Common use of Effect of Securities Laws Clause in Contracts

Effect of Securities Laws. The Grantor recognizes that the Lender may be unable to effect a public sale of all or part of the Collateral by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws but may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obligated to agree, among other things, to acquire all or a part of the Collateral for their own account, for investment, and not with a view to the distribution or resale thereof. If the Lender deems it advisable to do so for the foregoing or for other reasons, the Lender is authorized to limit the prospective bidders on or purchasers of any of the Collateral to such a restricted group of purchasers and may cause to be placed on certificates for any or all of the Collateral a legend to the effect that such security has not been registered under the Securities Act of 1933, as amended, and may not be disposed of in violation of the provision of said act, and to impose such other limitations or conditions in connection with any such sale as the Lender deems necessary or advisable in order to comply with said act or any other securities or other laws. The Grantor acknowledges and agrees that any private sale so made may be at prices and on other terms less favorable to the seller than if such Collateral were sold at public sale and that the Lender has no obligation to delay the sale of such Collateral for the period of time necessary to permit the registration of such Collateral for public sale under any securities laws. The Grantor agrees that a private sale or sales made under the foregoing circumstances shall be deemed to have been made in a commercially reasonable manner. If any consent, approval, or authorization of any federal, state, municipal or other governmental department, agency or authority should be necessary to effectuate any sale or other disposition of the Collateral, or any partial sale or other disposition of the Collateral, the Grantor will execute all applications and other instruments as may be required in connection with securing any such consent, approval or authorization and will otherwise use its best efforts to secure same.

Effect of Securities Laws. The Grantor Borrower recognizes that the Lender may be unable to effect a public sale of all or part of the Collateral by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws but may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obligated to agree, among other things, to acquire all or a part of the Collateral for their own account, for investment, and not with a view to the distribution or resale thereof. If the Lender deems it advisable to do so for the foregoing or for other reasons, the Lender is authorized to limit the prospective bidders on or purchasers of any of the Collateral to such a restricted group of purchasers and may cause to be placed on certificates for any or all of the Collateral a legend to the effect that such security has not been registered under the Securities Act of 1933, as amended, and may not be disposed of in violation of the provision of said act, and to impose such other limitations or conditions in connection with any such sale as the Lender deems necessary or advisable in order to comply with said act or any other securities or other laws. The Grantor Borrower acknowledges and agrees that any private sale so made may be at prices and on other terms less favorable to the seller than if such Collateral were sold at public sale and that the Lender has no obligation to delay the sale of such Collateral for the period of time necessary to permit the registration of such Collateral for public sale under any securities laws. The Grantor Borrower agrees that a private sale or sales made under the foregoing circumstances shall be deemed to have been made in a commercially reasonable manner. If any consent, approval, or authorization of any federal, state, municipal or other governmental department, agency or authority should be necessary to effectuate any sale or other disposition of the Collateral, or any partial sale or other disposition of the Collateral, the Grantor Borrower will execute all applications and other instruments as may be required in connection with securing any such consent, approval or authorization and will otherwise use its best efforts to secure same.

Effect of Securities Laws. The Grantor recognizes that the Lender may be unable to effect a public sale Pledgor agrees that, because of all or part of the Collateral by reason of certain prohibitions contained in the Securities Act of 1933, as amended, or any other laws, and applicable state securities laws but for other reasons, there may be compelled legal or practical restrictions or limitations affecting the Lender in any attempts to resort to one or more private sales to a restricted group dispose of purchasers who will be obligated to agree, among other things, to acquire all or a part certain portions of the Pledged Collateral and for their own account, for investment, enforcement of the Lender’s rights and not with a view to the distribution or resale thereofremedies hereunder. If the Lender deems it advisable to do so for the foregoing or for other For these reasons, the Lender is hereby authorized to limit by the prospective bidders on or purchasers of any Pledgor, but not obligated, in the event of the occurrence of a Default hereunder, to sell all or any part of the Pledged Collateral at private sale, subject to such a restricted group of purchasers and may cause investment letter or in any other manner that will not require the Pledged Collateral, or any part thereof, to be placed on certificates for any or all of the Collateral a legend to the effect that such security has not been registered under in accordance with the Securities Act of 1933, as amended, or the rules and may not be disposed of in violation of regulations promulgated thereunder, or any other law, at the provision of said act, best price reasonably obtainable by the Lender at any such private sale or other sale and to impose do such other limitations or conditions in connection with any such sale things as the Lender deems necessary may deem to be required or advisable appropriate in order to comply with said act the event of sale or disposition of any of the Pledged Collateral. The Pledgor acknowledges that the Lender, in its discretion, may approach a restricted number of potential purchasers and that a sale under such circumstances may yield a lower price for the Pledged Collateral, or any other securities part or other lawsparts thereof, than otherwise would be obtainable if the same either were offered to a large number of potential purchasers, or were registered and sold in the open market. The Grantor acknowledges and Pledgor agrees (a) that in the event the Lender, upon a Default hereunder, shall sell the Pledged Collateral, or any portion thereof, at such private sale so made may be at prices or sales, the Lender shall have the right to rely upon the advice and on other terms less favorable opinion of any member firm of a national securities exchange as to the seller than if best price reasonably obtainable upon such Collateral were sold at public a private sale thereof, and (b) that such reliance shall be conclusive evidence that the Lender has no obligation to delay the sale of handled such Collateral for the period of time necessary to permit the registration of such Collateral for public sale under any securities laws. The Grantor agrees that a private sale or sales made under the foregoing circumstances shall be deemed to have been made matter in a commercially reasonable manner. If any consent, approval, or authorization of any federal, state, municipal or other governmental department, agency or authority should be necessary to effectuate any sale or other disposition of manner under the Collateral, or any partial sale or other disposition of the Collateral, the Grantor will execute all applications and other instruments as may be required in connection with securing any such consent, approval or authorization and will otherwise use its best efforts to secure sameCode.