Common use of Credit Bids Clause in Contracts

Credit Bids. At any Foreclosure Sale, any person, including Trustor or Beneficiary, may bid for and acquire the Property or any part thereof to the extent permitted by then applicable law. Instead of paying cash for such Property, Beneficiary may settle for the purchase price by crediting against the sales price of the Property or any part thereof any or all of the outstanding Secured Obligations (including without limitation the portion of the Secured Obligations attributable to the expenses of sale, costs of any action and any other sums for which Trustor is obligated to pay or reimburse Beneficiary or the Lenders under Section 5.11) or otherwise in such order and proportions as Beneficiary in its absolute discretion may choose.

Credit Bids. At any Foreclosure Sale, any personperson (other than Trustor), including Trustor Trustee or Beneficiary, may bid for and acquire the Property or any part thereof to the extent permitted by then applicable law. Instead of paying cash for such Propertyproperty, Beneficiary may settle for the purchase price by crediting against the sales price of the Property or any part thereof any or all of the outstanding Secured Obligations (including without limitation the portion of the Secured Obligations attributable to the expenses of sale, costs of any action and any other sums for which Trustor is obligated to pay or reimburse Beneficiary or Beneficiary, the Lenders or Trustee under Section 5.11) or otherwise in such order and proportions as Beneficiary in its absolute discretion may choosechoose (subject to any applicable provisions for priority of application of payments set forth in the Credit Agreement).