Common use of Separate Exercise of Remedies Clause in Contracts

Separate Exercise of Remedies. Administrative Agent (on behalf of the Secured Parties) may exercise remedies against each Borrower and the Guarantor and their property separately, whether or not Administrative Agent exercises remedies against the other Borrower or the Guarantor or their property. Administrative Agent may enforce one or more Borrower’s or the Guarantor’s obligations without enforcing the other Borrower’s or Guarantor’s obligations and vice versa. Any failure or inability of Administrative Agent to enforce one or more Borrower’s or the Guarantor’s obligations shall not in any way limit Administrative Agent’s right to enforce the obligations of the other Borrower or the Guarantor. If Administrative Agent forecloses or exercises similar remedies under any one or more Collateral Documents, then such foreclosure or similar remedy shall be deemed to reduce the balance of the Guaranteed Obligations only to the extent of the cash proceeds actually realized by the Secured Parties from such foreclosure or similar remedy or, if applicable, Administrative Agent’s credit bid at such sale, regardless of the effect of such foreclosure or similar remedy on the Obligations secured by such Collateral Documents under the applicable state law.