Common use of Rights and Powers of Secured Party Clause in Contracts

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 any such insurance purchased by Secured Party shall be a part of the Indebtedness and shall bear interest as provided in Section 1.2(d) above.

Rights and Powers of Secured Party. Secured PartyParty may, after defaultin its ---------------------------------------- discretion, without liability to Debtorupon the occurrence of an Event of Default, maydo any one or more of the following: obtain from any person information regarding Debtor or Debtor's business, which information any such person also may furnish without liability to Debtor; require Require Debtor to give possession or control of any the Collateral to Secured Party; endorse as take physical possession of the Collateral and maintain it on Debtor's agent any instrumentspremises, documents, in a public warehouse or chattel paper in at such other place as to which Secured Party may remove the Collateral or representing proceeds of Collateralany part thereof; contact account debtors directly to verify information furnished by Debtor; take control of proceedsproceeds and use cash proceeds to reduce any part of the Obligation; take any action Debtor is required to take or any other necessary action to obtain, preserve, and enforce this Security 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); release Collateral in its possession to any Debtor 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, Collateral such as cash dividends, dividends and interest, and proceeds or refunds from insurance, and use same to reduce any part of the Indebtedness Obligation; vote any stock which is part of the Collateral; use cash collateral to reduce any part of the Obligation; and exercise all other rights which an owner of such Collateral stock may exercise, except exercise and exercise all rights which account holders or obligees may exercise with respect to any of the right to vote or dispose of Collateral before an Event of Default; Collateral. Secured Party may at any time in its discretion transfer any of the Collateral or evidence thereof into its own name of or that of its nominee; 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, convert, redeem, receipt for, settle, compromise, adjust, xxx sue for, foreclose, or realize upon Collateral, in its own name or ox in the name of Debtor, as the Secured Party may determine in its sole and absolute discretiondetermine. 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 misconductmisconduct and gross negligence. The foregoing rights and powers of Secured Party will shall be in addition to, and not a limitation upon, any rights and powers of Secured Party given by law, custom, elsewhere in by this Security Agreement, the Note 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 any such insurance purchased by Secured Party shall be a part of the Indebtedness and shall bear interest as provided in Section 1.2(d) above.

Rights and Powers of Secured Party. Secured PartyParty may, after defaultin its discretion, without liability to Debtorupon the occurrence and continuance of an Event of Default hereunder, maydo any one or more of the following: obtain from any person information regarding Debtor or Debtor's business, which information any such person also may furnish without liability to Debtor; require Require Debtor to give possession or control of any the Collateral to Secured Party; take physical possession of the Collateral and maintain it on Debtor's premises, in a third party location or at such other place as to which Secured Party may remove the Collateral or any part thereof, endorse as Debtor's agent any instruments, documentssecurities, or chattel paper in Collateral or representing proceeds of the Collateral; contact account debtors directly to verify information furnished cashed by Debtor; take control of proceeds, including stock received as dividends or by reason of stock splits, and use cash proceeds to reduce any part of the Obligation; take any action Debtor is required to take or any other necessary action to obtain, preserve, and enforce this Security 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); release Collateral in its possession to any Debtor Debtor, temporarily or otherwise; require additional collateral; reject as unsatisfactory any property hereafter offered by Debtor as Collateral; set standards designate 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 Obligation at or below such figure; take control of funds generated by the Collateral, Collateral such as cash dividends, dividends and interest, and proceeds or refunds from insurance, and use same to reduce any part of the Indebtedness Obligation; vote any stock which is part of the Collateral; use cash collateral to reduce any part of the Obligation; and exercise all other rights which an owner of such Collateral stock may exercise, except exercise and exercise all rights which account holders or obligees may exercise with respect to any of the right to vote or dispose of Collateral before an Event of Default; Collateral. Secured Party may at any time in its discretion transfer any of the Collateral or evidence thereof into its own name of or that of its nominee; 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, but shall be under no duty to, demand, collect, convert, redeem, receipt for, settle, compromise, adjust, xxx sue for, foreclose, or realize upon uxxx Collateral, in its own name or in the name of Debtor, as Secured Party may determine in its sole and absolute discretiondetermine. 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 misconductmisconduct and gross negligence. The foregoing rights and powers of Secured Party will shall be in addition to, and not a limitation upon, any rights and powers of Secured Party given by law, custom, elsewhere in by this Security Agreement, the Loan 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 any such insurance purchased by Secured Party shall be a part of the Indebtedness and shall bear interest as provided in Section 1.2(d) above.

Rights and Powers of Secured Party. Secured PartyParty may, after defaultin its ---------------------------------------- discretion, without liability to Debtorupon the occurrence of an Event of Default, maydo any one or more of the following: obtain from any person information regarding Debtor or Debtor's business, which information any such person also may furnish without liability to Debtor; require Require Debtor to give possession or control of any the Collateral to Secured Party; endorse as take physical possession of the Collateral and maintain it on Debtor's agent any instrumentspremises, documents, in a public warehouse or chattel paper in at such other place as to which Secured Party may remove the Collateral or representing proceeds of Collateralany part thereof; contact account debtors directly to verify information furnished by Debtor; take control of proceedsproceeds and use cash proceeds to reduce any part of the Obligation; take any action Debtor is required to take or any other necessary action to obtain, preserve, and enforce this Security 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); release Collateral in its possession to any Debtor 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 foiids generated by the Collateral, Collateral such as cash dividends, dividends and interest, and proceeds or refunds from insurance, and use same to reduce any part of the Indebtedness Obligation; vote any stock which is part of the Collateral; use cash collateral to reduce any part of the Obligation; and exercise all other rights which an owner of such Collateral stock may exercise, except exercise and exercise all rights which account holders or obligees may exercise with respect to any of the right to vote or dispose of Collateral before an Event of Default; Collateral. Secured Party may at any time in its discretion transfer any of the Collateral or evidence thereof into its own name of or that of its nominee; 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, convert, redeem, receipt for, settle, compromise, adjust, xxx sue for, foreclose, or realize upon Collateral, in its own name or ox in the name of Debtor, as the Secured Party may determine in its sole and absolute discretiondetermine. 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 misconductmisconduct and gross negligence. The foregoing rights and powers of Secured Party will shall be in addition to, and not a limitation upon, any rights and powers of Secured Party given by law, custom, elsewhere in by this Security Agreement, the Note 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 any such insurance purchased by Secured Party shall be a part of the Indebtedness and shall bear interest as provided in Section 1.2(d) above.

Rights and Powers of Secured Party. Each Debtor hereby irrevocably authorizes and empowers Secured PartyParty or its agents, after defaultin its sole discretion, without liability effective as of the occurrence and during the continuance of an Event of Default, (i) to assert, either directly or on behalf of such Debtor, may: obtain from any person information regarding rights such 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 have against Sellers with respect to govern what may be used as after-acquired collateral; designate, from time to time, a certain percent any and all of the Collateral as Seller Commitments or with respect to any and all payments or other obligations due from Sellers to such Debtor under or pursuant to 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, interestSoffe Stock Purchase Documents, and proceeds or refunds from insurance(ii) to receive and collect any damages, awards and use other monies resulting therefrom and to apply the same to reduce any part on account of the Indebtedness Obligations (as defined in the Loan Agreements) and exercise the Guaranteed Obligations (as defined in the Guarantees); provided, that Secured Party shall give Debtors at least ten (10) days' prior written notice of its intention to assert any claim in connection with the Seller Commitments; and provided, further, that Secured Party shall act in a commercially reasonable manner in asserting any and all other rights which an owner and claims. Each Debtor hereby irrevocably makes, constitutes and appoints Secured Party (and all officers, employees or agents designated by Secured Party) as such Debtor's true and lawful attorney and agent-in-fact, effective as of such Collateral may exercise, except the right to vote or dispose occurrence and during the continuance of Collateral before an Event of Default; at any time transfer any , for the purpose of the Collateral enabling Secured Party or evidence thereof into its own name of that of its nominee; agents to assert such rights and demand, collect, convert, redeem, receipt for, settle, compromise, adjust, xxx for, foreclose, or realize upon Collateral, in its own name or to apply such monies in the name manner set forth hereinabove. Notwithstanding any provision of Debtorthis Assignment to the contrary, as Secured Party may determine agrees that unless an Event of Default shall have occurred and be continuing, each Debtor shall have the right to (i) assert claims against Sellers in its sole connection with the Seller Commitments and absolute discretion. Secured Party shall not be liable for failure the right to collect any account or instrumentdamages, or for any act or omission on the part of the Secured Partyawards and other monies resulting therefrom, 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 receive, retain and apply all payments and other obligations due from Sellers under the Indebtedness has been declared due as herein Soffe Stock Purchase Documents in a manner consistent with any applicable provisions of the Loan Agreements; provided. The premiums for any , that such insurance purchased by Debtor shall give Secured Party shall be a part notice of its intention to assert any material claim in connection with the Indebtedness and shall bear interest as provided in Section 1.2(d) aboveSeller Commitments.