Common use of Foreclosure of Collateral Clause in Contracts

Foreclosure of Collateral. Nothing contained herein or in any other Transaction Document shall be construed as requiring the Agent and the Lenders to resort to any Collateral for the satisfaction of any of the Obligations of the Borrower in preference or priority to any other Collateral, and the Agent and the Lenders may seek satisfaction out of the Collateral or any part thereof, in their absolute discretion, in respect of the Obligations of the Borrower. In addition, while an Event of Default has occurred and is continuing, the Agent, for its benefit and for the ratable benefit of the Lenders, shall have the right from time to time to partially foreclose all or any part of the Collateral in any manner and for any amounts secured by the Transaction Documents then due and payable as determined by the Majority Lenders in their sole discretion including, without limitation, the following circumstances: (i) in the event the Borrower defaults beyond any applicable grace period in the payment of one or more payments of principal or interest, the Agent, for its benefit and for the ratable benefit of the Lenders, may foreclose all or any part of the Collateral to recover such delinquent payments, or (ii) in the event the Majority [***] = Certain information has been excluded from this exhibit because it is both not material and would likely cause harm to the company if publicly disclosed. Lenders elect to accelerate less than the entire outstanding principal balance of the Advances, the Agent, for its benefit and for the ratable benefit of the Lenders, may foreclose all or any part of the Collateral to recover so much of the principal balance of the Advances as the Majority Lenders may elect to accelerate and such other sums secured by the Transaction Documents as the Majority Lenders may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Transaction Documents to secure payment of sums secured by the Transaction Documents and not previously recovered by the Agent and the Lenders.

Foreclosure of Collateral. Nothing contained herein or in any other Transaction Document shall be construed as requiring the Agent and the Lenders to resort to any Collateral for the satisfaction of any of the Obligations of the Borrower in preference or priority to any other Collateral, and the Agent and the Lenders may seek satisfaction out of the Collateral or any part thereof, in their absolute discretion, in respect of the Obligations of the Borrower. In addition, while an Event of Default has occurred and is continuing, the Agent, for its benefit and for the ratable benefit of the Lenders, shall have the right from time to time to partially foreclose all or any part of the Collateral in any manner and for any amounts secured by the Transaction Documents then due and payable as determined by the Majority Lenders in their sole discretion including, without limitation, the following circumstances: (i) in the event the Borrower defaults beyond any applicable grace period in the payment of one or more payments of principal or interest, the Agent, for its benefit and for the ratable benefit of the Lenders, may foreclose all or any part of the Collateral to recover such delinquent payments, or (ii) in the event the Majority [***] = Certain information has been excluded from this exhibit because it is both not material and would likely cause harm to the company if publicly disclosed. Lenders elect to accelerate less than the entire outstanding principal balance of the Advances, the Agent, for its benefit and for the ratable benefit of the Lenders, may foreclose all or any part of the Collateral to recover so much of the principal balance of the Advances as the Majority Lenders may elect to accelerate and such other sums secured by the Transaction Documents as the Majority Lenders may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Transaction Documents to secure payment of sums secured by the Transaction Documents and not previously recovered by the Agent and the Lenders. [***] = Certain information has been excluded from this exhibit because it is both not material and would likely cause harm to the company if publicly disclosed.

Foreclosure of Collateral. Nothing contained herein or in any other Transaction Document shall be construed as requiring the Agent and the Lenders to resort to any Collateral for the satisfaction of any of the Obligations of the Borrower in preference or priority to any other Collateral, and the Agent and the Lenders may seek satisfaction out of the Collateral or any part thereof, in their absolute discretion, in respect of the Obligations of the Borrower. In addition, while an Event of Default has occurred and is continuing, the Agent, for its benefit and for the ratable benefit of the Lenders, shall have the right from time to time to partially foreclose all or any part of the Collateral in any manner and for any amounts secured by the Transaction Documents then due and payable as determined by the Majority Lenders in their sole discretion including, without limitation, the following circumstances: (i) in the event the Borrower defaults beyond any applicable grace period in the payment of one or more payments of principal or interest, the Agent, for its benefit and for the ratable benefit of the Lenders, may foreclose all or any part of the Collateral to recover such delinquent payments, or (ii) in the event the Majority [***] = Certain information has been excluded from this exhibit because it is both not material and would likely cause harm to the company if publicly disclosed. Lenders elect to accelerate less than the entire outstanding principal balance of the Advances, the Agent, for its benefit and for the ratable benefit of the Lenders, may foreclose all or any part of the Collateral to recover so much of the principal balance of the Advances as the Majority Lenders may elect to accelerate and such other sums secured by the Transaction Documents as the Majority Required Lenders may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Transaction Documents to secure payment of sums secured by the Transaction Documents and not previously recovered by the Agent and the Lenders.