Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 26 contracts
Sources: Credit Agreement (Blount International Inc), Credit Agreement (Huttig Building Products Inc), Credit Agreement (Blount International Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 14 contracts
Sources: Credit Agreement (Odyssey Healthcare Inc), Credit Agreement (Astec Industries Inc), Credit Agreement (Odyssey Healthcare Inc)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its Our benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether owned by any Borrower of You or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its Our rights and remedies under this Section 12Section. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a deficiency judgment against any Borrower of You or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower of You hereby consents to such action by Agent or such Lender Us and waives any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower any of You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the any right of Agent or any Lender Ours to seek a deficiency judgment against any Borrower of You shall not impair any other Borrower’s obligation the respective obligations of the rest of You to pay the full amount of the Secured Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender We are or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender We might otherwise be entitled but for such bidding at any such sale.
Appears in 9 contracts
Sources: Growth Capital Loan and Security Agreement (Oaktree Acquisition Corp.), Equipment Loan and Security Agreement, Revolving Loan and Security Agreement (Personalis, Inc.)
Election of Remedies. If Administrative Agent or any Lender may, under applicable lawApplicable Law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1214. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Administrative Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Administrative Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Administrative Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1214, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 7 contracts
Sources: Loan, Security and Guaranty Agreement (Quest Resource Holding Corp), Loan, Security and Guaranty Agreement (Quest Resource Holding Corp), Loan, Security and Guaranty Agreement (Quest Resource Holding Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateralcollateral, whether owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower such Credit Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the ObligationsObligations hereunder. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations hereunder and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsObligations hereunder. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 7 contracts
Sources: Refinancing Amendment (XPO, Inc.), Incremental Amendment to Credit Agreement (XPO, Inc.), Refinancing Amendment (XPO, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Co-Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1216. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remediesremedies (including, including without limitation, its right to enter a deficiency judgment against any Co-Borrower or any other Person), whether because of any applicable laws pertaining to “election of remedies” or the like, each Co-Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Co-Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Co-Borrower shall not impair any other Co-Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1216, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 7 contracts
Sources: Venture Loan and Security Agreement (D-Wave Quantum Inc.), Venture Loan and Security Agreement (IMV Inc.), Venture Loan and Security Agreement (Castle Creek Biosciences, Inc.)
Election of Remedies. If Agent or any Lender other Secured Party may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender other Secured Party a Lien upon any Collateral, whether owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender other Secured Party may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender other Secured Party shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender other Secured Party and waives any claim based upon such action, even if such action by Agent or such Lender other Secured Party shall result in a full or partial loss of any rights of subrogation that each Borrower such Credit Party might otherwise have had but for such action by Agent or such Lenderother Secured Party. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender other Secured Party to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender other Secured Party shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender other Secured Party may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender other Secured Party but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender other Secured Party or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 6 contracts
Sources: Revolving Loan Credit Agreement (XPO, Inc.), Revolving Loan Credit Agreement (XPO Logistics, Inc.), Revolving Loan Credit Agreement (XPO Logistics, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantors hereby consents consent to such action by Agent or such Lender and waives waive any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantors might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrower’s each Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 6 contracts
Sources: Credit Agreement (Brightpoint Inc), Second Lien Guaranty (RadNet, Inc.), Guaranty (Primedex Health Systems Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 6 contracts
Sources: Credit Agreement (Standard Motor Products Inc), Credit Agreement (Standard Motor Products Inc), Credit Agreement (H&E Equipment Services, Inc.)
Election of Remedies. If Agent or any Lender Secured Creditor may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender Secured Creditor a Lien upon any Collateral, whether owned by any Borrower Guarantor or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender such Secured Creditor may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 122. If, in the exercise of any of its rights and remedies, Agent or any Lender Secured Creditor shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Guarantor or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender Secured Creditor and waives waives, to the extent permitted by applicable law, any claim based upon such action, even if such action by Agent or such Lender Secured Creditor shall result in a full or partial loss of any rights of subrogation that each Borrower Guarantor might otherwise have had but for such action by Agent or such LenderSecured Creditor. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender Secured Creditor to seek a deficiency judgment against any Borrower Guarantor shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender Secured Creditor shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender Secured Creditor may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or the such Lender Secured Creditor but shall be credited against the Obligations. The amount of the successful bid at any such public sale, whether Agent, Lender such Secured Creditor or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 122, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Secured Creditor might otherwise be entitled but for such bidding at any such sale.
Appears in 6 contracts
Sources: Guarantee and Collateral Agreement (PNG Ventures Inc), Guarantee and Collateral Agreement (Earth Biofuels Inc), Credit Agreement (Earth Biofuels Inc)
Election of Remedies. If Agent or any Lender the Purchaser may, under applicable law, proceed to realize its benefits under any of the Loan Transaction Documents giving Agent or such Lender the Purchaser a Lien upon any Collateral, whether owned by any Borrower Guarantor or by any other Person, either by judicial foreclosure or by non-judicial nonjudicial sale or enforcement, Agent or any Lender the Purchaser may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 122. If, in the exercise of any of its rights and remedies, Agent or any Lender the Purchaser shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Guarantor or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender the Purchaser and waives waives, to the extent permitted by applicable law, any claim based upon such action, even if such action by Agent or such Lender Purchaser shall result in a full or partial loss of any rights of subrogation that each Borrower Guarantor might otherwise have had but for such action by Agent or such Lenderthe Purchaser. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender the Purchaser to seek a deficiency judgment against any Borrower Guarantor shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Secured Obligations. In the event Agent or any Lender the Purchaser shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Transaction Documents, Agent or such Lender the Purchaser may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender the Purchaser but shall be credited against the Secured Obligations. The amount of the successful bid at any such public sale, whether Agent, Lender the Purchaser or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 122, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender the Purchaser might otherwise be entitled but for such bidding at any such sale.
Appears in 5 contracts
Sources: Guarantee and Collateral Agreement, Guarantee and Collateral Agreement, Guarantee and Collateral Agreement (AxoGen, Inc.)
Election of Remedies. If Agent or any Lender Bank may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Ancillary Agreement giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsLiabilities. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documentsthis Agreement or any Ancillary Agreements, Agent or such Lender may bid all or less than the amount of the Obligations Liabilities and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsLiabilities. The amount of the successful bid at any such sale, whether Agent, such Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Liabilities shall be conclusively deemed to be the amount of the Obligations Liabilities guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 5 contracts
Sources: Loan and Security Agreement (ModusLink Global Solutions Inc), Loan and Security Agreement (Cmgi Inc), Loan and Security Agreement (Cmgi Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents other Credit Document giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213.5. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which such Credit Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law law, this Agreement or the Loan Documentsany other Credit Document, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall may be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, 13.5 notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 5 contracts
Sources: Loan and Security Agreement (ATRM Holdings, Inc.), Loan and Security Agreement (ATRM Holdings, Inc.), Loan and Security Agreement (Kush Bottles, Inc.)
Election of Remedies. If Agent (a) Lender, in its discretion, may (a) bring suit against any one or more Borrowers, jointly and severally, without any requirement that Lender first proceed against any other Borrower or any Lender mayother Person; (b) compromise or settle with any one or more Borrowers, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure for such consideration as Lender may deem proper; (c) release one or by non-judicial sale or enforcementmore Borrowers, Agent or any Lender mayother Person, at its sole optionfrom liability; and (d) otherwise deal with any Borrower and any other Person, determine which or any one or more of its remedies them, in any manner, or rights it may pursue without affecting resort to any of its the Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights and remedies of Lender to collect from any Borrower any amount guaranteed by any Borrower under this Section 12. Article 14.
(b) If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws Applicable Law pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 14, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 4 contracts
Sources: Master Credit Facility Agreement (Camden Property Trust), Master Credit Facility Agreement (Camden Property Trust), Master Credit Facility Agreement (Camden Property Trust)
Election of Remedies. If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any US Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, any Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, any Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any US Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each US Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each US Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any US Borrower shall not impair any other US Borrower’s obligation to pay the full amount of the Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Obligations guaranteed hereunder and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the ObligationsObligations guaranteed hereunder. The amount of the successful bid at any such sale, whether any Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which any Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 4 contracts
Sources: Credit Agreement (Exopack Holding Corp), Credit Agreement (Exopack Holding Corp), Credit Agreement (Exopack Holding Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 4 contracts
Sources: Credit Agreement (Home Products International Inc), Credit Agreement (Harvard Industries Inc), Credit Agreement (Titan International Inc)
Election of Remedies. If the Collateral Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Collateral Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by the Collateral Agent or such Lender and waives any claim based upon such action, even if such action by the Collateral Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Guarantor might otherwise have had but for such action by the Collateral Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of the Collateral Agent or any Lender to seek a deficiency judgment against any Borrower Guarantor shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Obligations. In the event the Collateral Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, the Collateral Agent (either directly or through one or more acquisition vehicles) or such Lender may bid all or less than the amount of offset the Obligations and against the amount purchase price of such bid need not be paid by Agent in lieu of accepting cash or other non-cash consideration in connection with such Lender but shall be credited against the Obligationssale or other disposition. The amount of the successful bid at any such sale, whether the Collateral Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market and reasonably equivalent value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Collateral Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 4 contracts
Sources: Loan and Security Agreement (Vapotherm Inc), Loan and Security Agreement (Vapotherm Inc), Loan and Security Agreement (Vapotherm Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsSecured Obligations guaranteed hereunder by such Borrower. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed by the applicable Borrowers under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Credit Agreement (Sothebys), Credit Agreement (Sothebys), Credit Agreement (Sothebys)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each such Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Credit Agreement (XPO Logistics, Inc.), Credit Agreement (XPO Logistics, Inc.), Revolving Loan Credit Agreement (XPO Logistics, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such public sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Credit Agreement (Osullivan Industries Holdings Inc), Credit Agreement (Osullivan Industries Inc), Credit Agreement (Penhall International Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each which such Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall may be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Loan and Security Agreement (Method Products Corp /De), Loan and Security Agreement (Edac Technologies Corp), Loan and Security Agreement (Diversified Corporate Resources Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Debtor in Possession Credit Agreement (Mirant Corp), Loan and Security Agreement (D & K Healthcare Resources Inc), Loan and Security Agreement (D & K Healthcare Resources Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Credit Agreement (Golfsmith International Holdings Inc), Credit Agreement (Vertis Inc), Credit Agreement (Golfsmith International Holdings Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and and, to the extent permitted by law, waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Senior Secured, Super Priority Debtor in Possession Credit Agreement (Milacron Inc), Credit Agreement (Milacron Inc), Senior Secured, Super Priority Debtor in Possession Credit Agreement (Milacron Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any the Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any such Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article 18. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any the Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each the Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Loan Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any the Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender any Lender, or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 18, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any such Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Credit Agreement (USA Compression Partners, LP), Credit Agreement (USA Compression Partners, LP), Credit Agreement
Election of Remedies. If Agent the Administrative Agent, any L/C Issuer or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent the Administrative Agent, such L/C Issuer or such Lender a Lien upon any Collateralcollateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent the Administrative Agent, any L/C Issuer or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XI. If, in the exercise of any of its rights and remedies, Agent the Administrative Agent, any L/C Issuer or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent the Administrative Agent, such L/C Issuer or such Lender and waives any claim based upon such action, even if such action by Agent the Administrative Agent, such L/C Issuer or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent the Administrative Agent, such L/C Issuer or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent the Administrative Agent, any L/C Issuer or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrowerthe Company’s obligation to pay the full amount of the Obligations. In the event Agent the Administrative Agent, any L/C Issuer or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent the Administrative Agent, such L/C Issuer or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent the Administrative Agent, such L/C Issuer or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Administrative Agent, a L/C Issuer, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XI, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent the Administrative Agent, any L/C Issuer or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Revolving Credit Agreement (Harris Corp /De/), Revolving Credit Agreement (Harris Corp /De/), Revolving Credit Agreement (Harris Corp /De/)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 3 contracts
Sources: Credit Agreement (Atlantis Plastics Inc), Credit Agreement (Atlantis Plastics Inc), Second Lien Credit Agreement (Atlantis Plastics Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Credit Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Credit Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Imagyn Medical Technologies Inc), Credit Agreement (Imagyn Medical Technologies Inc)
Election of Remedies. If Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender and Lenders a Lien upon any Collateral, whether collateral owned by any Borrower or by any other PersonLoan Party, either by judicial foreclosure or by non-judicial non‑judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonLoan Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Administrative Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderAdministrative Agent. Any election of remedies that which results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Administrative Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Guaranty (RGC Resources Inc), Guaranty (RGC Resources Inc)
Election of Remedies. If Agent or any Lender Purchaser may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Transaction Agreement giving Agent or such Lender Purchaser a Lien upon any Collateral, whether owned by any Borrower Issuer or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender Purchaser may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 129. If, in the exercise of any of its rights and remedies, Agent or any Lender Purchaser shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Issuer or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Issuer hereby consents to such action by Agent or such Lender Purchaser and waives any claim based upon such action, even if such action by Agent or such Lender Purchaser shall result in a full or partial loss of any rights of subrogation that each Borrower Issuer might otherwise have had but for such action by Agent or such LenderPurchaser. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender Purchaser to seek a deficiency judgment against any Borrower Issuer shall not impair any other Borrower’s Issuer's obligation to pay the full amount of the ObligationsLiabilities. In the event Agent or any Lender Purchaser shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documentsthis Agreement or any Transaction Agreements, Agent or such Lender Purchaser may bid all or less than the amount of the Obligations Liabilities and the amount of such bid need not be paid by Agent or such Lender Purchaser but shall be credited against the ObligationsLiabilities. The amount of the successful bid at any such sale, whether Agent, Lender such Purchaser or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Liabilities shall be conclusively deemed to be the amount of the Obligations Liabilities guaranteed under this Section 129, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Purchaser might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Purchase Agreement (U S Realtel Inc), Purchase Agreement (U S Realtel Inc)
Election of Remedies. If Agent (a) Fannie Mae, in its discretion, may (i) bring suit against any one or more Collateral Pool Borrower, jointly and severally, without any requirement that Fannie Mae first proceed against any other Borrower or any Lender mayother Person; (ii) compromise or settle with any one or more Borrower, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure for such consideration as Fannie Mae may deem proper; (iii) release one or by non-judicial sale or enforcementmore Borrower, Agent or any Lender mayother Person, at its sole optionfrom liability; and (iv) otherwise deal with any Borrower and any other Person, determine which or any one or more of its remedies them, in any manner, or rights it may pursue without affecting resort to any of its the Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights and remedies of Fannie Mae to collect from any Borrower any amount guaranteed by any Borrower under this Section Article 12. .
(b) If, in the exercise of any of its rights and remedies, Agent or any Lender Fannie Mae shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Collateral Pool Borrower or any other Person, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Collateral Pool Borrower hereby consents to such action by Agent or such Lender Fannie Mae and waives any claim based upon such action, even if such action by Agent or such Lender Fannie Mae shall result in a full or partial loss of or any rights of subrogation that which each such Borrower might otherwise have had but for such action by Agent or such LenderFannie Mae. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender Fannie Mae to seek a deficiency judgment against any Collateral Pool Borrower shall not impair any other such Collateral Pool Borrower’s obligation to pay the full amount of the ObligationsObligations secured by the applicable Collateral Pool. In the event Agent or any Lender Fannie Mae shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender Fannie Mae may bid all or less than the amount of the Obligations secured by the applicable Collateral Pool and the amount of such bid need not be paid by Agent or such Lender Fannie Mae but shall be credited against the ObligationsObligations secured by the applicable Collateral Pool. The amount of the successful bid at any such sale, whether Agent, Lender Fannie Mae or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral secured by the applicable Collateral Pool and the difference between such bid amount and the remaining balance of the Obligations secured by the applicable Collateral Pool shall be conclusively deemed to be the amount of the Obligations secured by the applicable Collateral Pool guaranteed under this Section Article 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Fannie Mae might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Master Credit Facility Agreement (Avalonbay Communities Inc), Master Credit Facility Agreement (Erp Operating LTD Partnership)
Election of Remedies. If Agent or any the Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such the Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any the Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 129. If, in the exercise of any of its rights and remedies, Agent or any the Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such the Lender and waives any claim based upon such action, even if such action by Agent or such the Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such the Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any the Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any the Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such the Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such the Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, the Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 129, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any the Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan and Security Agreement (Workstream Inc), Loan and Security Agreement (Workstream Inc)
Election of Remedies. If Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article 11. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Loan Party hereby consents to such action by Administrative Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Loan Party might otherwise have had but for such action by Administrative Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other Borrower’s Loan Party's obligation to pay the full amount of the Obligations. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Administrative Agent or such Lender but but, at the election of Administrative Agent or such Lender, shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 11, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan and Security Agreement (Us Lec Corp), Loan and Security Agreement (Us Lec Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsObligations owing to it. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan Agreement (Asta Funding Inc), Loan Agreement (Asta Funding Inc)
Election of Remedies. If the Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, the Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section Article 12. If, in the exercise of any of its rights and remedies, the Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by the Administrative Agent or such Lender and waives any claim based upon such action, even if such action by the Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each such Borrower might otherwise have had but for such action by the Administrative Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of the Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event the Administrative Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, the Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by the Administrative Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section Article 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Rush Enterprises Inc \Tx\), Credit Agreement (Rush Enterprises Inc \Tx\)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its Our benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its Our rights and remedies under this Section 12Section. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a deficiency judgment against any Borrower of You or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower of You hereby consents to such action by Agent or such Lender Us and waives any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower any of You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the any right of Agent or any Lender Ours to seek a deficiency judgment against any Borrower of You shall not impair any other Borrower’s obligation the respective obligations of the rest of You to pay the full amount of the Secured Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender We are or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender We might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Growth Capital Loan and Security Agreement (ForgeRock, Inc.), Growth Capital Loan and Security Agreement (ForgeRock, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Secured Parties a Lien upon any Collateral, whether owned by Collateral of any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives waives, to the fullest extent permitted by law, any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which such Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the Any difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty; provided, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Secured Parties might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Guaranty (Neff Rental Inc), Guaranty (Neff Rental Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Debt Documents giving Agent or such Lender and Lenders a Lien lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Debt Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Guaranty (Salient Surgical Technologies, Inc.), Guaranty (Salient Surgical Technologies, Inc.)
Election of Remedies. If the Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Agent or such Lender and the Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other Personobligor for the Guaranteed Obligations, either by judicial foreclosure or by non-judicial sale or enforcement, the Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, the Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Personobligor for the Guaranteed Obligations, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower the Guarantor hereby consents to such action by the Agent or such Lender and waives any claim based upon such action, even if such action by the Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantor might otherwise have had but for such action by Agent or such Lenderthe Agent. Any election of remedies that which results in the denial or impairment of the right of the Agent or any Lender to seek a deficiency judgment against any Borrower obligor for the Guaranteed Obligations shall not impair any other Borrowerthe Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event the Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, the Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by the Agent or such Lender but shall be credited against the Guaranteed Obligations. The To the fullest extent permitted by law, the amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such saleGuaranty.
Appears in 2 contracts
Sources: Guaranty Agreement (Euronet Worldwide Inc), Guaranty Agreement (Euronet Worldwide Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonBorrower, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonBorrower, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively presumptively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively presumptively deemed to be the amount of the Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Guaranty (Biodelivery Sciences International Inc), Guaranty (Biodelivery Sciences International Inc)
Election of Remedies. If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender person a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, any Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, any Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, any Agent or Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which any Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Bon Ton Stores Inc), Credit Agreement (Bon Ton Stores Inc)
Election of Remedies. If Agent or any Lender may▇▇▇▇▇ Fargo, under applicable law, proceed proceeds to realize its benefits under any of the Loan Documents giving Agent ▇▇▇▇▇ Fargo a security interest in or such Lender a Lien lien upon any Collateral, whether owned by any Co-Borrower or by any other PersonGuarantor, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender ▇▇▇▇▇ Fargo may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its the rights and remedies under this Section 12Section. If, in the exercise of any of its rights and remedies, Agent or any Lender ▇▇▇▇▇ Fargo shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Co-Borrower or any other PersonGuarantor, whether because of any applicable laws pertaining to “election of remedies” or the like, each Co-Borrower hereby consents to such action by Agent or such Lender ▇▇▇▇▇ Fargo and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender ▇▇▇▇▇ Fargo to seek a deficiency judgment against any Co-Borrower shall not impair any other Co-Borrower’s obligation to pay the full amount of the ObligationsIndebtedness and other amounts owed or hereafter owing under this Agreement. In the event Agent or any Lender ▇▇▇▇▇ Fargo shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender ▇▇▇▇▇ Fargo may bid all or less than the amount of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement and the amount of such bid need not be paid by Agent or such Lender ▇▇▇▇▇ Fargo but shall be credited against the Obligationssuch Indebtedness and other amounts. The amount of the successful bid at any such sale, whether Agent, Lender ▇▇▇▇▇ Fargo or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement shall be conclusively deemed to be the remaining outstanding amount of the Obligations Indebtedness and other amounts guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender ▇▇▇▇▇ Fargo might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit and Security Agreement (Tandy Brands Accessories Inc), Credit and Security Agreement (Tandy Brands Accessories Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Credit Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Parties shall not impair any other Borrower’s Credit Party's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Thermadyne Holdings Corp /De), Credit Agreement (Thermadyne Holdings Corp /De)
Election of Remedies. If Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XIV. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Administrative Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Administrative Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Administrative Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XIV, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan Agreement (Summit Healthcare REIT, Inc), Loan Agreement (Cornerstone Core Properties REIT, Inc.)
Election of Remedies. If any Agent or any Lender may, under applicable lawApplicable Law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender the Agents and the Secured Parties a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-non judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower the Guarantors hereby consents consent to such action by any Agent or such Lender and waives waive any claim based upon such action, even if such action by any Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantors might otherwise have had but for such action by Agent or such Lenderany Agent. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12the Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender and the Secured Parties might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Global Power Equipment Group Inc/), Credit Agreement (Global Power Equipment Group Inc/)
Election of Remedies. If Agent (a) Lender, in its discretion, may (i) bring suit against any one or more Collateral Pool Borrower, jointly and severally, without any requirement that Lender first proceed against any other Borrower or IDOT Guarantor or any other Person; (ii) compromise or settle with any one or more Borrower or IDOT Guarantor, or any other Person, for such consideration as Lender maymay deem proper; (iii) release one or more Borrower or IDOT Guarantor, under applicable lawor any other Person, proceed from liability; and (iv) otherwise deal with any Borrower or IDOT Guarantor and any other Person, or any one or more of them, in any manner, or resort to realize its benefits under any of the Loan Documents giving Agent Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights of Lender a Lien upon to collect from any Collateral, whether owned Borrower or IDOT Guarantor any amount guaranteed by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies IDOT Guarantor under this Section Article 12. .
(b) If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Collateral Pool Borrower or any other Person, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Collateral Pool Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of or any rights of subrogation that which each such Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Collateral Pool Borrower shall not impair any other such Collateral Pool Borrower’s obligation to pay the full amount of the ObligationsObligations secured by the applicable Collateral Pool. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations secured by the applicable Collateral Pool and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsObligations secured by the applicable Collateral Pool. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral secured by the applicable Collateral Pool and the difference between such bid amount and the remaining balance of the Obligations secured by the applicable Collateral Pool shall be conclusively deemed to be the amount of the Obligations secured by the applicable Collateral Pool guaranteed under this Section Article 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Master Credit Facility Agreement (Archstone Inc.), Master Credit Facility Agreement (Archstone Smith Operating Trust)
Election of Remedies. (a) If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each which such Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall may be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale. In addition, each Borrower waives all rights and defenses arising out of an election of remedies by Lender, even though the election of remedies, such as a non-judicial foreclosure with respect to security for the Obligations, has destroyed any Borrower's rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise. Without limiting the generality of the foregoing, each Borrower waives any defenses or rights under or of the kind described in California Civil Code sections 2795, 2808, 2809, 2810, 2815, 2819 through 2825 (inclusive), 2832, 2839, and 2845 through 2850 (inclusive) and similar laws in other jurisdictions.
(b) Each Borrower waives all rights and defenses that it may have if the Obligations are secured by real property. This means, among other things:
(i) Lender may collect from such Borrower without first foreclosing on any real or personal property collateral pledged by any other Credit Party; and (ii) if Lender forecloses on any real property collateral pledged by any Credit Party (A) the amount of the Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (B) Lender may collect from such Borrower even if Lender, by foreclosing on the real property collateral, has destroyed any right such Borrower may have to collect from any other Credit Party. This is an unconditional and irrevocable waiver of any rights and defenses each Borrower may have because the Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure.
Appears in 2 contracts
Sources: Loan and Security Agreement (Harmony Holdings Inc), Loan and Security Agreement (Intelefilm Corp)
Election of Remedies. If Agent Agents or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent Agents or such Lender a Lien upon any Collateral, whether owned by any U.S. Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent Agents or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210 in its entirety. If, in the exercise of any of its rights and remedies, Agent Agents or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any U.S. Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each U.S. Borrower hereby consents to such action by Agent Agents or such Lender and waives any claim based upon such action, even if such action by Agent Agents or such Lender shall result in a full or partial loss of any rights of subrogation that each U.S. Borrower might otherwise have had but for such action by Agent Agents or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent Agents or any Lender to seek a deficiency judgment against any Borrower other Person shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsObligations (subject to Section 10.7, in the case of Canadian Borrower and its Subsidiaries). In the event Agent Agents or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent Agents or such Lender may bid all or less than the amount of the Obligations guaranteed hereunder and the amount of such bid need not be paid by Agent Agents or such Lender but shall be credited against the ObligationsObligations guaranteed hereunder. The amount of the successful bid at any such sale, whether AgentAgents, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations guaranteed hereunder shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210 in its entirety, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Uap Holding Corp), Credit Agreement (Uap Holding Corp)
Election of Remedies. If any Agent or any Lender may, under applicable lawApplicable Law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender the Agents and the Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Borrower the Guarantors hereby consents consent to such action by any Agent or such Lender and waives waive any claim based upon such action, even if such action by any Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantors might otherwise have had but for such action by Agent or such Lenderany Agent. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12the Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender and the Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Revolving Credit Agreement (James River Coal CO), Term Credit Agreement (James River Coal CO)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether Collateral owned by any Borrower You or by any other PersonBorrower, either by judicial foreclosure or by non-judicial nonjudicial sale or enforcement, Agent or any Lender then We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a deficiency judgment against any Borrower You or any other PersonBorrower, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents You, to the fullest extent permitted by applicable law, consent to such action by Agent or such Lender Us and waives waive any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the Our right of Agent or any Lender to seek a deficiency judgment against any You or Borrower shall not impair any other Borrower’s Your obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such saleGuaranty.
Appears in 2 contracts
Sources: Growth Capital Loan and Security Agreement (Gevo, Inc.), Growth Capital Loan and Security Agreement (Gevo, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively presumptively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Penn Traffic Co), Credit Agreement (Penn Traffic Co)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article IX. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any the Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article IX, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan Agreement (Campus Crest Communities, Inc.), Loan Agreement (Campus Crest Communities, Inc.)
Election of Remedies. If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, such Agent or any such Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, any Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsSecured Obligations guaranteed hereunder by such Borrower. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether any Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed by the applicable Borrowers under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which any Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Sothebys), Credit Agreement (Sothebys)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which either Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party or other Person shall not impair any other Borrower’s either Guarantor's obligation to pay the full amount of the ObligationsGuaranteed Obligations hereunder. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.have
Appears in 2 contracts
Sources: Limited Supplemental Guaranty (Pegasus Investors L P), Limited Supplemental Guaranty (Code Alarm Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Co-Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any such Lender may, at its their sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1216. If, in the exercise of any of its rights and remedies, Agent or any such Lender shall forfeit any of its rights or remediesremedies (including, including without limitation, its right to enter a deficiency judgment against any Co-Borrower or any other Person), whether because of any applicable laws pertaining to “election of remedies” or the like, each Co-Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Co-Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Co-Borrower shall not impair any other Co-Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1216, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any a Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Venture Loan and Security Agreement (Environmental Impact Acquisition Corp), Venture Loan and Security Agreement (Stealth BioTherapeutics Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (National Automation Services Inc), Credit Agreement (National Automation Services Inc)
Election of Remedies. If Agent or any the Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such the Lender a Lien upon any Collateralcollateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any the Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. Article X. If, in the exercise of any of its rights and remedies, Agent or any the Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such the Lender and waives any claim based upon such action, even if such action by Agent or such the Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Guarantor might otherwise have had but for such action by Agent or such the Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any the Lender to seek a deficiency judgment against the any Borrower Loan Party shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Obligations. In the event Agent or any the Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such the Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such the Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, the Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article X, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any the Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Alliqua BioMedical, Inc.), Credit Agreement (Alliqua BioMedical, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents other Credit Document giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213.5. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender L▇▇▇▇▇ and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which such Credit Party might otherwise have had but for such action by Agent or such LenderL▇▇▇▇▇. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law law, this Agreement or the Loan Documentsany other Credit Document, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender L▇▇▇▇▇ but shall may be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, 13.5 notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan and Security Agreement (Digirad Corp), Loan and Security Agreement (Digirad Corp)
Election of Remedies. If the Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, the Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section Article 12. If, in the exercise of any of its rights and remedies, the Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by the Administrative Agent or such Lender and waives any claim based upon such action, even if such action by the Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each such Borrower might otherwise have had but for such action by the Administrative Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of the Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event the Administrative Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, the Administrative Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by the Administrative Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Administrative Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section Article 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Rush Enterprises Inc \Tx\), Credit Agreement (Rush Enterprises Inc \Tx\)
Election of Remedies. If Agent or any the Lender Parties may, under applicable law, proceed to realize its their benefits under any of the Loan Documents giving the Administrative Agent or such Additional Collateral Agent, for the benefit of the Lender Parties, a Lien security interest in or lien upon any Collateral, whether owned by any Borrower or by any other PersonGuarantor, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any the Lender Parties may, at its their sole option, determine which of its their remedies or rights it they may pursue without affecting any of its the rights and remedies under this Section 12Section. If, in the exercise of any of its their rights and remedies, Agent or any the Lender Parties shall forfeit any of its their rights or remedies, including its their right to enter a deficiency judgment against any Borrower or any other PersonGuarantor, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such the Lender Parties and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any the Lender Parties to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsIndebtedness and other amounts owed or hereafter owing under this Agreement. In the event Agent or any the Lender Parties shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such the Lender Parties may bid all or less than the amount of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement and the amount of such bid need not be paid by Agent or such the Lender Parties but shall be credited against the Obligationssuch Indebtedness and other amounts. The amount of the successful bid at any such sale, whether Agent, the Lender Parties or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement shall be conclusively deemed to be the amount of the Obligations Indebtedness and other amounts guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any the Lender Parties might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan and Security Agreement (Carbiz Inc), Loan and Security Agreement (Carbiz Inc)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its Our benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether owned by any Borrower of You or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its Our rights and remedies under this Section 12Section. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a Growth Capital Loan - ENDOCHOICE 15 deficiency judgment against any Borrower of You or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower of You hereby consents to such action by Agent or such Lender Us and waives any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower any of You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the any right of Agent or any Lender Ours to seek a deficiency judgment against any Borrower of You shall not impair any other Borrower’s obligation the respective obligations of the rest of You to pay the full amount of the Secured Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender We are or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender We might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Growth Capital Loan and Security Agreement (ECPM Holdings, LLC), Growth Capital Loan and Security Agreement (ECPM Holdings, LLC)
Election of Remedies. If Agent the Administrative Agent, any L/C Issuer or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent the Administrative Agent, such L/C Issuer or such Lender a Lien upon any Collateralcollateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial non‑judicial sale or enforcement, Agent the Administrative Agent, any L/C Issuer or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XI. If, in the exercise of any of its rights and remedies, Agent the Administrative Agent, any L/C Issuer or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent the Administrative Agent, such L/C Issuer or such Lender and waives any claim based upon such action, even if such action by Agent the Administrative Agent, such L/C Issuer or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent the Administrative Agent, such L/C Issuer or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent the Administrative Agent, any L/C Issuer or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrowerthe Company’s obligation to pay the full amount of the Obligations. In the event Agent the Administrative Agent, any L/C Issuer or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent the Administrative Agent, such L/C Issuer or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent the Administrative Agent, such L/C Issuer or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Administrative Agent, a L/C Issuer, a Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XI, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent the Administrative Agent, any L/C Issuer or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Revolving Credit Agreement (L3harris Technologies, Inc. /De/), Revolving Credit Agreement (Harris Corp /De/)
Election of Remedies. If Agent (a) Lender, in its discretion, may (a) bring suit against any one or more Borrowers, jointly and severally, without any requirement that Lender first proceed against any other Borrower or any Lender mayother Person; (b) compromise or settle with any one or more Borrowers, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure for such consideration as Lender may deem proper; (c) release one or by non-judicial sale or enforcementmore Borrowers, Agent or any Lender mayother Person, at its sole optionfrom liability; and (d) otherwise deal with any Borrower and any other Person, determine which or any one or more of its remedies them, in any manner, or rights it may pursue without affecting resort to any of its the Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights and remedies of Lender to collect from any Borrower any amount guaranteed by any Borrower under this Article 14.
(b) Subject to the provisions of Section 12. If14.01 of this Agreement, if, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws Applicable Law pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any Subject to the provisions of Section 14.01 of this Agreement, any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 14, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Master Credit Facility Agreement (Education Realty Trust, Inc.), Master Credit Facility Agreement (Education Realty Trust, Inc.)
Election of Remedies. If Agent or any Lender Purchasers may, under applicable law, proceed to realize its benefits under any of the Loan Closing Documents giving Agent or such Lender Purchasers a Lien lien upon any Collateral, whether Collateral owned by any Borrower Guarantor or by any other PersonSeller, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender Purchasers may, at its their sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender Purchasers shall forfeit any of its their respective rights or remedies, including its right to enter a deficiency judgment against any Borrower Seller or any other PersonGuarantor, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender Purchasers and waives any claim based upon such action, even if such action by Agent or such Lender Purchasers shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderPurchasers. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender Purchasers to seek a deficiency judgment against any Borrower Guarantor or Seller shall not impair any other Borrower’s Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender Purchasers shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Closing Documents, Agent or such Lender Purchasers may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender Purchasers but shall be credited against the Guaranteed Obligations. The To the extent permitted by applicable law, the amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Purchasers might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Guaranty (Commerce One Inc / De/), Guaranty (Commerce One Inc / De/)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrower’s Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Guaranty (Code Alarm Inc), Guaranty (United Shipping & Technology Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender and Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which either Guarantor might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party or other Person shall not impair any other Borrower’s either Guarantor's obligation to pay the full amount of the ObligationsGuaranteed Obligations hereunder. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender and Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Limited Litigation Guaranty (Pegasus Investors L P), Limited Litigation Guaranty (Code Alarm Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1210. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such public sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1210, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Penhall International Corp), Credit Agreement (Osullivan Industries Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether collateral owned by any Borrower or by any other PersonLoan Party, either by judicial foreclosure or by non-judicial non‑judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonLoan Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantor might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Guaranty (RGC Resources Inc), Guaranty (RGC Resources Inc)
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its Our benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether owned by any Borrower of You or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its Our rights and remedies under this Section 12Section. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a deficiency judgment against any Borrower of You or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower of You hereby consents to such action by Agent or such Lender Us and waives any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower any of You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the any right of Agent or any Lender Ours to seek a deficiency judgment against any Borrower of You shall not impair any other Borrower’s obligation the respective obligations of the rest of You to pay the full amount of the Secured Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender We are or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender We might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Growth Capital Loan and Security Agreement (Casper Sleep Inc.), Growth Capital Loan and Security Agreement (Casper Sleep Inc.)
Election of Remedies. If either Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, such Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, either Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of either Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event either Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether either Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which either Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Wesco International Inc), Credit Agreement (Wesco International Inc)
Election of Remedies. If the Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, the Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, the Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Loan Party hereby consents to such action by the Agent or such Lender and waives any claim based upon such action, even if such action by the Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Loan Party might otherwise have had but for such action by the Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of the Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other BorrowerLoan Party’s obligation to pay the full amount of the Obligations. In the event the Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, the Agent (either directly or through one or more acquisition vehicles) or such Lender may bid all or less than the amount of offset the Obligations and against the amount purchase price of such bid need not be paid by Agent in lieu of accepting cash or other non-cash consideration in connection with such Lender but shall be credited against the Obligationssale or other disposition. The amount of the successful bid at any such sale, whether the Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market and reasonably equivalent value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan and Security Agreement (LumiraDx LTD), Loan and Security Agreement (LumiraDx LTD)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its their benefits under any of the Loan Documents giving Agent Lender, for the benefit of Lender, a security interest in or such Lender a Lien lien upon any Collateral, whether owned by any Borrower or by any other PersonGuarantor, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its their sole option, determine which of its their remedies or rights it they may pursue without affecting any of its the rights and remedies under this Section 12Section. If, in the exercise of any of its their rights and remedies, Agent or any Lender shall forfeit any of its their rights or remedies, including its their right to enter a deficiency judgment against any Borrower or any other PersonGuarantor, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the ObligationsIndebtedness and other amounts owed or hereafter owing under this Agreement. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligationssuch Indebtedness and other amounts. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Indebtedness and other amounts owed or hereafter owing under this Agreement shall be conclusively deemed to be the amount of the Obligations Indebtedness and other amounts guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan and Security Agreement (Carbiz Inc), Loan and Security Agreement (Carbiz Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Credit Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Credit Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Parties shall not impair any other BorrowerCredit Party’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (Thermadyne Holdings Corp /De), Credit Agreement (Thermadyne Holdings Corp /De)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Ancillary Agreement giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 128. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the ObligationsLiabilities. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documentsthis Agreement or any Ancillary Agreements, Agent or such Lender may bid all or less than the amount of the Obligations Liabilities and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the ObligationsLiabilities. The amount of the successful bid at any such sale, whether Agent, such Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Liabilities shall be conclusively deemed to be the amount of the Obligations Liabilities guaranteed under this Section 128, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Loan Agreement (U S Realtel Inc), Loan Agreement (U S Realtel Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any the Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any such Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XVIII. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any the Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each the Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Loan Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any the Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender any Lender, or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XVIII, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any such Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 2 contracts
Sources: Credit Agreement (USA Compression Partners, LP), Credit Agreement
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section SECTION 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section SECTION 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Credit Agreement (Ddi Corp)
Election of Remedies. If Agent, Revolving Credit Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent, Revolving Credit Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Borrowers or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent, Revolving Credit Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section SECTION 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Borrowers or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Borrowers hereby consents consent to such action by Agent or such Lender and waives waive any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower Borrowers might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section SECTION 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If the Collateral Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving the Collateral Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1213. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Loan Party hereby consents to such action by the Collateral Agent or such Lender and waives any claim based upon such action, even if such action by the Collateral Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Loan Party might otherwise have had but for such action by the Collateral Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of the Collateral Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other BorrowerLoan Party’s obligation to pay the full amount of the Obligations. In the event the Collateral Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, the Collateral Agent (either directly or through one or more acquisition vehicles) or such Lender may bid all or less than the amount of offset the Obligations and against the amount purchase price of such bid need not be paid by Agent in lieu of accepting cash or other non-cash consideration in connection with such Lender but shall be credited against the Obligationssale or other disposition. The amount of the successful bid at any such sale, whether the Collateral Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market and reasonably equivalent value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1213, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Collateral Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Loan and Security Agreement (Apollo Endosurgery, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any otherwise, Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantors hereby consents consent to such action by Agent or such Lender and waives waive any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantors might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Guaranty (Asta Funding Inc)
Election of Remedies. If the Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Financing Documents giving the Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Borrower, any other Credit Party or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, the Agent or any such Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12Article XIII. If, in the exercise of any of its rights and remedies, the Agent or any such Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Borrower, any other Credit Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower and each other Credit Party hereby consents to such action by the Agent or such Lender Lender, as the case may be, and waives any claim such Borrower or such other Credit Party may have based upon such action, even if such action by the Agent or such Lender shall result in a full or partial loss of any rights of subrogation or any other similar rights that each such Borrower might otherwise have had but for such action by the Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of the Agent or any Lender to seek a deficiency judgment against any Borrower or other Credit Party shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event the Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Financing Documents, the Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by the Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether the Agent, any Lender or any other party Person is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article XIII, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If either Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving such Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, either Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section SECTION 12. If, in the exercise of any of its rights and remedies, either Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by such Agent or such Lender and waives any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by such Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of either Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event either Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether either Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section SECTION 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which either Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender We may, under applicable law, proceed to realize its Our benefits under any of the Loan Documents giving Agent or such Lender Us a Lien upon any Collateral, whether owned by any Borrower of You or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender We may, at its Our sole option, determine which of its Our remedies or rights it We may pursue without affecting any of its Our rights and remedies under this Section 12Section. If, in the exercise of any of its Our rights and remedies, Agent or any Lender We shall forfeit any of its Our rights or remedies, including its Our right to enter a deficiency judgment against any Borrower of You or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower of You hereby consents to such action by Agent or such Lender Us and waives any claim based upon such action, even if such action by Agent or such Lender Us shall result in a full or partial loss of any rights of subrogation that each Borrower any of You might otherwise have had but for such action by Agent or such LenderUs. Any election of remedies that results in the denial or impairment of the any right of Agent or any Lender Ours to seek a deficiency judgment against any Borrower of You shall not impair any other Borrower’s obligation the respective obligations of the rest of You to pay the full amount of the Secured Obligations. In the event Agent or any Lender We shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender We may bid all or less than the amount of the Secured Obligations and the amount of such bid need not be paid by Agent or such Lender Us but shall be credited against the Secured Obligations. The amount of the successful bid at any such sale, whether Agent, Lender We are or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12Section, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender We might otherwise be entitled but for such bidding at any such sale.. Limitation. Notwithstanding any provision herein contained to the contrary, the liability of each of You under this Section (which liability is in any event in addition to amounts for which You are primarily liable under this Agreement) shall be limited to an amount not to exceed as of any date of determination the greater of: (a) the net amount of the amounts advanced to the other of You under this Agreement and then re-loaned or otherwise transferred to, or for the benefit of, the other of You; and (b) the amount that could be claimed by Us from the other of You under this Section without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law after taking into account, among other things, Your right of contribution and indemnification from the other of You under this Section. 22
Appears in 1 contract
Election of Remedies. If Administrative Agent or any Lender Bank may, under applicable law, proceed to realize its benefits under this Agreement or any of the Loan Documents Ancillary Agreement giving Administrative Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Administrative Agent or such Lender and waives any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Administrative Agent or such LenderLENDER. Any election of remedies that results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the ObligationsIndebtedness. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documentsthis Agreement or any Ancillary Agreements, Administrative Agent or such Lender may bid all or less than the amount of the Obligations Indebtedness and the amount of such bid need not be paid by Administrative Agent or such Lender but shall be credited against the ObligationsIndebtedness. The amount of the successful bid at any such sale, whether Administrative Agent, such Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations Indebtedness shall be conclusively deemed to be the amount of the Obligations Indebtedness guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Revolving Credit Agreement (Information Resources Inc)
Election of Remedies. If Agent or any Lender Secured Party may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender Secured Party a Lien upon any Collateral, whether owned by any Borrower Guarantor or by any other Person, either by judicial foreclosure or by non-non judicial sale or enforcement, Agent or any Lender such Secured Party may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 122. If, in the exercise of any of its rights and remedies, Agent or any Lender Secured Party shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Guarantor or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Guarantor hereby consents to such action by Agent or such Lender Secured Party and waives waives, to the extent permitted by applicable law, any claim based upon such action, even if such action by Agent or such Lender Secured Party shall result in a full or partial loss of any rights of subrogation that each Borrower Guarantor might otherwise have had but for such action by Agent or such LenderSecured Party. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender Secured Party to seek a deficiency judgment against any Borrower Guarantor shall not impair any other BorrowerGuarantor’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender Secured Party shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender Secured Party may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or the such Lender Secured Party but shall be credited against the Obligations. The amount of the successful bid at any such public sale, whether Agent, Lender such Secured Party or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 122, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender Secured Party might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section SECTION 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section SECTION 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Credit Agreement (Track N Trail Inc)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each which Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall may be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale. In addition, Borrower waives all rights and defenses arising out of an election of remedies by Lender, even though the election of remedies, such as a non-judicial foreclosure with respect to security for the Obligations, has destroyed Borrower's rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise.
Appears in 1 contract
Sources: Loan and Security Agreement (Dot Hill Systems Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower, Specified Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower and Specified Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower and Specified Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower and Specified Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower or Specified Borrower shall not impair any other Borrower’s 's or Specified Borrower's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If any Agent or any Lender may, under applicable lawApplicable Law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender the Agents and the Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-non judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Borrower the Guarantors hereby consents consent to such action by any Agent or such Lender and waives waive any claim based upon such action, even if such action by such Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantors might otherwise have had but for such action by Agent or such LenderAgent. Any election of remedies that results in the denial or impairment of the right of any Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12the Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender the Agents and the Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Superpriority Debtor in Possession Credit Agreement (James River Coal CO)
Election of Remedies. If Agent Netherlands Agent, Netherlands Security Trustee or any Netherlands Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent Netherlands Agent, Netherlands Security Trustee or such Netherlands Lender a Lien upon any Netherlands Collateral, whether owned by any Netherlands Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent Netherlands Agent, Netherlands Security Trustee or any Netherlands Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent Netherlands Agent, Netherlands Security Trustee or any Netherlands Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Netherlands Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Netherlands Borrower hereby consents to such action by Agent Netherlands Agent, Netherlands Security Trustee or such Netherlands Lender and waives any claim based upon such action, even if such action by Agent Netherlands Agent, Netherlands Security Trustee or such Netherlands Lender shall result in a full or partial loss of any rights of subrogation that each Netherlands Borrower might otherwise have had but for such action by Agent Netherlands Agent, Netherlands Security Trustee or such Netherlands Lender. Any election of remedies that results in the denial or impairment of the right of Agent Netherlands Agent, Netherlands Security Trustee or any Netherlands Lender to seek a deficiency judgment against any Netherlands Borrower shall not impair any other Netherlands Borrower’s obligation to pay the full amount of the Netherlands Obligations. In the event Agent Netherlands Agent, Netherlands Security Trustee or any Netherlands Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent Netherlands Agent, Netherlands Security Trustee or such Netherlands Lender may bid all or less than the amount of the Netherlands Obligations guaranteed hereunder and the amount of such bid need not be paid by Agent Netherlands Agent, Netherlands Security Trustee or such Netherlands Lender but shall be credited against the ObligationsNetherlands Obligations guaranteed hereunder. The amount of the successful bid at any such sale, whether Netherlands Agent, Netherlands Security Trustee, any Netherlands Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Netherlands Collateral and the difference between such bid amount and the remaining balance of the Netherlands Obligations shall be conclusively deemed to be the amount of the Netherlands Obligations guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent Netherlands Agent, Netherlands Security Trustee or any Netherlands Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Credit Agreement (RPP Capital Corp)
Election of Remedies. If Administrative Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Administrative Agent or such Lender a Lien and Revolver Secured Parties Liens upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Administrative Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Administrative Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower Guarantors hereby consents consent to such action by Administrative Agent or such Lender and waives waive any claim based upon such action, even if such action by Administrative Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantors might otherwise have had but for such action by Agent or such LenderAdministrative Agent. Any election of remedies that which results in the denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrower’s each Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Administrative Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Administrative Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Administrative Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender and Revolver Secured Parties might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender Lender, but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent or any Lender may, under Except as may be prohibited by applicable law, proceed to realize its benefits under any all of the Loan Documents giving Agent or such Lender a Lien upon any CollateralLender's rights and remedies, whether owned evidenced by any Borrower this Agreement or by any other Personwriting, either shall be cumulative and may be exercised singularly or concurrently. Election by judicial foreclosure ▇▇▇▇▇▇ to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or by non-judicial sale to take action to perform an obligation of Grantor under this Agreement, after ▇▇▇▇▇▇▇'s failure to perform, shall not affect ▇▇▇▇▇▇'s right to declare a default and exercise its remedies. Nothing under this Agreement or enforcement, Agent otherwise shall be construed so as to limit or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its restrict the rights and remedies under this Section 12. Ifavailable to Lender following an Event of Default, or in any way to limit or restrict the exercise of any of its rights and remediesability of Lender to proceed directly against Grantor and/or Borrower and/or against any other co-maker, Agent guarantor, surety or endorser and/or to proceed against any Lender shall forfeit other collateral directly or indirectly securing the Indebtedness. ▇▇▇▇▇▇'s election to exercise any of its rights or remediesremedies against a part, including its right but not all, of the property subject to enter a deficiency judgment against any Borrower the Agreement shall not preclude Lender from, separately and subsequently, exercising the same or any other Personrights or remedies against any other part or parts of such property from time to time after the occurrence of any Event of Default, in such order as Lender may determine in ▇▇▇▇▇▇'s sole discretion. APPLICATION OF PROCEEDS. Any and all proceeds that Lender actually receives and collects, whether because of any applicable laws pertaining to “election of remedies” resulting from the public or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment private sale of the right of Agent aforesaid Note or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay foreclosure under the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidderaforesaid Collateral Mortgage, shall be conclusively deemed applied first to be reimburse Lender for its costs of collecting the fair market value of same (including, but not limited to, any attorneys' fees incurred by ▇▇▇▇▇▇), and then to Additional Advances that Lender may make on ▇▇▇▇▇▇▇'s behalf as provided under the aforesaid Collateral Mortgage, together with interest thereon; with the balance being applied to principal, interest, costs, expenses, attorneys' fees and other fees and charges under the difference between Indebtedness, in such bid amount order and the remaining balance of the Obligations with such preferences and priorities as Lender shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such saledetermine within its sole discretion.
Appears in 1 contract
Sources: Pledge of Collateral Mortgage Note (Shadows Bend Development Inc)
Election of Remedies. If Agent or any Lender mayLender, under applicable law, proceed proceeds to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien lien or security interest upon any Collateral, (whether owned by any Borrower or by any other Personperson), either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 1211. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Personperson, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any either Borrower shall not impair any the other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, if Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 1211, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent (a) Lender, in its discretion, may (i) bring suit against any one or more Borrower, jointly and severally, without any requirement that Lender first proceed against any other Borrower or any Lender mayother Person; (ii) compromise or settle with any one or more Borrower, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure for such consideration as Lender may deem proper; (iii) release one or by non-judicial sale or enforcementmore Borrower, Agent or any Lender mayother Person, at its sole optionfrom liability; and (iv) otherwise deal with any Borrower and any other Person, determine which or any one or more of its remedies them, in any manner, or rights it may pursue without affecting resort to any of its the Collateral at any time held by it for performance of the Obligations or any other source or means of obtaining payment of the Obligations, and no such action shall impair the rights and remedies of Lender to collect from any Borrower any amount guaranteed by any Borrower under this Section 12. Article 14.
(b) If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right rights to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws Applicable Laws pertaining to “election of remedies” or the like, each Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of or any rights of subrogation that which each Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Colonial/PNC ARCS — Master Credit Facility Agreement Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or any of the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12Article 14, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Colonial Properties Trust)
Election of Remedies. If Agent or any the Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents Security Agreement giving Agent or such the Lender a Lien lien upon any Collateral, whether collateral owned by any Borrower or by any other Personthe Borrower, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any the Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any the Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any either the Borrower or any other PersonGuarantors, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower the Guarantors hereby consents consent to such action by Agent or such the Lender and waives waive any claim based upon such action, even if such action by Agent or such the Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantors might otherwise have had but for such action by Agent or such the Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any the Lender to seek a deficiency judgment against any either the Borrower or Guarantors shall not impair any other Borrower’s the Guarantors' obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any the Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan DocumentsSecurity Agreement, Agent or such the Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such the Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any the Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If any Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender the Agents and the Participating Lenders a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-non judicial sale or enforcement, the Collateral Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, the Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower the Guarantors hereby consents consent to such action by any Agent or such Lender and waives waive any claim based upon such action, even if such action by any Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which the Guarantors might otherwise have had but for such action by Agent or such Lenderany Agent. Any election of remedies that results in the denial or impairment of the right of the Administrative Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrowereach Guarantor’s obligation to pay the full amount of the Guaranteed Obligations. In the event any Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, such Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by such Agent or such Lender but shall be credited against the Guaranteed Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Guaranteed Obligations shall be conclusively deemed to be the amount of the Guaranteed Obligations guaranteed under this Section 12the Guaranty, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which the Administrative Agent or any Lender and the Lenders might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Senior Secured Credit Agreement (SOI Holdings, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower Loan Party or by any other Person, either by judicial foreclosure or by non-judicial non‑judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower Loan Party or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each Borrower Loan Party hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower Loan Party might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Loan Party shall not impair any other BorrowerLoan Party’s obligation to pay the full amount of the Secured Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent (either directly or through one or more acquisition vehicles) or such Lender may bid all or less than offset the amount of Secured Obligations against the Obligations and the amount purchase price of such bid need not be paid by Agent in lieu of accepting cash or other non-cash consideration in connection with such Lender but shall be credited against the Obligationssale or other Disposition. The amount of the successful bid at any such sale, whether Agent, any Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market and reasonably equivalent value of the Collateral and the difference between such bid amount and the remaining balance of the Secured Obligations shall be conclusively deemed to be the amount of the Secured Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Loan and Security Agreement (BridgeBio Pharma, Inc.)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether Collateral owned by any Borrower or by any other PersonCredit Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its such remedies or rights it may pursue without affecting any of its such rights and remedies under this Section 12Guaranty. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other PersonCredit Party, whether because of any applicable laws pertaining to “election of remedies” remedies or the like, each Borrower Guarantors hereby consents consent to such action by Agent or such Lender and waives waive any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each Borrower which Guarantors might otherwise have had but for such action by Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower Credit Party shall not impair any other Borrower’s each Guarantor's obligation to pay the full amount of the Guaranteed Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Guaranteed Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.Guaranteed
Appears in 1 contract
Sources: Letter of Agreement (Cellstar Corp)
Election of Remedies. If Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “election of remedies” or the like, each OHI Borrower hereby consents to such action by Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that each OHI Borrower might otherwise have had but for such action by Agent or such Lender. Any election of remedies that results in the denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other OHI Borrower’s obligation to pay the full amount of the Obligations. In the event Agent or any Lender shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Election of Remedies. If Agent, Collateral Agent or any Lender may, under applicable law, proceed to realize its benefits under any of the Loan Documents giving Agent Agent, Collateral or such Lender a Lien upon any Collateral, whether owned by any Borrower or by any other Person, either by judicial foreclosure or by non-judicial sale or enforcement, Agent or any Lender may, at its sole option, determine which of its remedies or rights it may pursue without affecting any of its rights and remedies under this Section 12. If, in the exercise of any of its rights and remedies, Agent, Collateral Agent or any Lender shall forfeit any of its rights or remedies, including its right to enter a deficiency judgment against any Borrower or any other Person, whether because of any applicable laws pertaining to “"election of remedies” " or the like, each Borrower hereby consents to such action by Agent, Collateral Agent or such Lender and waives any claim based upon such action, even if such action by Agent or such Lender shall result in a full or partial loss of any rights of subrogation that which each Borrower might otherwise have had but for such action by Agent, Collateral Agent or such Lender. Any election of remedies that which results in the denial or impairment of the right of Agent, Collateral Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s 's obligation to pay the full amount of the Obligations. In the event Agent, Collateral Agent or any Lender shall bid at any foreclosure or trustee’s 's sale or at any private sale permitted by law or the Loan Documents, Agent, Collateral Agent or such Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent, Collateral Agent or such Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent, Collateral Agent, Lender or any other party is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 12, notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which Agent, Collateral Agent or any Lender might otherwise be entitled but for such bidding at any such sale.
Appears in 1 contract
Sources: Credit Agreement (Liposome Co Inc)