Common use of Liquidation of Pledged Securities Clause in Contracts

Liquidation of Pledged Securities. (a) Subject to the Account Control Agreement, the Borrower may direct the Custodian to release from the Securities Account and pay to the Secured Party proceeds of the Pledged Securities sufficient to provide for payment then due on the Loan (whether principal or interest) or any other amounts hereunder. Nothing in this section shall affect the Secured Party's rights to direct the application of the Collateral to the payment of amounts due on the Loan upon acceleration thereof. Upon the release of any Collateral from the Securities Account to the Secured Party in accordance with the terms of this section, the security interest evidenced by this Agreement in such released Collateral will automatically terminate and be of no further force and effect. (b) If an Event of Default has occurred and is continuing, either of the Secured Parties shall be entitled to take market action against any securities held in the Securities Account in accordance with this Agreement, and where appropriate, either of the Secured Parties may execute and file the requisite number of S.E.

Liquidation of Pledged Securities. (a) Subject to the Account Control Agreement, the Borrower may direct the Custodian to release from the Securities Account and pay to the Secured Party proceeds of the Pledged Securities sufficient to provide for payment then due on the Loan (whether principal or interest) or any other amounts hereunder. Nothing in this section shall affect the Secured Party's rights to direct the application of the Collateral to the payment of amounts due on the Loan upon acceleration thereof. Upon the release of any Collateral from the Securities Account to the Secured Party in accordance with the terms of this section, the security interest evidenced by this Agreement in such released Collateral will automatically terminate and be of no further force and effect. (b) If an Event of Default has occurred and is continuing, either of the Secured Parties Party shall be entitled to take market action against any securities held in the Securities Account in accordance with this Agreement, and where appropriate, either of the Secured Parties Party may execute and file the requisite number of S.E.