Remarketing Obligations. In the event that Lessee does not exercise its option to acquire Lessor's rights and interests in all the Equipment pursuant to Section 28.2, then Lessee shall have the obligation during the last 365 days of the Term, if applicable (the "Remarketing Period"), to solicit bona fide bids for not less than all Items of Equipment from prospective purchasers who are financially capable of purchasing such Items of Equipment for cash on an "as-is", "where-is" basis, without recourse or warranty. Any bid received by Lessee prior to the end of the Remarketing Period shall be promptly communicated to Lessor in writing, setting forth the amount of such bid and the name and address of the person or entity submitting such bid. Notwithstanding the foregoing, Lessor shall have the right, but not the obligation, to seek bids for the Equipment during the Remarketing Period and Lessee shall granx Xxxxxx xxx Administrative Agent or their respective designees access to the Equipment upon reasonable notice and during normal business hours to facilitate the exercising of such right.
Remarketing Obligations. In the event Obligor does not exercise its option to acquire Obligee's rights and interests in all the Equipment pursuant to this Section and does not renew this Equipment Agreement, then Obligor shall have the obligation during the last 180 days of the Basic Term, or the then current Renewal Term, if applicable (the "Remarketing Period"), to solicit bona fide bids for not less than all Items of Equipment from prospective purchasers who are financially capable of purchasing such Items of Equipment for cash on an as-is, where-is basis, without recourse or warranty. Any bid received by Obligor prior to the end of the Remarketing Period shall be immediately communicated to Obligee, Owner Participant and LC Issuer in writing, setting forth the amount of such bid and the name and address of the person or entity submitting such bid. Notwithstanding the foregoing, Obligee and LC Issuer shall have the right, but not the obligation, to seek bids for the Equipment during the Remarketing Period.
Remarketing Obligations. If, 150 days or more prior to the Scheduled Termination Date, Lessee notifies Lessor and Administrative Agent (with a copy to each Lender) in writing of Lessee’s election not to exercise the Purchase Option as set forth in Section 14.1 and not to renew the Basic Lease Term pursuant to Section 14.8 hereof, but instead to remarket the Leased Property (the “Remarketing Option”) then Lessor shall have the right, and Lessee shall have the obligation, as agent for Lessor, during the period commencing on the giving of such notice and ending on the last day of the Basic Lease Term (the “Remarketing Period”), to use its best efforts to obtain bona fide cash bids to purchase the Leased Property from prospective purchasers that are financially capable of purchasing the Leased Property for cash in accordance with the terms of Section 14.5 of this Lease. Upon the request of Lessor and at Lessee’s sole cost and expense, Lessee shall provide Lessor with a written report describing in reasonable detail Lessee’s efforts during the Remarketing Period to obtain bona fide bids for the purchase of the Leased Property, including, without limitation, a list of all brokers retained and Persons approached for the purpose of soliciting bids to purchase the Leased Property. Each of Lessor and Lessee shall notify the other promptly of all bids received prior to the Scheduled Termination Date by Lessor or Lessee, as the case may be, and such notice shall certify the amount of the bid and state the name and address of the bidder.
Remarketing Obligations. 21 28.3.2 Notice to Return Possession of Equipment..............................................21 28.3.3 Sale of Equipment to Third Party Buyer................................................22 28.4 Lessee's Early Purchase Option.................................................................22 28.5
Remarketing Obligations. In the event Obligor does not exercise either its option to renew this Agreement or to purchase Obligee's interest in the Equipment pursuant to this Section, then Obligor shall have the obligation during the last one hundred eighty (180) days of the Basic Term, or the then current Renewal Term, if applicable (the "Remarketing Period"), to obtain bona fide bids for Obligee's interest in not less than all Items of Equipment then subject to this Agreement from prospective purchasers who are financially capable of purchasing such interest for cash on an as-is, where-is basis, without recourse or warranty. All bids received by Obligor prior to the end of the Basic Term, or Renewal Term if applicable, of such Item(s) of Equipment shall be immediately certified to Obligee in writing, setting forth the amount of such bid and the name and address of the person or entity submitting such bid. Notwithstanding the foregoing, Obligee shall have the right, but not the obligation, to seek bids for its interest in the Equipment during the Remarketing Period.
Remarketing Obligations. Seller hereby assigns and transfers unto Purchaser all of its rights and interests in, to and under all remarketing and recourse arrangements with any vendor, dealer or supplier relating to any Transaction. Notwithstanding such assignment, Seller shall exert its best efforts on a non-discriminatory basis to remarket any Vehicle that is the subject of any Defaulted Transaction or which is not purchased by the Obligor under a true lease Transaction at the end of the term thereof, and shall be responsible for all efforts, cost and expenses in connection with the remarketing of any Vehicle sold to Purchaser hereunder. As used herein, a “Defaulted Transaction” is a Transaction where the Independent Operator and/or any other Obligor fails to comply with any of its/his/hers obligations, undertakings, or other covenants set forth herein, as a result of which the lessor or lender party to such Transaction is entitled to re-possess and dispose of the Vehicle subject to such Transaction.
Remarketing Obligations. If Lessee elects to return all Leased Properties in accordance with Section 29(a) above, then Lessee shall have the obligation during the final three hundred sixty-four (364) days of the Term (the "Remarketing Period"), to use such commercially reasonable efforts as would be made by a self-interested property owner in each respective area where each Leased Property is located to actively market commercial property to obtain bona fide bids for the Leased Properties from prospective purchasers who are financially capable of purchasing the Leased Properties for cash on an as-is, where-is basis, without recourse or warranty, on the terms and conditions set forth in Section 32 hereof applicable to Owner's Conveyances. The Lessee shall be responsible for hiring brokers reasonably acceptable to Owner and promptly upon Owner's request, shall permit inspection of the Leased Properties and any maintenance records relating to the Leased Properties by Owner, Assignee or any potential purchasers, and shall otherwise do all things reasonably necessary to sell and deliver possession of -43- 44 the Leased Properties to any purchaser. All such marketing of the Leased Properties shall be at Lessee's sole cost and expense. The Lessee shall allow the Owner and any potential purchaser access to the Leased Properties for purposes of showing the same. All bids received by Lessee prior to the end of the Term in respect of the Leased Properties, shall be immediately certified to Owner and Trustee in writing, setting forth the amount of such bid and the name and address of the Person or entity submitting such bid. Notwithstanding the foregoing, Owner and Trustee shall have the right, but not the obligation, to seek bids for the Leased Properties during the Remarketing Period.
Remarketing Obligations. If the Head Lessee is then permitted to exercise the Return Option and so elects to exercise the Return Option, the Head Lessee shall give written notice to the Head Lessor (with a copy to each Entitled Party) not more than 210 days prior
Remarketing Obligations. In the event the Lessee (x) delivers notice to the Lessor that it has elected not to renew this Lease with respect to all Items of Equipment then subject to this Lease in accordance with Section 27(a) hereof and (y) has not exercised its option to purchase all of the Items of Equipment then subject to this Lease pursuant to Section 27(b), then the Lessee shall have the obligation during the last 180 days of the Basic Term (after exercise of the maximum number of Renewal Terms permitted hereby) (the "Remarketing Period"), to obtain (at the cost of the Lessee) bona fide bids for not less than all Items of Equipment then subject to this Lease from prospective purchasers (who are not, and are not acting on behalf of, Lessee or any Affiliate of Lessee) who are financially capable of purchasing such Items of Equipment for cash. Any such sale shall be on an "as-is, where-is" basis, without recourse or warranty except that the Lessor shall warrant that each such Item of Equipment shall be returned free and clear of all Liens of the sort described in clause (d) of the definition of Permitted Liens. All such bids received by the Lessee during such Remarketing Period of such Items of Equipment shall be immediately certified to the Lessor in writing, setting forth the amount of such bid and the name and address of the person or entity submitting such bid. Notwithstanding the foregoing, the Lessor shall have the right, but not the obligation, to seek bids for the Equipment during the Remarketing Period.
Remarketing Obligations. (a) FCI's Obligations. In the event that either (x) the Borrower fails to ------------------ effect, within one Business Day after a Settlement Date prior to which the Borrower or the Servicer has become aware (or otherwise received written notice) that any Pledged Contract has become a Defective Contract or a Defaulted Contract, the release of such Pledged Contract from the Primary Lien of this Credit Agreement pursuant to the terms of any of Sections 7.01(a), (b), and (c), ---------------- --- --- and Section 7.01(d), or (y) a Contract becomes a Defaulted Contract, a Defective --------------- Contract or an Overconcentration Contract at any time after the earlier of (1) the Liquidation Trigger Date, or (2) the Termination Date if either a Borrowing Base Shortfall, O/C Shortfall or a Spread Account Shortfall is in existence (based upon the Settlement Report prepared for the most recently ended Calculation Period):
(i) the Servicer shall, to the extent permitted by the terms of the applicable Contract, at the sole cost and expense of the Servicer, enforce the Borrower's rights and remedies against, and realize upon and obtain on behalf of the Borrower, subject in all events to the Primary Lien, all of the relevant Obligor's right, title and interest in, to and under the related VOI or Lot (including, without limitation, such Obligor's right to possess the related VOI or Lot) without any legal or judicial process (except to the extent otherwise required by applicable law or pursuant to the terms of such Contract),
(ii) FCI shall exercise its best efforts, at its sole cost and expense, to (A) assist the Servicer in the performance of its obligations described under clause (i) above, and (B) remarket the VOI or Lot relating to such Defective Contract or Defaulted Contract pursuant to the terms and conditions of the Remarketing Agreement, and
(iii) the Collateral Agent hereby agrees to submit such VOI or Lot to the remarketing procedures described in the Remarketing Agreement, and, at the sole cost and expense of FCI, to take any and all other reasonable actions as may be reasonably requested by FCI under the terms of the Remarketing Agreement in order to facilitate the remarketing of such VOI or Lot.
