Common use of Remedies Following an Event of Default Clause in Contracts

Remedies Following an Event of Default. (a) Upon the occurrence of an Event of Default, as defined in the Note, upon not less than ten (10) days prior written notice to the Pledgor and the Collateral Agent, the Secured Party, may, at its or their option, request that the Collateral Agent transfer or register the Pledged Collateral or any part thereof into its or their nominee's name with or without any indication that such Pledged Collateral is subject to the lien created hereunder. In addition, upon the occurrence and during the continuance of an Event of Default, the Secured Party may at any time exchange certificates or other instruments representing or evidencing Pledged Collateral for certificates or other instruments of smaller or larger denominations.

Remedies Following an Event of Default. (a) Upon the occurrence and during the continuation of an Event of Default, (as defined in the Note), upon not less than ten thirty (1030) calendar days prior written notice to the Pledgor and the Collateral Agent, the Secured Party, may, at its or their his option, request that the Collateral Agent transfer or register the Pledged Collateral or any part thereof into its his or their nominee's name with or without any indication that such Pledged Collateral is subject to the lien created hereunder. In addition, upon the occurrence and during the continuance of an Event of Default, the Secured Party may at any time exchange certificates or other instruments representing or evidencing Pledged Collateral for certificates or other instruments of smaller or larger denominations.