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

REMEDIES IN CASE OF AN EVENT OF DEFAULT. If a Default Event has occurred and is continuing, GS Inc. subject to Articles 6(5) and 8(3) of the 1983 Law, and without having to apply to the Royal Court for authority to do so shall have the power of sale of the Secured Securities and have all the rights and remedies of a secured party under the 1983 Law. To the extent required and permitted by applicable law, GS Inc. will give the Obligor notice of the time and place of any public sale or of the time after which any private sale or other disposition of Secured Securities is to be made, by sending notice at least three days before the time of sale or disposition, which the Obligor hereby agrees is reasonable. The Obligor acknowledges the possibility that the public sale of some or all Secured Securities by GS Inc. may not be made without a then existing and effective registration statement under the United States Securities Act of 1933, as amended. The Obligor acknowledges and agrees with GS Inc. that GS Inc. has no affirmative obligation to prepare or keep effective any such registration statement and agrees that at any private sale Secured Securities may be sold at a price that is less than the price which might have been obtained at a public sale or that is less than the aggregate outstanding amount of the Liquidated Damages. For so long as Secured Securities

REMEDIES IN CASE OF AN EVENT OF DEFAULT. If a an Event of Default Event has occurred and is continuing, GS Inc. subject to Articles 6(5) and 8(3) of the 1983 Law, and without having to apply to the Royal Court for authority to do so shall have the power of sale of the Secured Securities Assets and have all the rights and remedies of a secured party under the 1983 Law. To the extent required and permitted by applicable law, GS Inc. will give the Obligor notice of the time and place of any public sale or of the time after which any private sale or other disposition of Secured Securities Assets is to be made, by sending notice at least three days before the time of sale or disposition, which the Obligor hereby agrees is reasonable. The Obligor acknowledges the possibility that the public sale of some or all Secured Securities Assets by GS Inc. may not be made without a then existing and effective registration statement under the United States Securities Act of 1933, as amended. The Obligor acknowledges and agrees with GS Inc. that GS Inc. has no affirmative obligation to prepare or keep effective any such registration statement and agrees that at any private sale Secured Securities Assets may be sold at a price that is less than the price which might have been obtained at a public sale or that is less than the aggregate outstanding amount of the Liquidated Damages. For so long as Secured Securities.