Rights Against Collateral Sample Clauses
Rights Against Collateral. Upon the occurrence of any Event of Default, Lender may, without notice or demand, do any one or more of the following, all of which are authorized by Xxxxxxxx, and all of which Xxxxxxxx agrees are commercially reasonable:
(a) Lender may proceed directly against Borrower to collect the Obligations without prior recourse to any of the Collateral.
(b) Lender may require Borrower to assemble the Collateral and make it available to Lender at a place to be designated by Lender which is reasonably convenient to both parties, and Lender shall have the right to take immediate possession of the Collateral and may enter any of the premises of Borrower or wherever the Collateral shall be located with or without process of law wherever the Collateral may be and to keep and store the same on said premises until sold, and if said premises be the owned property of Xxxxxxxx, Borrower agrees not to charge Xxxxxx for storage thereof. Borrower and Lender agree that ten (10) days’ notice to Borrower of any public or private sale or other disposition of Collateral shall be reasonable notice thereof, and any such public sale shall be at such location(s) as Lender shall designate in said notice. Lender shall have the right to bid at any such public sale on its own behalf. Out of proceeds arising from such sale, Lender shall retain all reasonable costs and charges, including attorneys’ fees for advice, counsel or other legal services or for pursuing, reclaiming, seeking to reclaim, taking, keeping, removing, storing and advertising the Collateral for sale, selling and any and all other charges and expenses in connection therewith and any prior Liens thereon, and any balance shall be applied upon the Obligations of Borrower to Lender. Borrower shall remain liable to Lender for any deficiency. In the event of any surplus, such surplus shall be paid to Borrower or such other person as may be legally entitled thereto. If any of the Collateral is sold or leased by Lender upon credit terms or for future delivery, the Obligations shall not be reduced as a result thereof until payment in cash therefor is finally collected by Lender. In the event Lender institutes an action to recover any Collateral or seeks recovery of any Collateral by way of prejudgment remedy, Borrower waives the posting of any bond which might otherwise be required.
(c) Lender may enforce Xxxxxxxx’s rights against any Account Debtor, secondary obligor or other obligor in respect of any of the Accounts. Without limiti...