Common use of Sale of Purchased Assets Clause in Contracts

Sale of Purchased Assets. a. If an Event of Default has occurred and is continuing as provided in Section 8.2 hereof or the indebtedness created hereby either with respect to principal or interest remains in whole or in part unpaid as of the Due Date, the Holder will be entitled and empowered to dispose of the Purchased Assets or any part thereof: i. at public sale, which public sale may be conducted at the location designated by the Holder for cash or on credit and on such terms as the Holder may in its sole discretion, elect after giving at least five days notice of the time and place of sale in the manner provided by law, or ii. at private sale upon like notice for cash or on credit and on such other terms as the Holder may in its sole discretion elect; b. The proceeds of the sale ("Sale Proceeds") of the Purchased Assets will be allocated as follows: i. to reimburse the Holder (to a maximum of 20% of the gross proceeds of sale), for all costs and expenses incurred as the result of an Event of Default and in connection with re-possession, storing, advertising, marketing and selling the Purchased Assets including, without limitation, reasonable attorneys' fees and costs; ii. to the Holder as a reduction of amounts owing by Xxxx under this Note allocated firstly as to interest and the remainder as to principal; and iii. the balance to Xxxx; c. Any balance owing by Xxxx under this Note after the allocation of the Sale Proceeds will be forgiven by the Holder and Xxxx will have no further liability under this Note; and d. This Note is non-negotiable. The Holder will have no right or recourse against any legal person in respect of the covenants contained in this Note other than, subject to Section 8.3, Xxxx, and his assigns but only severally and not jointly and only to the extent of each person's interest in the Purchased Assets.

Sale of Purchased Assets. a. If an Event of Default has occurred and is continuing as provided in Section 8.2 hereof or the indebtedness created hereby either with respect to principal or interest remains in whole or in part unpaid as of the Due Date, the Holder will be entitled and empowered to dispose of the Purchased Assets or any part thereof: i. at public sale, which public sale may be conducted at the location designated by the Holder for cash or on credit and on such terms as the Holder may in its sole discretion, elect after giving at least five days notice of the time and place of sale in the manner provided by law, or ii. at private sale upon like notice for cash or on credit and on such other terms as the Holder may in its sole discretion elect; b. The proceeds of the sale ("Sale Proceeds") of the Purchased Assets will be allocated as follows: i. to reimburse the Holder (to a maximum of 20% of the gross proceeds of sale), for all costs and expenses incurred as the result of an Event of Default and in connection with re-possession, storing, advertising, marketing and selling the Purchased Assets including, without limitation, reasonable attorneys' fees and costs; ii. to the Holder as a reduction of amounts owing by Xxxx Pike under this Note allocated firstly as to interest and the remainder as to principal; and iii. the balance to XxxxPike; c. Any balance owing by Xxxx Pike under this Note after the allocation of the Sale Proceeds will be forgiven by the Holder and Xxxx Pike will have no further liability under this Note; and d. This Note is non-negotiable. The Holder will have no right or recourse against any legal person in respect of the covenants contained in this Note other than, subject to Section 8.3, XxxxPike, and his assigns but only severally and not jointly and only to the extent of each person's interest in the Purchased Assets.

Sale of Purchased Assets. a. If an Event of Default has occurred and is continuing as provided in Section 8.2 hereof or the indebtedness created hereby either with respect to principal or interest remains in whole or in part unpaid as of the Due Date, the Holder will be entitled and empowered to dispose of the Purchased Assets or any part thereof: i. at public sale, which public sale may be conducted at the location designated by the Holder for cash or on credit and on such terms as the Holder may in its sole discretion, elect after giving at least five days notice of the time and place of sale in the manner provided by law, or ii. at private sale upon like notice for cash or on credit and on such other terms as the Holder may in its sole discretion elect; b. The proceeds of the sale ("Sale Proceeds") of the Purchased Assets will be allocated as follows: i. to reimburse the Holder (to a maximum of 20% of the gross proceeds of sale), for all costs and expenses incurred as the result of an Event of Default and in connection with re-possession, storing, advertising, marketing and selling the Purchased Assets including, without limitation, reasonable attorneys' fees and costs; ii. to the Holder as a reduction of amounts owing by Xxxx [PURCHASER 1] under this Note allocated firstly as to interest and the remainder as to principal; and iii. the balance to Xxxx[PURCHASER 1]; c. Any balance owing by Xxxx [PURCHASER 1] under this Note after the allocation of the Sale Proceeds will be forgiven by the Holder and Xxxx [PURCHASER 1] will have no further liability under this Note; and d. This Note is non-negotiable. The Holder will have no right or recourse against any legal person in respect of the covenants contained in this Note other than, subject to Section 8.3, Xxxx[PURCHASER 1], and his assigns but only severally and not jointly and only to the extent of each person's interest in the Purchased Assets.

Sale of Purchased Assets. a. If an Event of Default has occurred and is continuing as provided in Section 8.2 hereof or the indebtedness created hereby either with respect to principal or interest remains in whole or in part unpaid as of the Due Date, the Holder will be entitled and empowered to dispose of the Purchased Assets or any part thereof: i. at public sale, which public sale may be conducted at the location designated by the Holder for cash or on credit and on such terms as the Holder may in its sole discretion, elect after giving at least five days notice of the time and place of sale in the manner provided by law, or ii. at private sale upon like notice for cash or on credit and on such other terms as the Holder may in its sole discretion elect; b. The proceeds of the sale ("Sale Proceeds") of the Purchased Assets will be allocated as follows: i. to reimburse the Holder (to a maximum of 20% of the gross proceeds of sale), for all costs and expenses incurred as the result of an Event of Default and in connection with re-possession, storing, advertising, marketing and selling the Purchased Assets including, without limitation, reasonable attorneys' fees and costs; ii. to the Holder as a reduction of amounts owing by Xxxx [PURCHASER 4] under this Note allocated firstly as to interest and the remainder as to principal; and iii. the balance to Xxxx[PURCHASER 4]; c. Any balance owing by Xxxx [PURCHASER 4] under this Note after the allocation of the Sale Proceeds will be forgiven by the Holder and Xxxx [PURCHASER 4] will have no further liability under this Note; and d. This Note is non-negotiable. The Holder will have no right or recourse against any legal person in respect of the covenants contained in this Note other than, subject to Section 8.3, Xxxx[PURCHASER 4], and his assigns but only severally and not jointly and only to the extent of each person's interest in the Purchased Assets.

Sale of Purchased Assets. a. If an Event of Default has occurred and is continuing as provided in Section 8.2 hereof or the indebtedness created hereby either with respect to principal or interest remains in whole or in part unpaid as of the Due Date, the Holder will be entitled and empowered to dispose of the Purchased Assets or any part thereof: i. at public sale, which public sale may be conducted at the location designated by the Holder for cash or on credit and on such terms as the Holder may in its sole discretion, elect after giving at least five days notice of the time and place of sale in the manner provided by law, or ii. at private sale upon like notice for cash or on credit and on such other terms as the Holder may in its sole discretion elect; b. The proceeds of the sale ("Sale Proceeds") of the Purchased Assets will be allocated as follows: i. to reimburse the Holder (to a maximum of 20% of the gross proceeds of sale), for all costs and expenses incurred as the result of an Event of Default and in connection with re-possession, storing, advertising, marketing and selling the Purchased Assets including, without limitation, reasonable attorneys' fees and costs; ii. to the Holder as a reduction of amounts owing by Xxxx [PURCHASER 2] under this Note allocated firstly as to interest and the remainder as to principal; and iii. the balance to Xxxx[PURCHASER 2]; c. Any balance owing by Xxxx [PURCHASER 2] under this Note after the allocation of the Sale Proceeds will be forgiven by the Holder and Xxxx [PURCHASER 2] will have no further liability under this Note; and d. This Note is non-negotiable. The Holder will have no right or recourse against any legal person in respect of the covenants contained in this Note other than, subject to Section 8.3, Xxxx[PURCHASER 2], and his assigns but only severally and not jointly and only to the extent of each person's interest in the Purchased Assets.

Sale of Purchased Assets. a. If an Event of Default has occurred and is continuing as provided in Section 8.2 hereof or the indebtedness created hereby either with respect to principal or interest remains in whole or in part unpaid as of the Due Date, the Holder will be entitled and empowered to dispose of the Purchased Assets or any part thereof: i. at public sale, which public sale may be conducted at the location designated by the Holder for cash or on credit and on such terms as the Holder may in its sole discretion, elect after giving at least five days notice of the time and place of sale in the manner provided by law, or ii. at private sale upon like notice for cash or on credit and on such other terms as the Holder may in its sole discretion elect; b. The proceeds of the sale ("Sale Proceeds") of the Purchased Assets will be allocated as follows: i. to reimburse the Holder (to a maximum of 20% of the gross proceeds of sale), for all costs and expenses incurred as the result of an Event of Default and in connection with re-possession, storing, advertising, marketing and selling the Purchased Assets including, without limitation, reasonable attorneys' fees and costs; ii. to the Holder as a reduction of amounts owing by Xxxx [PURCHASER 3] under this Note allocated firstly as to interest and the remainder as to principal; and iii. the balance to Xxxx[PURCHASER 3]; c. Any balance owing by Xxxx [PURCHASER 3] under this Note after the allocation of the Sale Proceeds will be forgiven by the Holder and Xxxx [PURCHASER 3] will have no further liability under this Note; and d. This Note is non-negotiable. The Holder will have no right or recourse against any legal person in respect of the covenants contained in this Note other than, subject to Section 8.3, Xxxx, and his assigns but only severally and not jointly and only to the extent of each person's interest in the Purchased Assets.Section

Sale of Purchased Assets. a. If an Event of Default has occurred and is continuing as provided in Section 8.2 hereof or the indebtedness created hereby either with respect to principal or interest remains in whole or in part unpaid as of the Due Date, the Holder will be entitled and empowered to dispose of the Purchased Assets or any part thereof: i. at public sale, which public sale may be conducted at the location designated by the Holder for cash or on credit and on such terms as the Holder may in its sole discretion, elect after giving at least five days notice of the time and place of sale in the manner provided by law, or ii. at private sale upon like notice for cash or on credit and on such other terms as the Holder may in its sole discretion elect; b. The proceeds of the sale ("Sale Proceeds") of the Purchased Assets will be allocated as follows: i. to reimburse the Holder (to a maximum of 20% of the gross proceeds of sale), for all costs and expenses incurred as the result of an Event of Default and in connection with re-possession, storing, advertising, marketing and selling the Purchased Assets including, without limitation, reasonable attorneys' fees and costs; ii. to the Holder as a reduction of amounts owing by Xxxx Silver under this Note allocated firstly as to interest and the remainder as to principal; and iii. the balance to XxxxSilver; c. Any balance owing by Xxxx Silver under this Note after the allocation of the Sale Proceeds will be forgiven by the Holder and Xxxx Silver will have no further liability under this Note; and d. This Note is non-negotiable. The Holder will have no right or recourse against any legal person in respect of the covenants contained in this Note other than, subject to Section 8.3, XxxxSilver, and his assigns but only severally and not jointly and only to the extent of each person's interest in the Purchased Assets.

Sale of Purchased Assets. a. If an Event of Default has occurred and is continuing as provided in Section 8.2 hereof or the indebtedness created hereby either with respect to principal or interest remains in whole or in part unpaid as of the Due Date, the Holder will be entitled and empowered to dispose of the Purchased Assets or any part thereof: i. at public sale, which public sale may be conducted at the location designated by the Holder for cash or on credit and on such terms as the Holder may in its sole discretion, elect after giving at least five days notice of the time and place of sale in the manner provided by law, or ii. at private sale upon like notice for cash or on credit and on such other terms as the Holder may in its sole discretion elect; b. The proceeds of the sale ("Sale Proceeds") of the Purchased Assets will be allocated as follows: i. to reimburse the Holder (to a maximum of 20% of the gross proceeds of sale), for all costs and expenses incurred as the result of an Event of Default and in connection with re-possession, storing, advertising, marketing and selling the Purchased Assets including, without limitation, reasonable attorneys' fees and costs; ii. to the Holder as a reduction of amounts owing by Xxxx Xxxxxxxx under this Note allocated firstly as to interest and the remainder as to principal; and iii. the balance to XxxxXxxxxxxx; c. Any balance owing by Xxxx Xxxxxxxx under this Note after the allocation of the Sale Proceeds will be forgiven by the Holder and Xxxx Xxxxxxxx will have no further liability under this Note; and d. This Note is non-negotiable. The Holder will have no right or recourse against any legal person in respect of the covenants contained in this Note other than, subject to Section 8.3, XxxxXxxxxxxx, and his assigns but only severally and not jointly and only to the extent of each person's interest in the Purchased Assets.