Common use of Rights of Xxxxxx; Sale of Collateral Clause in Contracts

Rights of Xxxxxx; Sale of Collateral. Upon the occurrence and during the continuance of an Event of Default (as defined in Section 5.01 hereof), Xxxxxx may at his option declare all of the Obligations to be immediately due in full, and Xxxxxx, for his benefit, shall thereupon have all of the rights and remedies provided to him as a secured party under the Uniform Commercial Code in effect in Delaware or in such other jurisdictions in which any Collateral is located, and the Pledgor further agrees that (i) in the event that Xxxxxx determines in his sole discretion to give notice of disposition of the Collateral, written notice mailed to the Pledgor at the address described in Section 13.01 hereof ten days prior to the date of public sale of the Collateral or prior to the date after which private sale or other disposition of said property will be made, shall constitute reasonable notice, but notice given in any other reasonable manner or at any other time shall be sufficient and (ii) without precluding any other method of sale, the sale of the Collateral shall have been made in a commercially reasonable manner if conducted in conformity with reasonable commercial practices of banks disposing of similar property.