Possession and Preservation of Collateral. If any Event of Default exists, Administrative Agent can, in addition to any of remedies available to Administrative Agent, (a) exercise the rights of a secured creditor under the UCC to enter Borrower’s premises, (b) take possession of the Collateral to preserve and prepare the Collateral for sale, and (c) take possession or place custodians in control of Borrower’s premises without charge, rent or payment, remain on and use the premises to preserve and prepare the Collateral for sale.
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Samples: Credit Agreement (Voyager Oil & Gas, Inc.), Credit Agreement (American Standard Energy Corp.), Credit Agreement (Voyager Oil & Gas, Inc.)
Possession and Preservation of Collateral. If any Event of Default exists, Administrative Agent can, in addition to any of the other remedies available to Administrative Agent, (a) exercise the rights of a secured creditor under the UCC to enter Borrower’s premises, (b) take possession of the Collateral to preserve and prepare the Collateral for sale, and (c) take possession or place custodians in control of Borrower’s premises without charge, rent or payment, remain on and use the premises to preserve and prepare the Collateral for sale.
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