Secretary’s Authority. In consideration of the Secretary’s Guarantee relating to the Note that has been purchased by FFB under this Agreement, the Secretary shall have the sole authority (vis-a-vis FFB), in the case of a default by the Borrower under such Note or the occurrence of an Event of Default under the Security Instruments, in respect of acceleration of such Note, the exercise of other available remedies, and the disposition of sums or property recovered.
Secretary’s Authority. (1) This Agreement does not affect or limit the Secretary’s au- thority to enforce provisions of laws other than the SMORA.
Secretary’s Authority. If any Shareholder defaults in that Shareholder's obligations to transfer Shares as contemplated by this Part 8.0 (which Shareholder is referred to in this Part 8.0 as the "Defaulting Shareholder"), the Secretary of the Corporation is authorized and directed to receive the purchase money due to such Defaulting Shareholder and to thereupon cause the names of purchasers of the Defaulting Shareholder's Shares to be entered in the registers of the Corporation as the holders of such Shares. The said purchase money shall be held in trust by the Corporation on behalf of the Defaulting Shareholder and not commingled with the Corporation's assets, except that any interest accruing thereon shall be for the account of the Corporation. The receipt by the Secretary of the Corporation for the purchase money shall be a good discharge to the purchasers and, after their names have been entered in the registers of the Corporation in exercise of the aforesaid power, the validity of the proceedings shall not be subject to question by any person. On such registration, the Defaulting Shareholder shall cease to have any right to or in respect of the purchased Shares except the right to receive, without interest, the purchase price received by the Secretary of the Corporation.
