Common use of Foreclosure Sales Clause in Contracts

Foreclosure Sales. The Borrower agrees that at least 10 days written notice to the Borrower at the Borrower's address of any public or private foreclosure sale or other disposition of any Collateral shall be reasonable notice thereof, and that any such sale may be at such locations as the Bank may designate in such notice. All public or private foreclosure sales may be adjourned from time to time by giving oral notice thereof at the time and place of such sale or in such other manner permitted by applicable law. The Bank shall have the right to sell, lease or otherwise dispose of any Collateral for cash, credit, or any combination thereof, and the Bank may purchase all or any part of the Collateral at any public sale or, if permitted by law, any private sale, and, in lieu of actual payment of such purchase price, the Bank may setoff and credit the amount of such price against the Obligations without impairing the Borrower's or any other party's liability for any deficiency in respect thereof. The proceeds realized from any sale of any Collateral may be applied, after the Bank is in receipt of good funds, as follows: (a) first, to the Bank, for all reasonable costs and expenses, including, without limitation, reasonable attorneys' fees and expenses, incurred by the Bank for collection, removal, storage, processing, protection, insurance, demonstration, sale or delivery of the Collateral, and for any other Obligations constituting costs or expenses; (b) second, to the Bank, for any Obligations constituting interest; (c) third, to the Bank, for any Obligations constituting principal; (d) fourth, to the Bank, for any Obligations not included in (a) through (c) above; and (e) fifth and finally, to any other party, to the extent it is lawfully entitled to any remaining proceeds. If any deficiency remains after any foreclosure sale, the Borrower and any guarantor shall remain jointly and severally liable for such deficiency.

Foreclosure Sales. The Each Borrower agrees that, if applicable law requires that prior notice of any foreclosure or other disposition of Collateral be given to a Borrower, at least 10 days days’ written notice to the such Borrower at such Borrower’s address in the Borrower's address Credit Agreement of any public or private foreclosure sale or other disposition of any Collateral shall be reasonable notice thereof, and that any such sale may be at such locations as the Bank Agent may designate in such notice. The Agent shall have the right to conduct foreclosure sales on each Borrower’s premises and without charge therefor. All public or private foreclosure sales may be adjourned from time to time by giving oral notice thereof at the time and place of such sale or in such other manner permitted by applicable law. The Bank Agent shall have the right to sell, lease or otherwise dispose of any Collateral for cash, credit, or any combination thereof, and the Agent or any Bank may purchase all or any part of the Collateral at any public sale or, if permitted by law, any private sale, and, in lieu of actual payment of such purchase price, the Agent or any Bank may setoff and credit the amount of such price against the Obligations without impairing the any Borrower's ’s or any other party's ’s liability for any deficiency in respect thereof. The proceeds Except as otherwise provided in the Credit Agreement, the Proceeds realized from any sale of any Collateral may be applied, after the Bank Agent is in receipt of good funds, as follows: (a) first, to the Bank, for all reasonable costs and expenses, including, without limitation, reasonable attorneys' ’ fees and expenses, incurred by the Agent or any Bank for collection, removal, storage, processing, protection, insurance, demonstration, sale or delivery of the Collateral, and for any other Obligations constituting costs or expenses; (b) second, to any fees or expenses due the BankAgent or any Bank under the Credit Documents, for any Obligations constituting interest; (c) third, to interest due on any of the BankObligations, for any Obligations constituting principal; (d) fourth, to the principal of the Obligations, (e) fifth, to the Agent or any Bank, for any Obligations not included in (a) through (cd) above; and (ef) fifth sixth, and finally, to the Borrowers or any other partyPerson, to the extent it is lawfully entitled to any remaining proceedsProceeds. If any deficiency remains after any foreclosure sale, the Borrower Borrowers and any guarantor Guarantors shall remain jointly and severally liable for such deficiency. If the Agent forecloses or otherwise realizes on any Collateral and receives any Proceeds thereof in any form other than cash, the Obligations shall not be credited unless and until the Agent receives collected funds with respect to such non-cash Proceeds.

Foreclosure Sales. The Borrower Debtor agrees that at least 10 days written notice to the Borrower Debtor at the BorrowerDebtor's address above of any public or private foreclosure sale or other disposition of any Collateral shall be reasonable notice thereof, and that any such sale may be at such locations as the Bank Collateral Agent may designate in such notice. All public or private foreclosure sales may be adjourned from time to time by giving oral notice thereof at the time and place of such sale or in such other manner permitted by applicable law. The Bank Collateral Agent shall have the right to sell, lease or otherwise dispose of any Collateral for cash, credit, or any combination thereof, and the Collateral Agent or any Bank may purchase all or any part of the Collateral at any public sale or, if permitted by law, any private sale, and, in lieu of actual payment of such purchase price, the Bank Collateral Agent may setoff and credit the amount of such price against the Obligations without impairing the BorrowerDebtor's or any other party's liability for any deficiency in respect thereof. The proceeds realized from any sale of any Collateral may be applied, after the Bank Collateral Agent is in receipt of good funds, as follows: (a) first, to the BankCollateral Agent, for all reasonable costs and expenses, including, without limitation, reasonable attorneys' fees and expenses, incurred by the Bank Collateral Agent for collection, removal, storage, processing, protection, insurance, demonstration, sale or delivery of the Collateral, and for any other Obligations constituting costs or expenses; (b) second, to the Collateral Agent for payment of any fees or expenses due, under the Credit Agreement, to the Collateral Agent; (c) third, to the Collateral Agent for payment to the account for each Bank, in accordance with its Pro-Rata Share, for any Obligations constituting interest; (cd) thirdfourth, to the Collateral Agent for payment to the account for each Bank, in accordance with its Pro-Rata Share, for any Obligations constituting principal; (de) fourthfifth, to the Collateral Agent for payment to the account of each Bank, in its Pro-Rata Share, for any Obligations not included in (a) through (cd) above; and (ef) fifth sixth and finally, to any other party, to the extent it is lawfully entitled to any remaining proceeds. If any deficiency remains after any foreclosure sale, the Borrower Debtor and any guarantor shall remain jointly and severally liable for such deficiency.

Foreclosure Sales. The Each Borrower agrees that that, insofar as prior notice is required by applicable law, at least 10 days days’ written notice to the such Borrower at such Borrower’s notice address in the Borrower's address Credit Agreement of any public or private foreclosure sale or other disposition of any Collateral shall be reasonable notice thereof, and that any such sale may be at such locations as the Bank may designate in such notice. The Bank shall have the right to conduct foreclosure sales on each Borrower’s premises and without charge therefor. All public or private foreclosure sales may be adjourned from time to time by giving oral notice thereof at the time and place of such sale or in such other manner permitted by applicable law. The Bank shall have the right to sell, lease or otherwise dispose of any Collateral for cash, credit, or any combination thereof, and the Bank may purchase all or any part of the Collateral at any public sale or, if permitted by law, any private sale, and, in lieu of actual payment of such purchase price, the Bank may setoff and credit the amount of such price against the Obligations without impairing the any Borrower's ’s or any other party's Person’s liability for any deficiency in respect thereof. The Except as otherwise provided in the Credit Agreement, the proceeds realized from any sale of any Collateral may be applied, after the Bank is in receipt of good funds, as follows: (a) first, to the Bank, for all reasonable costs and expenses, including, without limitation, reasonable attorneys' ’ fees and expenses, incurred by the Bank for collection, removal, storage, processing, protection, insurance, demonstration, sale or delivery of the Collateral, and for any other Obligations constituting costs or expenses; (b) second, to any fees or expenses due the BankBank under the Credit Documents, for any Obligations constituting interest; (c) third, to interest due on any of the BankObligations, for any Obligations constituting principal; (d) fourth, to the principal of the Obligations, (e) fifth, to the Bank, for any Obligations not included in (a) through (cd) above; and (ef) fifth sixth, and finally, to any Borrower or Borrowers or any other partyPerson, to the extent it is lawfully entitled to any remaining proceeds. If the Bank forecloses or otherwise realizes on any Collateral and receives any proceeds thereof in any form other than cash, the Obligations shall not be credited unless and shall only be credited to the extent that the Bank actually receives final collected funds with respect to such non-cash proceeds. If any deficiency remains after any foreclosure sale, the Borrower Borrowers and any guarantor Guarantors shall remain jointly and severally liable for such deficiency. Nothing in this Agreement shall obligate the Bank to give any Borrower or any other Person any notice if such notice is not required by applicable law.