Forfeiture of Collateral. Formal charges are filed against Borrower or any other Person under any federal, state, or municipal statute, law, or ordinance for which forfeiture of any of the Collateral is a potential penalty, or any Collateral is in fact so seized or forfeited (whether directly or as result of seizure or forfeiture of any Ownership Interest in Borrower).
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Samples: Secured Revolving Credit Loan Agreement (Owens Realty Mortgage, Inc.), Credit Agreement (William Lyon Homes)
Forfeiture of Collateral. Formal charges are filed against Borrower or the Borrower, any other Person Guarantor under any federal, state, state or municipal statute, law, . law or ordinance for which forfeiture of any of property serving as collateral for the Collateral Loan is a potential penalty, or any Collateral collateral for the Loan is in fact so seized or forfeited (whether directly or as result of seizure or forfeiture of any Ownership Interest in Borrower).forfeited; or
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Forfeiture of Collateral. Formal charges are filed against any Borrower or any other Person under any federal, state, or municipal statute, law, or ordinance for which forfeiture of any of the Collateral is a potential penalty, or any Collateral is in fact so seized or forfeited (whether directly or as result of seizure or forfeiture of any Ownership Interest in any Borrower).
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