Common use of Bank Not in Control Clause in Contracts

Bank Not in Control. None of the covenants or other provisions contained in this Agreement shall, or shall be deemed to, give Bank the Right to exercise control over the affairs and/or management of Borrower, the power of Bank being limited to the Right to exercise the remedies provided in the other Sections of this Article; provided that, if Bank becomes the owner of any ownership interest of any Person, whether through foreclosure or otherwise, Bank shall be entitled to exercise such legal Rights as it may have by virtue of being an owner of such Person.

Appears in 4 contracts

Samples: Loan Agreement (United Development Funding Income Fund V), Loan Agreement (United Development Funding IV), Loan Agreement (United Development Funding IV)

AutoNDA by SimpleDocs

Bank Not in Control. None of the covenants or other provisions contained in this Agreement shall, or shall be deemed to, give Bank the Right or power to exercise control over the affairs and/or management of Borrower, or the completion of the tenant improvements, the power of Bank being limited to the Right Rights to exercise the remedies provided referred to in the other Sections of this Article; provided that, that if Bank becomes the owner of any ownership interest stock of any Personentity, whether through foreclosure or otherwise, Bank shall be entitled to exercise such legal Rights as it may have by virtue of being an owner a shareholder of such Personentity.

Appears in 3 contracts

Samples: Loan Agreement (Innovative Food Holdings Inc), Loan Agreement (Innovative Food Holdings Inc), Loan Agreement (Innovative Food Holdings Inc)

Bank Not in Control. None of the covenants or other provisions contained in this Agreement shall, or shall be deemed to, give Bank the Right right or power to exercise control over the affairs and/or management of BorrowerBorrower or any Subsidiary, the power of Bank being limited to the Right right to exercise the remedies provided in the other Sections of this Article; provided that, if Bank becomes the owner of any ownership interest of any Person, whether through foreclosure or otherwise, Bank shall be entitled to exercise such legal Rights as it may have by virtue of being an owner of such PersonSection 7.

Appears in 2 contracts

Samples: Loan Agreement (Venus Exploration Inc), Loan Agreement (Venus Exploration Inc)

Bank Not in Control. None of the covenants or other provisions contained in this Agreement agreement shall, or shall be deemed to, give Bank the Right Rights or power to exercise control over the affairs and/or management of Borrowerany of the Companies, the power of Bank being limited to the Right to exercise the remedies provided in the other Sections subsections of this Article; provided that, if Bank becomes the owner of any ownership interest stock of any Person, whether through foreclosure or otherwise, Bank shall be entitled to exercise such legal Rights as it may have by virtue of being an owner a shareholder of such Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Horizon Organic Holding Corp)

Bank Not in Control. None of the covenants or other provisions contained in this Agreement shall, or shall be deemed to, give Bank the Right or power to exercise control over the affairs and/or management of Borrower, the power of Bank being limited to the Right Rights to exercise the remedies provided referred to in the other Sections of this Article; provided that, that if Bank becomes the owner of any ownership interest stock of any Personentity, whether through foreclosure or otherwise, Bank shall be entitled to exercise such legal Rights as it may have by virtue of being an owner a shareholder of such Personentity.

Appears in 1 contract

Samples: Loan Agreement (Hartman Short Term Income Properties XX, Inc.)

AutoNDA by SimpleDocs

Bank Not in Control. None of the covenants or other provisions contained in this Agreement shall, or shall be deemed to, give Bank the Right to exercise control over the affairs and/or management of Borrower, the power of Bank being limited to the Right to exercise the remedies provided in the other Sections of this Article; provided that, if Bank becomes the owner of any ownership interest of any Person, whether through foreclosure or otherwise, Bank shall be entitled to exercise such legal Rights as it may have by virtue of being an owner of such Person.

Appears in 1 contract

Samples: Loan Agreement (Independent Research Agency for Life Insurance Inc)

Bank Not in Control. None of the covenants or other provisions contained in this Agreement shall, or shall be deemed to, give Bank the Right Rights or power to exercise control over the affairs and/or management of Borrower, the power of Bank being limited to the Right to exercise the remedies provided in the other Sections subsections of this Article; provided that, if Bank becomes the owner of any ownership interest stock of any Person, whether through foreclosure or otherwise, Bank shall be entitled to exercise such legal Rights as it may have by virtue of being an owner a shareholder of such Person.

Appears in 1 contract

Samples: Loan Agreement (Citizens Inc)

Bank Not in Control. None of the covenants or other provisions contained in this Agreement or the Security Instruments shall, or shall be deemed to, give Bank the Right right to exercise control over the affairs and/or or management of BorrowerBorrower or any Guarantor, the power rights of Bank being limited to the Right right to exercise the remedies provided in the other Sections of this Article; provided that, if Bank becomes the owner of any ownership interest of any Person, whether through foreclosure or otherwise, Bank shall be entitled to exercise such legal Rights as it may have by virtue of being an owner of such Person.

Appears in 1 contract

Samples: Loan Agreement (Independent Bankshares Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!