Common use of Possession and Foreclosure of Collateral Clause in Contracts

Possession and Foreclosure of Collateral. Upon demand or the occurrence of an Event of Default and at any time thereafter, the Lender shall have the following rights and remedies, which rights and remedies are cumulative and not exclusive: (i) to the extent that the Borrower could legally do so, the Lender may enter onto, occupy and use any premises owned by the Borrower or in which the Borrower has any interest; (ii) the Lender may take possession of all or any Collateral; (iii) in the Lender's sole discretion, the Lender may operate and use the Borrower's equipment, complete work in process and sell inventory without being liable to the Borrower on account of any losses, damage or depreciation that may occur as a result thereof (so long as the Lender acts in good faith); and (iv) the Lender may lease or license the Collateral to any Person for such purposes. In any event, the Lender may sell, lease, assign and deliver the whole or any part of the Collateral, at public or private sale, for cash, upon credit or for future delivery, at such prices and upon such terms as the Lender deems advisable. The Lender may sell or lease Collateral alone or in conjunction with other property, real or personal, and allocate the sale proceeds or leases among the items of Collateral sold without the necessity of the Collateral being present at any such sale, or in view of prospective purchasers thereof. If notice of sale is legally required, the Borrower agrees that five (5) days oral notice shall be deemed reasonable. Upon such sale, the Lender may become the purchaser of the whole or any part of the Collateral sold, discharged from all claims and free from any right of redemption. In case of any such sale by the Lender of all or any of the Collateral on credit, or for future delivery, such Collateral so sold may be retained by the Lender until the selling price is paid by the purchaser. The Lender shall incur no liability in case of the failure of the purchaser to take possession and pay for the Collateral so sold. In case of any such failure, the said Collateral may be resold. Any Collateral remaining unsold after being offered at public auction may be abandoned or disposed of for no consideration in such manner as the Lender deems appropriate. In any event, at any time and from time to time the Lender may abandon the Collateral or any part thereof. The Borrower agrees immediately upon demand to take possession of any and all abandoned Collateral and to remove it from any location in the possession of or under the control of the Lender.

Possession and Foreclosure of Collateral. Upon demand or the occurrence of an Event of Default and at any time thereafter, the Lender shall have the following rights and remedies, which rights and remedies are cumulative and not exclusive: (i) to the extent that the Borrower could legally do so, the Lender may may, in the Lender's sole discretion (i) enter onto, occupy and use any premises owned by the Borrower or in which the Borrower has any interest; , (ii) the Lender may take possession of all or any Collateral; , (iii) in the Lender's sole discretion, the Lender may operate and use the Borrower's equipmentEquipment, complete work in process and sell inventory Inventory without being liable to the Borrower on account of any losses, damage or depreciation that may occur as a result thereof (so long as the Lender acts in good faith); , and (iv) the Lender may lease or license the Collateral to any Person for such purposes. In any event, the Lender may sell, lease, assign and deliver the whole or any part of the Collateral, at public or private sale, for cash, upon credit or for future delivery, at such prices and upon such terms as the Lender deems advisable. The Lender may sell or lease Collateral alone or in conjunction with other property, real or personal, and allocate the sale proceeds or leases among the items of Collateral sold without the necessity of the Collateral being present at any such sale, or in view of prospective purchasers thereof. If notice of sale is legally required, the Borrower agrees that five ten (510) days oral written notice shall will be deemed reasonable. Upon such a public sale, the Lender may become the purchaser of the whole or any part of the Collateral sold, discharged from all claims and free from any right of redemption. In case of any such sale by the Lender of all or any of the Collateral on credit, or for future delivery, such Collateral so sold may be retained by the Lender until the selling price is paid by the purchaser. The Lender shall will incur no liability in case of the failure of the purchaser to take possession and pay for the Collateral so sold. In case of any such failure, the said Collateral may be resold. Any Collateral remaining unsold after being offered at public auction may be abandoned or disposed of for no consideration in such manner as the Lender deems appropriatea commercially reasonable manner. In any event, at any time and from time to time the Lender may abandon the Collateral or any part thereofthereof in a commercially reasonable manner. The Borrower agrees immediately upon demand to take possession of any and all abandoned Collateral and to remove it from any location in the possession of or under the control of the Lender.

Possession and Foreclosure of Collateral. Upon demand or the occurrence and during the continuance of an Event of Default and at any time thereafter, the Lender shall have the following rights and remedies, which rights and remedies are cumulative and not exclusive: (i) to the extent that the Borrower could legally do so, the Lender Lender, without presentment, demand, notice, protest or advertisement of any kind, may enter onto, occupy and use any premises owned by the Borrower or in which the Borrower has any interest; (ii) the . The Lender may take possession of all or any Collateral; (iii) in . In the Lender's sole ’s reasonable discretion, the Lender may operate and use the Borrower's ’s equipment, complete work in process and sell inventory without being liable to the Borrower on account of any losses, damage or depreciation that may occur as a result thereof (so long as the Lender acts in good faith); and (iv) the . The Lender may lease or license the Collateral to any Person for such purposes. In any event, the Lender may sell, lease, assign and deliver the whole or any part of the Collateral, at public or private sale, for cash, upon credit or for future delivery, at such prices and upon such terms as the Lender deems advisable. The Lender may sell or lease Collateral alone or in conjunction with other property, real or personal, and allocate the sale proceeds or leases among the items of Collateral sold without the necessity of the Collateral being present at any such sale, or in view of prospective purchasers thereof. If notice of sale is legally required, the Borrower agrees that five (5) days oral written notice shall be deemed reasonable. Upon such sale, the Lender may become the purchaser of the whole or any part of the Collateral sold, discharged from all claims and free from any right of redemption. In case of any such sale by the Lender of all or any of the Collateral on credit, or for future delivery, such Collateral so sold may be retained by the Lender until the selling price is paid by the purchaser. The Lender shall incur no liability in case of the failure of the purchaser to take possession and pay for the Collateral so sold. In case of any such failure, the said Collateral may be resold. Any Collateral remaining unsold after being offered at public auction may be abandoned or disposed of for no consideration in such manner as the Lender deems appropriate. In any event, at any time and from time to time the Lender may abandon the Collateral or any part thereof. The Borrower agrees immediately promptly upon demand to take possession of any and all abandoned Collateral and to remove it from any location in the possession of or under the control of the Lender.

Possession and Foreclosure of Collateral. Upon demand on the Demand Note or the occurrence of an Event of Default and at any time thereafter, the Lender shall have the following rights and remedies, which rights and remedies are cumulative and not exclusive: (i) to the extent that the Borrower could legally do so, the Lender Lender, without presentment, demand, notice, protest or advertisement of any kind, may enter onto, occupy and use any premises owned by the Borrower or in which the Borrower has any interest; (ii) the . The Lender may take possession of all or any Collateral; (iii) in . In the Lender's sole discretion, the Lender may operate and use the Borrower's equipment, complete work in process and sell inventory without being liable to the Borrower on account of any losses, damage or depreciation that may occur as a result thereof (so long as the Lender acts in good faith); and (iv) the . The Lender may lease or license the Collateral to any Person for such purposes. In any event, the Lender may sell, lease, assign and deliver the whole or any part of the Collateral, at public or private sale, for cash, upon credit or for future delivery, at such prices and upon such terms as the Lender deems advisable. The Lender may sell or lease Collateral alone or in conjunction with other property, real or personal, and allocate the sale proceeds or leases among the items of Collateral sold without the necessity of the Collateral being present at any such sale, or in view of prospective purchasers thereof. If notice of sale is legally required, the Borrower agrees that five ten (510) days oral written notice shall be deemed reasonable. Upon such sale, the Lender may become the purchaser of the whole or any part of the Collateral sold, discharged from all claims and free from any right of redemption. In case of any such sale by the Lender of all or any of the Collateral on credit, or for future delivery, such Collateral so sold may be retained by the Lender until the selling price is paid by the purchaser. The Lender shall incur no liability in case of the failure of the purchaser to take possession and pay for the Collateral so sold. In case of any such failure, the said Collateral may be resold. Any Collateral remaining unsold after being offered at public auction may be abandoned or disposed of for no consideration in such manner as the Lender deems appropriate. In any event, at any time and from time to time the Lender may abandon the Collateral or any part thereof. The Borrower agrees immediately upon demand to take possession of any and all abandoned Collateral and to remove it from any location in the possession of or under the control of the Lender.

Possession and Foreclosure of Collateral. Upon demand or the occurrence of an Event of Default and at any time thereafter, the Lender shall have the following rights and remedies, which rights and remedies are cumulative and not exclusive: (i) to the extent that the Borrower or any Guarantor could legally do so, (i) the Lender may enter onto, occupy and use any premises owned by the Borrower or any Guarantor or in which the Borrower or any Guarantor has any interest; , (ii) the Lender may take possession of all or any Collateral; , (iii) in the Lender's ’s sole discretion, the Lender may operate and use the Borrower's ’s or any Guarantor’s equipment, complete work in process and sell inventory without being liable to the Borrower on account of any losses, damage or depreciation that may occur as a result thereof (so long as the Lender acts in good faith); and , (iv) the Lender may lease or license the Collateral to any Person for such purposes. In purposes (v) in any event, the Lender may sell, lease, assign and deliver the whole or any part of the Collateral, at public or private sale, for cash, upon credit or for future delivery, at such prices and upon such terms as the Lender deems advisable. The advisable and (vi) the Lender may sell or lease Collateral alone or in conjunction with other property, real or personal, and allocate the sale proceeds or leases among the items of Collateral sold without the necessity of the Collateral being present at any such sale, or in view of prospective purchasers thereof. If notice of such sale is legally required, the Borrower agrees and the Guarantors agree that five ten (510) days oral written notice shall be deemed reasonable. Upon such sale, the Lender may become the purchaser of the whole or any part of the Collateral sold, discharged from all claims and free from any right of redemption. In case of any such sale by the Lender of all or any of the Collateral on credit, or for future delivery, such Collateral so sold may be retained by the Lender until the selling price is paid by the purchaser. The Lender shall incur no liability in case of the failure of the purchaser to take possession and pay for the Collateral so sold. In case of any such failure, the said Collateral may be resold. Any Collateral remaining unsold after being offered at public auction may be abandoned or disposed of for no consideration in such manner as the Lender deems appropriate. In any event, at any time and from time to time the Lender may abandon the Collateral or any part thereof. The Borrower agrees and the Guarantors agree immediately upon demand to take possession of any and all abandoned Collateral and to remove it from any location in the possession of or under the control of the Lender.