Common use of Personal Property and Fixtures Clause in Contracts

Personal Property and Fixtures. Subject to the rights of the First Beneficiary under the First Priority Documents to the extent then in effect, if an Event of Default shall have occurred and be continuing, the Beneficiaries shall have all rights and remedies of secured parties under the Uniform Commercial Code of West Virginia, including the right to sell it at public or private sale or otherwise dispose of, lease or use it, without regard to preservation of the Property or its value and without the necessity of a court order.