Common use of Sale of Collateral Clause in Contracts

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s rights and remedies upon default. (d) The Agent, any Revolving Credit Lender and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 in accordance with Sections 13.6 and 13.7.

Appears in 2 contracts

Samples: Loan and Security Agreement (Gander Mountain Co), Loan and Security Agreement (Gander Mountain Co)

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Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten seven (107) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12Article. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of any exercise of the Agent’s exercise of its rights 's Rights and remedies upon default pursuant to Remedies under this Article 12 11 towards the Liabilities in accordance such manner, and with Sections 13.6 and 13.7such frequency, as the Agent determines.

Appears in 2 contracts

Samples: Loan and Security Agreement (Designs Inc), Loan and Security Agreement (Factory Card Outlet Corp)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, Agent and any Revolving Credit Lender and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s 's exercise of its rights and remedies upon default pursuant to this Article 12 12: in accordance with Sections 13.6 and 13.7.

Appears in 2 contracts

Samples: Loan and Security Agreement (Gander Mountain Co), Loan and Security Agreement (Gander Mountain Co)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s rights and remedies upon defaultan Event of Default, may conduct one or more going out of business sales, in the Agent’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s rights and remedies upon default. (d) The Agent, Agent and any Revolving Credit Lender and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12Article. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 11 in accordance with Sections 13.6 13-6 and 13.713-7.

Appears in 2 contracts

Samples: Loan and Security Agreement (Hastings Entertainment Inc), Loan and Security Agreement (Hastings Entertainment Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law Requirements of Law with respect to the exercise of the Agent’s rights and remedies upon default. (d) The Agent, any Revolving Credit Lender and any Term Loan Lender Agent may purchase the Collateral, or any portion of it at any sale held under this Article 12(to the extent permitted by applicable Requirements of Law). (e) If any Subject to the terms and provisions of the Collateral is soldAgency Agreement, leased, or otherwise disposed upon the occurrence and during the continuance of by the Agent on creditan Event of Default, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of any Collateral in the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 in accordance with Sections 13.6 and 13.7.following order:

Appears in 2 contracts

Samples: Loan and Security Agreement (Aeropostale Inc), Loan and Security Agreement

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the BorrowerBorrowers. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower Borrowers nor any Person claiming under or in right of the Borrower Borrowers shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower Borrowers such notice as may be practicable under the circumstances), the Agent shall give the Borrower Borrowers at least Ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees Borrowers agree that such written notice shall satisfy all requirements for notice to the Borrower Borrowers which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s rights and remedies upon default. (d) The Agent, any Revolving Credit Lender and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 in accordance with Sections 13.6 and 13.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Gander Mountain Co)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the any Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower Borrowers nor any Person claiming under or in right of the Borrower Borrowers shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Lead Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Lead Borrower at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees Borrowers agree that such written notice shall satisfy all requirements for notice to the Borrower Borrowers which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent or the Lenders may credit bid and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12XI. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 in accordance with Sections 13.6 and 13.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Duckwall Alco Stores Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and /October 28, 1997/ 54 remedies upon default. (d) The Agent, any Revolving Credit Lender Agent and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12Article. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of any exercise of the Agent’s exercise of its rights 's Rights and remedies upon default pursuant to Remedies under this Article 12 11 towards the Liabilities in accordance such manner, and with Sections 13.6 and 13.7such frequency, as the Agent determines.

Appears in 1 contract

Samples: Loan and Security Agreement (CSS Trade Names Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s rights and remedies upon default. (d) The Agent, Agent and any Revolving Credit Lender and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 in accordance with Sections 13.6 and 13.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Gander Mountain Co)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the any Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the any Borrower nor any Person claiming under or in right of the any Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower Borrowers such notice as may be practicable under the circumstances), the Agent shall give the Borrower Borrowers at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Each Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower Borrowers which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, Agent and any Revolving Credit Lender and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12Article. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s 's exercise of its rights and remedies upon default pursuant to this Article 12 11: in accordance with Sections 13.6 and 13.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Jacobson Stores Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent or the Lenders may credit bid and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12XI. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 in accordance with Sections 13.6 and 13.7.

Appears in 1 contract

Samples: Loan and Security Agreement (RoomStore, Inc.)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the any Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the any Borrower nor any Person claiming under or in right of the any Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower Borrowers such notice as may be practicable under the circumstances), the Agent shall give the Borrower Borrowers at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Each Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower Borrowers which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, any Revolving Credit Lender and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 in accordance with Sections 13.6 and 13.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Jacobson Stores Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten seven (107) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12Article. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of any exercise of the Agent’s exercise of its rights 's Rights and remedies upon default pursuant to Remedies under this Article 12 towards the Liabilities in accordance such manner, and with Sections 13.6 and 13.7such frequency, as the Agent determines.

Appears in 1 contract

Samples: Loan and Security Agreement (Designs Inc)

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Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten seven (107) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent and any Term Loan Lender may purchase the Collateral, or any portion of it at any public sale held under this Article 12Article. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of any exercise of the Agent’s exercise of its rights 's Rights and remedies upon default pursuant to Remedies under this Article 12 11 towards the Liabilities in accordance such manner, and with Sections 13.6 and 13.7such frequency, as the Agent determines.

Appears in 1 contract

Samples: Revolving Credit Facility (Sun Television & Appliances Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent or the Lenders may credit bid and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12XI. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 in accordance with Sections 13.6 and 13.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Wild Oats Markets Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the any Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower Borrowers nor any Person claiming under or in right of the Borrower Borrowers shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Lead Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Lead Borrower at least Ten seven (107) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees Borrowers agree that such written notice shall satisfy all requirements for notice to the Borrower Borrowers which are imposed under the UCC UCC, the PPSA, or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12Article. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of any exercise of the Agent’s exercise of its rights 's Rights and remedies upon default pursuant to Remedies under this Article 12 11 towards the Liabilities in accordance such manner, and with Sections 13.6 and 13.7such frequency, as the Agent determines.

Appears in 1 contract

Samples: Loan and Security Agreement (Sunglass Hut International Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the any Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the any Borrower nor any Person claiming under or in right of the any Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Lead Borrower such notice as may be practicable under the circumstances), the Agent shall give the Lead Borrower at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Each Borrower agrees that such written notice shall satisfy all requirements for notice to the that Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, Agent and any Revolving Credit Lender and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12Article. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s 's exercise of its rights and remedies upon default pursuant to this Article 12 11: in accordance with Sections 13.6 13:13-6 and 13.713:13-7.

Appears in 1 contract

Samples: Loan and Security Agreement (Phar Mor Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the BorrowerGuarantor. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower Guarantor nor any Person claiming under or in right of the Borrower Guarantor shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower Guarantor with such notice as may be practicable under the circumstances), the Agent shall give the Borrower Guarantor at least Ten seven (107) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower Guarantor agrees that such written notice shall satisfy all requirements for notice to the Borrower Guarantor which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12Article. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of any exercise of the Agent’s exercise of its rights 's Rights and remedies upon default pursuant to Remedies under this Article 12 6 towards the Liabilities in accordance such manner, and with Sections 13.6 and 13.7such frequency, as the Agent determines.

Appears in 1 contract

Samples: Loan and Security Agreement (Sunglass Hut International Inc)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent or the Lenders may credit bid and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12XI. (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of the Agent’s exercise of its rights and remedies upon default pursuant to this Article 12 in accordance with Sections 13.6 and 13.7.

Appears in 1 contract

Samples: Loan and Security Agreement (RoomStore, Inc.)

Sale of Collateral. (a) Any sale or other disposition of the Collateral may be at public or private sale upon such terms and in such manner as the Agent deems advisable, having due regard to compliance with any statute or regulation which might affect, limit, or apply to the Agent’s 's disposition of the Collateral. (b) The Agent, in the exercise of the Agent’s 's rights and remedies upon default, may conduct one or more going out of business sales, in the Agent’s 's own right or by one or more agents and contractors. Such sale(s) may be conducted upon any premises owned, leased, or occupied by the Borrower. The Agent and any such agent or contractor, in conjunction with any such sale, may augment the Inventory with other goods (all of which other goods shall remain the sole property of the Agent or such agent or contractor). Any amounts realized from the sale of such goods which constitute augmentations to the Inventory (net of an allocable share of the costs and expenses incurred in their disposition) shall be the sole property of the Agent or such agent or contractor and neither the Borrower nor any Person claiming under or in right of the Borrower shall have any interest therein. (c) Unless the Collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Borrower with such notice as may be practicable under the circumstances), the Agent shall give the Borrower at least Ten ten (10) days prior written notice of the date, time, and place of any proposed public sale, and of the date after which any private sale or other disposition of the Collateral may be made. The Borrower agrees that such written notice shall satisfy all requirements for notice to the Borrower which are imposed under the UCC or other applicable law with respect to the exercise of the Agent’s 's rights and remedies upon default. (d) The Agent, any Revolving Credit Lender Agent and any Term Loan Lender may purchase the Collateral, or any portion of it at any sale held under this Article 12(to the extent permitted by applicable law). (e) If any of the Collateral is sold, leased, or otherwise disposed of by the Agent on credit, the Liabilities shall not be deemed to have been reduced as a result thereof unless and until payment is finally received thereon by the Agent. (f) The Agent shall apply the proceeds of any exercise of the Agent’s exercise of its rights 's Rights and remedies upon default pursuant to Remedies under this Article 12 11 towards the Liabilities in accordance with Sections 13.6 and 13.7.the following order:

Appears in 1 contract

Samples: Loan and Security Agreement (Aeropostale Inc)

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