Common use of Remedies; Obtaining the Collateral Upon Default Clause in Contracts

Remedies; Obtaining the Collateral Upon Default. Upon an Event of Default, SAG-AFTRA may do any one or more of the following: (i) instruct the obligor or obligors on any Account, Instrument, General Intangible, or other obligation constituting Collateral to make any payment relating to the Collateral directly to SAG-AFTRA; (ii) in accordance with Paragraph 5(b)(i) below, sell, assign, grant distribution rights in, or otherwise liquidate, or direct Grantor to sell, assign, grant distribution rights in, or otherwise liquidate, any of the Collateral and take possession of the Proceeds of the sale or liquidation; and (iii) take possession or control of the Collateral by directing Grantor in writing to deliver it to SAG-AFTRA at any place or places designated by SAG-AFTRA, in which event Grantor shall at its own expense: (a) immediately cause the applicable Collateral to be moved to the place or places designated by SAG-AFTRA and there delivered to SAG- AFTRA; and (b) store and keep any Collateral so delivered to SAG-AFTRA at such place or places pending further action by SAG-AFTRA as provided in Paragraph 5(b) below. Grantor's obligation to deliver the Collateral is of the essence of this Security Agreement and upon application to a court of equity having jurisdiction, SAG- AFTRA shall be entitled to a decree requiring specific performance of this obligation. SAMPLE

Remedies; Obtaining the Collateral Upon Default. Upon an Event of Default, SAG-AFTRA may do any one or more of the following: (i) instruct the obligor or obligors on any Account, Instrument, General Intangible, or other obligation constituting Collateral to make any payment relating to the Collateral directly to SAG-AFTRA; (ii) in accordance with Paragraph 5(b)(i) below, sell, assign, grant distribution rights in, or otherwise liquidate, or direct Grantor Producer to sell, assign, grant distribution rights in, or otherwise liquidate, any of the Collateral and take possession of the Proceeds of the sale or liquidation; and (iii) take possession or control of any of the Collateral by directing Grantor Producer in writing to deliver it to SAG-AFTRA at any place or places designated by SAG-SAG- AFTRA, in which event Grantor Producer shall at its own expense: (a) immediately cause the applicable Collateral to be moved to the place or places designated by SAG-AFTRA and there delivered to SAG- AFTRA; and (b) store and keep any Collateral so delivered to SAG-AFTRA at such place or places pending further action by SAG-AFTRA as provided in Paragraph 5(b) below. GrantorProducer's obligation to deliver the Collateral is of the essence of this Security Agreement and and, upon application to a court of equity having jurisdiction, SAG- AFTRA shall be entitled to a decree requiring specific performance of this obligation. SAMPLE.