Foreclosure, Repossession and Sale of Collateral. During the continuance of any Event of Default, Lender shall have full power and authority to proceed to exercise any one or more of the rights accorded to it by the Uniform Commercial Code of the Commonwealth of Kentucky, the law of any other state or jurisdiction in which the Collateral may be located, or otherwise afforded to it by law, including the foreclosure and repossession of the Collateral. During the continuance of any Event of Default, Bxxxxxxx’s right to use, sell, substitute, exchange or exercise any other rights relating to the Collateral and all proceeds thereof and income therefrom shall automatically terminate without notice from Lender to Borrower and Lender shall thereafter be entitled to foreclose, take possession of, receive, sell and collect the same. The Collateral and the proceeds of any sale thereof may be applied by Lxxxxx, in its sole discretion, against the obligations due under the Loan Documents or any other liabilities or obligations owed to Lender, and Lender may first apply the proceeds of such disposition to any and all expenses including, without limitation, advertising and storage costs and reasonable attorneys’ fees and legal costs, incurred by Lender in connection with or arising out of such disposition. Lender may send any written notice required by this Section 8.03 in the manner set forth in Section 9.04 hereof. Bxxxxxxx agrees that ten (10) days’ notice by Lxxxxx to Borrower is reasonable notice of any sale of Collateral consisting of personal property. Lender shall have the right to sell that portion of the Collateral that is personal property at either public or private sale and shall have the right to bid upon and purchase any of the Collateral at any sale. Lender shall have the right to deliver the Collateral to the buyer at any public or private sale.
