Common use of Enforcement of Security Interest Clause in Contracts

Enforcement of Security Interest. (a) To the extent the law permits, Arrow VD need not comply with, and the Customer may not exercise rights under, any provisions of Chapter 4 of the PPSA that may be contracted out of. (b) If Arrow VD exercises a right, power or remedy in connection with this Agreement or a security interest that it provides for, that exercise is taken not to be an exercise of a right, power or remedy under the PPSA unless Arrow VD states otherwise at the time of exercise. However, this clause does not apply to a right, power or remedy which can only be exercised under the PPSA.