Common use of Enforcement of Security Interest Clause in Contracts

Enforcement of Security Interest. Upon the occurrence of Event of Default and during its continuance, the Lender or its nominees may, without further authority and without prejudice to its other rights under any Applicable Law and under or pursuant to this Facility Agreement and after providing notice, enforce any or all of the Security, at the cost of the Borrower, and may apply the net proceeds of such enforcement towards the payment of the outstanding amounts in accordance with the Facility Agreement. The Lender may also enforce the Security provided by the Borrower, for any other facility availed by the Borrower from the Lender. However, if the enforcement of Security does not cover the full amount of the Financial Indebtedness of the Borrower, the Borrower agrees to pay to the Lender forthwith at the Lender’s demand such amount as will make up the shortfall.