Common use of Dealing with the Collateral Clause in Contracts

Dealing with the Collateral. (1) The Bond Trustee shall not be obliged to exhaust its recourse against the Guarantor or any other Person or against any other security it may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee may consider desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2) The Bond Trustee may grant extensions or other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the Guarantor and with other Persons, sureties or securities as it may see fit without prejudice to the Obligations, the liability of the Guarantor or the rights of the Bond Trustee in respect of the Collateral. (3) The Bond Trustee shall not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons in respect of the Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from depreciating in value or becoming worthless. (4) The Guarantor shall not assert and hereby waives (to the fullest extent permitted by applicable law), all of the rights, benefits and protections given by any present or future statute that imposes limitations on the rights, powers or remedies of a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxx” or “anti- deficiency” statute or any similar provision of any other statute.

Dealing with the Collateral. (1a) The Bond Trustee shall Agent and the Vendors are not be obliged to exhaust its their recourse against the Guarantor Corporation or any other Person person or against any other security it they may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee may consider Agent considers desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2b) The Bond Trustee Agent and the Vendors may grant extensions or other indulgences, take and give up securitiessecurity, accept compositions, grant releases and discharges and otherwise deal with the Guarantor Corporation and with other Personspersons, guarantors, sureties or securities security as it they may see fit without prejudice to the Obligations, the liability of the Guarantor Corporation or the rights of the Bond Trustee Agent and the Vendors in respect of the Collateral. (3c) The Bond Trustee shall Agent and Vendors are not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons persons in respect of the Collateral, (iii) responsible for any loss occasioned by any sale or of other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from depreciating in value or becoming worthless. (4d) To the extent that applicable law imposes duties on the Agent to exercise remedies in a commercially reasonable manner, and without prejudice to the ability of the Agent to dispose of the Collateral in any such manner, the Corporation acknowledges and agrees that it is not commercially unreasonable for the Agent to, and the Agent may, in its discretion (i) incur expenses reasonably deemed significant by the Agent to prepare the Collateral for disposition, (ii) exercise collection remedies directly or through the use of collection agencies, (iii) dispose of Collateral by way of public auction, public tender or private contract, with or without advertising and without any other formality, (iv) dispose of Collateral to a Vendor or to a customer or client of the Agent or a Vendor, (v) contact other persons, whether or not in the same business as the Corporation, for expressions of interest in acquiring all or any portion of the Collateral, (vi) hire one or more professional auctioneers to assist in the disposition of the Collateral, whether or not the Collateral is of a specialized nature, (vii) establish an upset or reserve bid or price in respect of the Collateral, and (viii) establish such terms as to credit or otherwise as the Agent may determine. (e) The Guarantor shall not assert and hereby waives (Corporation acknowledges that the Agent may be unable to the fullest extent permitted by applicable law), complete public sale of any of all of the rightsCollateral consisting or investment property by reason of certain prohibitions contained in applicable securities laws or otherwise. In connection therewith, benefits it may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire the Collateral for their own account for investment and protections given not with a view to the distribution or resale thereof. Any such private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, the Corporation agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner by any present or future statute that imposes limitations on the rights, powers or remedies reason of it being a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxx” or “anti- deficiency” statute or any similar provision private sale. The Agent is under no obligation to delay a sale of any other statuteor all of the Collateral for the period of time necessary to permit the issuer thereof to register such Collateral for public sale under applicable securities law or otherwise, even if the issuer agrees to do so.

Dealing with the Collateral. (1) The Bond Trustee Lender shall not be obliged to exhaust its recourse recourses against the Guarantor Borrower or any other Person or Persons or against any other security it may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee Lender may consider desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2) The Bond Trustee Lender may grant extensions or other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the Guarantor Borrower and with other Persons, sureties or securities as it the Lender may see fit fit, all without prejudice to the Obligations, the liability of the Guarantor Obligations or the rights of the Bond Trustee Lender in respect of the Collateral. (3) The Bond Trustee Lender shall not be (i) bound under any circumstances to realize upon the Collateral; (ii) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, ; (iiiii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of the Lender and the Borrower or any other Persons in respect of the Collateral, thereof; (iiiiv) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, therewith; or (ivv) bound to protect the Collateral from depreciating in value or becoming worthless. (4) The Guarantor All moneys from time to time received by the Lender or the receiver may be applied in such a manner, order and priority as the Lender in its sole discretion may determine. If there shall not assert be a deficiency, the Borrower shall remain liable for such deficiency and hereby waives (shall pay the amount of such deficiency to the fullest extent permitted by applicable law), all of the rights, benefits and protections given by any present or future statute that imposes limitations on the rights, powers or remedies of a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxx” or “anti- deficiency” statute or any similar provision of any other statuteLender forthwith.

Dealing with the Collateral. (1) The Bond Trustee shall not be obliged to exhaust its recourse against the Guarantor or any other Person or against any other security it may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee may consider desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2) The Bond Trustee may grant extensions or other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the Guarantor and with other Persons, sureties or securities as it may see fit without prejudice to the Obligations, the liability of the Guarantor or the rights of the Bond Trustee in respect of the Collateral. (3) The Bond Trustee shall not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons in respect of the Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from depreciating in value or becoming worthless. (4) The Guarantor shall not assert and hereby waives (to the fullest extent permitted by applicable law), all of the rights, benefits and protections given by any present or future statute that imposes limitations on the rights, powers or remedies of a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxxsue” or “anti- deficiency” statute or any similar provision of any other statute.

Dealing with the Collateral. (1) The Bond Trustee shall not be obliged to exhaust its their recourse against the Guarantor LP or any other Person or against any other security it they may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee may consider desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2) The Bond Trustee may grant extensions or other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the Guarantor LP and with other Persons, sureties or securities as it they may see fit without prejudice to the Obligations, the liability of the Guarantor LP or the rights of the Bond Trustee in respect of the Collateral. (3) The Bond Trustee shall not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons in respect of the Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from depreciating in value or becoming worthless. (4) The Bond Trustee shall upon the reasonable request of CMHC make available to CMHC during business hours all accounts and records relating to this Agreement, if required by CMHC to verify that the Issuer, Guarantor shall not assert and hereby waives (to LP and/or the fullest extent permitted by applicable law), all Programme are in compliance with any requirement of the rights, benefits Guide and protections given by any present or future statute that imposes limitations on Part I.1 of the rights, powers or remedies of a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxx” or “anti- deficiency” statute or any similar provision National Housing Act (Canada). Upon receipt of any other statutesuch request, the Bond Trustee shall promptly notify the Issuer and the Guarantor LP in writing of the receipt thereof and unless otherwise prohibited shall provide details of the nature of any such request.

Dealing with the Collateral. (1a) The Bond Trustee shall Lender is not be obliged to exhaust its recourse against the Guarantor Corporation or any other Person person or against any other security it may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee may consider Lender considers desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2b) The Bond Trustee Lender may grant extensions or other indulgences, take and give up securitiessecurity, accept compositions, grant releases and discharges and otherwise deal with the Guarantor Corporation and with other Personspersons, guarantors, sureties or securities security as it may see fit without prejudice to the Obligations, the liability of the Guarantor Corporation or the rights of the Bond Trustee Lender in respect of the Collateral. (3c) The Bond Trustee shall Lender is not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons persons in respect of the Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from depreciating in value or becoming worthless. (4d) To the extent that applicable law imposes duties on the Lender to exercise remedies in a commercially reasonable manner, and without prejudice to the ability of the Lender to dispose of the Collateral in any such manner, the Corporation acknowledges and agrees that it is not commercially unreasonable for the Lender to, and the Lender may, in its discretion (i) incur expenses reasonably deemed significant by the Lender to prepare the Collateral for disposition, (ii) exercise collection remedies directly or through the use of collection agencies, (iii) dispose of Collateral by way of public auction, public tender or private contract, with or without advertising and without any other formality, (iv) dispose of Collateral to the Lender or to a customer or client of the Lender, (v) contact other persons, whether or not in the same business as the Corporation, for expressions of interest in acquiring all or any portion of the Collateral, (vi) hire one or more professional auctioneers to assist in the disposition of the Collateral, whether or not the Collateral is of a specialized nature, (vii) establish an upset or reserve bid or price in respect of the Collateral, and (viii) establish such terms as to credit or otherwise as the Lender may determine. (e) The Guarantor shall not assert and hereby waives (Corporation acknowledges that the Lender may be unable to the fullest extent permitted by applicable law), complete a public sale of any or all of the rightsCollateral consisting of investment property by reason of certain prohibitions contained in applicable securities laws or otherwise. In connection therewith, benefits it may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire the Collateral for their own account for investment and protections given not with a view to the distribution or resale thereof. Any such private sale may result in prices and other terms less favourable to the seller than if such sale were a public sale and, notwithstanding such circumstances, the Corporation agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner by any present or future statute that imposes limitations on the rights, powers or remedies reason of it being a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxx” or “anti- deficiency” statute or any similar provision private sale. The Lender is under no obligation to delay a sale of any other statuteor all of the Collateral for the period of time necessary to permit the issuer thereof to register such Collateral for public sale under applicable securities law or otherwise, even if the issuer agrees to do so.

Dealing with the Collateral. (1a) The Bond Trustee shall Administrative Agent and the Lenders are not be obliged to exhaust its their recourse against the Guarantor Borrower or any other Person person or against any other security it they may hold in respect of the Secured Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee may consider Administrative Agent considers desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2b) The Bond Trustee Administrative Agent and the Lenders may grant extensions or other indulgences, take and give up securitiessecurity, accept compositions, grant releases and discharges and otherwise deal with the Guarantor Borrower and with other Personspersons, guarantors, sureties or securities security as it they may see fit without prejudice to the Secured Obligations, the liability of the Guarantor Borrower or the rights of the Bond Trustee Administrative Agent and the Lenders in respect of the Collateral. (3c) The Bond Trustee shall Administrative Agent and the Lenders are not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons persons in respect of the Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral in accordance with Section 2.02 or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from depreciating in value or becoming worthless. (4d) To the extent that applicable law imposes duties on the Administrative Agent to exercise remedies in a commercially reasonable manner, and without prejudice to the ability of the Administrative Agent to dispose of the Collateral in any such manner, the Borrower acknowledges and agrees that it is not commercially unreasonable for the Administrative Agent to, and the Administrative Agent may, in its discretion (i) incur expenses reasonably deemed significant by the Administrative Agent to prepare the Collateral for disposition, (ii) exercise collection remedies directly or through the use of collection agencies, (iii) dispose of Collateral by way of public auction, public tender or private contract, with or without advertising and without any other formality, (iv) dispose of Collateral to a Lender or to a customer or client of the Administrative Agent or a Lender, (v) contact other persons, whether or not in the same business as the Borrower, for expressions of interest in acquiring all or any portion of the Collateral, (vi) hire one or more professional auctioneers to assist in the disposition of the Collateral, whether or not the Collateral is of a specialized nature, (vii) establish an upset or reserve bid or price in respect of the Collateral, and (viii) establish such terms as to credit or otherwise as the Administrative Agent may determine. (e) The Guarantor shall not assert and hereby waives (Borrower acknowledges that the Administrative Agent may be unable to the fullest extent permitted by applicable law), complete a public sale of any or all of the rightsCollateral consisting of investment property by reason of certain prohibitions contained in applicable securities laws or otherwise. In connection therewith, benefits it may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire the Collateral for their own account for investment and protections given not with a view to the distribution or resale thereof. Any such private sale may result in prices and other terms less favourable to the seller than if such sale were a public sale and, notwithstanding such circumstances, the Borrower agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner by any present or future statute that imposes limitations on the rights, powers or remedies reason of it being a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxx” or “anti- deficiency” statute or any similar provision private sale. The Administrative Agent is under no obligation to delay a sale of any other statuteor all of the Collateral for the period of time necessary to permit the issuer thereof to register such Collateral for public sale under applicable securities law or otherwise, even if the issuer agrees to do so.

Dealing with the Collateral. ‌ (1) The Bond Trustee shall not be obliged to exhaust its their recourse against the Guarantor LP or any other Person or against any other security it they may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee may consider desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2) The Bond Trustee may grant extensions or other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the Guarantor LP and with other Persons, sureties or securities as it they may see fit without prejudice to the Obligations, the liability of the Guarantor LP or the rights of the Bond Trustee in respect of the Collateral. (3) The Bond Trustee shall not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons in respect of the Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from depreciating in value or becoming worthless. (4) The Bond Trustee shall upon the reasonable request of CMHC make available to CMHC during business hours all accounts and records relating to this Agreement, if required by CMHC to verify that the Issuer, Guarantor shall not assert and hereby waives (to LP and/or the fullest extent permitted by applicable law), all Programme are in compliance with any requirement of the rights, benefits Guide and protections given by any present or future statute that imposes limitations on Part I.1 of the rights, powers or remedies of a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxx” or “anti- deficiency” statute or any similar provision National Housing Act (Canada). Upon receipt of any other statutesuch request, the Bond Trustee shall promptly notify the Issuer and the Guarantor LP in writing of the receipt thereof and unless otherwise prohibited shall provide details of the nature of any such request.

Dealing with the Collateral. (1) The Bond Trustee shall not be obliged to exhaust its recourse against the Guarantor or any other Person or against any other security it may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee may consider desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2) The Bond Trustee may grant extensions or other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the Guarantor and with other Persons, sureties or securities as it may see fit without prejudice to the Obligations, the liability of the Guarantor or the rights of the Bond Trustee in respect of the Collateral. (3) The Bond Trustee shall not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons in respect of the Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from depreciating in value or becoming worthless. (4) The Guarantor shall not assert and hereby waives (to the fullest extent permitted by applicable law), all of the rights, benefits and protections given by any present or future statute that imposes limitations on the rights, powers or remedies of a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxx” or “anti- anti-deficiency” statute or any similar provision of any other statute.

Dealing with the Collateral. (1) The Bond Trustee shall not be obliged to exhaust its recourse against the Guarantor or any other Person or against any other security it may hold in respect of the Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Bond Trustee may consider desirable. Neither the taking of any judgement nor the exercise of any power of seizure or sale shall extinguish the liability of the Guarantor to pay the Obligations, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other liability, nor shall the acceptance of any payment or other security constitute or create a novation. (2) The Bond Trustee may grant extensions or other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the Guarantor and with other Persons, sureties or securities as it may see fit without prejudice to the Obligations, the liability of the Guarantor or the rights of the Bond Trustee in respect of the Collateral. (3) The Bond Trustee shall not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons in respect of the Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from depreciating in value or becoming worthless. (4) The Guarantor shall not assert and hereby waives (to the fullest extent permitted by applicable law), all of the rights, benefits and protections given by any present or future statute that imposes limitations on the rights, powers or remedies of a secured party or on the methods of, or procedures for, realization of security, including any “seize or xxxsue” or “anti- anti-deficiency” statute or any similar provision of any other statute.