Common use of Remedies Upon the Occurrence of an Event of Default Clause in Contracts

Remedies Upon the Occurrence of an Event of Default. If there shall have occurred and is then continuing an Event of Default under the terms of the Credit Agreement, then the Lender shall have such rights and remedies with respect to the Pledged Collateral or any part thereof and the proceeds thereof as are provided by the Code and such other rights and remedies with respect thereto which it may have at law or in equity or under this Pledge Agreement, including without limitation, to the extent not inconsistent with the provisions of the Code, the right to (a) transfer all or any part of the Pledged Collateral into the Lender's name or into the name of its nominee and thereafter receive all cash, stock and other dividends or distributions paid or payable in respect thereof, and otherwise act with respect thereto for the benefit of the Lender as the absolute owner thereof, and (b) sell, assign, give an option or options to purchase or otherwise dispose of all or any part of the Pledged Collateral at any public or private sale at such place or places and at such time or times and upon such terms, whether for cash or on credit, and in such manner as the Lender may determine, and apply the proceeds so received in accordance with the terms of the Credit Agreement. Each Pledgor shall be liable for any deficiency if the proceeds of any sale, assignment, giving of an option or options to purchase or other disposition of its Pledged Collateral is insufficient to pay all amounts to which the Lender is entitled.

Remedies Upon the Occurrence of an Event of Default. If there shall have occurred and is then continuing an Event of Default under the terms of the Credit Agreement, then the Lender Agent and the Banks shall have such rights and remedies with respect to the Pledged Collateral or any part thereof and the proceeds thereof as are provided by the Code and such other rights and remedies with respect thereto which it may have at law or in equity or under this Pledge Agreement, including without limitation, to the extent not inconsistent with the provisions of the Code, the right to (a) transfer all or any part of the Pledged Collateral into the LenderAgent's name or into the name of its nominee and thereafter receive all cash, stock and other dividends or distributions paid or payable in respect thereof, and otherwise act with respect thereto for the benefit of the Lender Banks as the absolute owner thereof, and (b) sell, assign, give an option or options to purchase or otherwise dispose of all or any part of the Pledged Collateral at any public or private sale at such place or places and at such time or times and upon such terms, whether for cash or on credit, and in such manner as the Lender Banks may determine, and apply the proceeds so received in accordance with the terms of the Credit Agreement. Each Pledgor shall be liable for any deficiency if the proceeds of any sale, assignment, giving of an option or options to purchase or other disposition of its Pledged Collateral is insufficient to pay all amounts to which the Lender is Banks are entitled.