Common use of Code and Other Remedies Clause in Contracts

Code and Other Remedies. (a) If an Event of Default shall occur and be continuing, the Issuing Bank may exercise, in addition to all other rights and remedies granted to it in this Agreement, any L/C Collateral Account Control Agreement and in any other instrument or agreement securing, evidencing or relating to the L/C Obligations, all rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or its rights under any other applicable law or in equity. If an Event of Default shall occur and be continuing, the Issuing Bank shall also have the right to cause any Permitted Deposit Investments to be liquidated or sold. (b) The Issuing Bank shall apply the net proceeds of any action taken by it pursuant to this Section 8.02, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Issuing Bank hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the L/C Obligations in accordance with the last paragraph of Article IX. To the extent permitted by applicable law, the Account Party waives all claims, damages and demands it may acquire against the Issuing Bank arising out of the exercise by it of any rights hereunder, except for gross negligence and willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.

Code and Other Remedies. (a) If an Event of Default shall occur and be continuing, the Issuing Bank may exercise, in addition to all other rights and remedies granted to it in this Agreement, any L/C Collateral Account Control Agreement and in any other instrument or agreement securing, evidencing or relating to the L/C Obligations, all rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or its rights under any other applicable law or in equity. If an Event of Default shall occur and be continuing, the Issuing Bank shall also have the right right, upon delivery of a written instruction by the Issuing Bank to the Deposit Bank and without notice to the Account Party except as required by law, to instruct the Deposit Bank to distribute all or any part of the L/C Collateral Account against the L/C Obligations or any part thereof in accordance with such instructions (including to cause any Permitted Deposit Investments to be liquidated or sold). (b) The Issuing Bank shall apply the net proceeds of any action taken by it pursuant to this Section 8.02, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Issuing Bank and the Deposit Bank hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the L/C Obligations in accordance with the last paragraph of Article IX. To the extent permitted by applicable law, the Account Party waives all claims, damages and demands it may acquire against the Issuing Bank and the Deposit Bank arising out of the exercise by it of any rights hereunder, except for gross negligence and willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.. SECTION 8.03. Delivery of Collateral, Execution of Financing Statements and Related Representations and Covenants. (a)

Code and Other Remedies. (a) If an Event of Default shall occur and be continuing, the Issuing Bank may exercise, in addition to all other rights and remedies granted to it in this Agreement, any L/C Collateral Account Control Agreement and in any other instrument or agreement securing, evidencing or relating to the L/C Obligations, all rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) or its rights under any other applicable law or in equity. If an Event of Default shall occur and be continuing, the Issuing Bank shall also have the right right, upon delivery of a written instruction by the Issuing Bank to the Deposit Bank and without notice to the Account Party except as required by law, to instruct the Deposit Bank to distribute all or any part of the L/C Collateral Account against the L/C Obligations or any part thereof in accordance with such instructions (including to cause any Permitted Deposit Investments to be liquidated or sold). (b) The Issuing Bank shall apply the net proceeds of any action taken by it pursuant to this Section 8.02, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Issuing Bank and the Deposit Bank hereunder, including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the L/C Obligations in accordance with the last paragraph of Article IX. To the extent permitted by applicable law, the Account Party waives all claims, damages and demands it may acquire against the Issuing Bank and the Deposit Bank arising out of the exercise by it of any rights hereunder, except for gross negligence and willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.