Common use of Secured Party’s Remedies on Default Clause in Contracts

Secured Party’s Remedies on Default. Upon the occurrence of an Event of Default all of the Obligations shall become immediately due and payable without notice to Debtor, and Secured Party may, at its option, proceed to enforce payment of same and to exercise any or all of the rights and remedies contained herein, including, without limitation, the signification and collection of any debts, accounts, claims or monies owed to Debtor or otherwise afforded by law, in equity or otherwise. The floating charge created by paragraph 2 shall become a fixed charge when Secured Party proceeds to enforce payment of the Obligations. Secured Party shall have the right to enforce one or more remedies successively or concurrently in accordance with applicable law and Secured Party expressly retains all rights and remedies not inconsistent with the provisions herein including all the rights it may have under the PPSA, and, without restricting the generality of the foregoing, Secured Party may upon such Event of Default: a) appoint by instrument in writing a receiver, receiver-manager or receiver and manager (herein a "Receiver") of Debtor and of all or any part of the Collateral and remove or replace such Receiver from time to time or may institute proceedings in any court of competent jurisdiction for the appointment of a Receiver. Any Receiver appointed by Secured Party so far as concerns responsibility for its acts shall be deemed the agent of Debtor and not of Secured Party. Where Secured Party is referred to in this Article the reference includes, where the context permits, any Receiver so appointed and the officers, employees, servants or agents of such Receiver; b) immediately and without notice enter Debtor's premises and repossess, disable or remove the Collateral and Debtor hereby grants to Secured Party a licence to occupy any premises of Debtor for the purpose of storage of the Collateral; c) retain and administer the Collateral in Secured Party's sole and unfettered discretion, which Debtor hereby acknowledges is commercially reasonable; d) dispose of any Collateral by public auction, private tender or private contract with or without notice, advertising or any other formality, all of which are hereby waived by Debtor. Secured Party may, at its discretion establish the terms of such disposition, including, without limitation, terms and conditions as to credit, upset, reserve bid or price. Secured Party may also lease the Collateral on such terms as it deems appropriate. The payments for Collateral, whether on a disposition or lease, may be deferred. All payments made pursuant to such dispositions shall be credited against the Obligations only as they are actually received. Secured Party may buy in, rescind or vary any contract for the disposition of any Collateral and may dispose of any Collateral again without being answerable for any loss occasioned thereby. Any such disposition may take place whether or not Secured Party has taken possession of the Collateral; e) foreclose upon the Collateral in satisfaction of the Obligations. Secured Party may designate any part of the Obligations to be satisfied by the foreclosure of particular Collateral which Secured Party considers to have a net realizable value approximating the amount of the designated part of the Obligations, in which case only the designated part of the Obligations shall be deemed to be satisfied by the foreclosure of the particular Collateral; f) carry on or concur in the carrying on of all or any part of the business of Debtor and may, in any event, to the exclusion of all others, including Debtor, enter upon, occupy and use all premises of or occupied or used by Debtor and use any of the personal property (which shall include fixtures) of Debtor for such time and such purposes as Secured Party sees fit. Secured Party shall not be liable to Debtor for any neglect in so doing or in respect of any rent, costs, charges, depreciation or damages in connection therewith; g) pay any lien, charge or encumbrance that may exist or be threatened against the Collateral. In any such case the amounts so paid together with costs, charges and expenses incurred in connection therewith shall be added to the Obligations secured by this Security Agreement; h) if the proceeds of realization are insufficient to pay all monetary Obligations, Debtor shall forthwith pay or cause to be paid to Secured Party any deficiency and Secured Party may xxx Debtor to collect the amount of such deficiency; i) subject to applicable law seize, collect, realize, borrow money on the security of, release to third parties, sell (by way of public or private sale), lease or otherwise deal with the Collateral in such manner, upon such terms and conditions, at such time or times and place or places and for such consideration as may seem to Secured Party advisable and without notice to Debtor; and j) Secured Party may charge on its own behalf and pay to others sums for expenses incurred and for services rendered (expressly including legal services, consulting, receivers and accounting fees) in or in connection with seizing, collecting, realizing, borrowing on the security of, selling or obtaining payment of the Collateral and may add such sums to the Obligations secured by this Security Agreement.

Secured Party’s Remedies on Default. a. Upon the occurrence of an Event of Default all of the Obligations shall become immediately due and payable without notice to default by Debtor, and Secured Party may, at its option, proceed to enforce payment of same and to exercise any or shall have all of the rights and remedies contained of a lender under the Uniform Commercial Code or other applicable law and all rights provided herein, in the Note, or in any other applicable security or loan agreement, including, without limitation, the signification and collection right to retain, sell, lease or otherwise dispose of any debts, accounts, claims or monies owed to Debtor or otherwise afforded by law, in equity or otherwise. The floating charge created by paragraph 2 shall become a fixed charge when Secured Party proceeds to enforce payment of the Obligations. Secured Party shall have the right to enforce one or more remedies successively or concurrently in accordance with applicable law and Secured Party expressly retains all rights and remedies not inconsistent with the provisions herein including all the rights it may have under the PPSA, and, without restricting the generality of the foregoing, Secured Party may upon such Event of Default: a) appoint by instrument in writing a receiver, receiver-manager or receiver and manager (herein a "Receiver") of Debtor and of all or any part of the Collateral and remove or replace such Receiver from time to time or may institute proceedings in any court of competent jurisdiction for the appointment of a Receiver. Any Receiver appointed by Secured Party so far as concerns responsibility for its acts shall be deemed the agent of Debtor and not of Secured Party. Where Secured Party is referred to in this Article the reference includes, where the context permits, any Receiver so appointed and the officers, employees, servants or agents of such Receiver; b) immediately and without notice enter Debtor's premises and repossess, disable or remove the Collateral and Debtor hereby grants to Secured Party a licence to occupy any premises of Debtor for the purpose of storage of the Collateral; c) retain and administer the Collateral in Secured Party's sole and unfettered discretion, which Debtor hereby acknowledges is commercially reasonable; d) dispose of any Collateral by public auction, private tender or private contract with or without notice, advertising or any other formality, all of which are hereby waived rights and remedies shall, to the full extent permitted by Debtorlaw, be cumulative. Secured Party maymay require Debtor to assemble the Collateral and make it available at a place to be designated by Secured Party which is reasonably convenient to Secured Party and Debtor. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, at its discretion establish five (5) days' notice of sale, disposition or other intended action by Secured Party sent to Debtor shall constitute reasonable notice to Debtor. The waiver of any default hereunder shall not be a waiver of any subsequent default. b. After deducting all costs and expenses of every kind incurred in, or incidental to, the terms retaking, holding, advertising, preparing for sale, or the selling, leasing or otherwise disposing of such dispositionthe Collateral, including, without limitation, terms attorneys' fees, paralegal, legal assistant and conditions as similar fees and costs and costs of any repairs considered necessary by Secured Party, all of which costs and expenses Debtor agrees to creditpay, upset, reserve bid or price. Secured Party may also apply the net proceeds of any sale, lease or other disposition of the Collateral on such terms as it deems appropriate. The payments for Collateralto payment of the Obligations hereby secured, whether on a disposition due or leasenot, may be deferred. All payments made pursuant to in such dispositions shall be credited against the Obligations only order as they are actually received. Secured Party may buy inelect. At any such sale, rescind or vary any contract for the disposition of any Collateral and may dispose of any Collateral again without being answerable for any loss occasioned thereby. Any such disposition may take place whether or not Secured Party has taken possession may, if Secured Party is the highest bidder, purchase any or all of the Collateral; e) foreclose upon the Collateral so sold, free from any right of redemption in satisfaction Debtor, which right of the redemption is hereby expressly waived. Only after full payment of all Obligations. , and any other payments Secured Party may designate any part of the Obligations be required by law to be satisfied by the foreclosure of particular Collateral which make, need Secured Party considers to have a net realizable value approximating the amount of the designated part of the Obligations, in which case only the designated part of the Obligations shall be deemed to be satisfied by the foreclosure of the particular Collateral; f) carry on or concur in the carrying on of all or any part of the business of Debtor and may, in any event, to the exclusion of all others, including Debtor, enter upon, occupy and use all premises of or occupied or used by Debtor and use any of the personal property (which shall include fixtures) of Debtor for such time and such purposes as Secured Party sees fit. Secured Party shall not be liable account to Debtor for any neglect in so doing or in respect of any rent, costs, charges, depreciation or damages in connection therewith; g) pay any lien, charge or encumbrance that may exist or be threatened against the Collateralsurplus. In any such case the amounts so paid together with costs, charges and expenses incurred in connection therewith shall be added to the Obligations secured by this Security Agreement; h) if the proceeds of realization are insufficient to pay all monetary Obligations, Debtor shall forthwith pay or cause to be paid remain liable to Secured Party for the payment of any deficiency and Secured Party may xxx Debtor to collect with interest at the amount of such deficiency; i) subject to applicable law seize, collect, realize, borrow money on the security of, release to third parties, sell (highest rate allowable by way of public or private sale), lease or otherwise deal with the Collateral in such manner, upon such terms and conditions, at such time or times and place or places and for such consideration as may seem to Secured Party advisable and without notice to Debtor; and j) Secured Party may charge on its own behalf and pay to others sums for expenses incurred and for services rendered (expressly including legal services, consulting, receivers and accounting fees) in or in connection with seizing, collecting, realizing, borrowing on the security of, selling or obtaining payment of the Collateral and may add such sums to the Obligations secured by this Security Agreementlaw.

Secured Party’s Remedies on Default. Upon 6.1 Subject to any applicable provision for notice and/or a grace period or time to cure contained in the Credit Agreement, on the occurrence of an Event event of Default all default, and at any time thereafter while an event of the Obligations shall become immediately due and payable default remains uncured, Secured Party may, without notice to Debtor, and Secured Party may, at its option, proceed to enforce payment of same and to exercise declare any or all of the obligations secured by this Security Agreement immediately due and payable; and Secured Party's rights and remedies with respect to the Collateral shall be those of a Secured Party under the Uniform Commercial Code and under any other applicable law, as the same may from time to time be in effect, in addition to those rights granted herein and in any other agreement now or hereafter in effect between Debtor and Secured Party. 6.2 Subject to any applicable provision for notice and/or a grace period or time to cure contained hereinin the Credit Agreement, after any default by Debtor under this Security Agreement, Secured Party may notify all or any account debtors of the Security Interest and may also direct such account debtors to make all payments on accounts to Secured Party. Secured Party may, upon written notice, require Debtor to so notify and direct the account debtors. All payments on and other proceeds from accounts received by Secured Party directly or from Debtor shall be applied to the Indebtedness in such order and manner and at such times as Secured Party shall, in its sole discretion, determine reasonably necessary to comply with the terms of repayment of any Indebtedness. Subject to any applicable provision for notice and/or a grace period or time to cure contained in the Credit Agreement, after any default by Debtor under this Security Agreement, any payments on or other proceeds of accounts received by Debtor, before or after notification to account debtors, shall be held by Debtor in trust for Secured Party in the same medium in which received, shall not be commingled with any assets of Debtor and shall be turned over to Secured Party not later than the next business day following the day of their receipt. Debtor shall also promptly notify Secured Party of the return to or repossession by Debtor of any inventory or goods underlying any account, and Debtor shall hold the same in trust for Secured Party and shall dispose of the same as Secured Party directs. Subject to any applicable provision for notice and/or a grace period or time to cure contained in the Credit Agreement, after any default, Secured Party may also demand, collect and xxx on the accounts in either Debtor's or Secured Party's name at the latter's option, with the right to enforce, compromise, settle or discharge any account, and may endorse Debtor's name on any and all checks, commercial paper and any other instruments pertaining to the accounts. 6.3 Without in any way requiring notice to be given in the following time and manner, Debtor agrees that any notice by Secured Party of any sale, disposition or other intended action hereunder or in connection herewith, whether required by the Uniform Commercial Code or otherwise, shall constitute reasonable notice to Debtor (to each of them if there are more than one) if such notice is mailed by regular or certified mail, postage prepaid, at least ten (10) days prior to such action, to Debtor's address first specified in Schedule A annexed hereto and to any other address which Debtor has specified in writing to Secured Party as the address at which notices hereunder shall be given to Debtor. 6.4 On Secured Party's written notice to Debtor, Debtor will assemble the Collateral and make it available to Secured Party at such place, to be designated in said notice, as is reasonably convenient to both parties. 6.5 Debtor agrees to pay all costs and expenses actually incurred by Secured Party in enforcing this Security Agreement, in realizing upon any Collateral and in enforcing and collecting any Indebtedness, including, without limitation, the signification and collection of any debts, accounts, claims or monies owed to Debtor or otherwise afforded by law, in equity or otherwise. The floating charge created by paragraph 2 shall become a fixed charge when reasonable attorneys' fees if Secured Party proceeds to enforce payment retains counsel for any such purpose. 6.6 No act, delay, omission, or course of the Obligations. Secured Party shall have the right to enforce one or more remedies successively or concurrently in accordance with applicable law dealing between Debtor and Secured Party expressly retains all will be a waiver of any of Secured Party's rights or remedies under this Security Agreement; and remedies not inconsistent with no single or partial exercise of any right or remedy hereunder shall preclude any other or further exercise thereof or the provisions herein including all the rights it may have under the PPSA, and, without restricting the generality exercise of the foregoing, Secured Party may upon such Event of Default: a) appoint by instrument in writing a receiver, receiver-manager any other right or receiver and manager (herein a "Receiver") of Debtor and of all or any part of the Collateral and remove or replace such Receiver from time to time or may institute proceedings in any court of competent jurisdiction for the appointment of a Receiverremedy. Any Receiver appointed A waiver by Secured Party so far as concerns responsibility for its acts shall be deemed the agent of Debtor and not of Secured Party. Where Secured Party is referred to in this Article the reference includes, where the context permits, any Receiver so appointed and the officers, employees, servants or agents of such Receiver; b) immediately and without notice enter Debtor's premises and repossess, disable or remove the Collateral and Debtor hereby grants to Secured Party a licence to occupy any premises of Debtor for the purpose of storage of the Collateral; c) retain and administer the Collateral in Secured Party's sole and unfettered discretion, which Debtor hereby acknowledges is commercially reasonable; d) dispose of any Collateral by public auction, private tender rights or private contract with or without notice, advertising or any other formality, all of which are hereby waived by Debtor. Secured Party may, at its discretion establish remedies under the terms of such disposition, including, without limitation, terms and conditions as this Security Agreement or with respect to credit, upset, reserve bid any obligation secured by this Security Agreement on any occasion will not be a bar to the exercise of any right or priceremedy on any subsequent occasion. Secured Party may also lease the Collateral on such terms as it deems appropriate. The payments for Collateral, whether on a disposition remedy any default by Debtor hereunder or lease, may be deferred. All payments made pursuant with respect to such dispositions shall be credited against the Obligations only as they are actually received. Secured Party may buy in, rescind or vary any contract for the disposition of any Collateral and may dispose of any Collateral again without being answerable for any loss occasioned thereby. Any such disposition may take place whether or not Secured Party has taken possession of the Collateral; e) foreclose upon the Collateral in satisfaction of the Obligations. Secured Party may designate any part of the Obligations to be satisfied by the foreclosure of particular Collateral which Secured Party considers to have a net realizable value approximating the amount of the designated part of the Obligations, in which case only the designated part of the Obligations shall be deemed to be satisfied by the foreclosure of the particular Collateral; f) carry on or concur in the carrying on of all or any part of the business of Debtor and may, Indebtedness in any event, to reasonable manner without waiving the exclusion of all others, including Debtor, enter upon, occupy and use all premises of or occupied or used by Debtor and use any of the personal property (which shall include fixtures) of Debtor for such time and such purposes as Secured Party sees fit. Secured Party shall not be liable to Debtor for any neglect in so doing or in respect of any rent, costs, charges, depreciation or damages in connection therewith; g) pay any lien, charge or encumbrance that may exist or be threatened against the Collateral. In any such case the amounts so paid together with costs, charges and expenses incurred in connection therewith shall be added to the Obligations secured by this Security Agreement; h) if the proceeds of realization are insufficient to pay all monetary Obligations, Debtor shall forthwith pay or cause to be paid to Secured Party any deficiency and Secured Party may xxx Debtor to collect the amount of such deficiency; i) subject to applicable law seize, collect, realize, borrow money on the security of, release to third parties, sell (by way of public or private sale), lease or otherwise deal with the Collateral in such manner, upon such terms and conditions, at such time or times and place or places and for such consideration as may seem to Secured Party advisable default remedied and without notice to waiving any other prior or subsequent default by Debtor; and j) Secured Party may charge on its own behalf and pay to others sums for expenses incurred and for services rendered (expressly including legal services, consulting, receivers and accounting fees) in or in connection with seizing, collecting, realizing, borrowing on the security of, selling or obtaining payment of the Collateral and may add such sums to the Obligations secured by this Security Agreement.

Secured Party’s Remedies on Default. 11 Upon the occurrence of an Event of Default all of the Obligations shall become immediately due and payable without notice to Debtor, and Secured Party may, at its option, proceed to enforce payment of same and to exercise any or all of the rights and remedies contained herein, including, without limitation, the signification and collection of any debts, accounts, claims or monies owed to Debtor or otherwise afforded by law, in equity or otherwise. The floating charge created by paragraph 2 shall become a fixed charge when Secured Party proceeds to enforce payment of the Obligations. Secured Party shall have the right to enforce one or more remedies successively or concurrently in accordance with applicable law and Secured Party expressly retains all rights and remedies not inconsistent with the provisions herein including all the rights it may have under the PPSA, and, without restricting the generality of the foregoing, Secured Party may upon such Event of Default: (a) appoint by instrument in writing a receiver, receiver-manager or receiver and manager (herein a "Receiver") of Debtor and of all or any part of the Collateral and remove or replace such Receiver from time to time or may institute proceedings in any court of competent jurisdiction for the appointment of a Receiver. Any Receiver appointed by Secured Party so far as concerns responsibility for its acts shall be deemed the agent of Debtor and not of Secured Party. Where Secured Party is referred to in this Article the reference includes, where the context permits, any Receiver so appointed and the officers, employees, servants or agents of such Receiver; (b) immediately and without notice enter Debtor's premises and repossess, disable or remove the Collateral and Debtor hereby grants to Secured Party a licence to occupy any premises of Debtor for the purpose of storage of the Collateral; (c) retain and administer the Collateral in Secured Party's sole and unfettered discretion, which Debtor hereby acknowledges is commercially reasonable; (d) dispose of any Collateral by public auction, private tender or private contract with or without notice, advertising or any other formality, all of which are hereby waived by Debtor. Secured Party may, at its discretion establish the terms of such disposition, including, without limitation, terms and conditions as to credit, upset, reserve bid or price. Secured Party may also lease the Collateral on such terms as it deems appropriate. The payments for Collateral, whether on a disposition or lease, may be deferred. All payments made pursuant to such dispositions shall be credited against the Obligations only as they are actually received. Secured Party may buy in, rescind or vary any contract for the disposition of any Collateral and may dispose of any Collateral again without being answerable for any loss occasioned thereby. Any such disposition may take place whether or not Secured Party has taken possession of the Collateral; (e) foreclose upon the Collateral in satisfaction of the Obligations. Secured Party may designate any part of the Obligations to be satisfied by the foreclosure of particular Collateral which Secured Party considers to have a net realizable value approximating the amount of the designated part of the Obligations, in which case only the designated part of the Obligations shall be deemed to be satisfied by the foreclosure of the particular Collateral; f) carry on or concur in the carrying on of all or any part of the business of Debtor and may, in any event, to the exclusion of all others, including Debtor, enter upon, occupy and use all premises of or occupied or used by Debtor and use any of the personal property (which shall include fixtures) of Debtor for such time and such purposes as Secured Party sees fit. Secured Party shall not be liable to Debtor for any neglect in so doing or in respect of any rent, costs, charges, depreciation or damages in connection therewith; g) pay any lien, charge or encumbrance that may exist or be threatened against the Collateral. In any such case the amounts so paid together with costs, charges and expenses incurred in connection therewith shall be added to the Obligations secured by this Security Agreement; h) if the proceeds of realization are insufficient to pay all monetary Obligations, Debtor shall forthwith pay or cause to be paid to Secured Party any deficiency and Secured Party may xxx Debtor to collect the amount of such deficiency; i) subject to applicable law seize, collect, realize, borrow money on the security of, release to third parties, sell (by way of public or private sale), lease or otherwise deal with the Collateral in such manner, upon such terms and conditions, at such time or times and place or places and for such consideration as may seem to Secured Party advisable and without notice to Debtor; and j) Secured Party may charge on its own behalf and pay to others sums for expenses incurred and for services rendered (expressly including legal services, consulting, receivers and accounting fees) in or in connection with seizing, collecting, realizing, borrowing on the security of, selling or obtaining payment of the Collateral and may add such sums to the Obligations secured by this Security Agreement.