Common use of Default and Enforcement Clause in Contracts

Default and Enforcement. 1. In addition to all liens upon and rights of set-off against moneys, securities, or other property of Guarantor given to Bank by law or equity, Bank shall have a lien upon, security interest in, and right of immediate set-off against all moneys, instruments, notes, bonds, commercial paper, securities, and other property of Guarantor now or hereafter in the possession of or on deposit with Bank, whether held in a general or special account for deposit, safe-keeping, or otherwise. Every such lien and right of set-off may be exercised after the occurrence of an Event of Default under the Loan Agreement (and expiration of all notice and cure periods), or a default by Guarantor under this Agreement, and expiration of applicable cure periods, without further notice or demand to Guarantor, and Bank may sell or cause to be sold, at public or private sale, in any manner and place which may be lawful, for cash or credit and upon such terms as Bank may see fit, and without demand or notice to Guarantor, all or any of such property, and Bank or any other person may purchase such property, rights, or interests so sold and thereafter hold the same free of any claim or right of whatsoever kind, including any right of equity or redemption of Guarantor, such demand, notice, or right of equity or redemption being hereby expressly waived and released.