GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A
16
COURT OF COMPETENT JURISDICTION, NOR FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR
CONSEQUENTIAL DAMAGES.
7.
REMEDIES:
RIGHTS UPON DEFAULT.
(A)
IN ADDITION TO ALL OTHER RIGHTS AND
REMEDIES GRANTED TO IT UNDER THIS SECURITY AGREEMENT, THE CREDIT AGREEMENT, THE
OTHER LOAN DOCUMENTS AND UNDER ANY OTHER INSTRUMENT OR AGREEMENT SECURING,
EVIDENCING OR RELATING TO ANY OF THE OBLIGATIONS, IF ANY EVENT OF DEFAULT SHALL
HAVE OCCURRED AND BE CONTINUING, AGENT MAY EXERCISE ALL RIGHTS AND REMEDIES OF A
SECURED PARTY UNDER THE CODE.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING,
EACH GRANTOR EXPRESSLY AGREES THAT IN ANY SUCH EVENT AGENT, WITHOUT DEMAND OF
PERFORMANCE OR OTHER DEMAND, ADVERTISEMENT OR NOTICE OF ANY KIND (EXCEPT THE
NOTICE SPECIFIED BELOW OF TIME AND PLACE OF PUBLIC OR PRIVATE SALE) TO OR UPON
SUCH GRANTOR OR ANY OTHER PERSON (ALL AND EACH OF WHICH DEMANDS, ADVERTISEMENTS
AND NOTICES ARE HEREBY EXPRESSLY WAIVED TO THE MAXIMUM EXTENT PERMITTED BY THE
CODE AND OTHER APPLICABLE LAW), MAY FORTHWITH ENTER UPON THE PREMISES OF SUCH
GRANTOR WHERE ANY COLLATERAL IS LOCATED THROUGH SELF-HELP, WITHOUT JUDICIAL
PROCESS, WITHOUT FIRST OBTAINING A FINAL JUDGMENT OR GIVING SUCH GRANTOR OR ANY
OTHER PERSON NOTICE AND OPPORTUNITY FOR A HEARING ON AGENT'S CLAIM OR ACTION AND
MAY COLLECT, RECEIVE, ASSEMBLE, PROCESS, APPROPRIATE AND REALIZE UPON THE
COLLATERAL, OR ANY PART THEREOF, AND MAY FORTHWITH SELL, LEASE, LICENSE, ASSIGN,
GIVE AN OPTION OR OPTIONS TO PURCHASE, OR SELL OR OTHERWISE DISPOSE OF AND
DELIVER SAID COLLATERAL (OR CONTRACT TO DO SO), OR ANY PART THEREOF, IN ONE OR
MORE PARCELS AT A PUBLIC OR PRIVATE SALE OR SALES, AT ANY EXCHANGE AT SUCH
PRICES AS IT MAY DEEM ACCEPTABLE, FOR CASH OR ON CREDIT OR FOR FUTURE DELIVERY
WITHOUT ASSUMPTION OF ANY CREDIT RISK.
AGENT OR ANY LENDER 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 FOR THE BENEFIT OF AGENT AND LENDERS,
THE WHOLE OR ANY PART OF SAID COLLATERAL SO SOLD, FREE OF ANY RIGHT OR EQUITY OF
REDEMPTION, WHICH EQUITY OF REDEMPTION SUCH GRANTOR HEREBY RELEASES.
SUCH SALES
MAY BE ADJOURNED AND CONTINUED FROM TIME TO TIME WITH OR WITHOUT NOTICE.
AGENT
SHALL HAVE THE RIGHT TO CONDUCT SUCH SALES ON SUCH GRANTOR'S PREMISES OR
ELSEWHERE AND SHALL HAVE THE RIGHT TO USE SUCH GRANTOR'S PREMISES WITHOUT CHARGE
FOR SUCH TIME OR TIMES AS AGENT DEEMS NECESSARY OR ADVISABLE.
IF ANY EVENT OF DEFAULT SHALL HAVE OCCURRED AND BE CONTINUING, EACH GRANTOR
FURTHER AGREES, AT AGENT'S REQUEST, TO ASSEMBLE THE COLLATERAL AND MAKE IT
AVAILABLE TO AGENT AT A PLACE OR PLACES DESIGNATED BY AGENT WHICH ARE REASONABLY
CONVENIENT TO AGENT AND SUCH GRANTOR, WHETHER AT SUCH GRANTOR'S PREMISES OR
ELSEWHERE.
UNTIL AGENT IS ABLE TO EFFECT A SALE, LEASE, OR OTHER DISPOSITION OF
COLLATERAL, AGENT SHALL HAVE THE RIGHT TO HOLD OR USE COLLATERAL, OR ANY PART