in favour of such person to be valid, binding and effectual. 12.5 9.7 The Secured Party may collect, receive or compromise and give a good discharge for any and all monies and claims for monies due and to become due for the time being comprised in the Collateral subject hereto. 12.6 To the extent permitted by the laws of Guernsey, the Secured Party shall be under no liability to the Debtor: (a) to preserve or enhance the Collateral or its value; (b) for any loss arising out of the exercise or non-exercise of the power of sale or application or other realisation or appropriation of the Collateral pursuant to this agreement; or (c) Grantor for any failure to apply and distribute the any monies representing the proceeds of sale or application of the Collateral in accordance with the Law if the Secured Party applies and distributes such proceeds monies in good faith having regard to the provisions of the Law without further enquiry and in accordance with the information expressly known to it, without further enquiry, it at the time of such application and distribution. 12.7 The exercise by the Secured Party of any right or power of sale or application under this clause shall not constitute a waiver or release of, nor the exercise of, any other right or power of sale or application held by the Secured Party unless expressly stated.

Enforcement by the Secured Party. 12.1 10.1 If an Enforcement Event has occurred, the power of sale or application under the Law shall be exercisable in respect of the Collateral without any requirement to obtain any order of the Courts of Guernsey immediately upon the Secured Party serving on the Debtor a notice specifying that an Enforcement Event has occurred. 12.2 10.2 The power of sale or application under the Law may be exercised in such manner, at such time and intervals and for such consideration (whether payable immediately, by instalments or otherwise deferred) as the Secured Party shall in its absolute discretion determine, including by way of sale to an associate or nominee of the Secured Party, but subject always to the provisions of section 7(5) of the Law. 12.3 10.3 For the purposes of this agreement, references to the exercise of the power of sale or application shall include any method or process by which value is given, allowed or credited by the Secured Party for the Collateral against the Secured Obligations. 12.4 10.4 The Secured Party shall be entitled to appropriate any part of the Collateral which is money and shall apply the same towards the Secured Obligations as if they were proceeds of sale. 12.5 10.5 The Secured Party may collect, receive or compromise and give a good discharge for any and all monies and claims for monies due and to become due for the time being comprised in the Collateral subject hereto. 12.6 10.6 To the extent permitted by the laws of Guernsey, the Secured Party shall be under no liability to the Debtor: (a) to preserve or enhance the Collateral or its value; (b) for any loss arising out of the exercise or non-exercise of the power of sale or application or other realisation or appropriation of the Collateral pursuant to this agreement; or (c) for any failure to apply and distribute the monies representing the proceeds of sale or application of the Collateral in accordance with the Law if the Secured Party applies and distributes such proceeds in good faith in accordance with the information expressly known to it, without further enquiry, at the time of such application and distribution. 12.7 10.7 The exercise by the Secured Party of any right or power of sale or application under this clause shall not constitute a waiver or release of, nor the exercise of, any other right or power of sale or application held by the Secured Party unless expressly stated.