Discretion of Debtor in Responding to Defaults of Underlying Borrower. Upon the occurrence of an event of default under any of the Underlying Loan Documents, but subject to the other terms and conditions of this Agreement, Debtor shall cause to be determined the response to such default and course of action with respect to such default, including (i) the selection of attorneys to be used in connection with any action, whether judicial or otherwise, to protect the respective interests of Debtor and the Collateral Agent in the applicable Underlying Loan and the Underlying Collateral, (ii) the declaration and recording of a notice of such default and the acceleration of the maturity of the Underlying Loan, (iii) the institution of proceedings to foreclose the Underlying Loan Documents securing the Underlying Loan pursuant to the power of sale contained therein or through a judicial action, (iv) the institution of proceedings against any Underlying Obligor, (v) the acceptance of a deed in lieu of foreclosure, (vi) the purchase of the real property Underlying Collateral at a foreclosure sale or trustee’s sale or the purchase of the personal property Underlying Collateral at a Uniform Commercial Code sale, and (vii) the institution or continuation of proceedings to obtain a deficiency judgment against such Underlying Borrower or any Underlying Obligor.
Appears in 4 contracts
Samples: Security and Guaranty Agreement, Security and Guaranty Agreement by And, Security and Guaranty Agreement
