Article 47 - Acceptance rights of Secured Party
(1) Subject to Article 48, in the event of Default under a Security Agreement , a Secured Party may accept Collateral in full or partial satisfaction of the obligation secured by it if either
(A) the Debtor consents in writing;
or
(B) the Secured Party sends to the Debtor after Default a proposal to accept Collateral in full or partial satisfaction of the obligation it secures; and
(C) the proposal is unconditional or subject only to a condition that Collateral not in possession of the Secured Party be preserved or maintained; and
(D) the Secured Party does not receive written notice of objection from the Debtor within 10 Business Days after the proposal is sent
(2) Acceptance by a Secured Party of Collateral in full or partial satisfaction of the obligation it secures:
(A) discharges the obligation to the extent consented to or not objected to by the Debtor ;
(B) transfers to the Secured Party all of the Debtor's rights in the Collateral ;
(C) discharges the Security Interest which is the subject of the Debtor's consent and any subordinate Security Interest to the extent that it relates to that Collateral ; and
(D) terminates any other subordinate interest in that Collateral ,
and all obligations secured by the Security Interest and any subordinate Security Interest to the extent that it relates to that Collateral are deemed to be performed.