OR OTHERWISE RECEIVED BY THE SECURED PARTY, AGAINST THE
OBLIGATIONS (WHETHER MATURED OR UNMATURED), SUCH APPLICATION TO BE IN SUCH ORDER
AS THE SECURED PARTY SHALL ELECT, UNLESS OTHERWISE PROVIDED IN THE LOAN
DOCUMENTS.
ANY BALANCE OF SUCH PROCEEDS REMAINING AFTER THE OBLIGATIONS SHALL
HAVE BEEN PAID IN FULL AND THE LOAN AGREEMENT TERMINATED SHALL BE PAID OVER TO
THE GRANTORS OR TO WHOMSOEVER MAY BE LAWFULLY ENTITLED TO RECEIVE THE SAME.
9.
REMEDIES.
IF AN EVENT OF DEFAULT SHALL OCCUR AND BE CONTINUING,
THE SECURED PARTY, MAY EXERCISE, IN ADDITION TO ALL OTHER RIGHTS AND REMEDIES
GRANTED TO IT IN THIS AGREEMENT AND IN ANY OTHER INSTRUMENT OR AGREEMENT
SECURING, EVIDENCING OR RELATING TO THE OBLIGATIONS, ALL RIGHTS AND REMEDIES OF
A SECURED PARTY UNDER THE CODE.
WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, THE SECURED PARTY, WITHOUT DEMAND OF PERFORMANCE OR OTHER DEMAND,
PRESENTMENT, PROTEST, ADVERTISEMENT OR NOTICE OF ANY
13
KIND (EXCEPT ANY NOTICE REQUIRED BY LAW REFERRED TO BELOW) TO OR UPON ANY
GRANTOR OR ANY OTHER PERSON (ALL AND EACH OF WHICH DEMANDS, DEFENSES,
ADVERTISEMENTS AND NOTICES ARE HEREBY WAIVED), MAY IN SUCH CIRCUMSTANCES
FORTHWITH COLLECT, RECEIVE, APPROPRIATE AND REALIZE UPON THE COLLATERAL, OR ANY
PART THEREOF, AND/OR MAY FORTHWITH SELL, LEASE, ASSIGN, GIVE OPTION OR OPTIONS
TO PURCHASE, OR OTHERWISE DISPOSE OF AND DELIVER THE COLLATERAL OR ANY PART
THEREOF (OR CONTRACT TO DO ANY OF THE FOREGOING), IN ONE OR MORE PARCELS AT
PUBLIC OR PRIVATE SALE OR SALES, AT ANY EXCHANGE, BROKER'S BOARD OR OFFICE OF
THE SECURED PARTY OR ELSEWHERE UPON SUCH TERMS AND CONDITIONS AS IT MAY DEEM
ADVISABLE AND AT SUCH PRICES AS IT MAY DEEM BEST, FOR CASH OR ON CREDIT OR FOR
FUTURE DELIVERY WITHOUT ASSUMPTION OF ANY CREDIT RISK.
THE SECURED PARTY SHALL
HAVE THE RIGHT UPON ANY SUCH PUBLIC SALE OR SALES, AND, TO THE EXTENT PERMITTED
BY LAW, UPON ANY SUCH PRIVATE SALE OR SALES, TO PURCHASE THE WHOLE OR ANY PART
OF THE COLLATERAL SO SOLD, FREE OF ANY RIGHT OR EQUITY OF REDEMPTION IN ANY
GRANTOR, WHICH RIGHT OR EQUITY IS HEREBY WAIVED OR RELEASED.
EACH GRANTOR
FURTHER AGREES, AT THE SECURED PARTY'S REQUEST, TO ASSEMBLE THE COLLATERAL AND
MAKE IT AVAILABLE TO THE SECURED PARTY AT PLACES WHICH THE SECURED PARTY SHALL
REASONABLY SELECT, WHETHER AT ANY GRANTOR'S PREMISES OR ELSEWHERE.
THE SECURED
PARTY SHALL APPLY THE NET PROCEEDS OF ANY SUCH COLLECTION, RECOVERY, RECEIPT,
APPROPRIATION, REALIZATION OR SALE, AFTER DEDUCTING ALL REASONABLE AND ACTUAL
COSTS AND EXPENSES OF EVERY KIND INCURRED THEREIN OR INCIDENTAL TO THE CARE OR
SAFEKEEPING OF ANY OF THE COLLATERAL OR IN ANY WAY RELATING TO THE COLLATERAL OR
THE RIGHTS OF THE SECURED PARTY ARISING OUT OF THE EXERCISE BY THE SECURED PARTY
HEREUNDER, INCLUDING, WITHOUT LIMITATION, REASONABLE AND ACTUAL ATTORNEYS' FEES
AND DISBURSEMENTS, TO THE PAYMENT IN WHOLE OR IN PART OF THE OBLIGATIONS, IN
SUCH ORDER AS THE SECURED PARTY MAY ELECT, UNLESS OTHERWISE PROVIDED IN THE LOAN
DOCUMENTS, AND ONLY AFTER