Common use of Remedy Upon Default Clause in Contracts

Remedy Upon Default. (a) If any Event of Default shall have occurred and be continuing, the Pledgee's sole remedy shall be to (i) sell, without notice except as specified below, the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker's board or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Pledgee, in its sole discretion, may deem commercially reasonable, and (ii) apply the proceeds from such sale to the payment of the unpaid principal of the Notes and the interest accrued thereon. In order to enable the Pledgee to exercise the remedy set forth in this Section 11, the Pledgor has executed and delivered the Common Stock Power attached as Exhibit A, which the Pledgee will hold as additional Pledged Collateral. The Pledgor agrees that, to the extent notice of sale shall be required by law, at least twenty (20) days' notice to the Pledgor 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. The Pledgee shall not be obligated to make any sale of Pledged Collateral of the Pledgor regardless of notice of sale having been given. The Pledgee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

Remedy Upon Default. (a) If any Event of Default shall have occurred and be continuing, the Pledgee's sole remedy shall be to (i) sell, without notice except as specified below, the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker's board or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Pledgee, in its sole discretion, may deem commercially reasonable, and (ii) apply the proceeds from such sale to the payment of the unpaid principal of the Notes Note and the interest accrued thereon. In order to enable the Pledgee to exercise the remedy set forth in this Section 11, the Pledgor has executed and delivered the Common Stock Power attached as Exhibit A, hereto which the Pledgee will hold as additional Pledged Collateral. The Pledgor agrees that, to the extent notice of sale shall be required by law, at least twenty (20) days' notice to the Pledgor 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. The Pledgee shall not be obligated to make any sale of Pledged Collateral of the Pledgor regardless of notice of sale having been given. The Pledgee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.