Remedies Under the UCC Clause Samples
Remedies Under the UCC. With respect to each item of Property in which a security interest is granted pursuant to, and such security interest is perfected under, the applicable Uniform Commercial Code (“UCC Collateral”), Lender may exercise in respect of any or all of the UCC Collateral all rights, remedies and powers provided for in this Mortgage, by Law, in equity or otherwise available to it, including all the rights and remedies of a secured party under the applicable Uniform Commercial Code.
Remedies Under the UCC. Upon an Event of Default and at any time thereafter, Secured Party shall have all the rights and remedies of a secured party under the UCC and any other applicable laws, including all rights to any deficiencies remaining after disposition of the Collateral, for which Debtor hereby agrees to remain fully liable. Subject to Section 10.3, Debtor agrees that Secured Party, by itself or its agent, may without notice to any Person and without judicial process of any kind (and with judicial process if Secured Party elects to or must use judicial process), enter into any premises or upon any land owned, leased or otherwise under the actual or apparent control of any member of the Debtor Group (or any their respective affiliates or agents) where the Collateral may be or where Secured Party reasonably believes the Collateral may be, and disassemble, render unusable and/or repossess all or any item of the Collateral, disconnecting and separating all Collateral from any other property. Debtor expressly waives all further rights to possession of the Collateral after an Event of Default and all claims for injuries suffered through or loss caused by such entering and/or repossession. Secured Party may require Debtor to assemble the Collateral and return it to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties.
Remedies Under the UCC a. In addition to and cumulative of other remedies granted in this Agreement or under Delaware law, the. Secured Party may, upon the occurrence of any default by the Debtor under the Promissory Note and after the expiration of any applicable cure or grace period (a "Default"), proceed under the Uniform Commercial Code of the State of Delaware (the "Delaware UCC") as to all or any part (as the Secured Party may elect) of the Collateral, and shall have and may exercise with respect to the Collateral all the rights, remedies and powers of a secured party under the Delaware UCC.
b. The Secured Party, upon a Default, is expressly granted the right, at its option, to transfer at any time to itself the Collateral, or any part or parts thereof as the Secured Party may elect, and to receive the monies, income, proceeds and benefits attributable or accruing thereto, and to hold the same as security for the performance of the Obligations or to apply it in payment of amounts due in connection with the Promissory Note, in such order or manner as the Secured Party may elect. Should the Secured Party elect to exercise its rights under the provisions of this Section as to part of the Collateral, such election shall not preclude the Secured Party from exercising the rights and remedies granted by the other provisions of this Agreement or by law as to the remaining Collateral.