Common use of Standards for Determining Commercial Reasonableness Clause in Contracts

Standards for Determining Commercial Reasonableness. Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 8 contracts

Samples: Loan and Security Agreement (Performance Printing Corp), Loan and Security Agreement (Community Medical Transport Inc), Loan and Security Agreement (Community Medical Transport Inc)

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Standards for Determining Commercial Reasonableness. Borrower and FINOVA PFG agree that a sale or other disposition (collectively, “sale”) of any Collateral which complies with the following conduct by FINOVA with respect to any disposition of Collateral shall standards will conclusively be deemed to be commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private dispositionreasonable: (i) as to which on no later than Notice of the fifth calendar day prior thereto written notice thereof sale is mailed or personally delivered given to Borrower at least ten days prior to the sale, and, with respect to any in the case of a public dispositionsale, on no later than notice of the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of sale is published once at least five days before the sale in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market)conducted; (ii) which Notice of the sale describes the collateral in general, non-specific terms; (iii) The sale is conducted at any a place designated by FINOVAPFG, with or without the Collateral being present; and (iiiiv) which The sale commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality 6:00 p.m.; (v) Payment of the foregoing, Borrower expressly agrees that, with purchase price in cash or by cashier’s check or wire transfer is required; (vi) With respect to any disposition sale of accountsany of the Collateral, instruments and general intangibles, it shall be commercially reasonable for FINOVA to PFG may (but is not obligated to) direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same. PFG shall be free to employ other methods of noticing and selling the Collateral, including, but not limited to, the terms of payment, aging and delinquencyin its discretion, if anythey are commercially reasonable. Without limiting the foregoing, if Exigent Circumstances exist, Borrower and PFG agree that notice periods may be shorter than as set forth above and such shorter notice periods are commercially reasonable in Exigent Circumstances. Borrower further acknowledges and agrees that if PFG’s or third parties’ access to Collateral is inhibited, restricted or denied, it shall be commercially reasonable for PFG to conduct a sale of Collateral under such circumstances even though the financial condition lack of any obligor or account debtor thereon or guarantor thereof, and any collateral thereforaccess to Collateral would likely give rise to a sale price less than if parties had unfettered access to Collateral for purposes of conducting a sale.

Appears in 4 contracts

Samples: Loan and Security Agreement (Giga Tronics Inc), Loan and Security Agreement (Giga Tronics Inc), Loan and Security Agreement (Sonic Foundry Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific nonspecific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 3 contracts

Samples: Loan and Security Agreement (Boca Research Inc), Loan and Security Agreement (Hmi Industries Inc), Loan and Security Agreement (Medley Credit Acceptance Corp)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA Agent and each Lender agree that the following conduct by FINOVA Agent with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVAAgent, including, but not limited to, FINOVAAgent's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not per se be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth FIFTH (5TH) calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth FIFTH (5TH) calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVAAgent, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. A.M. and 5:00 p.m. P.M. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA Agent to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 2 contracts

Samples: Loan and Security Agreement (Usa Detergents Inc), Loan and Security Agreement (Usa Detergents Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion Permitted Discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 2 contracts

Samples: Loan and Security Agreement (Revenge Marine Inc), Loan and Security Agreement (Nstor Technologies Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA ----------------------------------------------------- agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any conducted. The public or private disposition need shall be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; , and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. (PROVIDED THAT NO NOTICE OF ANY PUBLIC OR PRIVATE DISPOSITION NEED BE GIVEN TO THE BORROWER IF THE COLLATERAL IS PERISHABLE OR THREATENS TO DECLINE SPEEDILY IN VALUE OR IS OF A TYPE CUSTOMARILY SOLD ON A RECOGNIZED MARKET). Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Avery Communications Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA CoastFed agree that the following conduct by FINOVA CoastFed with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVACoastFed, including, but not limited to, FINOVACoastFed's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth first calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted conducted, at any place designated by FINOVACoastFed, with or without the Collateral being present; , and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accountsAccounts, instruments and general intangiblesintangibles (collectively "Receivables"), it shall be commercially reasonable for FINOVA CoastFed to direct any prospective purchaser acquirer thereof to ascertain directly from Borrower any and all information (and CoastFed shall not be required to maintain records of, or answer any inquiries) concerning the sameReceivables offered for disposition, including, but not limited to, the terms of payment, aging and delinquency, if any, of the Receivables, the financial condition of any obligor obligation or account debtor thereon or guarantor thereof, and any collateral therefortherefor and the condition and location of the goods, if any, that are the subject of any of the Receivables.

Appears in 1 contract

Samples: Loan and Security Agreement (Blaze Software Inc)

Standards for Determining Commercial Reasonableness. Borrower Debtor and FINOVA Coast agree that the following conduct by FINOVA Coast with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVACoast, including, but not limited to, FINOVACoast's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower Debtor and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted conducted, at any place designated by FINOVACoast, with or without the Collateral being present; , and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower Debtor expressly agrees that, with respect to any disposition of accountsAccounts, instruments and general intangiblesintangibles (collectively "Receivables"), it shall be commercially reasonable for FINOVA Coast to direct any prospective purchaser acquirer thereof to ascertain directly from Borrower Debtor any and all information (and Coast shall not be required to maintain records of, or answer any inquiries) concerning the sameReceivables offered for disposition, including, but not limited to, the terms of payment, aging and delinquency, if any, of the Receivables, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefortherefor and the condition and location of the goods, if any, that are the subject of any of the Receivables.

Appears in 1 contract

Samples: Security Agreement (Greenman Technologies Inc)

Standards for Determining Commercial Reasonableness. Borrower Debtor and FINOVA Lender agree that the following conduct by FINOVA Lender with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVALender, including, but not limited to, FINOVA's Lender’s use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower Debtor and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted conducted, at any place designated by FINOVALender, with or without the Collateral being present; , and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower Debtor expressly agrees that, with respect to any disposition of accountsAccounts, instruments and general intangiblesintangibles (collectively “Receivables”), it shall be commercially reasonable for FINOVA Lender to direct any prospective purchaser acquirer thereof to ascertain directly from Borrower Debtor any and all information (and Lender shall not be required to maintain records of, or answer any inquiries) concerning the sameReceivables offered for disposition, including, but not limited to, the terms of payment, aging and delinquency, if any, of the Receivables, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefortherefor and the condition and location of the goods, if any, that are the subject of any of the Receivables. Lender shall have no obligation to attempt to satisfy the Obligation by collecting them from any third person which may be liable for them or any portion thereof, and Lender may release, modify or waive any collateral provided by any other third person as security for the Obligation or any portion thereof, all without affecting Lender’s rights against Debtor. Debtor waives any right it may have to require Lender to pursue any third person for any of the Obligations. Lender may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral, and Lender’s compliance therewith will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. Lender may sell the Collateral without giving any warranties as to the Collateral. Lender may specifically disclaim any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. If Lender sells any of the Collateral upon credit, Debtor will be credited only with payments actually made by the purchaser, received by Lender and applied to the indebtedness of the purchaser. In the event that the purchaser fails to pay for the Collateral, Lender my resell the Collateral and Debtor will be credited with the proceeds of such sale.

Appears in 1 contract

Samples: Security Agreement (Tri-S Security Corp)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA CoastFed agree that the following conduct by FINOVA CoastFed with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVACoastFed, including, but not limited to, FINOVACoastFed's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth *calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth *calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted conducted, at any place designated by FINOVACoastFed, with or without the Collateral being present; , and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accountsAccounts, instruments and general intangiblesintangibles (collectively "Receivables"), it shall be commercially reasonable for FINOVA CoastFed to direct any prospective purchaser acquirer thereof to ascertain directly from Borrower any and all information (and CoastFed shall not be required to maintain records of, or answer any inquiries) concerning the sameReceivables offered for disposition, including, but not limited to, the terms of payment, aging and delinquency, if any, of the Receivables, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.therefor and the condition and location of the goods, if any, that are the subject of any of the Receivables. *TENTH

Appears in 1 contract

Samples: Loan and Security Agreement (Ross Systems Inc/Ca)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA Coast agree that the following conduct by FINOVA Coast with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVACoast, including, but not limited to, FINOVACoast's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth tenth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted conducted, at any place designated by FINOVACoast, with or without the Collateral being present; , and (iii) which commences at any time between 8:00 a.m. p.m. and 5:00 p.m. Without limiting the generality generally of the foregoing, Borrower expressly agrees that, with respect to any disposition of accountsAccounts, instruments and general intangiblesintangibles (collectively "Receivables"), it shall be commercially reasonable for FINOVA Coast to direct any prospective purchaser acquirer thereof to ascertain directly from Borrower any and all information (and Coast shall not be required to maintain records of, or answer any inquiries) concerning the sameReceivables offered for disposition, including, but not limited to, the terms of payment, aging and delinquency, if any, of the Receivables, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefortherefor and the condition and location of the goods, if any, that are the subject of any of the Receivables.

Appears in 1 contract

Samples: Loan and Security Agreement (Catalyst Semiconductor Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted conducted. The public disposition shall be at any place designated by FINOVA, with or without the Collateral being present, and which commences at any time between 8:00 a.m. and 5:00 p.m. (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. . Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.. 17

Appears in 1 contract

Samples: Loan and Security Agreement (Intellicall Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower Bxxxxxxx and, . with respect to any public disposition, on no later than the fifth calendar day day, prior thereto notice thereof describing describing, in general non-specific terms, . the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower Bxxxxxxx expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, . it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning concerning, the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor. 8.

Appears in 1 contract

Samples: Loan and Security Agreement (Diamond Multimedia Systems Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA Lender agree that the following conduct by FINOVA Lender with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVALender, including, but not limited to, FINOVALender's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not necessarily be deemed to be unreasonable): Any public or private disposition: (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered given as set forth in Section 8.2 hereof to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific nonspecific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVALender, with or without the Collateral being present; and (iii) which commences at any time between 8:00 9:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA Lender to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (American Business Financial Services Inc /De/)

Standards for Determining Commercial Reasonableness. Borrower and --------------------------------------------------- FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Finova Loan and Security Agreement (Utilx Corp)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA DLL agree that the following conduct by FINOVA DLL with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVADLL, including, but not limited to, FINOVADLL's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth tenth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted conducted; (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments Receivables, Instruments and general intangiblesGeneral Intangibles, it shall be commercially reasonable for FINOVA DLL to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor Account Debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Emtec Inc/Nj)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA Coast agree that the following conduct by FINOVA Coast with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVACoast, including, but not limited to, FINOVACoast's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth tenth calendar day prior thereto written notice thereof is mailed or personally delivered to (Borrower and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the then Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted conducted, at any place designated by FINOVACoast, with or without the Collateral being present; , and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accountsAccounts, instruments and general intangiblesintangibles (collectively "Receivables"), it shall be commercially reasonable for FINOVA Coast to direct any prospective purchaser acquirer thereof to ascertain directly from Borrower any and all information (and Coast shall not be required to maintain records of, or answer any inquires) concerning the sameReceivables offered for disposition, including, but not limited to, the terms of payment, aging and delinquency, if any, of the Receivables, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefortherefor and the condition and location of the goods, if any, that are the subject of any of the Receivables.

Appears in 1 contract

Samples: Loan and Security Agreement (Catalyst Semiconductor Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA GFC agree that the following conduct by FINOVA GFC with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVAGFC, including, but not limited to, FINOVAGFC's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: ; (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVAGFC, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA GFC to direct any prospective perspective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Procom Technology Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth tenth (calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to t the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Finova Loan and Security Agreement (Play Co Toys & Entertainment Corp)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA --------------------------------------------------- agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted conducted. The public disposition shall be at any place designated by FINOVA, with or without the Collateral being present, and which commences at any time between 8:00 a.m. and 5:00 p.m. (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. . Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Cumetrix Data Systems Corp)

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Standards for Determining Commercial Reasonableness. Borrower and FINOVA Coast agree that the following conduct by FINOVA Coast with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVACoast, including, but not limited to, FINOVACoast's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth * calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth * calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted conducted, at any place designated by FINOVACoast, with or without the Collateral being present; , and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accountsAccounts, instruments and general intangiblesintangibles (collectively "Receivables"), it shall be commercially reasonable for FINOVA Coast to direct any prospective purchaser acquirer thereof to ascertain directly from Borrower any and all information (and Coast shall not be required to maintain records of, or answer any inquiries) concerning the sameReceivables offered for disposition, including, but not limited to, the terms of payment, aging and delinquency, if any, of the Receivables, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.therefor and the condition and location of the goods, if any, that are the subject of any of the Receivables. *TENTH

Appears in 1 contract

Samples: Loan and Security Agreement (Catalyst Semiconductor Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA --------------------------------------------------- Lender agree that the following conduct by FINOVA Lender with respect to any disposition of Borrower Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVALender, including, but not limited to, FINOVALender's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Borrower Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth tenth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the Borrower Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted conducted, at any place designated by Lender, with or without the Borrower Collateral being present, and which commences at any time between 8:00 a.m. and 5:00 p.m. (provided that no notice of any public or private disposition need be given to Borrower if the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. . Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA Lender to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.. FINOVA LOAN AND SECURITY AGREEMENT ----------------------------------------------------------------------

Appears in 1 contract

Samples: Finova Loan and Security Agreement (Ameritruck Distribution Corp)

Standards for Determining Commercial Reasonableness. Each Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth tenth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower DSI and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the any Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, each Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from the applicable Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Digital Solutions Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA Lender agree that the following conduct by FINOVA Lender with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVALender, including, but not limited to, FINOVALender's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth tenth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted conducted, at any place designated by Lender, with or without the Collateral being present, and which commences at any time between 8:00 a.m. and 5:00 p.m. (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. . Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA Lender to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Finova Loan and Security Agreement (Glasgal Communications Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA CB&T agree that the following conduct by FINOVA CB&T with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVACB&T, including, but not limited to, FINOVACB&T's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: disposition (i) as to which on no later than the fifth tenth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVACB&T, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA CB&T to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Security Agreement (Collectors Universe Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA CoastFed agree that the following conduct by FINOVA CoastFed with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVACoastFed, including, but not limited to, FINOVACoastFed's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted conducted, at any place designated by FINOVACoastFed, with or without the Collateral being present; , and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accountsAccounts, instruments and general intangiblesintangibles (collectively "Receivables"), it shall be commercially reasonable for FINOVA CoastFed to direct any prospective purchaser acquirer thereof to ascertain directly from Borrower any and all information (and CoastFed shall not be required to maintain records of, or answer any inquiries) concerning the sameReceivables offered for disposition, including, but not limited to, the terms of payment, aging and delinquency, if any, of the Receivables, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefortherefor and the condition and location of the goods, if any, that are the subject of any of the Receivables.

Appears in 1 contract

Samples: Security Agreement (RSL Communications PLC)

Standards for Determining Commercial Reasonableness. Each Borrower and FINOVA Lender agree that the following conduct by FINOVA Lender with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVALender, including, but not limited to, FINOVALender's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to the applicable Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted conducted, at any place designated by Lender, with or without the Collateral being present, and which commences at any time between 8:00 a.m. and 5:00 p.m. (provided that no notice of any public or private disposition need be given to the applicable Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. . Without limiting the generality of the foregoing, each Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA Lender to direct any prospective purchaser thereof to ascertain directly from such Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Core Technologies Pennsylvania Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA TEXTRON agree that the following conduct by FINOVA TEXTRON with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVATEXTRON, including, but not limited to, FINOVATEXTRON's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted conducted; (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA TEXTRON to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Micros to Mainframes Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any any public or private disposition: (i) as to which on no later than the fifth calendar day Business Day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day Business Day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Finova Loan and Security Agreement (Arv Assisted Living Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that that, subject to applicable law to the contrary, no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Espos Inc)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA agree that the following conduct by FINOVA with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVA, including, but not limited to, FINOVA's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth tenth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth tenth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Uniview Technologies Corp)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA TEXTRON agree that the following conduct by FINOVA TEXTRON with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVATEXTRON, including, but not limited to, FINOVATEXTRON's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted conducted; (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA TEXTRON to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, aging and -------------------------------------------------------------------------------- Loan and Security Agreement page 12 of 24 (TEXTRON FINANCIAL LOGO) delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (I Sector Corp)

Standards for Determining Commercial Reasonableness. Borrower and FINOVA Lender agree that the following conduct by FINOVA Lender with respect to any disposition of Collateral shall conclusively be deemed commercially reasonable (but other conduct by FINOVALender, including, but not limited to, FINOVALender's use in its sole discretion of other or different times, places and manners of noticing and conducting any disposition of Collateral shall not be deemed unreasonable): Any public or private disposition: (i) disposition as to which on no later than the fifth calendar day prior thereto written notice thereof is mailed or personally delivered to Borrower and, with respect to any public disposition, on no later than the fifth calendar day prior thereto notice thereof describing in general non-specific nonspecific terms, the Collateral to be disposed of is published once in a newspaper of general circulation in the county where the sale is to be conducted conducted. The public disposition shall be at any place designated by Lender, with or without the Collateral being present, and which commences at any time between 8:00 a.m. and 5:00 p.m. (provided that no notice of any public or private disposition need be given to the Borrower or published if the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market); (ii) which is conducted at any place designated by FINOVA, with or without the Collateral being present; and (iii) which commences at any time between 8:00 a.m. and 5:00 p.m. . Without limiting the generality of the foregoing, Borrower expressly agrees that, with respect to any disposition of accounts, instruments and general intangibles, it shall be commercially reasonable for FINOVA Lender to direct any prospective purchaser thereof to ascertain directly from Borrower any and all information concerning the same, including, but not limited to, the terms of payment, payment aging and delinquency, if any, the financial condition of any obligor or account debtor thereon or guarantor thereof, and any collateral therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Rockford Corp)

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