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<br /> (c) Lender in its discretion may, in its name or in the name of Pledgor,
<br />or otherwise, demand, sue for, collect, direct payments of or receive any money or
<br />property at any time payable or receivable on account of or in exchange for any of the
<br />Collateral, but shall be under no obligation to do so.
<br />
<br /> Without limiting the generality of the foregoing, Lender, without demand
<br />of performance or other demand, presentment, protest, advertisement, or notice of any
<br />kind (except any notice required by law referred to below or otherwise required hereby)
<br />to or upon Pledgor, the Company or any other person (all and each of which demand,
<br />presentments, protests, advertisements and notices, or other defenses, are hereby waived
<br />to the extent permitted under applicable law), may in such circumstances forthwith
<br />collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or
<br />may forthwith sell, assign, give option or options to purchase or otherwise dispose of and
<br />deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one
<br />or more parcels at public or private sale or sales, in the over-the-counter market, at any
<br />exchange, broker's board or office of Lender or elsewhere upon such terms and
<br />conditions as it may deem advisable and at such prices as it may deem best in its sole
<br />discretion, for cash or on credit or for future delivery without assumption of any credit
<br />risk. Lender shall have the right, without notice or publication, to adjourn any public or
<br />private sale or cause the same to be adjourned from time to time by announcement at the
<br />time and place fixed for such sale, and any such sale may be made at any time or place to
<br />which the same may be adjourned without further notice. Lender shall have the right
<br />upon any public sale or sales, and, to the extent permitted by law, upon any such private
<br />sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right
<br />or equity of redemption of Pledgor, which right or equity of redemption is hereby waived
<br />and released by Pledgor. Lender shall apply any proceeds from time to time held by it
<br />and the net proceeds of any such collection, recovery, receipt, appropriation, realization
<br />or sale, after deducting all reasonable costs and expenses of every kind incurred therein
<br />or incidental to the care or safekeeping of any of the Collateral or in any way relating to
<br />the Collateral or the rights of Lender hereunder, including, without limitation, reasonable
<br />attorneys' fees and disbursements, to the payment in whole or in part of the Obligations,
<br />in such order as Lender may elect, and only after such application and after the payment
<br />by Lender of any other amount required by any provision of law, including, without
<br />limitation, Sections 336.9-610 and 336.9-615 of the Code, need Lender account for the
<br />surplus, if any, to Pledgor. To the extent permitted by applicable law, Pledgor waives all
<br />claims, damages and demands it may acquire against Lender arising out of the exercise
<br />by Lender of any of its rights hereunder, except for any claims, damages and demands it
<br />may have against Lender arising from the willful misconduct or gross negligence of
<br />Lender or its affiliates, or any agents or employees of the foregoing. If any notice of a
<br />proposed sale or other disposition of Collateral shall be required by law, such notice shall
<br />be deemed reasonable and proper if given at least ten (10) days before such sale of other
<br />disposition.
<br />
<br /> (d) Lender may comply with any applicable state or federal law requirements
<br />in connection with a disposition of the Collateral and compliance therewith will not be
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