Common use of Rights Upon an Event of Default Clause in Contracts

Rights Upon an Event of Default. Upon the occurrence of an Event of Default, the principal amount of the Note, together with any accrued and unpaid interest thereon, shall be immediately due and payable without notice or demand, presentment, or protest, all of which are hereby expressly waived. From and after the occurrence of an Event of Default, the Lender may take, use, sell or otherwise encumber or dispose of the Collateral in accordance with the California Commercial Code and shall apply the proceeds of any sale of the Collateral in accordance with the California Commercial Code; provided, however, that the Lender shall be entitled to retain as its sole property 50% of any proceeds from the sale of the Collateral which exceed the sum of the outstanding Obligation at the time of the Event of Default plus broker commissions charged in the sale of the Collateral. The Lender shall deliver a sale confirmation statement from the Lender’s broker each time a sale of Collateral is made pursuant to this section after an Event of Default.