Article 51 - Redemption
(1) At any time following a
Default but before the Secured Party enforces its rights and remedies under this Part, a Person who is entitled to receive a notice under Article 48 may, unless that Person has agreed otherwise in writing after Default, redeem the Collateral by:
(A) tendering fulfilment of the obligations secured by the
Collateral in full; and
(B) paying a sum equal to the reasonable expenses that have actually been incurred by the
Secured Party including seizing, repossessing, holding, repairing, processing or preparing the Collateral and any other reasonable expenses incurred by the Secured Party in enforcing the Security Agreement.
(2) If more than one
Person elects to redeem under paragraph (1), the priority of their rights to redeem shall be the same as the priority of their respective interests.