Common use of Foreclosure on Collateral Clause in Contracts

Foreclosure on Collateral. Take such actions as may be necessary to foreclose on the Collateral, including without limitation settling or adjusting disputes and claims directly with Account Debtors, taking such steps as Lender considers necessary or reasonable to protect its security interest in the Collateral or any part thereof, setting off and applying to the Obligations any and all balances and deposits of Borrower held by Lender or indebtedness at any time owing to or for the credit or the account of Borrower held by Lender, instituting a foreclosure suit in any court having jurisdiction thereof, and selling the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on terms, in such manner and at such places (including any premises of Borrower) as Lender determines is commercially reasonable. Lender may credit bid and purchase at any public sale. Notwithstanding the foregoing, any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower. Any excess will be returned, without interest and subject to the rights of third Persons, by Lender to Borrower.

Foreclosure on Collateral. Take such actions as may be necessary to foreclose on the Collateral, including without limitation settling or adjusting disputes and claims directly with Account Debtors, taking such steps as Lender considers necessary or reasonable to protect its security interest in the Collateral or any part thereof, setting off and applying to the Obligations any and all balances and deposits of Borrower held by Lender or indebtedness at any time owing to or for the credit or the account of Borrower held by Lender, instituting a foreclosure suit in any court having jurisdiction thereof, and selling the Collateral at either a public or private sale, sale or both, by way of one or more contracts or transactions, ; for cash or on terms, in such manner and at such places (including any premises of Borrower) as Lender determines is commercially reasonable. Lender may credit bid and purchase at any public sale. Notwithstanding the foregoing, any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower. Any excess will be returned, without interest and subject to the rights of third Persons, by Lender to Borrower.