Foreclosure of Collateral. In the event of a foreclosure of any Collateral, Agent may issue a credit bid for the account of all Lenders, up to the amount of the then outstanding Obligations. Any Property acquired at such a foreclosure (or acquired by Agent through a conveyance in lieu of foreclosure) shall be held and administered by Agent for the benefit of all Lenders pursuant to the terms of this Article IX.
Foreclosure of Collateral. Upon the earlier of (a) the end of the Forbearance Period or (b) the occurrence of a Default, the Bank shall have the right to foreclose, sell, lease or otherwise dispose of the Collateral in accordance with the terms of the Loan Documents, this Agreement, and applicable law. The Company hereby consents and agrees to such foreclosure, sale, lease or other disposition of the Collateral by the Bank, its agents, or its designees. The Company hereby waives, renounces and forever relinquishes all right to notice prior to disposition of the Collateral required by the Loan Documents or applicable law.
Foreclosure of Collateral. Nothing contained herein or in any other Transaction Document shall be construed as requiring the Agent and the Lenders to resort to any Collateral for the satisfaction of any of the Obligations of the Borrower in preference or priority to any other Collateral, and the Agent and the Lenders may seek satisfaction out of the Collateral or any part thereof, in their absolute discretion, in respect of the Obligations of the Borrower. In addition, while an Event of Default has occurred and is continuing, the Agent, for its benefit and for the ratable benefit of the Lenders, shall have the right from time to time to partially foreclose all or any part of the Collateral in any manner and for any amounts secured by the Transaction Documents then due and payable as determined by the Majority Lenders in their sole discretion including, without limitation, the following circumstances: (i) in the event the Borrower defaults beyond any applicable grace period in the payment of one or more payments of principal or interest, the Agent, for its benefit and for the ratable benefit of the Lenders, may foreclose all or any part of the Collateral to recover such delinquent payments, or (ii) in the event the Majority Lenders elect to accelerate less than the entire outstanding principal balance of the Advances, the Agent, for its benefit and for the ratable benefit of the Lenders, may foreclose all or any part of the Collateral to recover so much of the principal balance of the Advances as the Majority Lenders may elect to accelerate and such other sums secured by the Transaction Documents as the Majority Lenders may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Transaction Documents to secure payment of sums secured by the Transaction Documents and not previously recovered by the Agent and the Lenders.
Foreclosure of Collateral. 56 9.18 Procedures for Notices and Approvals.................56 9.19
Foreclosure of Collateral. (a) Obligors acknowledge that Lender intends to commence (or has commenced) proceedings to foreclose its security title, lien, and security interest in and to all real and personal property securing the Loans, as described in the Security Deeds and the other Loan Documents (collectively, the “Collateral”), in accordance with the provisions of the Loan Documents and applicable law (the “Foreclosure Proceedings”) and shall use commercially reasonable efforts to pursue and complete the Foreclosure Proceedings in a timely manner. As of the date hereof, the Foreclosure Proceedings are scheduled to be held no later than December 2, 2008, which date may change in accordance with applicable law. In consideration of the Forbearance Covenant, Obligors jointly and severally (i) ratify and affirm Lender’s security title, lien, and security interest in and to the Collateral pursuant to the Loan Documents, (ii) acknowledge and agree that Obligors have received commercially reasonable, timely, and accurate notice of Lender’s intention to foreclose its security title, lien, and security interest in the Collateral and that Lender has satisfied all requirements set forth in the Loan Documents relating to commencement of the Foreclosure Proceedings, (iii) covenant and agree to use commercially reasonable efforts to cooperate with Lender in connection with the Foreclosure Proceedings, and (iv) covenant and agree that none of Obligors shall contest, oppose, delay, or otherwise interfere with the commencement and prosecution of the Foreclosure Proceedings (or any foreclosure sale arising from the Foreclosure Proceedings).
(b) Obligors hereby consent to the judicial confirmation of the Foreclosure Proceedings and waive any and all rights each party may possess at law or in equity to oppose or object to Lender’s judicial confirmation of the Foreclosure Proceedings. Obligors acknowledge receipt of copies of the notices of sale in connection with the Foreclosure Proceedings taking place in Paulding, Jackson, and Xxxxxx counties and agree that the information contained in the notices of sale is accurate and satisfies all statutory requirements. Furthermore, Obligors acknowledge that the Paulding County notices of sale are being advertised in the Dallas New Era on November 6th, 13th, 20th and 27th, the Xxxxxxx County notices of sale are being advertised in the Xxxxxxx Herald on November 5th, 12th, 19th and 26th, and the Xxxxxx County notice of sale is being advertised in the Xxxxxx C...
Foreclosure of Collateral. 61 9.17 Procedures for Notices and Approvals...................61 9.18 Other Relationships With Borrower......................61 9.19
Foreclosure of Collateral. Notwithstanding any security interest now held or hereafter acquired by Creditor, Lender may take possession of, sell, dispose of, and otherwise deal with all or any part of the Collateral, and may enforce any right or remedy available to it with respect to Lender's Indebtedness and/or the Collateral, all without notice to er consent of Creditor except as specifically required by applicable law. Lender shall have no duty to preserve, protect, care for, insure, take possession of, collect, dispose of, or otherwise realize upon any of the Collateral, and in no event shall Lender be deemed Creditor's agent with respect to the Collateral. All proceeds received by Lender with respect to any Collateral may be applied, first, to pay or reimburse Lender for all costs and expenses (including reasonable attorneys' fees) incurred by Lender in connection with the collection of such proceeds, and, second, to any indebtedness secured by Lender's security interest in that Collateral in any order that it may choose.
Foreclosure of Collateral. While an Event of Default has occurred and is continuing after the expiration of any applicable grace or cure period, the Administrative Agent for its benefit and for the ratable benefit of the Lenders shall have the right from time to time to foreclose on the Collateral in any manner provided in the Loan Documents for the payment of the Obligation then due and payable, including, without limitation, in the event the Borrower defaults beyond any applicable grace period in the payment of one or more payments of principal or interest, the Administrative Agent for its benefit and for the ratable benefit of the Lenders may foreclose a11 of the Collateral to recover such delinquent payments.
Foreclosure of Collateral. Notwithstanding any security interest now held or hereafter acquired by the Creditor, the Bank may take possession of, sell, dispose of, and otherwise deal with all or any part of the Collateral, and may enforce any right or remedy available to it with respect to the Collateral, all without notice to or consent of the Creditor except as specifically required by applicable law. The Bank shall have no duty to preserve, protect, care for, insure, take possession of, collect, dispose of, or otherwise realize upon any of the Collateral, and in no event shall the Bank be deemed the Creditor's agent with respect to the Collateral. All proceeds received by the Bank with respect to any Collateral may be applied, first, to pay or reimburse the Bank for all costs and expenses (including reasonable attorneys' fees) incurred by the Bank in connection with the collection of such proceeds, and, second, to any indebtedness secured by the Bank's security interest in that Collateral in any order that it may choose.
Foreclosure of Collateral. In the event a default occurs under this Agreement, Note or Pledge Agreement, BBW may, from time to time, upon ten days' notice as to the time, place and date of sale, and without any liability for diminution in price which may have occurred, sell in a commercially reasonable manner all or any part of time Pledged Stock for such price and upon such terms as the BBW may determine. BBW may purchase the Pledged Stock at any public sale. Out of the proceeds of any sale, BBW may retain an amount equal to the principal and interest then due on the Loan, plus the amount of the expenses of the sale, including reasonable attorneys' fees, and BBW shall pay any balance of such proceeds to Borrower. Borrower shall remain liable to BBW for any deficiency.
