Common use of Secured Party’s Rights and Remedies Clause in Contracts

Secured Party’s Rights and Remedies. If at any time an Event of Default has occurred and is continuing or an Early Termination Date has occurred or been designated, in either case with respect to the Posting Party, then, unless the Posting party has paid in full all of its obligations under the Agreement that are then due, the Secured Party may exercise (i) all rights and remedies available to a secured party under the applicable Law with respect to Posted Collateral held by or for the benefit of the Secured Party, (ii) the right to set-off any amounts payable by the Posting Party with respect to any obligations under the Agreement against any Posted Collateral, and (iii) the right to liquidate any Posted Collateral held by or for the benefit of the Secured Party through one or more public or private sales or other dispositions with such notice, if any, as may be required under applicable Law, free from any claim or right of any nature whatsoever of the Posting Party, including any equity or right of redemption by the Posting Party (with the Secured Party having the right to purchase any or all of the Posted Collateral to be sold) and to apply the proceeds from the liquidation of the Posted Collateral to any amounts payable by the Posting Party with respect to any obligations under the Agreement in such order as the Secured Party may elect.