Common use of Remedy Procedures Clause in Contracts

Remedy Procedures. (i) Nothing contained herein or in any other Loan Document shall be construed as requiring the Administrative Agent or the Lenders to resort to the Property or any other Collateral for satisfaction of the Obligations in preference or priority to any other Collateral, and Administrative Agent and the Lenders may seek satisfaction out of the Property or all of the other Collateral or any part thereof, in its absolute discretion in respect of the Obligations. The Administrative Agent and the Lenders shall have the right to partially foreclose the Deed of Trust in any manner and for any amounts secured by the Deed of Trust then due and payable as determined by the Administrative Agent or Lenders in their sole discretion. Notwithstanding one or more partial foreclosures, the Property shall remain subject to the Deed of Trust to secure payment of sums secured by the Deed of Trust and not previously recovered. In addition, the Administrative Agent and the Lenders shall have the right, from time to time during the continuance of a Default, to sever the Notes and the other Loan Documents into one or more separate notes, Deed of Trust and other security documents (the “Severed Loan Documents”) in such denominations as the Administrative Agent or Lenders shall determine in their sole discretion for purposes of evidencing and enforcing its rights and remedies hereunder. The Borrower shall execute and deliver to the Administrative Agent and/or the Lenders from time to time, promptly after request, a severance agreement and such other documents as the Administrative Agent or the Lenders shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to the Administrative Agent and the Lenders. The Borrower hereby absolutely and irrevocably appoints the Administrative Agent as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof. (ii) Without limitation to the foregoing, upon the occurrence and during the continuance of a Default, Administrative Agent shall have the right to institute a proceeding or proceedings for the total or partial foreclosure of the Deed of Trust whether by court action, power of sale or otherwise, under any applicable provision of law, for all or any part of the Obligations, and the lien and the security interest created by the Deed of Trust shall continue in full force and effect without loss of priority as a lien and security interest securing the payment of that portion of the Obligations then due and payable but still outstanding. Administrative Agent shall be permitted to enforce payment and performance of the Obligations and exercise any and all rights and remedies under the Loan Documents, or as provided by law or at equity, by one or more proceedings, whether contemporaneous, consecutive or both, to be determined by Administrative Agent, in its sole discretion, in the State or county in which the Property is located. The enforcement of the Deed of Trust in any one State or county, whether by court action, foreclosure, power of sale or otherwise, shall not prejudice or in any way limit or preclude enforcement by court action, foreclosure, power of sale or otherwise, any other Loan Document through one or more additional proceedings in that State or county or in any other State or county. Any and all sums received by Administrative Agent in connection with the enforcement of the Deed of Trust shall be applied to the Obligations in such order and priority as Administrative Agent shall determine, in its sole discretion.

Remedy Procedures. (i) Nothing contained herein or in any other Loan Document shall be construed as requiring the Administrative Agent or the Lenders Lender to resort to the Property or any other Collateral for satisfaction of the Obligations in preference or priority to any other Collateral, and Administrative Agent and the Lenders Lender may seek satisfaction out of the Property or all of the other Collateral or any part thereof, in its absolute discretion in respect of the Obligations. The Administrative Agent and the Lenders Lender shall have the right to partially foreclose on the Deed of Trust Pledge Agreement in any manner and for any amounts secured by the Deed of Trust Pledge Agreement then due and payable as determined by the Administrative Agent or Lenders in their Lender its sole discretion. Notwithstanding one or more partial foreclosures, the Property shall remain subject to the Deed of Trust to secure payment of sums secured by the Deed of Trust and not previously recovered. In addition, the Administrative Agent and the Lenders shall have the right, from time to time during the continuance of a Default, to sever the Notes and the other Loan Documents into one or more separate notes, Deed of Trust and other security documents (the “Severed Loan Documents”) in such denominations as the Administrative Agent or Lenders shall determine in their sole discretion for purposes of evidencing and enforcing its rights and remedies hereunder. The Borrower shall execute and deliver to the Administrative Agent and/or the Lenders from time to time, promptly after request, a severance agreement and such other documents as the Administrative Agent or the Lenders shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to the Administrative Agent and the Lenders. The Borrower hereby absolutely and irrevocably appoints the Administrative Agent Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof. (ii) Without limitation to the foregoing, upon the occurrence and during the continuance of a Default, Administrative Agent Lender shall have the right to institute a proceeding or proceedings for the total or partial foreclosure of the Deed of Trust Pledge Agreement whether by court action, power of sale or otherwise, under any applicable provision of law, for all or any part of the Obligations, and the lien and the security interest created by the Deed of Trust Pledge Agreement shall continue in full force and effect without loss of priority as a lien and security interest securing the payment of that portion of the Obligations then due and payable but still outstanding. Administrative Agent Lender shall be permitted to enforce payment and performance of the Obligations and exercise any and all rights and remedies under the Loan Documents, or as provided by law or at equity, by one or more proceedings, whether contemporaneous, consecutive or both, to be determined by Administrative AgentLender, in its sole discretion, in the State or county in which the Property is located. The enforcement of the Deed of Trust in any one State or county, whether by court action, foreclosure, power of sale or otherwise, shall not prejudice or in any way limit or preclude enforcement by court action, foreclosure, power of sale or otherwise, any other Loan Document through one or more additional proceedings in that State or county or in any other State or county. Any and all sums received by Administrative Agent Lender in connection with the enforcement of the Deed of Trust Pledge Agreement shall be applied to the Obligations in such order and priority as Administrative Agent Lender shall determine, in its sole discretion.

Remedy Procedures. (i) Nothing contained herein or in any other Loan Document shall be construed as requiring the Administrative Agent or the Lenders to resort to the Property or any other Collateral for satisfaction of the Obligations in preference or priority to any other Collateral, and Administrative Agent and the Lenders may seek satisfaction out of the Property or all of the other Collateral or any part thereof, in its absolute discretion in respect of the Obligations. The Administrative Agent and the Lenders shall have the right to partially foreclose the Deed of Trust Security Instrument in any manner and for any amounts secured by the Deed of Trust Security Instrument then due and payable as determined by the Administrative Agent or Lenders in their sole discretion. Notwithstanding one or more partial foreclosures, the Property shall remain subject to the Deed of Trust Security Instrument to secure payment of sums secured by the Deed of Trust Security Instrument and not previously recovered. In addition, the Administrative Agent and the Lenders shall have the right, from time to time during the continuance of a Default, to sever the Notes and the other Loan Documents into one or more separate notes, Deed of Trust Security Instrument and other security documents (the “Severed Loan Documents”) in such denominations as the Administrative Agent or Lenders shall determine in their sole discretion for purposes of evidencing and enforcing its rights and remedies hereunder. The Borrower shall execute and deliver to the Administrative Agent and/or the Lenders from time to time, promptly after request, a severance agreement and such other documents as the Administrative Agent or the Lenders shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to the Administrative Agent and the Lenders. The Borrower hereby absolutely and irrevocably appoints the Administrative Agent as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof. (ii) Without limitation to the foregoing, upon the occurrence and during the continuance of a Default, Administrative Agent shall have the right to institute a proceeding or proceedings for the total or partial foreclosure of the Deed of Trust Security Instrument whether by court action, power of sale or otherwise, under any applicable provision of law, for all or any part of the Obligations, and the lien and the security interest created by the Deed of Trust Security Instrument shall continue in full force and effect without loss of priority as a lien and security interest securing the payment of that portion of the Obligations then due and payable but still outstanding. Administrative Agent shall be permitted to enforce payment and performance of the Obligations and exercise any and all rights and remedies under the Loan Documents, or as provided by law or at equity, by one or more proceedings, whether contemporaneous, consecutive or both, to be determined by Administrative Agent, in its sole discretion, in the State or county in which the Property is located. The enforcement of the Deed of Trust Security Instrument in any one State or county, whether by court action, foreclosure, power of sale or otherwise, shall not prejudice or in any way limit or preclude enforcement by court action, foreclosure, power of sale or otherwise, any other Loan Document through one or more additional proceedings in that State or county or in any other State or county. Any and all sums received by Administrative Agent in connection with the enforcement of the Deed of Trust Security Instrument shall be applied to the Obligations in such order and priority as Administrative Agent shall determine, in its sole discretion.

Remedy Procedures. (i) Nothing contained herein or in any other Loan Document shall be construed as requiring the Administrative Agent or the Lenders Lender to resort to the Property or any other Collateral for satisfaction of the Obligations in preference or priority to any other Collateral, and Administrative Agent and the Lenders Lender may seek satisfaction out of the Property or all of the other Collateral or any part thereof, in its absolute discretion in respect of the Obligations. The Administrative Agent and the Lenders Lender shall have the right to partially foreclose on the Deed of Trust Pledge Agreement in any manner and for any amounts secured by the Deed of Trust Pledge Agreement then due and payable as determined by the Administrative Agent or Lenders Lender in their its sole discretion. Notwithstanding one or more partial foreclosures, the Property Collateral shall remain subject to the Deed of Trust Pledge Agreement to secure payment of sums secured by the Deed of Trust Pledge Agreement and not previously recovered. In addition, the Administrative Agent and the Lenders Lender shall have the right, from time to time during the continuance of a Default, to sever the Notes and the other Loan Documents into one or more separate notes, Deed of Trust Pledge Agreements and other security documents (the “Severed Loan Documents”) in such denominations as the Administrative Agent or Lenders Lender shall determine in their its sole discretion for purposes of evidencing and enforcing its rights and remedies hereunder. The Borrower shall execute and deliver to the Administrative Agent and/or the Lenders Lender from time to time, promptly after request, a severance agreement and such other documents as the Administrative Agent or the Lenders Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to the Administrative Agent and the LendersLender. The Borrower hereby absolutely and irrevocably appoints the Administrative Agent Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof. (ii) Without limitation to the foregoing, upon the occurrence and during the continuance of a Default, Administrative Agent Lender shall have the right to institute a proceeding or proceedings for the total or partial foreclosure of the Deed of Trust Pledge Agreement whether under the UCC, by court action, power of sale or otherwise, under any applicable provision of law, for all or any part of the Obligations, and the lien and the security interest created by the Deed of Trust Pledge Agreement shall continue in full force and effect without loss of priority as a lien and security interest securing the payment of that portion of the Obligations then due and payable but still outstanding. Administrative Agent outstanding Lender shall be permitted to enforce payment and performance of the Obligations and exercise any and all rights and remedies under the Loan Documents, or as provided by law or at equity, by one or more proceedings, whether contemporaneous, consecutive or both, to be determined by Administrative AgentLender, in its sole discretion, in the State or county in which the Property is located. The enforcement of the Deed of Trust in any one State or county, whether by court action, foreclosure, power of sale or otherwise, shall not prejudice or in any way limit or preclude enforcement by court action, foreclosure, power of sale or otherwise, any other Loan Document through one or more additional proceedings in that State or county or in any other State or county. Any and all sums received by Administrative Agent Lender in connection with the enforcement of the Deed of Trust Pledge Agreement shall be applied to the Obligations in such order and priority as Administrative Agent Lender shall determine, in its sole discretion.