Common use of ACTION REGARDING COLLATERAL AND WAIVER OF CLAIMS Clause in Contracts

ACTION REGARDING COLLATERAL AND WAIVER OF CLAIMS. (a) Upon the occurrence and during the continuance of an event of default under the Agreement, the Bank, at any time and in its sole discretion, may enter any premises in which the Collateral may be located and may remove such Collateral to such place as the Bank may deem advisable, or require the Grantor to assemble and make all Collateral available at such place as the Bank may direct, and may sell, dispose of, resell, assign, transfer, lease and deliver or otherwise deal or decline to deal with all or any part of the Collateral, in each case without advertisement, in one or more sales, at such price or prices, and upon such commercially reasonable terms (such as requiring any purchaser of any stock to represent that such purchase is for investment purposes only) either for cash or credit or future delivery as the Bank may elect. The Grantor authorizes the Bank to grant extensions or modifications of terms to, or adjust claims of, or make compromises with, debtors, guarantors or any other parties with respect to accounts or any securities, guaranties or insurance or other obligations comprising Collateral without notice to, or consent of, the Grantor, without affecting the Obligations and without liability of the Bank to account except in the event of gross negligence, bad faith, or willful misconduct. The Grantor waives notice of non-payment, protest and all other notices to which the Grantor might otherwise be entitled. The proceeds of any such liquidation, less all reasonable costs and expenses incurred in connection therewith, and, at the option of the Bank, less any other Liens or claims discharged with such proceeds, shall be applied by the Bank against the Obligations in accordance with this Security Agreement and the Agreement. Their Grantor shall remain liable to the Bank for any deficiency in payment of the Obligations.

ACTION REGARDING COLLATERAL AND WAIVER OF CLAIMS. (a) Upon the occurrence and during the continuance of an event Event of default under the AgreementDefault, the Bank, at any time and in its sole discretion, may enter any premises in which the Collateral may be located and may remove such Collateral to such place as the Bank may deem advisable, or require the Grantor to assemble and make all Collateral available at such place as the Bank may direct, and may sell, dispose of, resell, assign, transfer, lease and deliver or otherwise deal or decline to deal with all or any part of the Collateral, in each case without advertisement, in one or more sales, at such price or prices, and upon such commercially reasonable terms (such as requiring any purchaser of any stock to represent that such purchase is for investment purposes only) either for cash or credit or future delivery as the Bank may elect. The Grantor authorizes the Bank to grant extensions or modifications of terms to, or adjust claims of, or make compromises with, debtors, guarantors or any other parties with respect to accounts or any securities, guaranties or insurance or other obligations comprising Collateral without notice to, or consent of, the Grantor, without affecting the Obligations and without liability of the Bank to account except in the event of gross negligence, bad faith, or willful misconduct. The Grantor waives notice of non-payment, protest and all other notices to which the Grantor might otherwise be entitled. The proceeds of any such liquidation, less all reasonable costs and expenses incurred in connection therewith, and, at the option of the Bank, less any other Liens or claims discharged with such proceeds, shall be applied by the Bank against the Obligations in accordance with this Security Agreement and the Agreement. Their Grantor shall remain liable to the Bank for any deficiency in payment of the Obligations.