Common use of REMEDIES IN CASE OF AN EVENT OF DEFAULT Clause in Contracts

REMEDIES IN CASE OF AN EVENT OF DEFAULT. (a) If an Event of Default has occurred and is continuing, as its sole and exclusive remedy hereunder (whether or not the Company exercises such remedy), Company may take ownership (without payment of any consideration) of such number of Pledged Securities as are necessary (based upon the Fair Market Value thereof) to satisfy the unpaid portion of Liquidated Damages due and payable under Section 5(b) of the Employment Agreement by giving written notice to the Pledgor (the "Enforcement Notice"). Effective upon the giving of the Enforcement Notice, and without further action on the part of the parties to this Agreement, Company (or an affiliate of the Company) shall be deemed to have taken ownership of such Pledged Securities and to have disposed of such Pledged Securities for proceeds having a value equal to the Fair Market Value (as defined below) of such Pledged Securities as of such date. Company shall be deemed to have applied such proceeds to the payment of any unpaid Liquidated Damages. Any excess proceeds from the deemed sale of such Pledged Securities shall be for the Pledgor's account and shall be paid over to the Pledgor in cash no later than three days after the giving of the Enforcement Notice.

REMEDIES IN CASE OF AN EVENT OF DEFAULT. (a) If an Event of Default has occurred and is continuing, as its sole and exclusive remedy hereunder (whether or not the Company exercises such remedy), Company Parent may take ownership (without payment of any consideration) of such number of Pledged Securities as are necessary (based upon the Fair Market Value thereof) to satisfy the unpaid portion of Liquidated Damages due and payable under Section 5(b9(a) of either of the Employment Agreement Agreements by giving written notice to the Pledgor (the "Enforcement Notice"). Effective upon the giving of the Enforcement Notice, and without further action on the part of the parties to this Agreement, Company (or an affiliate of the Company) Parent shall be deemed to have taken ownership of such Pledged Securities Securities, and to have disposed of such Pledged Securities for proceeds having a value equal to the Fair Market Value (as defined below) of such Pledged Securities as of such date. Company The Parent shall be deemed to have applied such proceeds to the payment of any unpaid Liquidated Damages. Any excess net proceeds from the deemed sale of such Pledged Securities shall be for the Pledgor's account and shall be paid over to the Pledgor in cash no later than three days after the giving of the Enforcement Notice.