Common use of Discontinuance of Remedies Clause in Contracts

Discontinuance of Remedies. In case the Collateral Agent shall have proceeded to enforce any right under this Agreement by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely, then and in every such case the Borrower, the Collateral Agent and the Secured Creditors shall be restored to their former positions and rights hereunder with respect to the property subject to the lien and security interest created under this Agreement.

Discontinuance of Remedies. In case the Collateral Agent shall have proceeded to enforce any right under this Agreement by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely, then and in every such case the BorrowerCompanies, the Collateral Agent and the Secured Creditors shall be restored to their former positions and rights hereunder with respect to the property subject to the lien and security interest created under this Agreement.

Discontinuance of Remedies. In case the Collateral Agent shall have proceeded to enforce any right under this Security Agreement by foreclosure, sale, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely, then then, and in every such case the Borrowercase, the Collateral Agent Borrower and the Secured Creditors Agent shall be restored to their former respective positions and rights hereunder with respect to the property subject to the lien and security interest created under this Security Agreement.