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.

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.. 105