Rights of Secured Party Upon Default. If there is an Event of Default and such default is not cured within any applicable cure period, the Secured Party may, at its option and at any time thereafter:
(a) Declare the entire aggregate amount of the Secured Indebtedness then outstanding and the interest and other fees and expenses accrued thereon, and all other obligations of debtor to Secured Party to be immediately due and payable without notice and without presentment, demand, protest, notice of protest, or other notice of default or dishonor of any kind, all of which are hereby expressly waived by the Debtor;
(b) require Debtor to assemble the Collateral, including any books and records pertaining to the Collateral, and make them available to Secured Party at a place designated by Secured Party;
(c) notify any account debtor, any buyers of the Collateral, and any other person of Secured Party's interest in the Collateral;
(d) request confirmation from any account debtor of the status of the account upon which the account debtor is obligated;
(e) require Debtor to obtain Secured Party's prior written consent to any sale, agreement to sell, or other disposition of any Collateral (other than in the ordinary course of Debtor's business);
(f) remedy any default or waive any default without waiving the default remedies and without waiving any other prior or subsequent default; and
(g) take such measures as Secured Party may deem necessary or advisable to take possession of, hold, preserve, process, assemble, insure, collect on, prepare for sale or lease, market for sale or lease, sell or lease, or otherwise dispose of any Collateral. Debtor hereby constitutes and appoints Secured Party as Debtor's attorney-in-fact to perform all acts and execute all documents solely in connection with the remedies described in this Agreement. This power of attorney is coupled with an interest and shall be irrevocable until such time as all of Debtor's obligations under the Security Instruments (including without limitation, the TSA) are satisfied in full. Secured Party's rights under this Subsection 5.1 may only be exercised to the extent any amount of the Secured Indebtedness remains unpaid and specifically may not be exercised with respect to any amounts in excess of the Secured Indebtedness.
Rights of Secured Party Upon Default. Upon an Event of Default, The Company may, without demand or other notice of any kind, at its option:
Rights of Secured Party Upon Default. If an Event of Default shall have occurred and be continuing, Secured Party's rights and remedies with respect to the Collateral shall be those of a secured party under the UCC and under any other applicable law, as the same may from time to time be in effect, in addition to those rights granted herein. Upon the occurrence of an Event of Default and during its continuance, but only during such continuance, Secured Party may, but shall be under no obligation to, from time to time:
(i) notify parties obligated on any of the Collateral to make payment to Secured Party of any amounts due or to become due thereunder;
(ii) receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral; and/or
(iii) demand, sue for, collect or otherwise enforce collection ox xny of the Collateral. Upon the occurrence of an Event of Default and during its continuance, but only during such continuance, unless requested to do so by and on behalf of Secured Party, Debtor will not demand or receive any income from, interest or other payment in respect of the Collateral, and if Debtor receives any such income, interest or payment, without any demand by Secured Party, the same shall be held by Debtor in trust for Secured Party in the same form as received, shall not be commingled with any assets of Debtor and shall be delivered to Secured Party in the form as received, properly endorsed to permit collection, not later than the next business day following the day of its receipt; provided, however, that, at any time after the occurrence and during the continuance of an Event of Default, Debtor shall, upon the request of Secured Party, instruct all account debtors and other persons obligated in respect of any of the Collateral to make all payments in respect of such Collateral to an account designated by Secured Party.
Rights of Secured Party Upon Default. Upon the occurrence of an Event of Default:
Rights of Secured Party Upon Default. Upon the occurrence of an Event of Default, Secured Party shall have the following rights and remedies:
A. All of the rights and remedies of a secured party under the Nevada law or other applicable law then in effect.
B. Out of the proceeds of any disposition the Secured Party shall:
(i) First, pay all costs, expenses and charges for pursuing, searching for, taking, removing, keeping, storing, advertising and selling such Collateral, including without limitation, reasonable attorneys’ fees and costs;
(ii) Second, retain out of the proceeds of sale the Secured Debt; and
(iii) Third, pay the remaining funds, if any, to the Debtor or other party entitled thereto.
C. If there be a deficiency, Debtor shall forthwith pay it to the Secured Party.
D. The Secured Party may postpone or adjourn any such sale from time to time by announcement at the time and place of sale stated in the notice of sale, without being required to give a new notice of sale.
Rights of Secured Party Upon Default. Upon the happening of any ------------------------------------- event of default the Secured Party's rights with respect to the Collateral shall be those of a secured party under the Uniform Commercial Code and any other applicable law from time to time in effect. The Secured Party shall also have any additional rights granted herein and in any other agreement now or hereafter in effect between the Debtor and the Secured Party, including, without limitation, the Goodwill Note, Loan Amount Note, Xxxxx Agreement, Stock Pledge Agreement, Guaranty and the aforementioned Asset Agreement. If requested by the Secured Party the Debtor will assemble the Collateral and make it available to the Secured Party at a place to be designated by the Secured Party.
Rights of Secured Party Upon Default. In the event of an uncured default of an Obligation, Secured Party shall have the rights of a secured party under the California Uniform Commercial Code except for the right to seek a deficiency following sale or other disposition of the Shares, it being understood that Secured Party’s sole and only recourse shall be to the Shares. In the foregoing event, Secured Party shall be entitled to the delivery of the Shares endorsed to Secured Party and the Shares shall be transferred to Secured Party on the books of the Company.
Rights of Secured Party Upon Default. If there is an Event of Default which the Debtor fails to cure within any applicable cure period, the Secured Party may, at its option and at any time thereafter:
(a) Declare the entire aggregate amount of the Secured Indebtedness then outstanding and the interest and other fees and expenses accrued thereon, and all other obligations of Debtor to Secured Party to be immediately due and payable without notice and without presentment, demand, protest, notice of protest, or other notice of default or dishonor of any kind, all of which are hereby expressly waived by the Debtor; (b) require Debtor to assemble the Collateral, including any books and records pertaining to the Collateral, and make them available to Secured Party at a place designated by
Rights of Secured Party Upon Default. In the event of an uncured default of an Obligation, Secured Party shall have the rights of a secured party under the New York Uniform Commercial Code except for the right to seek a deficiency following sale or other disposition of the Shares, it being understood that Secured Party’s sole and only recourse shall be to the Shares.
Rights of Secured Party Upon Default. Upon the occurrence of an Event of Default, the Secured Party shall have all of the rights and remedies of a secured party under any and all applicable federal and state laws, subject to the procedures set forth in Article 15 of the Operating Agreement.
