Common use of Foreclosure on Collateral Clause in Contracts

Foreclosure on Collateral. It is understood and agreed that the Liens of the Collateral Documents are subject to applicable Law, including without limitation the provisions of West Virginia Code Section 29-22a-1 ET SEQ. Without the Consent of the West Virginia State Lottery Commission, only if such consent is required by the Racetrack Video Lottery Act, ▇.▇▇. Code ss.29-22a-1, ET SEQ., the Administrative Agent shall not assign, bail, sublease, hypothecate, transfer or dispose of the video lottery terminals subject to the Collateral Documents and associated equipment or any interest therein. In the event of foreclosure or enforcement of the Lien created by any of the Collateral Documents, title to the Collateral covered thereby shall be taken and held by the Administrative Agent (or any designee thereof) pro rata for the benefit of the Lenders in accordance with their Pro Rata Shares and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.

Foreclosure on Collateral. It is understood and agreed that the Liens of the Collateral Documents are subject to applicable Law, including without limitation the provisions of West Virginia Code Section 29-22a-1 ET SEQet seq. Without the Consent of the West Virginia State Lottery Commission, only if such consent is required by the Racetrack Video Lottery Act, ▇.▇▇. Code ss.29§29-22a-1, ET SEQet seq., the Administrative Agent shall not assign, bail, sublease, hypothecate, transfer or dispose of the video lottery terminals subject to the Collateral Documents and associated equipment or any interest therein. In the event of foreclosure or enforcement of the Lien created by any of the Collateral Documents, title to the Collateral covered thereby shall be taken and held by the Administrative Agent (or any designee thereof) pro rata for the benefit of the Lenders in accordance with their Pro Rata Shares and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.