Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 26 contracts
Samples: Credit Agreement (Blount International Inc), Credit Agreement (Huttig Building Products Inc), Credit Agreement (Blount International Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 14 contracts
Samples: Credit Agreement (Odyssey Healthcare Inc), Credit Agreement (Astec Industries Inc), Credit Agreement (Brightpoint Inc)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its Our benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether owned by any Borrower of You or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its Our rights and remedies under this Section 12Section. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a deficiency judgment against any Borrower of You or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower of You hereby consents to such action by Agent or such Lender Us and waives any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower any of You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the any right of Agent or any Lender Ours to seek a deficiency judgment against any Borrower of You shall not impair any other Borrower’s obligation the respective obligations of the rest of You to pay the full amount of the Secured Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender We are or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender We might otherwise be entitled but for such bidding at any such sale.
Appears in 9 contracts
Samples: Growth Capital Loan and Security Agreement (Oaktree Acquisition Corp.), Equipment Loan and Security Agreement, Revolving Loan and Security Agreement (Personalis, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Co-Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1216. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remediesremedies (including, including without limitation, its right to enter a deficiency judgment against any Co-Borrower or any other Person), whether because of any applicable laws pertaining to “election of remedies” or the like, each Co-Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Co-Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Co-Borrower shall not impair any other Co-Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1216, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 7 contracts
Samples: Venture Loan and Security Agreement (D-Wave Quantum Inc.), Venture Loan and Security Agreement (IMV Inc.), Venture Loan and Security Agreement (Castle Creek Biosciences, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateralcollateral, whether owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower such Credit Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the ObligationsObligations hereunder. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations hereunder and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsObligations hereunder. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 6 contracts
Samples: Incremental Amendment to Credit Agreement (XPO, Inc.), Refinancing Amendment (XPO, Inc.), Refinancing Amendment (XPO Logistics, Inc.)
Election of Remedies. If Agent or any Lender other Secured Party may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender other Secured Party a Lien upon any Collateral, whether owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender other Secured Party may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender other Secured Party shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender other Secured Party and waives any claim based upon such action, even if such action by Agent or such Lender other Secured Party shall result in a full or partial loss of any rights of subrogation that each Borrower such Credit Party might otherwise have had but for such action by Agent or such Lenderother Secured Party. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender other Secured Party to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender other Secured Party shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender other Secured Party may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender other Secured Party but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender other Secured Party or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 6 contracts
Samples: Revolving Loan Credit Agreement (XPO, Inc.), Revolving Loan Credit Agreement (XPO Logistics, Inc.), Revolving Loan Credit Agreement (XPO Logistics, Inc.)
Election of Remedies. If Agent or any Lender Secured Creditor may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender Secured Creditor a Lien upon any Collateral, whether owned by any Borrower Guarantor or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender such Secured Creditor may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 122. If, in the exercise of any of its rights and remedies, Agent or any Lender Secured Creditor shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Guarantor or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender Secured Creditor and waives waives, to the extent permitted by applicable law, any claim based upon such action, even if such action by Agent or such Lender Secured Creditor shall result in a full or partial loss of any rights of subrogation that each Borrower Guarantor might otherwise have had but for such action by Agent or such LenderSecured Creditor. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender Secured Creditor to seek a deficiency judgment against any Borrower Guarantor shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender Secured Creditor shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender Secured Creditor may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or the such Lender Secured Creditor but shall be credited against the Obligations. The amount of the successful bid at any such public sale, whether Agent, Lender such Secured Creditor or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 122, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Secured Creditor might otherwise be entitled but for such bidding at any such sale.
Appears in 6 contracts
Samples: Guarantee and Collateral Agreement (PNG Ventures Inc), Guarantee and Collateral Agreement (Earth Biofuels Inc), Guarantee and Collateral Agreement (Earth Biofuels Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantors hereby consents consent to such action by Agent or such Lender and waives waive any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantors might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrower’s each Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 6 contracts
Samples: Credit Agreement (Brightpoint Inc), Second Lien Guaranty (RadNet, Inc.), Guaranty (Ddi Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 6 contracts
Samples: Credit Agreement (Standard Motor Products Inc), Credit Agreement (Standard Motor Products Inc), Credit Agreement (Ddi Corp)
Election of Remedies. If Administrative Agent or any Lender may, under applicable lawApplicable Law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1214. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Administrative Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Administrative Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Administrative Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1214, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 5 contracts
Samples: Loan, Security and Guaranty Agreement (Quest Resource Holding Corp), Loan, Security and Guaranty Agreement (Quest Resource Holding Corp), Loan, Security and Guaranty Agreement (Quest Resource Holding Corp)
Election of Remedies. If Agent or any Lender the Purchaser may, under applicable law, proceed to realize its benefits under any of the Loan Transaction Documents giving Agent or such Lender the Purchaser a Lien upon any Collateral, whether owned by any Borrower Guarantor or by any other Person, either by judicial foreclosure or by non-judicial nonjudicial sale or enforcement, Agent or any Lender the Purchaser may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 122. If, in the exercise of any of its rights and remedies, Agent or any Lender the Purchaser shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Guarantor or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender the Purchaser and waives waives, to the extent permitted by applicable law, any claim based upon such action, even if such action by Agent or such Lender Purchaser shall result in a full or partial loss of any rights of subrogation that each Borrower Guarantor might otherwise have had but for such action by Agent or such Lenderthe Purchaser. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender the Purchaser to seek a deficiency judgment against any Borrower Guarantor shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Secured Obligations. In the event Agent or any Lender the Purchaser shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Transaction Documents, Agent or such Lender the Purchaser may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender the Purchaser but shall be credited against the Secured Obligations. The amount of the successful bid at any such public sale, whether Agent, Lender the Purchaser or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 122, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender the Purchaser might otherwise be entitled but for such bidding at any such sale.
Appears in 5 contracts
Samples: Guarantee and Collateral Agreement, Guarantee and Collateral Agreement, Guarantee and Collateral Agreement (AxoGen, Inc.)
Election of Remedies. If Agent or any Lender Bank may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Ancillary Agreement giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsLiabilities. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documentsthis Agreement or any Ancillary Agreements, Agent or such Lender may bid all or less than the amount of the Obligations Liabilities and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsLiabilities. The amount of the successful bid at any such sale, whether Agent, such Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Liabilities shall be conclusively deemed to be the amount of the Obligations Liabilities guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 5 contracts
Samples: Loan and Security Agreement (Cmgi Inc), Loan and Security Agreement (Cmgi Inc), Loan and Security Agreement (Cmgi Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents other Credit Document giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213.5. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which such Credit Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law law, this Agreement or the Loan Documentsany other Credit Document, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall may be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, 13.5 notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 5 contracts
Samples: Loan and Security Agreement (ATRM Holdings, Inc.), Loan and Security Agreement (ATRM Holdings, Inc.), Loan and Security Agreement (Kush Bottles, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 4 contracts
Samples: Credit Agreement (Verdant Brands Inc), Credit Agreement (Home Products International Inc), Credit Agreement (Harvard Industries Inc)
Election of Remedies. If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any US Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, any Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, any Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any US Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each US Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each US Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any US Borrower shall not impair any other US Borrower’s obligation to pay the full amount of the Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Obligations guaranteed hereunder and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the ObligationsObligations guaranteed hereunder. The amount of the successful bid at any such sale, whether any Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which any Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 4 contracts
Samples: Credit Agreement (Exopack Holding Corp), Credit Agreement (Exopack Holding Corp), Credit Agreement (Exopack Holding Corp)
Election of Remedies. If the Collateral Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Collateral Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by the Collateral Agent or such Lender and waives any claim based upon such action, even if such action by the Collateral Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Guarantor might otherwise have had but for such action by the Collateral Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of the Collateral Agent or any Lender to seek a deficiency judgment against any Borrower Guarantor shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Obligations. In the event the Collateral Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, the Collateral Agent (either directly or through one or more acquisition vehicles) or such Lender may bid all or less than the amount of offset the Obligations and against the amount purchase price of such bid need not be paid by Agent in lieu of accepting cash or other non-cash consideration in connection with such Lender but shall be credited against the Obligationssale or other disposition. The amount of the successful bid at any such sale, whether the Collateral Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market and reasonably equivalent value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Collateral Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 4 contracts
Samples: Loan and Security Agreement (Vapotherm Inc), Loan and Security Agreement (Vapotherm Inc), Loan and Security Agreement (Vapotherm Inc)
Election of Remedies. If Agent (a) Lender, in its discretion, may (a) bring suit against any one or more Borrowers, jointly and severally, without any requirement that Lender first proceed against any other Borrower or any Lender mayother Person; (b) compromise or settle with any one or more Borrowers, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure for such consideration as Lender may deem proper; (c) release one or by non-judicial sale or enforcementmore Borrowers, Agent or any Lender mayother Person, at its sole optionfrom liability; and (d) otherwise deal with any Borrower and any other Person, determine which or any one or more of its remedies them, in any manner, or rights it may pursue without affecting resort to any of its the Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights and remedies of Lender to collect from any Borrower any amount guaranteed by any Borrower under this Section 12. Article 14.
(b) If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws Applicable Law pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 14, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 4 contracts
Samples: Master Credit Facility Agreement (Camden Property Trust), Master Credit Facility Agreement (Camden Property Trust), Master Credit Facility Agreement (Camden Property Trust)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Debtor in Possession Credit Agreement (Mirant Corp), Loan and Security Agreement (D & K Healthcare Resources Inc), Loan and Security Agreement (D & K Healthcare Resources Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsSecured Obligations guaranteed hereunder by such Borrower. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed by the applicable Borrowers under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Credit Agreement (Sothebys), Credit Agreement (Sothebys), Credit Agreement (Sothebys)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each which such Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall may be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Loan and Security Agreement (Diversified Corporate Resources Inc), Loan and Security Agreement (Method Products Corp /De), Loan and Security Agreement (Edac Technologies Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each such Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Credit Agreement (XPO Logistics, Inc.), Credit Agreement (XPO Logistics, Inc.), Revolving Loan Credit Agreement (XPO Logistics, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such public sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Credit Agreement (Osullivan Industries Inc), Credit Agreement (Osullivan Industries Holdings Inc), Credit Agreement (Penhall International Corp)
Election of Remedies. If Agent the Administrative Agent, any L/C Issuer or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent the Administrative Agent, such L/C Issuer or such Lender a Lien upon any Collateralcollateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent the Administrative Agent, any L/C Issuer or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XI. If, in the exercise of any of its rights and remedies, Agent the Administrative Agent, any L/C Issuer or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent the Administrative Agent, such L/C Issuer or such Lender and waives any claim based upon such action, even if such action by Agent the Administrative Agent, such L/C Issuer or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent the Administrative Agent, such L/C Issuer or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent the Administrative Agent, any L/C Issuer or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrowerthe Company’s obligation to pay the full amount of the Obligations. In the event Agent the Administrative Agent, any L/C Issuer or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent the Administrative Agent, such L/C Issuer or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent the Administrative Agent, such L/C Issuer or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Administrative Agent, a L/C Issuer, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XI, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent the Administrative Agent, any L/C Issuer or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Harris Corp /De/), Revolving Credit Agreement (Harris Corp /De/), Revolving Credit Agreement (Harris Corp /De/)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Credit Agreement (Golfsmith International Holdings Inc), Credit Agreement (Golfsmith International Holdings Inc), Credit Agreement (Vertis Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Credit Agreement (Atlantis Plastics Inc), Second Lien Credit Agreement (Atlantis Plastics Inc), Credit Agreement (Atlantis Plastics Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and and, to the extent permitted by law, waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Senior Secured, Super Priority Debtor in Possession Credit Agreement (Milacron Inc), Credit Agreement (Milacron Inc), Senior Secured, Super Priority Debtor in Possession Credit Agreement (Milacron Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any the Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any such Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article 18. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any the Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each the Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Loan Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any the Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender any Lender, or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 18, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any such Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Samples: Credit Agreement (USA Compression Partners, LP), Credit Agreement (USA Compression Partners, LP), Credit Agreement
Election of Remedies. If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, such Agent or any such Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, any Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsSecured Obligations guaranteed hereunder by such Borrower. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether any Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed by the applicable Borrowers under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which any Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Sothebys), Credit Agreement (Sothebys)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether Collateral owned by any Borrower You or by any other PersonBorrower, either by judicial foreclosure or by non-judicial nonjudicial sale or enforcement, Agent or any Lender then We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a deficiency judgment against any Borrower You or any other PersonBorrower, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents You, to the fullest extent permitted by applicable law, consent to such action by Agent or such Lender Us and waives waive any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the Our right of Agent or any Lender to seek a deficiency judgment against any You or Borrower shall not impair any other Borrower’s Your obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such saleGuaranty.
Appears in 2 contracts
Samples: Growth Capital Loan and Security Agreement (Gevo, Inc.), Growth Capital Loan and Security Agreement (Gevo, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Credit Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Parties shall not impair any other Borrower’s Credit Party's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Thermadyne Holdings Corp /De), Credit Agreement (Thermadyne Holdings Corp /De)
Election of Remedies. If Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XIV. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Administrative Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Administrative Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Administrative Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XIV, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan Agreement (Summit Healthcare REIT, Inc), Loan Agreement (Cornerstone Core Properties REIT, Inc.)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its Our benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether owned by any Borrower of You or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its Our rights and remedies under this Section 12Section. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a deficiency judgment against any Borrower of You or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower of You hereby consents to such action by Agent or such Lender Us and waives any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower any of You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the any right of Agent or any Lender Ours to seek a deficiency judgment against any Borrower of You shall not impair any other Borrower’s obligation the respective obligations of the rest of You to pay the full amount of the Secured Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender We are or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender We might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Growth Capital Loan and Security Agreement (Casper Sleep Inc.), Growth Capital Loan and Security Agreement (Casper Sleep Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively presumptively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Penn Traffic Co), Credit Agreement (Penn Traffic Co)
Election of Remedies. If Agent or any the Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such the Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any the Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 129. If, in the exercise of any of its rights and remedies, Agent or any the Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such the Lender and waives any claim based upon such action, even if such action by Agent or such the Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such the Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any the Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any the Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such the Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such the Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, the Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 129, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any the Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan and Security Agreement (Workstream Inc), Loan and Security Agreement (Workstream Inc)
Election of Remedies. If Agent Agents or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent Agents or such Lender a Lien upon any Collateral, whether owned by any U.S. Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent Agents or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210 in its entirety. If, in the exercise of any of its rights and remedies, Agent Agents or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any U.S. Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each U.S. Borrower hereby consents to such action by Agent Agents or such Lender and waives any claim based upon such action, even if such action by Agent Agents or such Lender shall result in a full or partial loss of any rights of subrogation that each U.S. Borrower might otherwise have had but for such action by Agent Agents or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent Agents or any Lender to seek a deficiency judgment against any Borrower other Person shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsObligations (subject to Section 10.7, in the case of Canadian Borrower and its Subsidiaries). In the event Agent Agents or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent Agents or such Lender may bid all or less than the amount of the Obligations guaranteed hereunder and the amount of such bid need not be paid by Agent Agents or such Lender but shall be credited against the ObligationsObligations guaranteed hereunder. The amount of the successful bid at any such sale, whether AgentAgents, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations guaranteed hereunder shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210 in its entirety, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Uap Holding Corp), Credit Agreement (Uap Holding Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Credit Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Parties shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Thermadyne Holdings Corp /De), Credit Agreement (Thermadyne Holdings Corp /De)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Ancillary Agreement giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 128. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the ObligationsLiabilities. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documentsthis Agreement or any Ancillary Agreements, Agent or such Lender may bid all or less than the amount of the Obligations Liabilities and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsLiabilities. The amount of the successful bid at any such sale, whether Agent, such Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Liabilities shall be conclusively deemed to be the amount of the Obligations Liabilities guaranteed under this Section 128, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan Agreement (U S Realtel Inc), Loan Agreement (U S Realtel Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents other Credit Document giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213.5. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender Lxxxxx and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which such Credit Party might otherwise have had but for such action by Agent or such LenderLxxxxx. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law law, this Agreement or the Loan Documentsany other Credit Document, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender Lxxxxx but shall may be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, 13.5 notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan and Security Agreement (Digirad Corp), Loan and Security Agreement (Digirad Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Credit Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Credit Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Imagyn Medical Technologies Inc), Credit Agreement (Imagyn Medical Technologies Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article IX. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any the Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article IX, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan Agreement (Campus Crest Communities, Inc.), Loan Agreement (Campus Crest Communities, Inc.)
Election of Remedies. If the Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Agent or such Lender and the Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other Personobligor for the Guaranteed Obligations, either by judicial foreclosure or by non-judicial sale or enforcement, the Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, the Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Personobligor for the Guaranteed Obligations, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower the Guarantor hereby consents to such action by the Agent or such Lender and waives any claim based upon such action, even if such action by the Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantor might otherwise have had but for such action by Agent or such Lenderthe Agent. Any election of remedies that which results in the denial or impairment of the right of the Agent or any Lender to seek a deficiency judgment against any Borrower obligor for the Guaranteed Obligations shall not impair any other Borrowerthe Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event the Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, the Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by the Agent or such Lender but shall be credited against the Guaranteed Obligations. The To the fullest extent permitted by law, the amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such saleGuaranty.
Appears in 2 contracts
Samples: Guaranty Agreement (Euronet Worldwide Inc), Guaranty Agreement (Euronet Worldwide Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonBorrower, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonBorrower, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively presumptively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively presumptively deemed to be the amount of the Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Guaranty (Biodelivery Sciences International Inc), Guaranty (Biodelivery Sciences International Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Debt Documents giving Agent or such Lender and Lenders a Lien lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Debt Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Guaranty (Salient Surgical Technologies, Inc.), Guaranty (Salient Surgical Technologies, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Secured Parties a Lien upon any Collateral, whether owned by Collateral of any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives waives, to the fullest extent permitted by law, any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which such Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the Any difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty; provided, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Secured Parties might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Guaranty (Neff Rental Inc), Guaranty (Neff Rental Inc)
Election of Remedies. If the Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, the Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section Article 12. If, in the exercise of any of its rights and remedies, the Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by the Administrative Agent or such Lender and waives any claim based upon such action, even if such action by the Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each such Borrower might otherwise have had but for such action by the Administrative Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of the Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event the Administrative Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, the Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by the Administrative Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section Article 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Rush Enterprises Inc \Tx\), Credit Agreement (Rush Enterprises Inc \Tx\)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which either Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party or other Person shall not impair any other Borrower’s either Guarantor's obligation to pay the full amount of the ObligationsGuaranteed Obligations hereunder. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Limited Litigation Guaranty (Code Alarm Inc), Limited Litigation Guaranty (Pegasus Investors L P)
Election of Remedies. If Agent (a) Lender, in its discretion, may (i) bring suit against any one or more Collateral Pool Borrower, jointly and severally, without any requirement that Lender first proceed against any other Borrower or IDOT Guarantor or any other Person; (ii) compromise or settle with any one or more Borrower or IDOT Guarantor, or any other Person, for such consideration as Lender maymay deem proper; (iii) release one or more Borrower or IDOT Guarantor, under applicable lawor any other Person, proceed from liability; and (iv) otherwise deal with any Borrower or IDOT Guarantor and any other Person, or any one or more of them, in any manner, or resort to realize its benefits under any of the Loan Documents giving Agent Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights of Lender a Lien upon to collect from any Collateral, whether owned Borrower or IDOT Guarantor any amount guaranteed by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies IDOT Guarantor under this Section Article 12. .
(b) If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Collateral Pool Borrower or any other Person, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Collateral Pool Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of or any rights of subrogation that which each such Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Collateral Pool Borrower shall not impair any other such Collateral Pool Borrower’s obligation to pay the full amount of the ObligationsObligations secured by the applicable Collateral Pool. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations secured by the applicable Collateral Pool and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsObligations secured by the applicable Collateral Pool. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral secured by the applicable Collateral Pool and the difference between such bid amount and the remaining balance of the Obligations secured by the applicable Collateral Pool shall be conclusively deemed to be the amount of the Obligations secured by the applicable Collateral Pool guaranteed under this Section Article 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Archstone Inc.), Master Credit Facility Agreement (Archstone Smith Operating Trust)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its Our benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its Our rights and remedies under this Section 12Section. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a deficiency judgment against any Borrower of You or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower of You hereby consents to such action by Agent or such Lender Us and waives any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower any of You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the any right of Agent or any Lender Ours to seek a deficiency judgment against any Borrower of You shall not impair any other Borrower’s obligation the respective obligations of the rest of You to pay the full amount of the Secured Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender We are or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender We might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Growth Capital Loan and Security Agreement (ForgeRock, Inc.), Growth Capital Loan and Security Agreement (ForgeRock, Inc.)
Election of Remedies. If Agent (a) Fannie Mae, in its discretion, may (i) bring suit against any one or more Collateral Pool Borrower, jointly and severally, without any requirement that Fannie Mae first proceed against any other Borrower or any Lender mayother Person; (ii) compromise or settle with any one or more Borrower, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure for such consideration as Fannie Mae may deem proper; (iii) release one or by non-judicial sale or enforcementmore Borrower, Agent or any Lender mayother Person, at its sole optionfrom liability; and (iv) otherwise deal with any Borrower and any other Person, determine which or any one or more of its remedies them, in any manner, or rights it may pursue without affecting resort to any of its the Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights and remedies of Fannie Mae to collect from any Borrower any amount guaranteed by any Borrower under this Section Article 12. .
(b) If, in the exercise of any of its rights and remedies, Agent or any Lender Fannie Mae shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Collateral Pool Borrower or any other Person, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Collateral Pool Borrower hereby consents to such action by Agent or such Lender Fannie Mae and waives any claim based upon such action, even if such action by Agent or such Lender Fannie Mae shall result in a full or partial loss of or any rights of subrogation that which each such Borrower might otherwise have had but for such action by Agent or such LenderFannie Mae. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender Fannie Mae to seek a deficiency judgment against any Collateral Pool Borrower shall not impair any other such Collateral Pool Borrower’s obligation to pay the full amount of the ObligationsObligations secured by the applicable Collateral Pool. In the event Agent or any Lender Fannie Mae shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender Fannie Mae may bid all or less than the amount of the Obligations secured by the applicable Collateral Pool and the amount of such bid need not be paid by Agent or such Lender Fannie Mae but shall be credited against the ObligationsObligations secured by the applicable Collateral Pool. The amount of the successful bid at any such sale, whether Agent, Lender Fannie Mae or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral secured by the applicable Collateral Pool and the difference between such bid amount and the remaining balance of the Obligations secured by the applicable Collateral Pool shall be conclusively deemed to be the amount of the Obligations secured by the applicable Collateral Pool guaranteed under this Section Article 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Fannie Mae might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Avalonbay Communities Inc), Master Credit Facility Agreement (Erp Operating LTD Partnership)
Election of Remedies. If the Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, the Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, the Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Loan Party hereby consents to such action by the Agent or such Lender and waives any claim based upon such action, even if such action by the Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Loan Party might otherwise have had but for such action by the Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of the Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other BorrowerLoan Party’s obligation to pay the full amount of the Obligations. In the event the Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, the Agent (either directly or through one or more acquisition vehicles) or such Lender may bid all or less than the amount of offset the Obligations and against the amount purchase price of such bid need not be paid by Agent in lieu of accepting cash or other non-cash consideration in connection with such Lender but shall be credited against the Obligationssale or other disposition. The amount of the successful bid at any such sale, whether the Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market and reasonably equivalent value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan and Security Agreement (LumiraDx LTD), Loan and Security Agreement (LumiraDx LTD)
Election of Remedies. If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender person a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, any Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, any Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, any Agent or Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which any Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Bon Ton Stores Inc), Credit Agreement (Bon Ton Stores Inc)
Election of Remedies. If Agent or any Lender Purchaser may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Transaction Agreement giving Agent or such Lender Purchaser a Lien upon any Collateral, whether owned by any Borrower Issuer or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender Purchaser may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 129. If, in the exercise of any of its rights and remedies, Agent or any Lender Purchaser shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Issuer or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Issuer hereby consents to such action by Agent or such Lender Purchaser and waives any claim based upon such action, even if such action by Agent or such Lender Purchaser shall result in a full or partial loss of any rights of subrogation that each Borrower Issuer might otherwise have had but for such action by Agent or such LenderPurchaser. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender Purchaser to seek a deficiency judgment against any Borrower Issuer shall not impair any other Borrower’s Issuer's obligation to pay the full amount of the ObligationsLiabilities. In the event Agent or any Lender Purchaser shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documentsthis Agreement or any Transaction Agreements, Agent or such Lender Purchaser may bid all or less than the amount of the Obligations Liabilities and the amount of such bid need not be paid by Agent or such Lender Purchaser but shall be credited against the ObligationsLiabilities. The amount of the successful bid at any such sale, whether Agent, Lender such Purchaser or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Liabilities shall be conclusively deemed to be the amount of the Obligations Liabilities guaranteed under this Section 129, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Purchaser might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Purchase Agreement (U S Realtel Inc), Purchase Agreement (U S Realtel Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any the Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any such Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XVIII. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any the Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each the Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Loan Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any the Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender any Lender, or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XVIII, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any such Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (USA Compression Partners, LP), Credit Agreement
Election of Remedies. If Agent or any Lender mayXxxxx Fargo, under applicable law, proceed proceeds to realize its benefits under any of the Loan Documents giving Agent Xxxxx Fargo a security interest in or such Lender a Lien lien upon any Collateral, whether owned by any Co-Borrower or by any other PersonGuarantor, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender Xxxxx Fargo may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its the rights and remedies under this Section 12Section. If, in the exercise of any of its rights and remedies, Agent or any Lender Xxxxx Fargo shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Co-Borrower or any other PersonGuarantor, whether because of any applicable laws pertaining to “election of remedies” or the like, each Co-Borrower hereby consents to such action by Agent or such Lender Xxxxx Fargo and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender Xxxxx Fargo to seek a deficiency judgment against any Co-Borrower shall not impair any other Co-Borrower’s obligation to pay the full amount of the ObligationsIndebtedness and other amounts owed or hereafter owing under this Agreement. In the event Agent or any Lender Xxxxx Fargo shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender Xxxxx Fargo may bid all or less than the amount of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement and the amount of such bid need not be paid by Agent or such Lender Xxxxx Fargo but shall be credited against the Obligationssuch Indebtedness and other amounts. The amount of the successful bid at any such sale, whether Agent, Lender Xxxxx Fargo or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement shall be conclusively deemed to be the remaining outstanding amount of the Obligations Indebtedness and other amounts guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Xxxxx Fargo might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit and Security Agreement (Tandy Brands Accessories Inc), Credit and Security Agreement (Tandy Brands Accessories Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (National Automation Services Inc), Credit Agreement (National Automation Services Inc)
Election of Remedies. If Agent or any the Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such the Lender a Lien upon any Collateralcollateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any the Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. Article X. If, in the exercise of any of its rights and remedies, Agent or any the Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such the Lender and waives any claim based upon such action, even if such action by Agent or such the Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Guarantor might otherwise have had but for such action by Agent or such the Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any the Lender to seek a deficiency judgment against the any Borrower Loan Party shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Obligations. In the event Agent or any the Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such the Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such the Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, the Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article X, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any the Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Alliqua BioMedical, Inc.), Credit Agreement (Alliqua BioMedical, Inc.)
Election of Remedies. If Agent the Administrative Agent, any L/C Issuer or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent the Administrative Agent, such L/C Issuer or such Lender a Lien upon any Collateralcollateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial non‑judicial sale or enforcement, Agent the Administrative Agent, any L/C Issuer or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XI. If, in the exercise of any of its rights and remedies, Agent the Administrative Agent, any L/C Issuer or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent the Administrative Agent, such L/C Issuer or such Lender and waives any claim based upon such action, even if such action by Agent the Administrative Agent, such L/C Issuer or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent the Administrative Agent, such L/C Issuer or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent the Administrative Agent, any L/C Issuer or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrowerthe Company’s obligation to pay the full amount of the Obligations. In the event Agent the Administrative Agent, any L/C Issuer or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent the Administrative Agent, such L/C Issuer or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent the Administrative Agent, such L/C Issuer or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Administrative Agent, a L/C Issuer, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XI, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent the Administrative Agent, any L/C Issuer or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Revolving Credit Agreement (L3harris Technologies, Inc. /De/), Revolving Credit Agreement (Harris Corp /De/)
Election of Remedies. If Agent or any the Lender Parties may, under applicable law, proceed to realize its their benefits under any of the Loan Documents giving the Administrative Agent or such Additional Collateral Agent, for the benefit of the Lender Parties, a Lien security interest in or lien upon any Collateral, whether owned by any Borrower or by any other PersonGuarantor, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any the Lender Parties may, at its their sole option, determine which of its their remedies or rights it they may pursue without affecting any of its the rights and remedies under this Section 12Section. If, in the exercise of any of its their rights and remedies, Agent or any the Lender Parties shall forfeit any of its their rights or remedies, including its their right to enter a deficiency judgment against any Borrower or any other PersonGuarantor, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such the Lender Parties and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any the Lender Parties to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsIndebtedness and other amounts owed or hereafter owing under this Agreement. In the event Agent or any the Lender Parties shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such the Lender Parties may bid all or less than the amount of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement and the amount of such bid need not be paid by Agent or such the Lender Parties but shall be credited against the Obligationssuch Indebtedness and other amounts. The amount of the successful bid at any such sale, whether Agent, the Lender Parties or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement shall be conclusively deemed to be the amount of the Obligations Indebtedness and other amounts guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any the Lender Parties might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan and Security Agreement (Carbiz Inc), Loan and Security Agreement (Carbiz Inc)
Election of Remedies. If the Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, the Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section Article 12. If, in the exercise of any of its rights and remedies, the Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by the Administrative Agent or such Lender and waives any claim based upon such action, even if such action by the Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each such Borrower might otherwise have had but for such action by the Administrative Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of the Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event the Administrative Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, the Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by the Administrative Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section Article 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Rush Enterprises Inc \Tx\), Credit Agreement (Rush Enterprises Inc \Tx\)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its Our benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether owned by any Borrower of You or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its Our rights and remedies under this Section 12Section. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a Growth Capital Loan - ENDOCHOICE 15 deficiency judgment against any Borrower of You or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower of You hereby consents to such action by Agent or such Lender Us and waives any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower any of You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the any right of Agent or any Lender Ours to seek a deficiency judgment against any Borrower of You shall not impair any other Borrower’s obligation the respective obligations of the rest of You to pay the full amount of the Secured Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender We are or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender We might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Growth Capital Loan and Security Agreement (ECPM Holdings, LLC), Growth Capital Loan and Security Agreement (ECPM Holdings, LLC)
Election of Remedies. If Agent (a) Lender, in its discretion, may (a) bring suit against any one or more Borrowers, jointly and severally, without any requirement that Lender first proceed against any other Borrower or any Lender mayother Person; (b) compromise or settle with any one or more Borrowers, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure for such consideration as Lender may deem proper; (c) release one or by non-judicial sale or enforcementmore Borrowers, Agent or any Lender mayother Person, at its sole optionfrom liability; and (d) otherwise deal with any Borrower and any other Person, determine which or any one or more of its remedies them, in any manner, or rights it may pursue without affecting resort to any of its the Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights and remedies of Lender to collect from any Borrower any amount guaranteed by any Borrower under this Article 14.
(b) Subject to the provisions of Section 12. If14.01 of this Agreement, if, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws Applicable Law pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any Subject to the provisions of Section 14.01 of this Agreement, any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 14, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Education Realty Trust, Inc.), Master Credit Facility Agreement (Education Realty Trust, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which either Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party or other Person shall not impair any other Borrower’s either Guarantor's obligation to pay the full amount of the ObligationsGuaranteed Obligations hereunder. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.have
Appears in 2 contracts
Samples: Limited Supplemental Guaranty (Pegasus Investors L P), Limited Supplemental Guaranty (Code Alarm Inc)
Election of Remedies. If any Agent or any Lender may, under applicable lawApplicable Law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender the Agents and the Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Borrower the Guarantors hereby consents consent to such action by any Agent or such Lender and waives waive any claim based upon such action, even if such action by any Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantors might otherwise have had but for such action by Agent or such Lenderany Agent. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12the Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender and the Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Revolving Credit Agreement (James River Coal CO), Term Credit Agreement (James River Coal CO)
Election of Remedies. If Agent or any Lender Purchasers may, under applicable law, proceed to realize its benefits under any of the Loan Closing Documents giving Agent or such Lender Purchasers a Lien lien upon any Collateral, whether Collateral owned by any Borrower Guarantor or by any other PersonSeller, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender Purchasers may, at its their sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender Purchasers shall forfeit any of its their respective rights or remedies, including its right to enter a deficiency judgment against any Borrower Seller or any other PersonGuarantor, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender Purchasers and waives any claim based upon such action, even if such action by Agent or such Lender Purchasers shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderPurchasers. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender Purchasers to seek a deficiency judgment against any Borrower Guarantor or Seller shall not impair any other Borrower’s Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender Purchasers shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Closing Documents, Agent or such Lender Purchasers may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender Purchasers but shall be credited against the Guaranteed Obligations. The To the extent permitted by applicable law, the amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Purchasers might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Guaranty (Commerce One Inc / De/), Guaranty (Commerce One Inc / De/)
Election of Remedies. (a) If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each which such Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall may be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale. In addition, each Borrower waives all rights and defenses arising out of an election of remedies by Lender, even though the election of remedies, such as a non-judicial foreclosure with respect to security for the Obligations, has destroyed any Borrower's rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise. Without limiting the generality of the foregoing, each Borrower waives any defenses or rights under or of the kind described in California Civil Code sections 2795, 2808, 2809, 2810, 2815, 2819 through 2825 (inclusive), 2832, 2839, and 2845 through 2850 (inclusive) and similar laws in other jurisdictions.
(b) Each Borrower waives all rights and defenses that it may have if the Obligations are secured by real property. This means, among other things:
(i) Lender may collect from such Borrower without first foreclosing on any real or personal property collateral pledged by any other Credit Party; and (ii) if Lender forecloses on any real property collateral pledged by any Credit Party (A) the amount of the Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) Lender may collect from such Borrower even if Lender, by foreclosing on the real property collateral, has destroyed any right such Borrower may have to collect from any other Credit Party. This is an unconditional and irrevocable waiver of any rights and defenses each Borrower may have because the Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.
Appears in 2 contracts
Samples: Loan and Security Agreement (Intelefilm Corp), Loan and Security Agreement (Harmony Holdings Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such public sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Penhall International Corp), Credit Agreement (Osullivan Industries Inc)
Election of Remedies. If either Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, such Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, either Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of either Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event either Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether either Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which either Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Wesco International Inc), Credit Agreement (Wesco International Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsObligations owing to it. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan Agreement (Asta Funding Inc), Loan Agreement (Asta Funding Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its their benefits under any of the Loan Documents giving Agent Lender, for the benefit of Lender, a security interest in or such Lender a Lien lien upon any Collateral, whether owned by any Borrower or by any other PersonGuarantor, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its their sole option, determine which of its their remedies or rights it they may pursue without affecting any of its the rights and remedies under this Section 12Section. If, in the exercise of any of its their rights and remedies, Agent or any Lender shall forfeit any of its their rights or remedies, including its their right to enter a deficiency judgment against any Borrower or any other PersonGuarantor, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsIndebtedness and other amounts owed or hereafter owing under this Agreement. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligationssuch Indebtedness and other amounts. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement shall be conclusively deemed to be the amount of the Obligations Indebtedness and other amounts guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan and Security Agreement (Carbiz Inc), Loan and Security Agreement (Carbiz Inc)
Election of Remedies. If any Agent or any Lender may, under applicable lawApplicable Law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender the Agents and the Secured Parties a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-non judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower the Guarantors hereby consents consent to such action by any Agent or such Lender and waives waive any claim based upon such action, even if such action by any Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantors might otherwise have had but for such action by Agent or such Lenderany Agent. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12the Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender and the Secured Parties might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Credit Agreement (Global Power Equipment Group Inc/), Credit Agreement (Global Power Equipment Group Inc/)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether collateral owned by any Borrower or by any other PersonLoan Party, either by judicial foreclosure or by non-judicial non‑judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonLoan Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Guaranty (RGC Resources Inc), Guaranty (RGC Resources Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrower’s Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Guaranty (United Shipping & Technology Inc), Guaranty (Code Alarm Inc)
Election of Remedies. If Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article 11. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Loan Party hereby consents to such action by Administrative Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Loan Party might otherwise have had but for such action by Administrative Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other Borrower’s Loan Party's obligation to pay the full amount of the Obligations. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Administrative Agent or such Lender but but, at the election of Administrative Agent or such Lender, shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 11, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Loan and Security Agreement (Us Lec Corp), Loan and Security Agreement (Us Lec Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Co-Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any such Lender may, at its their sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1216. If, in the exercise of any of its rights and remedies, Agent or any such Lender shall forfeit any of its rights or remediesremedies (including, including without limitation, its right to enter a deficiency judgment against any Co-Borrower or any other Person), whether because of any applicable laws pertaining to “election of remedies” or the like, each Co-Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Co-Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Co-Borrower shall not impair any other Co-Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1216, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any a Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Samples: Venture Loan and Security Agreement (Environmental Impact Acquisition Corp), Venture Loan and Security Agreement (Stealth BioTherapeutics Corp)
Election of Remedies. If Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section SECTION 12. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Administrative Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by Administrative Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Administrative Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section SECTION 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under applicable lawlaw and the Debt Documents, proceed to realize its benefits under any of the Loan Debt Documents giving Agent or such Lender and Lenders a Lien lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonLoan Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonLoan Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantors hereby consents consent to such action by Agent or such Lender and waives waive any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantors might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Debt Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under applicable law, proceed proceeds to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the ObligationsLiabilities. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations Liabilities and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsLiabilities. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Liabilities shall be conclusively deemed to be the amount of the Obligations Liabilities guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender an Investor may, under applicable law, proceed to realize its benefits under any of the Loan Transaction Documents giving Agent or such Lender Investor a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender such Investor may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender an Investor shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Guarantor or any other PersonVyteris, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender Investor and waives any claim based upon such action, even if such action by Agent or such Lender Investor shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderInvestor. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender an Investor to seek a deficiency judgment against any Borrower Guarantor or Vyteris shall not impair any other Borrower’s impair, reduce or limit Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender an Investor shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Transaction Documents, Agent or such Lender Investor may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender Investor but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender the Investor making such bid might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Subsidiary Guaranty (Vyteris Holdings (Nevada), Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Related Agreements giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other PersonObligor, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other PersonObligor, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Loan Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Loan Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other Borrower’s Loan Party's obligation to pay the full amount of the ObligationsLiabilities. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or this Agreement or any of the Loan DocumentsRelated Agreements, Agent or such Lender may bid all or less than the amount of the Obligations Liabilities and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsLiabilities. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Liabilities shall be conclusively deemed to be the amount of the Obligations Liabilities guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Co-Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1216. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remediesremedies (including, including without limitation, its right to enter a deficiency judgment against any Co-Borrower or any other Person), whether because of any applicable laws pertaining to “election of remedies” or the like, each Co-Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Co-Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Co-Borrower shall not impair any other Co-Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1216, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Venture Loan and Security Agreement (Satcon Technology Corp)
Election of Remedies. If Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender (for the benefit of Lenders) a Lien lien upon any Collateral, whether collateral owned by any Borrower or by any other PersonBorrower Party, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its Administrative Agent’s rights and remedies under this Section 12Guaranty. If, in the exercise of any of its Administrative Agent’s rights and remediesremedies against Borrower, Agent or Guarantor or any Lender other Person liable with respect to the Obligations, Administrative Agent shall forfeit any of its the rights or remediesremedies available to Administrative Agent (on behalf of Lenders), including its any right to enter a deficiency judgment against any Borrower or any other PersonBorrower, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender Administrative Agent, as applicable, and waives any claim or defense based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderAdministrative Agent. Any election of remedies that which results in the denial or impairment of the right of Administrative Agent or any Lender (on behalf of Lenders) to seek a deficiency judgment against any Borrower shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Guaranteed Obligations. In , and Guarantor hereby irrevocably waives any defense based upon an election of remedies made by Administrative Agent (on behalf of Lenders) or any other election afforded to Administrative Agent pursuant to applicable law, including, without limitation, (a) any election to proceed by judicial or nonjudicial foreclosure or by Uniform Commercial Code sale or by deed or assignment in lieu thereof, or any election of remedies which destroys or otherwise impairs the event subrogation rights of the Guarantor or the rights of the Guarantor to proceed against Borrower or any other Person for reimbursement, or both, (b) the waiver by Administrative Agent or any Lender, either by action or inaction of Administrative Agent or any Lender shall bid at or by operation of law, of a deficiency judgment against Borrower, and (c) any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed election pursuant to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such salean Insolvency Proceeding.
Appears in 1 contract
Samples: Guaranty of Recourse Obligations (Healthcare Trust, Inc.)
Election of Remedies. If Agent Agents or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent Agents or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent Agents or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent Agents or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent Agents or such Lender and waives any claim based upon such action, even if such action by Agent Agents or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent Agents or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent Agents or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent Agents or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent Agents or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent Agents or such Lender but shall be credited against the ObligationsObligations owing to it. The amount of the successful bid at any such sale, whether AgentAgents, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent Agents or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Loan Agreement (Asta Funding Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Related Agreements giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Obligor or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section SECTION 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Obligor or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Obligor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Obligor might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Obligor shall not impair any other Borrower’s Obligor's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documentsthis Agreement or any Related Agreements, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section SECTION 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale. In addition, each Obligor waives all rights and defenses arising out of an election of remedies by Lender, even though the election of remedies, such as a nonjudicial foreclosure with respect to security for the Obligations, has destroyed any Obligor's rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise.
Appears in 1 contract
Election of Remedies. If Agent or any Lender of the other Secured Parties may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender other Secured Party a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender of the other Secured Parties may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender of the other Secured Parties shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender other Secured Party and waives any claim based upon such action, even if such action by Agent or such Lender other Secured Party shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lenderother Secured Party. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender of the other Secured Parties to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender of the other Secured Parties shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender other Secured Party may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender other Secured Party but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed guarantied under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender of the other Secured Parties might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender the Agents and the Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower the Guarantors hereby consents consent to such action by any Agent or such Lender and waives waive any claim based upon such action, even if such action by any Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantors might otherwise have had but for such action by Agent or such Lenderany Agent. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12the Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender and the Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Senior Secured Credit Agreement (Oppenheimer Holdings Inc)
Election of Remedies. If Administrative Agent or any Revolving Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Revolving Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Revolving Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. 13A. If, in the exercise of any of its rights and remedies, Administrative Agent or any Revolving Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Administrative Agent or such Revolving Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Revolving Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Administrative Agent or such Revolving Lender. Any election of remedies that results in the denial or impairment of the right of Administrative Agent or any Revolving Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Revolving Obligations. In the event Administrative Agent or any Revolving Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Revolving Lender may bid all or less than the amount of the Revolving Obligations and the amount of such bid need not be paid by Administrative Agent or such Revolving Lender but shall be credited against the Revolving Obligations. The amount of the successful bid at any such sale, whether Administrative Agent, any Revolving Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Revolving Obligations shall be conclusively deemed to be the amount of the Revolving Obligations guaranteed under this Section 1213A, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Revolving Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, any Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XI. If, in the exercise of any of its rights and remedies, any Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether any Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XI, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which any Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Credit Agreement (Pliant Corp)
Election of Remedies. If Agent (a) Lender, in its discretion, may (i) bring suit against any one or more Borrower, jointly and severally, without any requirement that Lender first proceed against any other Borrower or any Lender mayother Person; (ii) compromise or settle with any one or more Borrower, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure for such consideration as Lender may deem proper; (iii) release one or by non-judicial sale or enforcementmore Borrower, Agent or any Lender mayother Person, at its sole optionfrom liability; and (iv) otherwise deal with any Borrower and any other Person, determine which or any one or more of its remedies them, in any manner, or rights it may pursue without affecting resort to any of its the Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights and remedies of Lender to collect from any Borrower any amount guaranteed by any Borrower under this Section 12. Article 14.
(b) If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of or any rights of subrogation that which each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of Colonial/ Grandbridge — Master Credit Facility Agreement such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 14, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Colonial Realty Limited Partnership)
Election of Remedies. If Agent Agents or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent Agents or such Lender a Lien upon any Collateral, whether owned by any U.S. Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent Agents or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210 in its entirety. If, in the exercise of any of its rights and remedies, Agent Agents or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any U.S. Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each U.S. Borrower hereby consents to such action by Agent Agents or such Lender and waives any claim based upon such action, even if such action by Agent Agents or such Lender shall result in a full or partial loss of any rights of subrogation that each U.S. Borrower might otherwise have had but for such action by Agent Agents or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent Agents or any Lender to seek a deficiency judgment against any Borrower other Person shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsObligations (subject to Section 10.7, in the case of Canadian Borrower and its Subsidiaries). In the event Agent Agents or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent Agents or such Lender may bid all or less than the amount of the Obligations guaranteed hereunder and the amount of such bid need not be paid by Agent Agents or such Lender but shall be credited against the ObligationsObligations guaranteed hereunder. The amount of the successful bid at any such sale, whether AgentAgents, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations guaranteed hereunder shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210 in its entirety, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Credit Agreement (Uap Holding Corp)
Election of Remedies. If Agent or any the Lender may, under applicable law, proceed to realize its benefits under the Exchange Agreement, New Note or any of the Loan Documents document executed thereunder, giving Agent or such Lender a Lien lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any the Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guarantee. If, in the exercise of any of its rights and remedies, Agent or any the Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower the Guarantor or any other Personthe Company, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower the Guarantor hereby consents to such action by Agent or such the Lender and waives any claim based upon such action, even if such action by Agent or such the Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantor might otherwise have had but for such action by Agent or such the Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any the Lender to seek a deficiency judgment against any Borrower the Guarantor or the Company shall not impair any other Borrowerimpair, reduce or limit the Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any the Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan DocumentsExchange Agreement, Agent New Note or any document executed thereunder, such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such the Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guarantee, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any the Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under -------------------- applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Obligor or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1215. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Obligor or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which any Guarantor might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Obligor shall not impair any other Borrower’s Guarantor's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the any Loan DocumentsDocument, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1215, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Ancillary Agreement giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 129. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsLiabilities. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documentsthis Agreement or any Ancillary Agreements, Agent or such Lender may bid all or less than the amount of the Obligations Liabilities and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsLiabilities. The amount of the successful bid at any such sale, whether Agent, such Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Liabilities shall be conclusively deemed to be the amount of the Obligations Liabilities guaranteed under this Section 129, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Loan and Security Agreement (I2 Telecom International Inc)
Election of Remedies. If Agent or any Lender Bank may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender granting Bank a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender Bank may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article IX. If, in the exercise of any of its rights and remedies, Agent or any Lender Bank shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender Bank and waives any claim based upon such action, even if such action by Agent or such Lender Bank shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such LenderBank. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender Bank to seek a deficiency judgment against any Borrower shall not impair any the other Borrower’s obligation Borrowers’ joint and several obligations to pay the full amount of the Obligations. In the event Agent or any Lender Bank shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender Bank may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender Bank but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender Bank or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article IX, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Bank might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Operative Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrower’s Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Operative Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Guaranty (Precision Partners Inc)
Election of Remedies. If Agent or any Lender the Bank may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender the Bank a Lien upon any Collateral, whether property owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender the Bank may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender the Bank shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower the Guarantor hereby consents to such action by Agent or such Lender the Bank and waives any claim based upon such action, even if such action by Agent or such Lender the Bank shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantor might otherwise have had but for such action by Agent or such Lenderthe Bank. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender the Bank to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowerthe Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender the Bank shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender the Bank may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender the Bank but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender the Bank might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Guaranty (Navteq Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1216. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remediesremedies (including, including without limitation, its right to enter a deficiency judgment against any Borrower Loan Party or any other Person), whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Loan Party hereby consents to such action by Agent or such Lender Xxxxxx and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Loan Party might otherwise have had but for such action by Agent or such LenderXxxxxx. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other BorrowerLoan Party’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender Xxxxxx but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1216, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under applicable law, proceed -------------------- to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantors hereby consents consent to such action by Agent or such Lender and waives waive any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantors might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrower’s each Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
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Samples: Guaranty (American Eco Corp)
Election of Remedies. If Administrative Agent, Term Loan B Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent, Term Loan B Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent, Term Loan B Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Administrative Agent, Term Loan B Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Administrative Agent, Term Loan B Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent, Term Loan B Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by Administrative Agent, Term Loan B Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Administrative Agent, Term Loan B Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Administrative Agent, Term Loan B Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Administrative Agent, Term Loan B Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Administrative Agent, Term Loan B Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent, Term Loan B Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent, Term Loan B Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
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Election of Remedies. If the Agent or any Lender Holder may, under applicable lawApplicable Law, proceed to realize its benefits under any of the Loan Collateral Documents giving the Agent or such Lender Holder a Lien upon any Collateral, whether owned by any Borrower of the Obligors or by any other Person, either by judicial foreclosure or by non-judicial non‑judicial sale or enforcement, the Agent or any Lender Holder may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article 23. If, in the exercise of any of its rights and remedies, the Agent or any Lender Holder shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Obligor or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Obligor hereby consents to such action by the Agent or such Lender Holder and waives waive any claim based upon such action, even if such action by the Agent or such Lender Holder shall result in a full or partial loss of any rights of subrogation that each Borrower Obligor might otherwise have had but for such action by the Agent or such LenderHolder. Any election of remedies that results in the denial or impairment of the right of the Agent or any Lender Holder to seek a deficiency judgment against any Borrower Obligor shall not impair any other Borrower’s Obligor's obligation to pay the full amount of the Obligations. In the event the Agent or any Lender Holder shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Collateral Documents, the Agent or such Lender Holder may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by the Agent or such Lender Holder but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Agent, Lender Holder or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12due hereunder, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Agent or any Lender Holder might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Note Purchase and Collateral Trust and Security Agreement (BFC Financial Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-–judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The Subject to the applicable law, the amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Samples: Parent Guaranty (Westaff Inc)
