Secured Party's Rights. Secured Party shall have the right, but not the obligation, to take, at Grantor's sole expense, any actions that Grantor is required under this Agreement to take but which Grantor fails to take, after fifteen (15) days' notice to Grantor. Grantor shall reimburse and indemnify Secured Party for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this section 4.
Secured Party's Rights. The Debtor agrees that when any Event of ---------------------- Default has occurred and is continuing hereunder, the Secured Party shall have the rights, options and remedies of a secured party, and the Debtor shall have the duties of a debtor, under the Uniform Commercial Code of New York (regardless of whether such Code or a law similar thereto has been enacted in a jurisdiction wherein the rights or remedies are asserted) and without limiting the foregoing, the Secured Party may exercise any one or more or all of the remedies hereinafter set forth, in any order:
(a) Subject to the rights of the lessees under the Leases, the Secured Party, personally or by agents or attorneys, shall have the right (subject to compliance with any applicable mandatory legal requirements) to take immediate possession of the Collateral, or any portion thereof, and for that purpose may pursue the same wherever it may be found, and may enter any premises of the Debtor, with or without notice, demand, process of law or legal procedure, to the extent permitted by applicable law, and search for, take possession of, remove, keep and store the same, or use and operate or lease the same until sold (the Secured Party shall give notice to the Debtor of such action);
(b) Subject to the rights of the lessees under the Leases, the Secured Party shall have the right (subject to compliance with any mandatory legal requirements), either with or without taking possession and either before or after taking possession, and without instituting any legal proceedings whatsoever, and having first given such notice of such sale by registered mail to the Debtor as is required by law, to sell and dispose of the Collateral, or any part thereof, at private or public sale or at public auction to the highest bidder, in one lot as an entirety or in separate lots, and either for cash or on credit and on such terms as the Secured Party may determine, and at any place (whether or not it be the location of the Collateral or any part thereof) designated in the notice referred to above; provided that any such sale shall be -------- held in a commercially reasonable manner. Any such sale or sales may be adjourned from time to time by announcement at the time and place appointed for such sale or sales, or for any such adjourned sale or sales, without further published notice, and the Debtor, the Secured Party or any of their Affiliates, may bid and become the purchaser at any such sale;
(c) Subject to the rights ...
Secured Party's Rights. Upon acceleration of the maturity of the Loans in accordance with Section 8 of the Credit Agreement and upon the occurrence and during the continuation of an Event of Default:
(i) upon written notice from Secured Party to a Pledgor, all rights of such Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) shall cease, and all such rights shall thereupon become vested in Secured Party who shall thereupon have the sole right to exercise such voting and other consensual rights;
(ii) all rights of Pledgors to receive the dividends and interest payments which they would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall cease, and all such rights shall thereupon become vested in Secured Party who shall thereupon have the sole right to receive and hold as Pledged Collateral such dividends and interest payments; and
(iii) all dividends, principal and interest payments which are received by a Pledgor contrary to the provisions of paragraph (ii) of this Section 7(b) shall be received in trust for the benefit of Secured Party, shall be segregated from other funds of such Pledgor and shall forthwith be paid over to Secured Party as Pledged Collateral in the same form as so received (with any necessary endorsements).
Secured Party's Rights. Secured Party shall have the right, but not the obligation, to take, at Borrower's sole expense, any actions that Borrower is required under this Agreement to take but which Borrower fails to take, after fifteen (15) days' notice to Borrower. Borrower shall reimburse and indemnify Secured Party for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this section 4.
Secured Party's Rights. (a) If Debtor fails to perform an obligation of Debtor under this Agreement, then Secured Party may, without giving Debtor notice, to or obtaining Debtor’s consent, perform that obligation on Debtor’s behalf. Debtor must reimburse Secured Party on demand for each expense that Secured Party incurs in performing an obligation and must pay to Secured Party interest on the expense, from the date on which Secured Party incurred the expense, at an annual rate equal to 5 percent. Secured Party is not required to perform an obligation that Debtor has failed to perform. If Secured Party does so, then that will not be a waiver of Secured Party’s right to declare the Indebtedness immediately due and payable because of Debtor’s failure to perform.
(b) With respect to the custody and preservation of Collateral in its possession, Secured Party’s only duty will be to use reasonable care. Secured Party will not have an obligation to take steps necessary to preserve rights against prior parties. Secured Party will not have a duty to sell Collateral even if its value declines. Secured Party must not have an obligation to exercise, or to notify Debtor of, a conversion or redemption right or to take similar action with regard to any Collateral.
(c) Each of Debtor and XG, LLC agrees to comply with all instructions originated by Secured Party directing it to transfer, redeem or otherwise act with respect to the Collateral (“Instructions”), subject to this Section 6(c) and the other provisions of this Agreement. Prior to the occurrence of an Event of Default, Instructions shall require the consent of Debtor. After the occurrence of an Event of Default, Instructions shall not require the consent of Debtor except to the extent required by MCL 440.9620 (Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral).
Secured Party's Rights. This Security Agreement, Secured Party’s rights hereunder or said Indebtedness hereby secured, may be assigned from time to time, and in any such case the assignee will be entitled to all of the rights, privileges and remedies granted in this Security Agreement to Secured Party.
Secured Party's Rights. Secured Party has the following rights without regard to the occurrence of an Event of Default:
Secured Party's Rights. Should a monetary Event of Default occur, then, until such Event of Default has been cured or waived, any officer, employee, or agent of Secured Party shall have the right, at any time or times hereafter, in the name of Secured Party or its nominee (including Debtor), to verify the validity, amount, or any other matter relating to any Accounts by mail, telephone, or otherwise; and all reasonable costs thereof shall be payable to Secured Party. Secured Party or its designee may at any time, after the occurrence of a monetary Event of Default by Debtor hereunder, notify customers or Account Debtors that Accounts have been assigned to Secured Party or of Secured Party's security interest therein and, after the occurrence of a monetary Event of Default by Debtor hereunder, collect the same directly and charge all collection costs and expenses to Debtor's Account. During the continuation of a nonmonetary Event of Default, hereunder then any officer, employee, or agent of Secured Party shall have the right, at any time or times during the continuation thereof, in the name of Secured Party or its nominee (including Debtor), to verify the validity, amount, or any other matter relating to any Accounts by mail, telephone, or otherwise; and all reasonable costs thereof shall be payable to Secured Party. Secured Party or its designee may at any time, during the continuation of a nonmonetary Event of Default hereunder, notify customers or Account Debtors that Accounts have been assigned to Secured Party or of Secured Party's security interest therein and, during the continuation of a nonmonetary Event of Default hereunder, collect the same directly and charge all collection costs and expenses to Debtor's Account.
Secured Party's Rights. Secured Party shall be under no duty to exercise or to withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to Secured Party in this Agreement, and Secured Party shall not be responsible for any failure to exercise such rights, nor for its delay in so doing. Secured Party shall be deemed to have exercised reasonable care as custodian of the Collateral if it takes such action to protect and preserve the Collateral as Pledgor shall request, but the failure to honor any such request shall not be deemed to be a failure by Secured Party to exercise reasonable care.
Secured Party's Rights. REGARDING COLLATERAL --------------------
