Fixture Collateral. Upon the occurrence of an Event of Default, or at any time thereafter, Lender may elect to treat the Fixture Collateral as either Realty Collateral or as Personalty Collateral and proceed to exercise such rights as apply to the type of Collateral selected.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (Armada Oil, Inc.), Commercial Security Agreement (United Heritage Corp)
Fixture Collateral. Upon the occurrence of an Event of Default, or at any time thereafter, Lender Debenture Mortgagees may elect to treat the Fixture Collateral as either Realty Collateral or as Personalty Collateral and proceed to exercise such rights as apply to the type of Collateral selected.
Appears in 1 contract