Common use of Standards for Exercising Remedies Clause in Contracts

Standards for Exercising Remedies. Borrower and Lenders agree that in exercising remedies provided by the UCC or other applicable law that impose duties on the Lenders to exercise such remedies in a commercially reasonable manner: (a) the Lenders shall not be required to incur expenses incident to the preparation of Collateral for disposition if it is unlikely Lenders will recover such expenses in connection with the disposition; (b) the Lenders shall not be required to obtain any third party consents for access to Collateral or, if not required by other law, shall not be required to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of; (c) Lenders may determine in its reasonable discretion whether to exercise collection remedies against Account Debtors either directly or through collection agencies or to remove adverse claims against the Collateral; (d) the Lenders shall not be required to privately contact other potential acquirers of the Collateral, to retain an auctioneer for public sale or procure the services of other professionals; (e) Lenders may utilize internet auction sites, (f) Lenders may offer the Collateral for sale in its entirely or as divisible units; (g) Lenders may disclaim disposition warranties, including, without limitation, any warranties of title; and (h) Lenders may, at their sole expense, purchase insurance or credit enhancements to insure the Lenders against risks of loss, collection or disposition of Collateral or to provide to the Lenders a guaranteed return from the collection or disposition of Collateral. The Borrower acknowledges that the purpose of this Section is to provide non-exhaustive indications of what actions or omissions by the Lenders would be commercially reasonable in the Lenders’ exercise of remedies against the Collateral and that other actions or omissions by the Lenders shall not be deemed commercially unreasonable solely on account of not being indicated in this Section. Without limitation upon the foregoing, nothing contained in this Section shall be construed to grant any rights to the Borrower or to impose any duties on the Lenders that would not have been granted or imposed by this Agreement or by applicable law in the absence of this Section.

Standards for Exercising Remedies. Borrower Borrower, the Administrative Agent and Lenders agree that in exercising remedies provided by the UCC or other applicable law that impose duties on the Lenders or the Administrative Agent to exercise such remedies in a commercially reasonable manner: (a) neither the Administrative Agent nor the Lenders shall not be required to incur expenses incident to the preparation of Collateral for disposition if it is unlikely Lenders will recover such expenses in connection with the disposition; (b) neither the Administrative Agent nor the Lenders shall not be required to obtain any third party consents for access to Collateral or, if not required by other law, shall not be required to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of; (c) Lenders or the Administrative Agent may determine in its reasonable discretion whether to exercise collection remedies against Account Debtors either directly or through collection agencies or to remove adverse claims against the Collateral; (d) Neither the Administrative Agent nor the Lenders shall not be required to privately contact other potential acquirers of the Collateral, to retain an auctioneer for public sale or procure the services of other professionals; (e) Lenders or the Administrative Agent may utilize internet auction sites, (f) Lenders or the Administrative Agent may offer the Collateral for sale in its entirely or as divisible units; (g) Lenders or the Administrative Agent may disclaim disposition warranties, including, without limitation, any warranties of title; and (h) Lenders may, at their sole expense, purchase insurance or credit enhancements to insure the Lenders against risks of loss, collection or disposition of Collateral or to provide to the Lenders a guaranteed return from the collection or disposition of Collateral. The Borrower acknowledges that the purpose of this Section is to provide non-exhaustive indications of what actions or omissions by the Lenders or the Administrative Agent would be commercially reasonable in the Lenders’ exercise of remedies against the Collateral and that other actions or omissions by the Lenders or the Administrative Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Sectionsection. Without limitation upon the foregoing, nothing contained in this Section section shall be construed to grant any rights to the Borrower or to impose any duties on the Lenders or the Administrative Agent that would not have been granted or imposed by this Agreement or by applicable law in the absence of this Section.

Standards for Exercising Remedies. Borrower and Lenders agree To the extent that in exercising remedies provided by the UCC or other applicable law that impose imposes duties on the Lenders Subordinate Lender to exercise such remedies in a commercially reasonable manner: , Borrower acknowledges and agrees that it is not commercially unreasonable for Subordinate Lender (a) the Lenders shall not be required to fail to incur expenses incident reasonably deemed significant by Subordinate Lender to the preparation of prepare Collateral for disposition if it is unlikely Lenders will recover such expenses in connection with the disposition; , (b) the Lenders shall not be required to fail to obtain any third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, shall not be required to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of; , (c) Lenders may determine in its reasonable discretion whether to fail to exercise collection remedies against Account Debtors either Borrower or other Persons obligated on Collateral or to remove liens or encumbrances on or any adverse claims against Collateral, (d) to exercise collection remedies against Borrower and other Persons obligated on Collateral directly or through the use of collection agencies or and other collection specialists, (e) to remove adverse claims against the Collateral; (d) the Lenders shall not be required to privately contact other potential acquirers Persons, whether or not in the same business as Borrower, for expressions of interest in acquiring all or any portion of the Collateral, (f) to retain an auctioneer for public provide credit terms to potential purchasers to facilitate the sale of the Collateral, or procure (g) to the extent deemed appropriate by Subordinate Lender, to obtain the services of other professionals; (e) Lenders may utilize internet auction sitesbrokers, (f) Lenders may offer the Collateral for sale investment bankers, consultants and other professionals to assist Subordinate Lender in its entirely or as divisible units; (g) Lenders may disclaim disposition warranties, including, without limitation, any warranties of title; and (h) Lenders may, at their sole expense, purchase insurance or credit enhancements to insure the Lenders against risks of loss, collection or disposition of Collateral or to provide to the Lenders a guaranteed return from the collection or disposition of any of the Collateral. The Borrower acknowledges that the purpose of this Section 8.3 is to provide non-non- exhaustive indications of what actions or omissions by the Lenders Subordinate Lender would not be commercially reasonable unreasonable in the Lenders’ Subordinate Lender’s exercise of remedies against the Collateral and that other actions or omissions by the Lenders Subordinate Lender shall not be deemed commercially unreasonable solely on account of not being indicated in this SectionSection 8.3. Without limitation upon the foregoing, nothing contained in this Section 8.3 shall be construed to grant any rights to the Borrower or to impose any duties on the Lenders Subordinate Lender that would not have been granted or imposed by this Agreement or by applicable law in the absence of this SectionSection 8.3.

Standards for Exercising Remedies. Borrower and Lenders agree To the extent that in exercising remedies provided by the UCC or other applicable law that impose imposes duties on the Lenders NT Senior Lender to exercise such remedies in a commercially reasonable manner: , Borrower acknowledges and agrees that it is not commercially unreasonable for NT Senior Lender (a) the Lenders shall not be required to fail to incur expenses incident reasonably deemed significant by NT Senior Lender to the preparation of prepare Collateral for disposition if it is unlikely Lenders will recover such expenses in connection with the disposition; , (b) the Lenders shall not be required to fail to obtain any third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, shall not be required to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of; , (c) Lenders may determine in its reasonable discretion whether to fail to exercise collection remedies against Account Debtors either Borrower or other Persons obligated on Collateral or to remove liens or encumbrances on or any adverse claims against Collateral, (d) to exercise collection remedies against Borrower and other Persons obligated on Collateral directly or through the use of collection agencies or and other collection specialists, (e) to remove adverse claims against the Collateral; (d) the Lenders shall not be required to privately contact other potential acquirers Persons, whether or not in the same business as Borrower, for expressions of interest in acquiring all or any portion of the Collateral, (f) to retain an auctioneer for public provide credit terms to potential purchasers to facilitate the sale of the Collateral, or procure (g) to the extent deemed appropriate by NT Senior Lender, to obtain the services of other professionals; (e) Lenders may utilize internet auction sitesbrokers, (f) Lenders may offer the Collateral for sale investment bankers, consultants and other professionals to assist NT Senior Lender in its entirely or as divisible units; (g) Lenders may disclaim disposition warranties, including, without limitation, any warranties of title; and (h) Lenders may, at their sole expense, purchase insurance or credit enhancements to insure the Lenders against risks of loss, collection or disposition of Collateral or to provide to the Lenders a guaranteed return from the collection or disposition of any of the Collateral. The Borrower acknowledges that the purpose of this Section 8.3 is to provide non-exhaustive indications of what actions or omissions by the Lenders NT Senior Lender would not be commercially reasonable unreasonable in the Lenders’ NT Senior Lender’s exercise of remedies against the Collateral and that other actions or omissions by the Lenders NT Senior Lender shall not be deemed commercially unreasonable solely on account of not being indicated in this SectionSection 8.3. Without limitation upon the foregoing, nothing contained in this Section 8.3 shall be construed to grant any rights to the Borrower or to impose any duties on the Lenders NT Senior Lender that would not have been granted or imposed by this Agreement or by applicable law in the absence of this SectionSection 8.3.