Common use of TAKING IN PAYMENT Clause in Contracts

TAKING IN PAYMENT. If the Trustee elects to exercise its right to take in payment the Charged property and the Grantor requires that the Trustee instead sell by itself or under judicial authority, the Charged property on which such right is exercised, the Grantor hereby acknowledges that the Trustee shall not be bound to abandon its recourse of taking in payment unless, prior to the expiry of the time period allocated for surrender, the Trustee (i) has been granted a security satisfactory to it, to ensure that the proceeds of the sale of the Charged property will be sufficient to pay the Guaranty in full, (ii) has been reimbursed for all reasonable costs and expenses incurred in connection to this Deed, including all fees of consultants and legal counsel and (iii) has been advanced the necessary sums for the sale of said Charged property; the Grantor further acknowledges that the Trustee alone is entitled to select the type of sale it may wish to conduct or have conducted.

TAKING IN PAYMENT. If the Trustee elects to exercise its right to take in payment the Charged property Property and the Grantor requires that the Trustee instead sell by itself or under judicial authority, authority the Charged property Property on which such right is exercised, the Grantor hereby acknowledges that the Trustee shall not be bound to abandon its recourse of taking in payment unless, prior to the expiry of the time period allocated for surrender, the Trustee (i) has been granted a security satisfactory to it, to ensure that the proceeds of the sale of the Charged property Property will be sufficient to pay the Guaranty Notes in full, (ii) has been reimbursed for all reasonable costs and expenses incurred in connection to this Deed, including all reasonable fees of consultants and legal counsel and (iii) has been advanced the necessary sums for the sale of said Charged propertyProperty; the Grantor further acknowledges that the Trustee alone is entitled to select the type of sale it may wish to conduct or have conductedconducted and shall have no liability for any loss as a result of selection of any particular type of sale.