Common use of Rights to Collateral Clause in Contracts

Rights to Collateral. During the term of this pledge, and for so long as the Pledgor is not in default in the performance of any of the terms of this Agreement or in the payment of the Note, the Pledgor shall have the right to possess, use, hypothecate, transfer and otherwise dispose of the Collateral in the ordinary course of business. Pledgor will not sell or otherwise dispose of the Collateral or any interest therein, outside the ordinary course of business, without the prior written consent of Pledgee except for tangible assets that are obsolete, broken or no longer required for the operation of the Pledgor's business in the ordinary course