Common use of Rights of a Secured Party Clause in Contracts

Rights of a Secured Party. Subject to the Priority Liens, upon the occurrence of any Event of Default and at any time thereafter (such Default not having previously been cured or waived in writing), Completion Guarantor shall have, in any jurisdiction where the enforcement of this Agreement is sought and in addition to all other rights and remedies at law or equity, all rights and remedies of a secured party under the Uniform Commercial Code or any other applicable law of a similar nature, including, without limitation, the right to take possession of the Collateral or any part or parts thereof, and for that purpose Completion Guarantor or its designee may enter upon any premises of or under the control of Producer on which any of the Collateral may be situated and remove the same therefrom. Completion Guarantor shall give to Producer prior notice of the time and place of any public sale of any of the Collateral or of the time after which any private sale or any other intended disposition of any of the Collateral is to be made by Completion Guarantor. Upon Default (such Default not having previously been cured or waived in writing), all Completion Sums and all other sums payable by Producer to Completion Guarantor under this Agreement shall become immediately due and payable including Interest thereon from the date of the payment by Completion Guarantor to the date of payment by Producer. Nothing herein shall be deemed to limit Completion Guarantor’s recourse or remedies if there is an Event of Default.

Rights of a Secured Party. Subject to the Priority LiensRights, upon the occurrence of any Event of Default and at any time thereafter (such Default not having previously been cured or waived in writing), Completion Guarantor shall have, in any jurisdiction where the enforcement of this Agreement is sought and in addition to all other rights and remedies at law or equity, all rights and remedies of a secured party under the Uniform Commercial Code or any other applicable law of a similar nature, including, without limitation, the right to take possession of the Collateral or any part or parts thereof, and for that purpose Completion Guarantor or its designee may enter upon any premises of or under the control of Producer on which any of the Collateral may be situated and remove the same therefrom. Completion Guarantor shall give to Producer prior written notice of the time and place of any public sale of any of the Collateral or of the time after which any private sale or any other intended disposition of any of the Collateral is to be made by Completion Guarantor. Upon Default (such Default not having previously been cured or waived in writing), all Completion Sums and all other sums payable by Producer to Completion Guarantor under this Agreement shall become immediately due and payable including Interest thereon from the date of the payment by Completion Guarantor to the date of payment by Producer. Nothing herein shall be deemed to limit Completion Guarantor’s recourse or remedies if there is an Event of Default.

Rights of a Secured Party. Subject to the Priority LiensRights, upon the occurrence of any Event of Default and at any time thereafter (such Default not having previously been cured or waived in writing), Completion Guarantor shall have, in any jurisdiction where the enforcement of this Completion Agreement is sought and in addition to all other rights and remedies at law or equity, all rights and remedies of a secured party under the Uniform Commercial Code or any other applicable law of a similar nature, including, without limitation, the right to take possession of the Collateral or any part or parts thereof, and for that purpose Completion Guarantor or its designee may enter upon any premises of or under the control of Producer on which any of the Collateral may be situated and remove the same therefrom. Completion Guarantor shall give to Producer prior written notice of the time and place of any public sale of any of the Collateral or of the time after which any private sale or any other intended disposition of any of the Collateral is to be made by Completion Guarantor. Upon Default (such Default not having previously been cured or waived in writing), all Completion Sums and all other sums payable by Producer to Completion Guarantor under this Completion Agreement shall become immediately due and payable including Interest thereon from the date of the payment by Completion Guarantor to the date of payment by Producer. Nothing herein shall be deemed to limit Completion Guarantor’s recourse or remedies if there is an Event of Default.