Common use of Enforcement Procedure Clause in Contracts

Enforcement Procedure. In the event of Borrower's failure to pay any amount owing to Lender, or the occurrence of any Event of Default, Lender may, at its sole option and without demand and upon such notice as may be required by law, do any one or more of the following: 11.1. Require Borrower and/or VVI to assemble the Collateral in value of up to the amount of the unpaid aggregate amount drawn on the Line of Credit and make it available to Lender at a place designated by Lender; 11.2. Immediately take possession of the Collateral in value of up to the amount of the unpaid aggregate amount drawn on the Line of Credit wherever it may be found, using all necessary force to do so, and Borrower and/or VVI waives all claims to damages due to or arising from or connected with any such taking; 11.3. Proceed in the foreclosures of this Agreement; and 11.4. Sell in one or more sales or all of the Collateral in value of up to the amount of the unpaid aggregate amount drawn on the Line of Credit at public or private sale with appraisal or having any or all of the Collateral in value of up to the amount of the unpaid aggregate amount drawn on the Line of Credit at the place of sale, upon such terms and in such manner as Lender may determine. 11.5. Prior to any sale, Lender may at its option complete the processing of any Inventory in value of up to the amount of the unpaid aggregate amount drawn on the Line of Credit subject to the lien hereof, repair or recondition the same to such extent as Lender may deem advisable and any sums expended therefor by Lender will be repaid by Borrower. Lender may take possession of Borrower's and/or VVI's premises to complete such processing, repairing and reconditioning, using the facilities and other property of Borrower and/or VVI to do so, to store any Collateral in value of up to the amount of the unpaid aggregate amount drawn on the Line of Credit subject to Lender's security interest and to conduct any sale as provided for herein, all without compensation to Borrower. Lender may be the purchaser of any Collateral in value of up to the amount of the unpaid aggregate amount drawn on the Line of Credit so sold and hold the same thereafter in its own right absolutely free from any claims of Borrower and/or VVI or right of redemption thereof.