Common use of Major Actions Clause in Contracts

Major Actions. i. Global may: a. Purchase ▇▇▇▇▇▇▇▇▇▇’▇ participation at any time for the full amount outstanding under the ▇▇▇▇▇▇▇▇▇▇ Interest. b. Commence any action or exercise any right, including the right of foreclosure, under the Note or the Loan Documents. ii. No party shall have the authority to (a) modify or amend any term or condition of the Loan or Loan Documents without consent of the other part(ies), (b.) waive or release the Borrower or any other obligor, including guarantors, under the Loan Agreement or any of the Collateral, or (c.) discharge the Borrower or any other obligor, including the guarantors, except as required by the Loan Agreement or the Collateral. Furthermore, any release or substitution of collateral must be approved by all parties. iii. Should any party elect to sell its position in the Note, such party shall have the obligation to notify the other parties of its intention to sell its position (“Notification Date”). Within 10 days from the Notification Date, a non-selling party shall have the exclusive right to notify selling party of its desire to take out selling party by payment in full of selling party’s participation (the “Takeout”) within 45 days of the Notification Date.

Major Actions. i. Global may: a. Purchase Martindale’s and/or ▇▇▇▇▇▇▇▇▇▇’▇ participation at any time for the full amount outstanding under the Martindale Interest and/or ▇▇▇▇▇▇▇▇▇▇ Interest. b. Commence any action or exercise any right, including the right of foreclosure, under the Note or the Loan Documents. ii. No party shall have the authority to (a) modify or amend any term or condition of the Loan or Loan Documents without consent of the other part(ies)party, (b.) waive or release the Borrower or any other obligor, including guarantors, under the Loan Agreement or any of the Collateral, or (c.) discharge the Borrower or any other obligor, including the guarantors, except as required by the Loan Agreement or the Collateral. Furthermore, any release or substitution of collateral must be approved by all both parties. iii. Should any party elect to sell its position in the Note, such party shall have the obligation to notify the other parties of its intention to sell its position (“Notification Date”). Within 10 days from the Notification Date, a non-selling party parties shall have the exclusive right to notify selling party of its desire to take out selling party by payment in full of selling party’s participation (the “Takeout”) within 45 days of the Notification Date.

Major Actions. i. Global may: a. Purchase ▇▇▇▇▇▇▇▇▇▇’▇ Martindale’s participation at any time for the full amount outstanding under the ▇▇▇▇▇▇▇▇▇▇ Martindale Interest. b. Commence any action or exercise any right, including the right of foreclosure, under the Note or the Loan Documents. ii. No Neither party shall have the authority to (a) modify or amend any term or condition of the Loan or Loan Documents without consent of the other part(ies)party, (b.) waive or release the Borrower or any other obligor, including guarantors, under the Loan Agreement or any of the Collateral, or (c.) discharge the Borrower or any other obligor, including the guarantors, except as required by the Loan Agreement or the Collateral. ... Furthermore, any release or substitution of collateral must be approved by all both parties. iii. Should any either party elect to sell its position in the Note, such party shall have the obligation to notify the other parties party of its intention to sell its position (“Notification Date”). Within 10 days from the Notification Date, a non-selling party shall have the exclusive right to notify selling party of its desire to take out selling party by payment in full of selling party’s participation (the “Takeout”) within 45 days of the Notification Date.