Common use of Standards for Determining Commercial Reasonableness Clause in Contracts

Standards for Determining Commercial Reasonableness. Borrower and ORIX agree that a sale or other disposition (collectively, “sale”) of any Collateral pursuant to Section 6.2 which complies with the following standards will be conclusively deemed to be commercially reasonable: (i) notice of the sale is given to Borrower at least ten days prior to the sale, and, in the case of a public sale, notice of the sale is published at least ten days before the sale in a newspaper of general circulation in the county where the sale is to be conducted; (ii) notice of the sale describes the collateral in general, non-specific terms; (iii) the sale is conducted at a place designated by ORIX, with or without the Collateral being present; (iv) the sale commences at any time between 8:00 a.m. and 6:00 p.m.; and (v) with respect to any sale of any of the Collateral, ORIX may (but is not obligated to) direct any prospective purchaser to ascertain directly from Borrower any and all information concerning the same. ORIX shall be free to employ other methods of noticing and selling the Collateral, in its discretion, if they are commercially reasonable.

Standards for Determining Commercial Reasonableness. Borrower and ORIX Lender agree that a sale or other disposition (collectively, “sale”) of any Collateral pursuant to Section 6.2 which complies with the following standards will be conclusively deemed to be commercially reasonable: (i) notice of the sale is given to Borrower at least ten seven (7) days prior to the sale, and, in the case of a public sale, notice of the sale is published at least ten seven (7) days before the sale in a newspaper of general circulation in the county where the sale is to be conducted; (ii) notice of the sale describes the collateral in general, non-specific terms; (iii) the sale is conducted at a place designated by ORIXLender, with or without the Collateral being present; (iv) the sale commences at any time between 8:00 a.m. and 6:00 p.m.; and (v) with respect to any sale of any of the Collateral, ORIX Lender may (but is not obligated to) direct any prospective purchaser to ascertain directly from Borrower any and all information concerning the same. ORIX Lender shall be free to employ other methods of noticing and selling the Collateral, in its discretion, if they are commercially reasonable.