Retention of Collateral. Without limiting the application of, and Secured Party’s rights under Section 7(i) of this Agreement, in addition to the rights and remedies hereunder, upon the occurrence and during the continuance of an Event of Default, the Secured Party may, after providing the notices required by Section 9-620 of the UCC or otherwise complying with the requirements of applicable law of the relevant jurisdiction, retain all or any portion of the Collateral in satisfaction of the Secured Obligations. Unless and until the Secured Party shall have provided such notices, however, the Secured Party shall not be deemed to have retained the Collateral in satisfaction of any Secured Obligations for any reason.
Appears in 3 contracts
Sources: Security Agreement (Gulf United Energy, Inc.), Security Agreement (Gulf United Energy, Inc.), Security Agreement (Gulf United Energy, Inc.)
Retention of Collateral. Without limiting To the application of, and Secured Party’s rights extent permitted under Section 7(i) of this Agreementapplicable law, in addition to the rights and remedies hereunder, upon the occurrence and during the continuance of an Event of Default, the Secured Party may, after providing the notices required by Section Sections 9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable law of the relevant jurisdiction, accept or retain all or any portion of the Collateral in satisfaction of the Secured Obligations. Unless and until the Secured Party shall have provided such notices, however, the Secured Party shall not be deemed to have accepted or retained the any Collateral in satisfaction of any Secured Obligations for any reason.
Appears in 2 contracts
Sources: Guarantee and Security Agreement (Universal Access Global Holdings Inc), General Security Agreement (Thomas Equipment, Inc.)
Retention of Collateral. Without limiting the application of, and Secured Party’s rights under Section 7(i) of this Agreement, in In addition to the rights and remedies hereunder, upon the occurrence and during the continuance of an Event of DefaultDefault and during the continuation thereof, the Secured Party may, after providing the notices required by Section Sections 9-620 and 9-621 of the UCC (or any successor sections of the UCC) or otherwise complying with the notice requirements of applicable law of the relevant jurisdiction, accept or retain all or any portion of the Collateral in satisfaction of the Secured Credit Party Obligations. Unless and until the Secured Party shall have provided such notices, however, the Secured Party shall not be deemed to have retained the any Collateral in satisfaction of any Secured Credit Party Obligations for any reason.
Appears in 2 contracts
Sources: Security Agreement (Premier, Inc.), Security Agreement (Premier, Inc.)
Retention of Collateral. Without limiting the application of, and Secured Party’s rights under Section 7(i) of this Agreement, in addition to the rights and remedies hereunder, upon the occurrence and during the continuance of an Event of Default, the Secured Party may, after providing the notices required by Section 9-620 9.620 of the UCC UCC, and obtaining consent of Debtor, which consent shall not be unreasonably withheld, or otherwise complying with the requirements of applicable law of the relevant jurisdiction, retain all or any portion of the Collateral in satisfaction of the Secured Obligations. Unless and until the Secured Party shall have provided such notices, however, the Secured Party shall not be deemed to have retained the Collateral in satisfaction of any Secured Obligations for any reason.
Appears in 2 contracts
Sources: Pledge Agreement (Gulf United Energy, Inc.), Pledge Agreement (Gulf United Energy, Inc.)