REMEDIES IN CASE OF EVENT OF DEFAULT. (a) Subject to Section 5(d) below, if an Event of Default (as defined below) shall have occurred and be continuing, the Secured Party shall be entitled to exercise all of the rights, powers and remedies for the protection and enforcement of its rights in respect of the Collateral at law or equity and, in addition, the Secured Party may, without being required to give any notice, except as herein provided or as may be required by mandatory provisions of law, sell the Collateral, or any part thereof, at public or private sale, for cash, upon credit or for future delivery, and at such price or prices as the Secured Party may deem commercially reasonable. The Secured Party shall have the right to take immediate possession of the Collateral. The Seller and NYHC-NJ hereby expressly consent to such repossession of the Collateral and waive all rights to demand any notice with respect thereto. (b) For purposes of this Agreement, an "Event of Default" shall mean the occurrence of a Triggering Event.
Appears in 3 contracts
Sources: Termination Agreement (New York Health Care Inc), Security Agreement (New York Health Care Inc), Purchase Agreement (New York Health Care Inc)