Remedies Upon Occurrence of Event of Default. 13 7.1. Remedies; Obtaining the Collateral Upon Default............. 13 7.2. Remedies; Disposition of the Collateral..................... 14 7.3.
Remedies Upon Occurrence of Event of Default. 7.1. Remedies; Obtaining the Collateral Upon Default
Remedies Upon Occurrence of Event of Default. (a) If an Event of Default shall have occurred and be continuing, the Agent shall have the right to exercise, for the benefit of the Secured Parties, any and all rights and remedies available to it under the Uniform Commercial Code as in effect in the State of Minnesota and any other applicable law to the fullest extent permitted thereby. Without limiting the foregoing, upon the occurrence of an Event of Default and during the continuance thereof, the Agent or any Secured Parties may exercise any of the following rights and remedies: (i) the right, in the name of the Company or otherwise, to demand, collect, receive and receipt for, compound, compromise, settle and give acquittance for, and prosecute and discontinue any suits or proceedings in respect of any or all of the Collateral; (ii) the right upon written notice to the Company and any other Person entitled to receive such notice under any Servicing Contract or Servicing Rights, specifying the effective date of any assumption thereof, to assume, become bound by, and agree to perform and observe the covenants, agreements, obligations and conditions to be performed and observed under any Servicing Contract or Servicing Rights specified in such notice and to exercise all of the rights, powers and privileges of the Company thereunder; (iii) the right to sell and assign to any Person or Persons the right, title and interest of the Company in any Servicing Contract or Servicing Rights; (iv) the right to require the Company to, and the Company hereby agrees that it will at its expense and upon request of the Agent forthwith, assemble all or part of the Collateral as directed by the Agent and make it available to the Agent at a place to be designated by the Agent that is reasonably convenient to both the Agent and the Company; (v) without notice except as specified below, the right to sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Agent's offices or elsewhere, for cash, on credit, or for future delivery, and without assumption of any credit risk, and upon such other terms as the Agent may reasonably believe are commercially reasonable (the Company agrees that, to the extent notice of sale shall be required by law, at least ten days' prior notice to the Company of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification, and the Company further agrees that the Agent shall not be...
Remedies Upon Occurrence of Event of Default. SECTION 8.1. REMEDIES; OBTAINING THE COLLATERAL UPON DEFAULT
Remedies Upon Occurrence of Event of Default. 7. 1. Remedies: Obtaining the Collateral Upon Default. Each Assignor ----------------------------------------------- agrees that, if any Event of Default shall have occurred and be continuing, then and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law, shall have all rights as a secured creditor under any UCC, and such additional rights and remedies to which a secured creditor is entitled under the laws in effect, in all relevant jurisdictions and may:
Remedies Upon Occurrence of Event of Default. Section 7.1. Remedies; Obtaining the Collateral Upon Default 18 Section 7.2. Remedies; Disposition of the Collateral 19 Section 7.3. Waiver of Claims 20 Section 7.4. Application of Proceeds 21 Section 7.5. Remedies Cumulative 21 Section 7.6. Discontinuance of Proceedings 22 Section 7.7. Additional Remedies With Respect to Collateral Located in Louisiana 22 Page
Remedies Upon Occurrence of Event of Default. (1) Each Assignor agrees that, if any Event of Default shall have occurred and be continuing, then and in every such case, subject to any mandatory requirements of applicable law then in effect, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law, may: personally, or by agents or attorneys, immediately, without the necessity to obtain a prior court order,
Remedies Upon Occurrence of Event of Default. 5 4.1. Remedies; Obtaining the Equipment Collateral Upon Default ............. 5 4.2. Remedies; Disposition of the Equipment Collateral ..................... 6 4.3.
Remedies Upon Occurrence of Event of Default. Section 8.01 Remedies Generally Section 8.02 Disposition of the Collateral TABLE OF CONTENTS (continued) Page Section 8.03 Grant of License to Use Intellectual Property Section 8.04 Waiver of Claims Section 8.05 Application of Proceeds
Remedies Upon Occurrence of Event of Default. 15 7.1. Remedies; Obtaining the Collateral Upon Default 15 7.2. Remedies; Disposition of the Collateral 16 7.3. Waiver of Claims 17 7.4. Application of Proceeds 18 7.5. Remedies Cumulative 20 7.6. Discontinuance of Proceedings 21 ARTICLE VIII INDEMNITY 21 8.1. Indemnity 21 8.2. Indemnity Obligations Secured by Collateral; Survival 23 ARTICLE IX DEFINITIONS 23 ARTICLE X MISCELLANEOUS 28 10.1. Notices 28 10.2. Waiver; Amendment 29 10.3. Obligations Absolute 30 10.4. Successors and Assigns 30 10.5. Headings Descriptive 30 10.6. Governing Law 30 10.7. Assignor's Duties 30 10.8. Termination; Release 31 10.9. Counterparts 32 10.10. The Collateral Agent 32 10.11. Severability 32 10.12. Limited Obligations 32 10.13. Additional Assignors 32 ANNEX A Schedule of Chief Executive Offices/Record Locations (ii) SECURITY AGREEMENT SECURITY AGREEMENT, dated as of September 19, 1996 (as amended, modified or supplemented from time to time, this "Agreement"), among each of the under- signed assignors (each, an "Assignor" and, together with each other entity that is required to execute a counterpart hereof pursuant to Section 10.13 hereof, the "Assignors") and BANKERS TRUST COMPANY, as Collateral Agent (the "Collateral Agent"), for the benefit of the Secured Creditors (as defined below). Except as otherwise defined herein, terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined.
