Common use of Judicial Action Clause in Contracts

Judicial Action. If Lender, at its option, seeks to take possession of any or all of the Collateral by court process, Guarantor irrevocably and unconditionally agrees that a receiver may be appointed by a court for such purpose without regard to the adequacy of the security for the Secured Obligations and such receiver may, at Lender’s option, collect or dispose of all or part of the Collateral.