Common use of Powers of Secured Party Clause in Contracts

Powers of Secured Party. Subject to the provisions of Section 18 below, Secured Party shall have the following powers in exercising its rights: (a) Any sale of any of the Pledged Interests may be public or private, for cash, upon credit, or for future delivery. (b) Secured Party may impose such restrictions on the sale of any Pledged Interests as Secured Party deems desirable to meet the requirements of federal or state securities laws or any exemptions thereto. (c) Ten (10) days’ written notice of intention to make any sale that states the time and place of sale shall be conclusively deemed commercially reasonable, but shall not preclude any other commercially reasonable notice of sale. (d) Any public sale shall be held at such time or times within the ordinary business hours and at such place or places as Secured Party may fix in the notice of sale. (e) The Pledged Interests may be sold in one block or in separate blocks. (f) Secured Party shall not be obligated to make any sale pursuant to any notice of sale. Secured Party may, without notice, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale. Any sale adjourned may be made at any time or place to which the same may have been adjourned. (g) In any sale on credit or for future delivery, Secured Party may retain the Pledged Interests so sold until the sale price has been paid by the purchaser, but Secured Party shall not be liable for the failure of any purchaser to pay for the Pledged Interests. If any purchaser of the Pledged Interests fails to pay the purchase price in full, the Pledged Interests may again be sold. (h) After deducting all costs and expenses of exercising any remedy, including the costs and expenses of any sale and delivery, reasonable attorneys’ fees and other costs and expenses of collection, Secured Party shall apply the residue of any proceeds first to the payment of any costs Secured Party may pay or incur in enforcing its rights hereunder and second to the payment of any sums otherwise due from Debtor to Secured Party pursuant to the Note, this Pledge Agreement or otherwise. (i) Secured Party shall not be required to sell the Pledged Interests, except to the extent required by applicable law. Secured Party may purchase the Pledged Interests at any public sale.

Powers of Secured Party. Subject to the provisions of Section 18 below, Secured Party shall have the following powers in exercising its rightsrights under Section 7 above: (a) Any sale of any of the Pledged Interests may be public or private, for cash, upon credit, or for future delivery. (b) Secured Party may impose such restrictions on the sale of any Pledged Interests as Secured Party deems desirable to meet the requirements of federal or state securities laws or any exemptions thereto. (c) Ten (10) days’ written notice of intention to make any sale that states the time and place of sale shall be conclusively deemed commercially reasonable, but shall not preclude any other commercially reasonable notice of sale. (d) Any public sale shall be held at such time or times within the ordinary business hours and at such place or places as Secured Party may fix in the notice of sale. (e) The Pledged Interests may be sold in one block or in separate blocks. (f) Secured Party shall not be obligated to make any sale pursuant to any notice of sale. Secured Party may, without notice, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale. Any sale adjourned may be made at any time or place to which the same may have been adjourned. (g) In any sale on credit or for future delivery, Secured Party may retain the Pledged Interests so sold until the sale price has been paid by the purchaser, but Secured Party shall not be liable for the failure of any purchaser to pay for the Pledged Interests. If any purchaser of the Pledged Interests fails to pay the purchase price in full, the Pledged Interests may again be sold. (h) After deducting all costs and expenses of exercising any remedy, including the costs and expenses of any sale and delivery, reasonable attorneys’ fees and other costs and expenses of collection, Secured Party shall apply the residue of any proceeds first to the payment of any costs Secured Party may pay or incur in enforcing its rights hereunder and second to the payment of any sums otherwise due from Debtor to Secured Party pursuant to the Note, this Pledge Agreement or otherwise. (i) Secured Party shall not be required to sell the Pledged Interests, except to the extent required by applicable law. Secured Party may purchase the Pledged Interests at any public sale.

Powers of Secured Party. Subject After the occurrence of an Event of Activation, Secured Party, without in any way waiving any default, shall, at its option, have the complete right, power and authority, at any time thereafter to terminate the provisions right and license granted to Debtor hereunder and thereafter may transfer the Collateral to itself or its nominee, receive income thereon or therefrom, and apply such income first to any costs incurred by Secured Party in connection with the Notes, or the Credit Agreement, second to accrued but unpaid interest due under the Notes, and third to reduction of Section 18 belowthe principal balance of the Notes, Debtor remaining liable for any deficiency. Secured Party may delay exercising or elect not to exercise any right or remedy under this Assignment or any indebtedness secured hereby without waiving that or any other past, present or future right or remedy. Secured Party's exercising its right to apply the Collateral and/or proceeds from the Collateral toward its indebtedness shall not constitute an election of remedies, therefore Debtor shall remain liable for any deficiency and Secured Party may exercise or enforce any and all other rights and remedies it may have after enforcing its remedies hereunder. Secured Party shall have the following rights, powers and remedies of a secured party under the Uniform Commercial Code under the Texas Business and Commerce Code. Notwithstanding anything to the contrary in exercising its rights: (a) Any sale this Assignment, if any applicable provision of any of the Pledged Interests may be public or private, for cash, upon credit, or for future delivery. (b) law requires Secured Party may impose such restrictions on the sale to give reasonable notice of any Pledged Interests as Secured Party deems desirable to meet the requirements of federal sale or state securities laws disposition or any exemptions thereto. (c) Ten other action, Debtor hereby agrees that ten (10) days’ days prior written notice of intention to make any sale that states the time and place of sale shall be conclusively deemed commercially reasonable, but shall not preclude any other commercially constitute reasonable notice thereof. Debtor further agrees xxxx xfter the occurrence of sale. (d) Any public sale shall be held at such time or times within the ordinary business hours and at such place or places as Secured Party may fix in the notice an Event of sale. (e) The Pledged Interests may be sold in one block or in separate blocks. (f) Secured Party shall not be obligated to make any sale pursuant to any notice of sale. Secured Party may, without notice, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale. Any sale adjourned may be made at any time or place to which the same may have been adjourned. (g) In any sale on credit or for future deliveryActivation, Secured Party may retain the Pledged Interests so sold until the sale price has been paid by the purchaser, but Secured Party shall not be liable for the failure at any time thereafter demand that all proceeds of any purchaser to pay for the Pledged Interests. If any purchaser of the Pledged Interests fails to pay the purchase price in full, the Pledged Interests may again and all Collateral be sold. (h) After deducting all costs and expenses of exercising any remedy, including the costs and expenses of any sale and delivery, reasonable attorneys’ fees and other costs and expenses of collection, Secured Party shall apply the residue of any proceeds first to the payment of any costs Secured Party may pay or incur in enforcing its rights hereunder and second to the payment of any sums otherwise due from Debtor paid to Secured Party pursuant whether or not there are any sums then due on any indebtedness secured hereby, and Debtor authorizes any oxxxxxx under any of said Collateral to the Note, this Pledge Agreement or otherwisepay any sums so demanded to Secured Party. (i) Secured Party shall not be required to sell the Pledged Interests, except to the extent required by applicable law. Secured Party may purchase the Pledged Interests at any public sale.