Remedies; Obtaining the Collateral Upon Default. Upon the occurrence and during the continuation of an Event of Default, the Agent shall have all rights and remedies of a secured party under the laws which govern the creation, perfection or enforcement of the security interests hereunder to enforce this Security Agreement and the security interests contained herein, including, without limitation, the right to appoint by instrument in writing any Person as a receiver or as a receiver and manager (collectively, the "Receiver"). The Agent may from time to time, remove or replace a Receiver, or make application to any court of competent jurisdiction for the appointment of a Receiver. Any Receiver appointed by the Agent will (for purposes relating to the responsibility for the Receiver's acts or omissions) be considered to be the Obligor's agent. The Agent may from time to time fix the Receiver's remuneration and the Obligor will pay to the Agent on demand the amount of such remuneration. The Agent will not be liable to the Obligor or any other Person in connection with appointing or not appointing a Receiver or in connection with a Receiver's actions or omissions. Without limiting the generality of the foregoing, the Agent may, upon the occurrence and during the continuation of an Event of Default, in addition to its other rights and remedies hereunder or under applicable law, may take any or all of the following actions to the extent permitted by applicable law:
Appears in 2 contracts
Samples: Credit Agreement (Willbros Group Inc), Credit Agreement (Willbros Group Inc)
