Common use of Rights in Event of Default Clause in Contracts

Rights in Event of Default. (a) Upon the occurrence of an Event of Default hereunder, and at any time thereafter, in addition to the rights granted pursuant to Section 6.1 hereof, but subject to the provisions of the Notes, Secured Party may declare the Secured Indebtedness immediately due and payable. Upon the acceleration of the Secured Indebtedness, Secured Party shall have the right to sell, lease or otherwise dispose of any or all of the Collateral and the right to take possession of the Collateral, and for that purpose Secured Party may enter upon any premises on which the Collateral or any part thereof may be situated and remove the Collateral or books and records evidencing same, or may require Borrower to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Secured Party will send Borrower reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or other disposition thereof is to be made. The requirement of sending reasonable notice shall be met if such notice is mailed, postage prepaid, to Borrower at the address designated in this Agreement at least five (5) days before the time of the sale or disposition. Expenses of retaking, holding, preparing for sale, selling or the like shall include Secured Party's attorneys' fees and legal expenses, plus interest thereon at the maximum non-usurious rate permitted by applicable law with respect to Borrower and shall constitute part of the Secured Indebtedness. Borrower shall remain liable for any deficiency.

Rights in Event of Default. (a1) Upon the occurrence of an Event of Default hereunderDefault, or if Secured Party deems payment of Debtor's obligations to Secured Party to be insecure, and at any time thereafter, in addition to the rights granted pursuant to Section 6.1 hereof, but subject to the provisions of the Notes, Secured Party may declare the Secured Indebtedness all obligations secured hereby immediately due and payable. Upon payable and shall have the acceleration rights and remedies of the Secured Indebtedness, a Secured Party shall have under the Uniform Commercial Code of Georgia, including without limitation thereto, the right to sell, lease or otherwise dispose of any or all of the Collateral and the right to take possession of the Collateral, and for that purpose Secured Party may enter upon any premises on which the Collateral or any part thereof may be situated and remove the Collateral or books and records evidencing same, or same therefrom. Secured Party may require Borrower Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on in a recognized market, Secured Party will send Borrower give Debtor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or any other intended disposition thereof is to be made. The requirement requirements of sending reasonable notice shall be met if as such notice is mailed, postage prepaid, to Borrower the address of Debtor shown at the address designated in beginning of this Security Agreement at least five (5) days before the time of the sale or disposition. After sale, all monies will be applied to Security Agreement, and Debtor will be liable for any remaining deficiencies. Expenses of retaking, holding, preparing for sale, selling or the like shall include Secured Party's reasonable attorneys' fees and legal expenses, plus interest thereon at the maximum non-usurious highest legal rate permitted by applicable law with respect to Borrower and shall constitute part of the Secured Indebtednessper annum. Borrower Debtor shall remain liable for any deficiency.

Rights in Event of Default. (a) Upon the occurrence of an Event of Default hereunderDefault, and at any time thereafter, or in addition to the rights granted pursuant to Section 6.1 hereof, but subject to the provisions of the Notesevent Secured Party deems itself insecure, Secured Party may declare the Secured Indebtedness immediately due and payable. Upon the acceleration of the Secured Indebtedness, Secured Party payable and shall have the rights and remedies of a secured party under the Uniform Commercial Code and under other applicable laws of each state having jurisdiction over the collateral or any part thereof, including without limitation thereto, the right to sell, lease or otherwise dispose of any or all of the Collateral collateral and the right to take possession of the Collateral, and for that purpose Secured Party may enter upon any premises on which the Collateral or any part thereof may be situated and remove the Collateral or books and records evidencing same, or may require Borrower Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Unless the Collateral collateral is perishable or threatens to decline speedily in value value, or is of a type customarily sold on a recognized market, Secured Party will send Borrower Debtor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or other disposition thereof is to be made. The requirement of sending reasonable notice shall be met if such notice is mailed, postage prepaid, to Borrower Debtor at the address designated in this Agreement at least five ten (510) days before the time of the sale or disposition. Expenses of retaking, holding, preparing for sale, selling or the like shall include Secured Party's reasonable attorneys' fees and legal expenses, plus interest thereon at the maximum non-usurious rate permitted by applicable law with respect to Borrower and shall constitute part of the Secured IndebtednessDebtor. Borrower Debtor shall remain liable for any deficiency.. Any amounts held, realized or received by Secured Party from any sale or other disposition of the Collateral or any part thereof, and all amounts received by Secured Party pursuant to collection of Accounts shall be applied by Secured Party in the following order to:

Rights in Event of Default. (a1) Upon the occurrence of an Event of Default hereunderDefault, or if Secured Party deems payment of Debtor's obligations to Secured Party to be insecure, and at any time thereafter, in addition to the rights granted pursuant to Section 6.1 hereof, but subject to the provisions of the Notes, Secured Party may declare the Secured Indebtedness all obligations secured hereby immediately due and payable. Upon payable and shall have the acceleration rights and remedies of the Secured Indebtedness, a Secured Party shall have under the Uniform Commercial Code as enacted in the State of Georgia, O.C.G.A. ss.11-9, and all other applicable laws, including without limitation thereto, the right to sell, lease or otherwise dispose of any or all of the Collateral and the right to take possession of the Collateral, and for that purpose Secured Party may enter upon any premises on which the Collateral or any part thereof may be situated and remove the Collateral or books and records evidencing same, or same therefrom. Secured Party may require Borrower Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on in a recognized market, Secured Party will send Borrower give Debtor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or any other intended disposition thereof is to be made. The requirement requirements of sending reasonable notice shall be met if as such notice is mailed, postage prepaid, to Borrower the address of Debtor shown at the address designated in beginning of this Security Agreement at least five (5) days before the time of the sale or disposition. After sale, all monies will be applied to amounts outstanding under the Floor Plan Agreement, the Note and this Security Agreement, and Debtor will be liable for any remaining deficiencies. Expenses of retaking, holding, preparing for sale, selling or the like shall include Secured Party's reasonable attorneys' fees and legal expenses, plus interest thereon at the maximum non-usurious highest legal rate permitted by applicable law with respect to Borrower and shall constitute part of the Secured Indebtednessper annum. Borrower Debtor shall remain liable for any deficiency.

Rights in Event of Default. (a) Upon the occurrence of an Event of Default hereunderDefault, and at any time thereafter, in addition to the rights granted pursuant to Section 6.1 hereof, but subject to the provisions of the Notes, Secured Party may declare the Secured Indebtedness immediately due and payable. Upon the acceleration of the Secured Indebtedness, Secured Party payable and shall have the rights and remedies of a secured party under the Texas Business and Commerce Code, as amended, and under other applicable laws of each state having jurisdiction over the Collateral or any part thereof, including without limitation thereto, the right to sell, lease or otherwise dispose of any or all of the Collateral and the right to take possession of the Collateral, and for that purpose Secured Party may enter upon any premises on which the Collateral or any part thereof may be situated and remove the Collateral or books and records evidencing same, or may require Borrower Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Secured Party will send Borrower Debtor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or other disposition thereof is to be made. The requirement of sending reasonable notice shall be met if such notice is mailed, postage prepaid, to Borrower Debtor at the address designated in this Agreement at least five ten (510) days before the time of the sale or of disposition. Expenses of retaking, holding, preparing for sale, selling or the like shall include Secured Party's reasonable attorneys' fees and legal expenses, plus interest thereon at the maximum non-usurious rate permitted by applicable law with respect to Borrower and shall constitute part of the Secured Indebtedness. Borrower Debtor, Debtor shall remain liable for any deficiency.. Any amounts held, realized or received by Secured Party' from any sale or other disposition of the Collateral or any part thereof, and all amounts received by Secured Party pursuant to collection of accounts shall be applied by Secured Party in the following order to: