Common use of Request to Repossess; Remarketing Clause in Contracts

Request to Repossess; Remarketing. If a default exists under a Lease financed or refinanced by a Discount Facility Loan, either through notification by SPE or TSFC pursuant to Section 9.20 or otherwise, and that such default remains uncured within the time, if any, for curing the same permitted by the Lease, and provided that no prepayment with respect to such Lease has been made pursuant to Section 8.4 of this Agreement, SBCC, as secured party under this Agreement, may request SPE to cause TSFC to act as its agent, and upon such request TSFC will, as such agent, use diligent efforts to repossess the Equipment subject to such Lease as promptly and efficiently as is legally permissible. Thereafter TSFC will refurbish and update, as needed, and, for a period of one hundred twenty (120) days or such other period as TSFC and SBCC may agree upon in writing from the date the Equipment is repossessed (the "Remarketing Period"), attempt to sell or release such Equipment on a non-priority (but nondiscriminatory) basis and on such terms and conditions as reflect fair market value for similar equipment and are acceptable to SBCC, in its sole discretion. TSFC shall give no less priority to remarketing Equipment pursuant to this Section 10.1 than it would similar equipment owned, leased or managed by TSFC. The obligations of TSFC to remarket such Equipment for sale of lease shall include, but not be limited to, efforts sell such Equipment, preparation and supervision of the documentation of each transaction and an accounting of the activities referred to in this Section 10.1, including information relative to the status of negotiations for offers made in respect of such Equipment. If TSFC has not remarketed any Equipment at the conclusion of the Remarketing Period, upon notice from SBCC, TSFC's exclusive right to remarket shall terminate and SBCC shall have the right to remarket such Equipment on terms and conditions satisfactory to it. If SBCC remarkets the Equipment, it shall retain Proceeds in an amount equal to the Net Book Value applicable to the Loan financing the Lease to which such Equipment was subject and any reasonable expenses incurred and shall remit the Excess Proceeds to SPE. Nothing contained in this Section 10.1 shall be deemed to constitute a release by SBCC of its security interest in any of the Collateral. SBCC shall release its security interest in Equipment which has been sold pursuant to this Section 10.1.

Request to Repossess; Remarketing. If In the event that SPE does not perform its obligations under Section 8.4 by reason of the limitation on its liability set forth therein, upon Lender's determination that a default exists under a Lease financed or refinanced by a Discount Facility Loan, either through notification by SPE or TSFC pursuant to Section 9.20 9.19 or otherwise, and that such default remains uncured within the time, if any, for curing the same permitted by the Lease, and provided that no prepayment with respect to such Lease has been made pursuant to Section 8.4 of this Agreement, SBCCLender, as secured party under this Agreement, may request SPE to cause TSFC to act as its Lender's agent, and upon such request TSFC will, as such agent, use diligent efforts to repossess the Equipment subject to such Lease as promptly and efficiently as is legally permissible. Thereafter TSFC will refurbish and update, as needed, and, for a period of one hundred twenty (120) days or such other period as TSFC and SBCC Lender may agree upon in writing from the date the Equipment is repossessed (the "Remarketing Period"), attempt to sell or release such Equipment on a non-priority (but nondiscriminatorynon-discriminatory) basis and on such terms and conditions as reflect fair market value for similar equipment and are acceptable to SBCCLender, in its sole discretion. SPE shall cause TSFC shall to give no less priority to remarketing Equipment pursuant to this Section 10.1 than it would similar equipment owned, leased or managed by TSFC. The obligations of TSFC to remarket such Equipment for sale of or lease shall include, but not be limited to, efforts to sell such Equipment, preparation and supervision of the documentation of each transaction and an accounting of the activities referred to in this Section 10.1, including information relative to the status of negotiations for offers made in respect of such Equipment. If TSFC has not remarketed any Equipment at the conclusion of the Remarketing Period, upon notice from SBCCLender, TSFC's exclusive right to remarket shall terminate and SBCC Lender shall have the right to remarket such Equipment on terms and conditions satisfactory to it. If SBCC Lender remarkets the Equipment, it shall retain Proceeds in an amount equal to the Net Book Value Loan Repayment Amount applicable to the Loan financing the Lease to which such Equipment was subject and any reasonable expenses Remarketing Expenses incurred by Lender and shall remit the Excess Proceeds to SPE. Nothing contained in this Section 10.1 shall be deemed to constitute a release by SBCC Lender of its security interest in any of the Collateral. SBCC Lender shall release its security interest in Equipment which has been sold pursuant to this Section 10.1.

Request to Repossess; Remarketing. If In the event that SPE does not perform its obligations under Section 8.4 by reason of the limitation on its liability set forth therein, upon Lender's determination that a default exists under a Lease financed or refinanced by a Discount Facility Loan, either through notification by SPE or TSFC pursuant to Section 9.20 9.19 or otherwise, and that such default remains uncured within the time, if any, for curing the same permitted by the Lease, and provided that no prepayment with respect to such Lease has been made pursuant to Section 8.4 of this Agreement, SBCCLender, as secured party under this Agreement, may request SPE to cause TSFC to act as its Lender's agent, and upon such request TSFC will, as such agent, use diligent efforts to repossess the Equipment subject to such Lease as promptly and efficiently as is legally permissible. Thereafter TSFC will refurbish and update, as needed, and, for a period of one hundred twenty (120) days or such other period as TSFC and SBCC Lender may agree upon in writing from the date the Equipment is repossessed (the "Remarketing Period"), attempt to sell or release such Equipment on a non-priority (but nondiscriminatorynon-discriminatory) basis and on such terms and conditions as reflect fair market value for similar equipment and are acceptable to SBCCLender, in its sole discretion. SPE shall cause TSFC shall to give no less priority to remarketing Equipment pursuant to this Section 10.1 than it would similar equipment owned, leased or managed by TSFC. The obligations of TSFC to remarket such Equipment for sale of or lease shall include, but not be limited to, efforts to sell such Equipment, preparation and supervision of the documentation of each transaction and an accounting of the activities referred to in this Section 10.1, including information relative to the status of negotiations for offers made in respect of such Equipment. If TSFC has not remarketed any Equipment at the conclusion of the Remarketing Period, upon notice from SBCCLender, TSFC's exclusive right to remarket shall terminate and SBCC Lender shall have the right to remarket such Equipment on terms and conditions satisfactory to it. If SBCC Lender remarkets the Equipment, it shall retain Proceeds in an amount equal to the Net Book Value Loan Repayment Amount applicable to the Loan financing the Lease to which such Equipment was subject and any reasonable expenses Remarketing Expenses incurred by Lender and shall remit the Excess Proceeds to SPE. Nothing contained in this Section 10.1 shall be deemed to constitute a release by SBCC of its security interest in any of the Collateral. SBCC shall release its security interest in Equipment which has been sold pursuant to this Section 10.1.

Request to Repossess; Remarketing. If In the event that SPE does not perform its obligations under Section 8.4 by reason of the limitation on its liability set forth therein, upon Lender's determination that a default exists under a Lease financed or refinanced by a Discount Facility Loan, either through notification by SPE or TSFC pursuant to Section 9.20 9.19 or otherwise, and that such default remains uncured within the time, if any, for curing the same permitted by the Lease, and provided that no prepayment with respect to such Lease has been made pursuant to Section 8.4 of this Agreement, SBCCLender, as secured party under this Agreement, may request SPE to cause TSFC to act as its Lender's agent, and upon such request TSFC will, as such agent, use diligent efforts to repossess the Equipment subject to such Lease as promptly and efficiently as is legally permissible. Thereafter TSFC will refurbish and update, as needed, and, for a period of one hundred twenty (120) days or such other period as TSFC and SBCC Lender may agree upon in writing from the date the Equipment is repossessed (the "Remarketing Period"), attempt to sell or release such Equipment on a non-priority (but nondiscriminatorynon-discriminatory) basis and on such terms and conditions as reflect fair market value for similar equipment and are acceptable to SBCCLender, in its sole discretion. SPE shall cause TSFC shall to give no less priority to remarketing Equipment pursuant to this Section 10.1 than it would similar equipment owned, leased or managed by TSFC. The obligations of TSFC to remarket such Equipment for sale of or lease shall include, but not be limited to, efforts to sell such Equipment, preparation and supervision of the documentation of each transaction and an accounting of the activities referred to in this Section 10.1, including information relative to the status of negotiations for offers made in respect of such Equipment. If TSFC has not remarketed any Equipment at the conclusion of the Remarketing Period, upon notice from SBCCLender, TSFC's exclusive right to remarket shall terminate and SBCC Lender shall have the right to remarket such Equipment on terms and conditions satisfactory to it. If SBCC Lender remarkets the Equipment, it shall retain Proceeds in an amount equal to the Net Book Value applicable to the Loan financing the Lease to which such Equipment was subject and any reasonable expenses incurred and shall remit the Excess Proceeds to SPE. Nothing contained in this Section 10.1 shall be deemed to constitute a release by SBCC of its security interest in any of the Collateral. SBCC shall release its security interest in Equipment which has been sold pursuant to this Section 10.1.the