Common use of Remedies of Lender Clause in Contracts

Remedies of Lender. (a) Upon any default as set forth in paragraph 9 hereof, Lender shall have such rights as are granted to it under any Letter of Credit and as to Collateral all of the rights and remedies of a secured party under Article 9 of the California Uniform Commercial Code and as otherwise provided by law, and, in addition, may, at its sole option, either: (i) purchase securities identical to the Securities in a commercially reasonable manner and apply all or any part of the Collateral or proceeds of any Letter of Credit to the purchase price thereof, or (ii) by notice to Borrower, sell any or all Securities to Borrower, at a price equal to their value as of the close of business on the business day next preceding the date of delivery of such notice, and apply all or any part of the Collateral or proceeds of any Letter of Credit against the amount owing to it in respect of such sale. In case either remedy specified in (i) or (ii) is exercised, the obligation of Borrower to return such Securities shall terminate. (b) If an event of default relates solely to an Issuing Bank under paragraph 9(f) or 9(g) hereof, Lender in its discretion may elect to permit Borrower to remedy the default by substituting Collateral consisting of cash for the Letter of Credit of the Issuing Bank. Such cash must be delivered to Lender in immediately available funds by the close of business on the business day Lender notifies Borrower of its election. If such cash Collateral is not delivered as required by this paragraph, Lender may exercise any of the remedies provided for by this paragraph 10 as though no election had been made.

Remedies of Lender. (a) Upon any default as set forth in paragraph 9 hereof, Lender shall have such rights as are granted to it under any Letter of Credit and as to Collateral all of the rights and remedies of a secured party under Article 9 of the California Uniform Commercial Code and as otherwise provided by law, and, in addition, may, at its sole option, either: (i) purchase securities identical to the Securities in a commercially reasonable manner and apply all or any part of the Collateral or proceeds of any Letter of Credit to the purchase price thereof, or (ii) by notice to Borrower, sell any or all Securities to Borrower, at a price equal to their value as of the close of business on the business day Specified Country Business Day next preceding the date of the delivery of such notice, notice and apply all or any part of the Collateral or proceeds of any Letter of Credit against the amount owing to it in respect of such sale. In case either remedy specified in (i) or (ii) is exercised, the obligation of Borrower to return such Securities shall terminate. (b) If if an event of default relates solely to an Issuing Bank under paragraph 9(f9(1) or 9(g(g) hereof, Lender Lender, in its discretion discretion, may elect to permit Borrower to remedy the default by substituting Collateral consisting of cash for the Letter of Credit of the Issuing Bank. Such cash must be delivered to Lender in immediately available funds by the close of business on the business day U.S. Business Day Lender notifies Borrower of its election. If such cash Collateral is not delivered as required by this paragraph, Lender may exercise any of the remedies provided for by this paragraph 10 as though no election had been made.

Remedies of Lender. (a) Upon any default as set forth in paragraph 9 hereof, Lender shall have such rights as are granted to it under any Letter of Credit and as to Collateral all of the rights and remedies of a secured party under Article 9 of the California Uniform Commercial Code and as otherwise provided by law, and, in addition, may, at its sole option, either: (i) purchase securities identical to the Securities in a commercially reasonable manner and apply all or any part of the Collateral or proceeds of any Letter of Credit to the purchase price thereof, or (ii) by notice to Borrower, sell any or all Securities to Borrower, at a price equal to their value as of the close of business on the business day Specified Country Business Day next preceding the date of the delivery of such notice, notice and apply all or any part of the Collateral or proceeds of any Letter of Credit against the amount owing to it in respect of such sale. In case either remedy specified in (i) or (ii) is exercised, the obligation of Borrower to return such Securities shall terminate. (b) If an event of default relates solely to an Issuing Bank under paragraph 9(f) or 9(g(g) hereof, Lender Lender, in its discretion discretion, may elect to permit Borrower to remedy the default by substituting Collateral consisting of cash for the Letter of Credit of the Issuing Bank. Such cash must be delivered to Lender in immediately available funds by the close of business on the business day U.S. Business Day Lender notifies Borrower of its election. If such cash Collateral is not delivered as required by this paragraph, Lender may exercise any of the remedies provided for by this paragraph 10 as though no election had been made.