Common use of Choice of Remedies Clause in Contracts

Choice of Remedies. After an Event of Default under the Notes and any waiting or notice periods required by New York law, the Secured Parties shall have the right to do any one or more of the following: (a) Declare any indebtedness under the Notes immediately due and payable. (b) Enter the premises of the Company and enforce and exercise all of the rights and remedies of secured parties under the UCC of the State of New York. (c) Require the Company to assemble the Collateral and sell the Collateral, in one or more sales, for cash or on credit or to a wholesaler, retailer or user of the Collateral, at a private or public auction, all of which shall be deemed to be commercially reasonable. (d) Take such measures as the Secured Parties may consider necessary or desirable to preserve, process, develop, maintain or protect the Collateral or any portion thereof. (e) Effect the transfer of any securities included in the Collateral into the name of the Secured Parties. (f) Require the Company to place the interest of the Secured Parties as a lienholder on the certificate of title (or other evidence of ownership) of any vehicle or property owned by the Company or with respect to which the Company holds a beneficial interest. (g) File or demand the Company file any forms or other documents required to be filed with the United States Patent and Trademark Office, United States Copyright Office, or any filings in any foreign jurisdiction required to secure or protect the Secured Parties’ interest in the Collateral. (h) Notify an account debtor or the obligor on an instrument, if any, to make payment to the Secured Parties, whether or not the Secured Parties were theretofore making collections on the account or instrument. (i) Take control of any and all proceeds to which the Secured Parties are entitled.

Choice of Remedies. After an Event of Default under the Notes Note and any waiting or notice periods required by New York California law, the Secured Parties shall have the right to do any one or more of the following: (a) Declare declare any indebtedness under the Notes immediately due and payable. (b) Enter the premises of the Company and enforce and exercise all of the rights and remedies of secured parties under the UCC Uniform Commercial Code of the State of New YorkCalifornia. (c) Require the Company to assemble the Collateral and sell the Collateral, in one or more sales, for cash or on credit or to a wholesaler, retailer or user of the Collateral, at a private or public auction, all of which shall be deemed to be commercially reasonable. (d) Take such measures as the Secured Parties may consider necessary or desirable to preserve, process, develop, maintain or protect the Collateral or any portion thereof. (e) Effect the transfer of any securities included in the Collateral into the name of the Secured Parties. (f) Require the Company to place the interest of the Secured Parties as a lienholder on the certificate of title (or other evidence of ownership) of any vehicle or property owned by the Company or with respect to which the Company holds a beneficial interest. (g) File or demand the Company file any forms or other documents required to be filed with the United States Patent and Trademark Office, United States Copyright Office, or any filings in any foreign jurisdiction required to secure or protect the Secured Parties’ ' interest in the Collateral. (h) Notify an account debtor or the obligor on an instrument, if any, to make payment to the Secured Parties, whether or not the Secured Parties were theretofore making collections on the account or instrument. (i) Take control of any and all proceeds to which the Secured Parties are entitled.