Rights and Powers of Secured Party. Secured Party, after default, without liability to Debtor, may: obtain from any person information regarding Debtor or Debtor's business, which information any such person also may furnish without liability to Debtor; require Debtor to give possession or control of any Collateral to Secured Party; endorse as Debtor's agent any instruments, documents, or chattel paper in Collateral or representing proceeds of Collateral; contact account debtors directly to verify information furnished by Debtor; take control of proceeds; release Collateral in its possession to any Debtor temporarily or otherwise; require additional collateral; reject as unsatisfactory any property hereafter offered by Debtor as Collateral; set standards from time to time to govern what may be used as after-acquired collateral; designate, from time to time, a certain percent of the Collateral as the loan value and require Debtor to maintain the Indebtedness at or below such figure; take control of funds generated by the Collateral, such as cash dividends, interest, and proceeds or refunds from insurance, and use same to reduce any part of the Indebtedness and exercise all other rights which an owner of such Collateral may exercise, except the right to vote or dispose of Collateral before an Event of Default; at any time transfer any of the Collateral or evidence thereof into its own name of that of its nominee; and demand, collect, convert, redeem, receipt for, settle, compromise, adjust, xxx for, foreclose, or realize upon Collateral, in its own name or in the name of Debtor, as Secured Party may determine in its sole and absolute discretion. Secured Party shall not be liable for failure to collect any account or instrument, or for any act or omission on the part of the Secured Party, its officers, agents, or employees, except willful misconduct. The foregoing rights and powers of Secured Party will be in addition to, and not a limitation upon, any rights and powers of Secured Party given by law, elsewhere in this Agreement, or otherwise. If Debtor fails to maintain any required insurance, to the extent permitted by applicable law Secured Party may (but is not obligated to) purchase single interest insurance coverage for the Collateral which insurance may at Secured Party's option (i) protect only Secured Party and not provide any remuneration or protection for Debtor directly and (ii) provide coverage only after the Indebtedness has been declared due as herein provided. The premiums for an...
Rights and Powers of Secured Party. 1. Secured Party may in its discretion after an Event of Default but only after prior written notice to Debtor, without liability to Debtor, obtain from any person information regarding Debtor or Debtor's business, which information any such person also may furnish without liability to Debtor; endorse as Debtor's agent any instruments, documents or chattel paper in the Collateral or representing proceeds of the Collateral; contact any account debtors directly to verify information furnished by Debtor; take control of proceeds; release the Collateral in its possession to any Debtor, temporarily or otherwise; after default, take control of funds generated by the Collateral, such as cash dividends, interest and proceeds or refunds from insurance, and use same to reduce any part of the Obligations and exercise all other rights which an owner of such collateral may exercise; after default, at any time transfer any of the Collateral or evidence thereof into its own name or that of its nominee; demand, collect, convert, redeem, receipt for, settle, compromise, adjust, sue xxx, foreclose or realize upon the Collateral, in its own name or in the name of Debtor, as Secured Party may determine. The foregoing rights and powers of Secured Party will be in addition to, and not a limitation upon, any rights and powers of Secured Party given by law, elsewhere in this agreement, or otherwise.
2. Secured Party may while any Event of Default continues hereunder present for conversion any instrument (including any investment security) in the Collateral which is convertible into any other instrument or investment security or a combination thereof with cash. But Secured Party shall not have any duty to present for conversion any instrument in the Collateral unless it shall have received from Debtor written instructions to that effect at a time reasonably far in advance of the final conversion date to make such conversion possible.
Rights and Powers of Secured Party. Upon the occurrence of an Event of Default, Secured Party, for the benefit of the Bridge Note Holders, without liability to Pledgor, may: take control of proceeds, including stock received as dividends or by reason of stock splits; collect all payment receivables; release the Collateral in its possession to Pledgor, temporarily or otherwise; require additional Collateral; reject as unsatisfactory any property hereafter offered by Pledgor as Collateral; take control of funds generated by the Collateral, such as cash dividends, interest and proceeds, and use same to reduce any part of the Obligations and exercise all other rights which an owner of such Collateral may exercise; and at any time transfer any of the Collateral or evidence thereof into its own name or that of its nominee. Secured Party shall not be liable for failure to collect any account or instruments, or for any act or omission on the part of Secured Party, its officers, agents or employees, except for any act or omission arising out of their own willful misconduct or fraud. The foregoing rights and powers of Secured Party will be in addition to, and not a limitation upon, any rights and powers of Secured Party given by law, elsewhere in this Agreement, or otherwise.
Rights and Powers of Secured Party. The Secured Party may, in its discretion, upon the occurrence of an event of default under this Security Agreement, including, without limitation, any breach of any covenant or warranty hereunder or any event of default under the Note (an “Event of Default”):
1. Require the Debtor to give title, possession or control of the Collateral to the Secured Party, subject to the security interest of Rancho Santa Fe National Bank in the Collateral pursuant to the Commercial Security Agreement.
2. Sell the Collateral and use cash proceeds of sale or other funds generated by the Collateral to reduce any part of the Obligation;
3. Take any action the Secured Party is permitted to take under this Security Agreement to preserve and enforce this Security Agreement, and maintain and preserve the Collateral, all without notice to the Debtor; and
4. Add costs incurred in connection with each of the forgoing to the Obligation (but the Secured Party is under no duty to take any such action).
Rights and Powers of Secured Party. Secured Party may, in its discretion, upon the occurrence of an Event of Default hereunder which shall be continuing, do any one or more of the following: (i) require Debtor to give possession or control of the Collateral to Secured Party; (ii) take physical possession of the Collateral and maintain it on Debtor’s premises, in a public warehouse or at such other place as to which Secured Party may remove the Collateral or any part thereof; (iii) take control of proceeds and use cash proceeds to reduce any part of the Obligation; (iv) take any action Debtor is required to take or any other necessary action to obtain, preserve, and enforce this Agreement, and maintain and preserve the Collateral, without notice to Debtor, and add costs of same to the Obligation (but Secured Party is under no duty to take any such action); and (v) release Collateral in its possession to Debtor, temporarily or otherwise. Secured Party may at any time in its discretion transfer any of the Collateral or evidence thereof into its own name or that of its nominee and receive the proceeds therefrom and hold the same as security for the Obligation, or, following the occurrence and continuance of an Event of Default, apply the same thereon. Secured Party may, following the occurrence and continuance of an Event of Default, but shall be under no duty to, demand, collect, receipt for, settle, compromise, adjust, xxx for, foreclose, or realize upon Collateral, in its own name or in the name of Debtor, as the Secured Party may determine. Secured Party shall not be liable for any act or omission on the part of the Secured Party, its officers, agents, or employees, except willful misconduct and gross negligence. The foregoing rights and powers of Secured Party shall be in addition to, and not a limitation upon, any rights and powers of Secured Party given by law, custom, elsewhere by this Agreement or otherwise.
Rights and Powers of Secured Party. 1. Secured Party may in its discretion after an Event of Default but only after prior written notice to Debtor, without liability to Debtor, obtain from any person information regarding Debtor or Debtor's business, which information any such person
Rights and Powers of Secured Party. Secured Party, after an Event of Default under the Note, without liability to Grantor may: take ownership of the Collateral and transfer any of the Collateral or evidence thereof into its own name or that of its nominee.
Rights and Powers of Secured Party. Debtor further agrees as follows:
Rights and Powers of Secured Party. Secured Party may, in its reasonable discretion, at any time after the occurrence of an Event of Default, endorse as Borrower’s agent or attorney-in-fact any instruments, securities or chattel paper in the Collateral; become a partner or member directly holding the Collateral Interests without any further action or consent required by any party; take control of Proceeds and use cash Proceeds to reduce any part of the Obligations; take any action which Borrower is required to take or any other necessary action to obtain, preserve and enforce this Agreement, and maintain and preserve the Collateral, with written notice to Borrower, and add costs of same to the Obligations (but the Secured Party is under no duty to take any such action); take control of funds generated by the Collateral, and use same to reduce any part of the Obligations. The Secured Party may, but shall be under no duty to, demand, collect, receipt for, settle, compromise, adjust, xxx for, foreclosure, or realize upon the Collateral, in its own name or in the name of the Borrower, as the Secured Party may determine. The foregoing rights and powers of the Secured Party shall be in addition to, and not a limitation upon, any rights and powers of the Secured Party given by law, custom, elsewhere by this Pledge Agreement, the Note or otherwise.
Rights and Powers of Secured Party
