Compliance with Restrictions. In any public or private sale of any of the Collateral, the Lender is authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel is necessary in order to comply with, or otherwise avoid any violation of applicable law regarding any public or private sale, including any required approval of the sale or of the purchaser by any governmental regulatory authority or official. Such compliance shall not result in such sale being considered or deemed not to have been made in a commercially reasonable manner. The Lender shall not be liable or accountable to Pledgor for any price reduction resulting from, or expense incurred as a result of, Lender’s compliance with any such limitation or restriction. The Lender shall be under no obligation to delay any sale of any of the Collateral for the period of time necessary to permit the Mortgagor or Pledgor to register such Collateral for public sale under the Securities Act of 1933, as amended from time to time, or under applicable state securities laws.
Appears in 2 contracts
Samples: Senior Mezzanine Pledge and Security Agreement (Behringer Harvard Opportunity REIT I, Inc.), Senior Mezzanine Pledge and Security Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Compliance with Restrictions. In any public or private sale of any of the Collateral, the Lender is authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel is necessary in order to comply with, or otherwise avoid any violation of applicable law regarding any public or private sale, including any required approval of the sale or of the purchaser by any governmental regulatory authority or official. Such compliance shall not result in such sale being considered or deemed not to have been made in a commercially reasonable manner. The Lender shall not be liable or accountable to Pledgor for any price reduction resulting from, or expense incurred as a result of, Lender’s compliance with any such limitation or restriction. The Lender shall be under no obligation to delay any sale of any of the Collateral for the period of time necessary to permit the Mortgagor Senior Mezz Pledgor or Pledgor to register such Collateral for public sale under the Securities Act of 1933, as amended from time to time, or under applicable state securities laws.
Appears in 2 contracts
Samples: Junior Mezzanine Pledge and Security Agreement (Behringer Harvard Opportunity REIT I, Inc.), Junior Mezzanine Pledge and Security Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Compliance with Restrictions. In any public or private sale of any of the Collateral, the Lender is authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel is necessary in order to comply with, or otherwise avoid any violation of applicable law regarding any public or private sale, including any required approval of the sale or of the purchaser by any governmental regulatory authority or official. Such compliance shall not result in such sale being considered or deemed not to have been made in a commercially reasonable manner. The Lender shall not be liable or accountable to Pledgor Pledgors for any price reduction resulting from, or expense incurred as a result of, Lender’s compliance with any such limitation or restriction. The Lender shall be under no obligation to delay any sale of any of the Collateral for the period of time necessary to permit the Mortgagor or Pledgor Pledgors to register such Collateral for public sale under the Securities Act of 1933, as amended from time to time, or under applicable state securities laws.
Appears in 2 contracts
Samples: Mezzanine Pledge and Security Agreement (Behringer Harvard Opportunity REIT I, Inc.), Mezzanine Pledge and Security Agreement (Behringer Harvard Opportunity REIT I, Inc.)
