Common use of Borrower’s Obligations Upon Default Clause in Contracts

Borrower’s Obligations Upon Default. Upon the request of Lender after the occurrence and during the continuance of an Event of Default, Borrower will: (a) Assemble and make available to Lender the Collateral at such place(s) as Lender shall reasonably designate that is reasonably convenient to Lender and Borrower, segregating all Collateral so that each item is capable of identification; and (b) Subject to the rights of any lessor, permit Lender, by Lender’s officers, employees, agents and representatives, to peaceably enter any premises where any Collateral is located, to take possession of the Collateral, to complete the processing, manufacture or repair of any Collateral, and to remove the Collateral, or to conduct any public or private sale of the Collateral, all without any liability of Lender for rent or other compensation for the use of Borrower’s premises.