Common use of Remedies in the Event of Default Clause in Contracts

Remedies in the Event of Default. In the case of an event of default, as set forth above, Pledgee shall have the right to accelerate payment of the Note upon notice to Pledgor, and shall thereafter be entitled to pursue any or all of its remedies under applicable law, including, without limitation, (a) offsetting from Pledgor's salary, bonuses, vacation pay or other amounts due to Pledgor from the Pledgee, any amount due and payable by Pledgor under the Note, and/or (b) proceeding against the Collateral in accordance with the California Commercial Code.