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

Secured Party’s Remedies on Default. 4.1 On the occurrence of an event of default, and at any time thereafter, Secured Party may, after 15 days notice to Borrower, declare all or any of the Indebtedness secured by this Security Agreement immediately due and payable and will have, in addition to all other rights and remedies, the rights and remedies of a secured party under Article 9 of the Illinois Uniform Commercial Code, including, but not limited to, the right to sell or otherwise dispose of any or all of the collateral. 4.2 Secured Party will give Borrower notice of the time and place of public sale of the collateral or of the time after which any private sale or other intended disposition is to be made by sending notice, as provided below, at least 15 days before the sale or disposition, which provisions for notice Borrower agrees are reasonable. 4.3 After deducting all costs and expenses of every kind incurred or incidental to preparing for sale or of selling or otherwise disposing of the collateral, including, but not limited to, attorney’s fees and other legal expenses, which costs and expenses Borrower agrees to pay, Secured Party shall apply the net proceeds of any sale or other disposition of the collateral to payment of the Indebtedness in such order as Secured Party may elect. In applying net proceeds to payment of the Indebtedness, proper rebate for any unearned interest or discount will be made. After full payment of the Indebtedness, Secured Party shall account to Borrower for any surplus. Borrower shall remain liable to Secured Party for the payment of any deficiency with interest at the rate set forth in the Note. 4.4 No act, delay, omission, or course of dealing between Borrower and Secured Party will be a waiver of any of Secured Party’s rights or remedies under this Security Agreement, and no waiver, change, modification, or discharge in whole or in part of this Security Agreement or the Indebtedness will be effective unless in writing signed by Secured Party. A waiver by Secured Party of any rights or remedies under the terms of this Security Agreement or with respect to the Indebtedness on any occasion will not be a bar to the exercise of any right or remedy on any subsequent occasion. All rights and remedies of Secured Party under this Security Agreement are cumulative and may be exercised singly or concurrently and the exercise of any one or more of them will not be a waiver of any other.

Secured Party’s Remedies on Default. 4.1 On Upon the occurrence of an event Event of defaultDefault all of the Obligations shall become immediately due and payable without notice to Debtor, and at any time thereafter, Secured Party may, after 15 days notice at its option, proceed to Borrower, declare all or any enforce payment of the Indebtedness secured by this Security Agreement immediately due same and payable and will have, in addition to all other rights and remedies, the rights and remedies of a secured party under Article 9 of the Illinois Uniform Commercial Code, including, but not limited to, the right to sell or otherwise dispose of exercise any or all of the collateral. 4.2 Secured Party will give Borrower notice of the time rights and place of public sale of the collateral or of the time after which any private sale or other intended disposition is to be made by sending notice, as provided below, at least 15 days before the sale or disposition, which provisions for notice Borrower agrees are reasonable. 4.3 After deducting all costs and expenses of every kind incurred or incidental to preparing for sale or of selling or otherwise disposing of the collateralremedies contained herein, including, but 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 limited toinconsistent with the provisions herein including all the rights it may have under the PPSA, attorney’s fees and other legal expensesand, which costs and expenses Borrower agrees to paywithout 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 apply 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 sale 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 other disposition of private sale), lease or otherwise deal with the collateral 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 Indebtedness in Collateral and may add such order as Secured Party may elect. In applying net proceeds sums to payment of the Indebtedness, proper rebate for any unearned interest or discount will be made. After full payment of the Indebtedness, Secured Party shall account to Borrower for any surplus. Borrower shall remain liable to Secured Party for the payment of any deficiency with interest at the rate set forth in the Note. 4.4 No act, delay, omission, or course of dealing between Borrower and Secured Party will be a waiver of any of Secured Party’s rights or remedies under Obligations secured by this Security Agreement, and no waiver, change, modification, or discharge in whole or in part of this Security Agreement or the Indebtedness will be effective unless in writing signed by Secured Party. A waiver by Secured Party of any rights or remedies under the terms of this Security Agreement or with respect to the Indebtedness on any occasion will not be a bar to the exercise of any right or remedy on any subsequent occasion. All rights and remedies of Secured Party under this Security Agreement are cumulative and may be exercised singly or concurrently and the exercise of any one or more of them will not be a waiver of any other.

Secured Party’s Remedies on Default. 4.1 On 11 Upon the occurrence of an event Event of defaultDefault all of the Obligations shall become immediately due and payable without notice to Debtor, and at any time thereafter, Secured Party may, after 15 days notice at its option, proceed to Borrower, declare all or any enforce payment of the Indebtedness secured by this Security Agreement immediately due same and payable and will have, in addition to all other rights and remedies, the rights and remedies of a secured party under Article 9 of the Illinois Uniform Commercial Code, including, but not limited to, the right to sell or otherwise dispose of exercise any or all of the collateral. 4.2 Secured Party will give Borrower notice of the time rights and place of public sale of the collateral or of the time after which any private sale or other intended disposition is to be made by sending notice, as provided below, at least 15 days before the sale or disposition, which provisions for notice Borrower agrees are reasonable. 4.3 After deducting all costs and expenses of every kind incurred or incidental to preparing for sale or of selling or otherwise disposing of the collateralremedies contained herein, including, but 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 limited toinconsistent with the provisions herein including all the rights it may have under the PPSA, attorney’s fees and other legal expensesand, which costs and expenses Borrower agrees to paywithout 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 apply be deemed the net proceeds 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 sale Collateral by public auction, private tender or private contract with or without notice, advertising or any other disposition formality, all of which are hereby waived by Debtor. Secured Party may, at its discretion establish the collateral terms of such disposition, including, without limitation, terms and conditions as to payment of the Indebtedness in such order as credit, upset, reserve bid or price. Secured Party may electalso lease the Collateral on such terms as it deems appropriate. In applying net proceeds The payments for Collateral, whether on a disposition or lease, may be deferred. All payments made pursuant to payment 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 Indebtedness, proper rebate for any unearned interest or discount will be made. After full payment Collateral; (e) foreclose upon the Collateral in satisfaction of the Indebtedness, Obligations. Secured Party shall account may designate any part of the Obligations to Borrower for any surplus. Borrower shall remain liable to be satisfied by the foreclosure of particular Collateral which Secured Party for considers to have a net realizable value approximating the payment amount of any deficiency with interest at the rate set forth in the Note. 4.4 No act, delay, omission, or course of dealing between Borrower and Secured Party will be a waiver of any of Secured Party’s rights or remedies under this Security Agreement, and no waiver, change, modification, or discharge in whole or in designated part of this Security Agreement or the Indebtedness will Obligations, in which case only the designated part of the Obligations shall be effective unless in writing signed deemed to be satisfied by Secured Party. A waiver by Secured Party the foreclosure of any rights or remedies under the terms of this Security Agreement or with respect to the Indebtedness on any occasion will not be a bar to the exercise of any right or remedy on any subsequent occasion. All rights and remedies of Secured Party under this Security Agreement are cumulative and may be exercised singly or concurrently and the exercise of any one or more of them will not be a waiver of any other.particular Collateral;

Secured Party’s Remedies on Default. 4.1 On the occurrence of an event of default, and at any time thereaftera. Upon default by Debtor, Secured Party may, after 15 days notice to Borrower, declare shall have all or any of the Indebtedness secured by this Security Agreement immediately due and payable and will have, in addition to all other rights and remedies, the rights and remedies of a secured party lender under Article 9 of the Illinois Uniform Commercial CodeCode or other applicable law and all rights provided herein, in the Note, or in any other applicable security or loan agreement, including, but not limited towithout limitation, the right to sell retain, sell, lease or otherwise dispose of any or all of the collateral. 4.2 Collateral, all of which rights and remedies shall, to the full extent permitted by law, be cumulative. Secured Party will give Borrower may 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, five (5) days' notice of the time and place of public sale of the collateral or of the time after which any private sale sale, disposition or other intended disposition is action by Secured Party sent to Debtor shall constitute reasonable notice to Debtor. The waiver of any default hereunder shall not be made by sending notice, as provided below, at least 15 days before the sale or disposition, which provisions for notice Borrower agrees are reasonablea waiver of any subsequent default. 4.3 b. After deducting all costs and expenses of every kind incurred in, or incidental to to, the retaking, holding, advertising, preparing for sale sale, or of selling the selling, leasing or otherwise disposing of the collateralCollateral, including, but not limited towithout limitation, attorney’s attorneys' fees, paralegal, legal assistant and similar fees and other legal expensescosts and costs of any repairs considered necessary by Secured Party, all of which costs and expenses Borrower Debtor agrees to pay, Secured Party shall may apply the net proceeds of any sale sale, lease or other disposition of the collateral Collateral to payment of the Indebtedness Obligations hereby secured, whether due or not, in such order as Secured Party may elect. In applying net proceeds to payment At any such sale, Secured Party may, if Secured Party is the highest bidder, purchase any or all of the IndebtednessCollateral so sold, proper rebate for free from any unearned interest or discount will be maderight of redemption in Debtor, which right of redemption is hereby expressly waived. After Only after full payment of the Indebtednessall Obligations, and any other payments Secured Party shall may be required by law to make, need Secured Party account to Borrower Debtor for any surplus. Borrower Debtor shall remain liable to Secured Party for the payment of any deficiency with interest at the highest rate set forth in the Noteallowable by law. 4.4 No act, delay, omission, or course of dealing between Borrower and Secured Party will be a waiver of any of Secured Party’s rights or remedies under this Security Agreement, and no waiver, change, modification, or discharge in whole or in part of this Security Agreement or the Indebtedness will be effective unless in writing signed by Secured Party. A waiver by Secured Party of any rights or remedies under the terms of this Security Agreement or with respect to the Indebtedness on any occasion will not be a bar to the exercise of any right or remedy on any subsequent occasion. All rights and remedies of Secured Party under this Security Agreement are cumulative and may be exercised singly or concurrently and the exercise of any one or more of them will not be a waiver of any other.

Secured Party’s Remedies on Default. 4.1 On 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 of default, and at any time thereafterthereafter while an event of default remains uncured, Secured Party may, after 15 days without notice to BorrowerDebtor, declare any or all or any of the Indebtedness obligations secured by this Security Agreement immediately due and payable payable; and will haveSecured 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 all those rights granted herein and in any other rights agreement now or hereafter in effect between Debtor and remedies, the rights and remedies of a secured party under Article 9 of the Illinois Uniform Commercial Code, including, but not limited to, the right to sell or otherwise dispose of any or all of the collateralSecured Party. 4.2 Secured Party will give Borrower notice of the time and place of public sale of the collateral or of the time after which 6.2 Subject to any private sale or other intended disposition is to be made by sending notice, as provided below, at least 15 days before the sale or disposition, which provisions applicable provision for notice Borrower agrees are reasonable. 4.3 After deducting all costs and expenses of every kind incurred and/or a grace period or incidental time to preparing for sale or of selling or otherwise disposing of cure contained in the collateralCredit Agreement, including, but not limited to, attorney’s fees and other legal expenses, which costs and expenses Borrower agrees to payafter any default by Debtor under this Security Agreement, Secured Party shall apply the net proceeds of may notify all or any sale or other disposition account debtors of the collateral Security Interest and may also direct such account debtors to payment of 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 may electshall, in its sole discretion, determine reasonably necessary to comply with the terms of repayment of any Indebtedness. In applying net 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 payment 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 Indebtednessreturn to or repossession by Debtor of any inventory or goods underlying any account, proper rebate and Debtor shall hold the same in trust for any unearned interest or discount will be made. After full payment Secured Party and shall dispose of the Indebtednesssame 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 account constitute reasonable notice to Borrower for 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 surplus. Borrower shall remain liable other address which Debtor has specified in writing to Secured Party for as the payment of any deficiency with interest address at the rate set forth in the Notewhich notices hereunder shall be given to Debtor. 4.4 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, reasonable attorneys' fees if Secured Party retains counsel for any such purpose. 6.6 No act, delay, omission, or course of dealing between Borrower Debtor and Secured Party will be a waiver of any of Secured Party’s 's rights or remedies under this Security Agreement, ; and no waiver, change, modification, single or discharge in whole partial exercise of any right or in part of this Security Agreement remedy hereunder shall preclude any other or further exercise thereof or the Indebtedness will be effective unless in writing signed by Secured Partyexercise of any other right or remedy. A waiver by Secured Party of any rights or remedies under the terms of this Security Agreement or with respect to the Indebtedness any obligation secured by this Security Agreement on any occasion will not be a bar to the exercise of any right or remedy on any subsequent occasion. All rights and remedies of Secured Party under this Security Agreement are cumulative may remedy any default by Debtor hereunder or with respect to any Indebtedness in any reasonable manner without waiving the default remedied and may be exercised singly without waiving any other prior or concurrently and the exercise of any one or more of them will not be a waiver of any othersubsequent default by Debtor.