Strict Foreclosure definition

Strict Foreclosure means the delivery to the Term Loan Lenders of the Specified Collateral in accordance with Article 9 of the Uniform Commercial Code and the terms set forth in the Strict Foreclosure Agreement, which together with the Additional Consideration, shall be in full satisfaction of the Company’s obligations under the Credit Agreement (exclusive of any obligations contained therein that survive termination of the Credit Agreement in accordance with the terms set forth herein and in the Definitive Documents).
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Strict Foreclosure is as defined in Section 8.06.
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Examples of Strict Foreclosure in a sentence

  • This General Assignment and Assumption Agreement and Bill of Sale is being delivered pursuant to the Strict Foreclosure Agreement.

  • This Release (including the releases provided for herein, and the Parties’ respective rights and obligations hereunder) shall become automatically effective (and may be enforced by and against each Party hereto) as of the later of the time that (i) each Party hereto has executed and delivered this Release and (ii) the Closing Date (as defined in the Strict Foreclosure Agreement) has occurred (the “Effective Time”).

  • For purposes of this Agreement and the Strict Foreclosure, the Collateral Agent and/or each Applicable Transferee that receives Specified Collateral in accordance with this clause (a) shall each constitute a “Specified Collateral Recipient”.

  • In connection therewith, Songstagram agrees to enter into a Surrender of Collateral, Consent to Strict Foreclosure and Release Agreement.

  • Notwithstanding anything herein to the contrary, nothing herein shall constitute a waiver of any of the obligations of any of the WB Holdings Releasees under this Agreement or the Strict Foreclosure Agreement.

  • Accordingly, no Debtor is aware of any Person to whom notice of the Strict Foreclosure is or was required to be sent by the Collateral Agent or any other Secured Party, or any Debtor pursuant to Section 9-621(a) and other comparable provisions of the UCC.

  • As of the date hereof, there is no Person to whom this Proposal of Strict Foreclosure is or was required to be sent pursuant to § 9-621(a)(3) of the UCC.

  • If the Company shall become aware that any of its direct and indirect Subsidiaries in existence from and after the Closing Date have taken any action inconsistent with the absolute ownership, possession, control, and quiet enjoyment of all Transferred Collateral by Ultimate Parent as provided under the Partial Strict Foreclosure Agreement, then the Company shall cause such Subsidiary to promptly end such action and take remedial actions, if any, required to correct such action.

  • Notwithstanding anything herein to the contrary, nothing herein shall constitute a waiver of any of the obligations of any of the Quantum Releasees under this Agreement or under the Strict Foreclosure Agreement.

  • As of the date hereof, Holdings hereby makes the representations and warranties, severally but not jointly (or jointly and severally), contained in Article 4 of the Strict Foreclosure Agreement, solely with respect to itself, to Agent and NewCo.

Related to Strict Foreclosure

  • Foreclosure means the process by which a property, placed as security for a real estate loan, is sold at auction to satisfy the debt if the trustor (borrower) defaults.

  • In danger of foreclosure means any of the following:

  • Delay of Foreclosure The postponement for more than three Business Days of the scheduled sale of Mortgaged Property to obtain satisfaction of a Mortgage Loan.

  • Commencement of Foreclosure The first official action required under local law in order to commence foreclosure proceedings or to schedule a trustee's sale under a deed of trust, including (i) in the case of a mortgage, any filing or service of process necessary to commence an action to foreclose, or (ii) in the case of a deed of trust, posting, the publishing, filing or delivery of a notice of sale, but not including in either case (x) any notice of default, notice of intent to foreclose or sell or any other action prerequisite to the actions specified in (i) or (ii) above, (y) the acceptance of a deed-in-lieu of foreclosure (whether in connection with a sale of the related property or otherwise) or (z) initiation and completion of a short pay-off.

  • District Property means all property owned by the District including, but not limited to, the Amenity Center, common areas, parking lots and ponds.