Rights of Secured Party Upon Default Sample Clauses
Rights of Secured Party Upon Default. If there is an Event of Default and such default is not cured within any applicable cure period, the Secured Party may, at its option and at any time thereafter:
(a) Declare the entire aggregate amount of the Secured Indebtedness then outstanding and the interest and other fees and expenses accrued thereon, and all other obligations of debtor to Secured Party to be immediately due and payable without notice and without presentment, demand, protest, notice of protest, or other notice of default or dishonor of any kind, all of which are hereby expressly waived by the Debtor;
(b) require Debtor to assemble the Collateral, including any books and records pertaining to the Collateral, and make them available to Secured Party at a place designated by Secured Party;
(c) notify any account debtor, any buyers of the Collateral, and any other person of Secured Party's interest in the Collateral;
(d) request confirmation from any account debtor of the status of the account upon which the account debtor is obligated;
(e) require Debtor to obtain Secured Party's prior written consent to any sale, agreement to sell, or other disposition of any Collateral (other than in the ordinary course of Debtor's business);
(f) remedy any default or waive any default without waiving the default remedies and without waiving any other prior or subsequent default; and
(g) take such measures as Secured Party may deem necessary or advisable to take possession of, hold, preserve, process, assemble, insure, collect on, prepare for sale or lease, market for sale or lease, sell or lease, or otherwise dispose of any Collateral. Debtor hereby constitutes and appoints Secured Party as Debtor's attorney-in-fact to perform all acts and execute all documents solely in connection with the remedies described in this Agreement. This power of attorney is coupled with an interest and shall be irrevocable until such time as all of Debtor's obligations under the Security Instruments (including without limitation, the TSA) are satisfied in full. Secured Party's rights under this Subsection 5.1 may only be exercised to the extent any amount of the Secured Indebtedness remains unpaid and specifically may not be exercised with respect to any amounts in excess of the Secured Indebtedness.
Rights of Secured Party Upon Default. Upon an Event of Default, The Company may, without demand or other notice of any kind, at its option:
Rights of Secured Party Upon Default. In the event of an uncured default of an Obligation, Secured Party shall have the rights of a secured party under the New York Uniform Commercial Code except for the right to seek a deficiency following sale or other disposition of the Shares, it being understood that Secured Party’s sole and only recourse shall be to the Shares.
Rights of Secured Party Upon Default. If there is an Event of Default which the Debtor fails to cure within any applicable cure period, the Secured Party may, at its option and at any time thereafter:
(a) Declare the entire aggregate amount of the Secured Indebtedness then outstanding and the interest and other fees and expenses accrued thereon, and all other obligations of Debtor to Secured Party to be immediately due and payable without notice and without presentment, demand, protest, notice of protest, or other notice of default or dishonor of any kind, all of which are hereby expressly waived by the Debtor; (b) require Debtor to assemble the Collateral, including any books and records pertaining to the Collateral, and make them available to Secured Party at a place designated by
Rights of Secured Party Upon Default. Upon the occurrence of an Event of Default, Secured Party shall have the following rights and remedies:
A. All of the rights and remedies of a secured party under the Nevada law or other applicable law then in effect.
B. Out of the proceeds of any disposition the Secured Party shall:
(i) First, pay all costs, expenses and charges for pursuing, searching for, taking, removing, keeping, storing, advertising and selling such Collateral, including without limitation, reasonable attorneys’ fees and costs;
(ii) Second, retain out of the proceeds of sale the Secured Debt; and
(iii) Third, pay the remaining funds, if any, to the Debtor or other party entitled thereto.
C. If there be a deficiency, Debtor shall forthwith pay it to the Secured Party.
D. The Secured Party may postpone or adjourn any such sale from time to time by announcement at the time and place of sale stated in the notice of sale, without being required to give a new notice of sale.
Rights of Secured Party Upon Default. Upon the occurrence of an Event of Default, the Secured Party shall have all of the rights and remedies of a secured party under any and all applicable federal and state laws, subject to the procedures set forth in Article 15 of the Operating Agreement.
Rights of Secured Party Upon Default. Upon the happening of any ------------------------------------- event of default the Secured Party's rights with respect to the Collateral shall be those of a secured party under the Uniform Commercial Code and any other applicable law from time to time in effect. The Secured Party shall also have any additional rights granted herein and in any other agreement now or hereafter in effect between the Debtor and the Secured Party, including, without limitation, the Goodwill Note, Loan Amount Note, ▇▇▇▇▇ Agreement, Stock Pledge Agreement, Guaranty and the aforementioned Asset Agreement. If requested by the Secured Party the Debtor will assemble the Collateral and make it available to the Secured Party at a place to be designated by the Secured Party.
Rights of Secured Party Upon Default. In the event of an uncured default of an Obligation, Secured Party shall have the rights of a secured party under the California Uniform Commercial Code except for the right to seek a deficiency following sale or other disposition of the Shares, it being understood that Secured Party’s sole and only recourse shall be to the Shares. In the foregoing event, Secured Party shall be entitled to the delivery of the Shares endorsed to Secured Party and the Shares shall be transferred to Secured Party on the books of the Company.
Rights of Secured Party Upon Default. Upon the occurrence of an Event of Default:
Rights of Secured Party Upon Default. If a Default shall have occurred, then all of the Obligations shall, at the option of Secured Party, immediately be deemed due and payable without notice or demand, time being of the essence, and Secured Party, at its option, may do any one or more of the following (and, if more than one, either concurrently or independently, and in such order as Secured Party may determine in its discretion), in addition to its other remedies under the Documents, all without regard to the adequacy or value of the security for the Obligations:
(a) Enter upon and take possession of the Project without the appointment of a receiver, or an application therefor; at its option, operate the Project; at its option, exclude Originator, the City and their agents, employees and assigns wholly therefrom; at its option, employ a managing agent of the Project; and at its option, exercise any one or more of the rights and powers of Originator to the same extent as Originator could, either in its own name, or in the name of Originator; and receive the rents, incomes, issues and profits of the Project. Secured Party shall have no obligation to discharge any duties of a landlord to any Tenant or to incur any liability as a result of any exercise by Secured Party of any rights hereunder; and Secured Party shall not be liable for any failure to collect rents, issues, profits or revenues, nor liable to account for any rents, issues, profits or revenues unless actually received by Secured Party.
(b) Apply, as a matter of strict right, without notice and without regard to the solvency of any party bound for its payment, for the appointment of a receiver to take possession of and to operate the Project and to collect and apply the incomes, rents, issues, profits and revenues thereof.
(c) Pay, perform or observe any term, covenant or condition of this Instrument and any of the other Documents and all payments made or costs or expenses incurred by Secured Party in connection therewith shall be secured hereby. The necessity for any such actions and the amounts to be paid shall be determined by Secured Party in its discretion. Secured Party is hereby empowered to enter and to authorize others to enter upon the Project or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without thereby becoming liable to Originator, the City or any person in possession holding under Originator or the City. Originator hereby acknowledges and agrees that the rem...