Common use of Sale or Other Disposition of Collateral Clause in Contracts

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrower. The Bank may cause the Collateral to remain on Borrower's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's expense, pending sale or other disposition of the Collateral. Borrower at Bank's request shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's premises, at Borrower's expense, or elsewhere on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower at the address specified in Section 10.9 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests in the Collateral. Borrower agrees that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's labels, General Intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreement. Bank shall be under no obligation to marshal any assets in favor of Borrower or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 2 contracts

Samples: Credit and Security Agreement (Gse Systems Inc), Credit and Security Agreement (Gse Systems Inc)

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Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Lender after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Lender may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank DVI Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Lender may cause the Collateral to remain on BorrowerObligor's premises or otherwise or to be removed and stored at premises owned by other persons, at BorrowerObligor's expense, pending sale or other disposition of the Collateral. Borrower Obligor, at BankLender's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Lender at a place to be designated by BankLender. Bank Lender shall have the right to conduct such sales on BorrowerObligor's premises, at BorrowerObligor's expense, or elsewhere elsewhere, on such occasion or occasions as Bank Lender may see fit. Any notice required to be given by Bank Lender of a sale, lease or other disposition or other intended action by Bank Lender with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Obligor at the address specified in Section 10.9 11 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Obligor of any such action. The net proceeds realized by Bank Lender upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Lender in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as BankLender, in its sole discretion, elects, toward satisfaction of the Bank DVI Indebtedness. Bank Lender shall account to Borrower Obligor for any surplus realized upon such sale or other disposition, and Borrower Obligor shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect BankLender's security interests interest in the Collateral. Borrower Obligor agrees that Bank Lender has no obligation to preserve rights to the Collateral against any other parties. Bank Lender is hereby granted a license or other right to use, after an Event of Default, without charge, BorrowerObligor's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and BorrowerObligor's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to BankLender's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank Lender shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower Obligor or any other party or against or in payment of any or all of the Bank DVI Indebtedness.

Appears in 2 contracts

Samples: Security Agreement (Schick Technologies Inc), Amended and Restated Security Agreement (Schick Technologies Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on any Borrower's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Borrowers' expense, pending sale or other disposition of the Collateral. Borrower Borrowers, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on any Borrower's premises, at Borrower's Borrowers' expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Borrowers at the address specified in Section 10.9 SECTION 13.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Borrowers of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including reasonable attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower Borrowers for any surplus realized upon such sale or other disposition, and Borrower Borrowers shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees Borrowers agree that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's Borrowers' labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's Borrowers' rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal any marsxxxx xxx assets in favor of any Borrower or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 2 contracts

Samples: Loan and Security Agreement (MRC Group), Loan and Security Agreement (MRC Group)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on BorrowerObligor's premises or otherwise or to be removed and stored at premises owned by other persons, at BorrowerObligor's expense, pending sale or other disposition of the Collateral. Borrower Obligor, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on BorrowerObligor's premises, at BorrowerObligor's expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Obligor at the address specified in Section 10.9 11 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Obligor of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other reasonable costs and expenses related thereto including reasonable attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower Obligor for any surplus realized upon such sale or other disposition, and Borrower Obligor shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower Obligor agrees that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, BorrowerObligor's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and BorrowerObligor's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower Obligor or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 2 contracts

Samples: Security Agreement (Liberty Technologies Inc), Security Agreement (Liberty Technologies Inc)

Sale or Other Disposition of Collateral. The sale, lease sale or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrower. The Bank may cause the Collateral to remain on Borrower's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's expense, pending sale or other disposition of the Collateral. Borrower at Bank's request shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Banknotice. Bank shall have the right to conduct such sales on at Borrower's premises, at Borrower's expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease sale or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower at the address specified in Section 10.9 13.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's labels, General Intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreement. Bank shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 2 contracts

Samples: Revolving Credit Loan and Security Agreement (Resource America Inc), Revolving Credit Loan and Security Agreement (Resource Asset Investment Trust)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrower's Borrowers' premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Borrowers' expense, pending sale or other disposition of the Collateral. Borrower Borrowers, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's Borrowers' premises, at Borrower's Borrowers' expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Borrowers at the address specified in Section 10.9 15.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Borrowers of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtednessindebtedness. Bank shall account to Borrower Borrowers for any surplus realized upon such sale or other disposition, and Borrower Borrowers shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees Borrowers agree that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's Borrowers' labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's Borrowers' rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower Borrowers or any other party parry or against or in payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (National Media Corp)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Lender after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Lender may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank DVI Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Lender may cause the Collateral to remain on Borrower's or Guarantor's premises or otherwise or to be removed and stored at premises owned by other personsPersons, at Borrower's expense, pending sale or other disposition of the Collateral. Borrower or Guarantor, at BankLender's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Lender at a place to be designated by BankLender. Bank Lender shall have the right to conduct such sales on Borrower's or Guarantor's premises, at Borrower's or Guarantor's expense, or elsewhere elsewhere, on such occasion or occasions as Bank Lender may see fit. Any notice required to be given by Bank Lender of a sale, lease or other disposition or other intended action by Bank Lender with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower and Guarantor at the address specified in Section 10.9 9.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank Lender upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Lender in connection therewith and all other costs and expenses related thereto including reasonable attorney fees, shall be applied in such order as BankLender, in its sole discretion, elects, toward satisfaction of the Bank DVI Indebtedness. Bank Lender shall account to Borrower and Guarantor for any surplus realized upon such sale or other disposition, and Borrower and Guarantor shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect BankLender's security interests interest in the Collateral. Borrower agrees and Guarantor agree that Bank Lender has no obligation to preserve rights to the Collateral against any other parties. Bank Lender is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's or Guarantor's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's and Guarantor's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to BankLender's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank Lender shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower or Guarantor or any other party or against or in payment of any or all of the Bank DVI Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Healthcare Imaging Services Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Lender after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Lender may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness Obligations then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Lender may cause the Collateral to remain on any Borrower's or any of its subsidiary's premises or otherwise or to be removed and stored at premises owned by other personsPersons, at each Borrower's expense, pending sale or other disposition of the Collateral. Each Borrower and each of its subsidiaries, at BankLender's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Lender at a place to be designated by BankLender. Bank Lender shall have the right to conduct such sales on any Borrower's or any such subsidiary's premises, at such Borrower's expense, or elsewhere elsewhere, on such occasion or occasions as Bank Lender may see fit. Any notice required to be given by Bank Lender of a sale, lease or other disposition or other intended action by Bank Lender with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the any Borrower and Guarantor at the address specified in Section 10.9 13.5 below, at least ------------ five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all any Borrower of any such action. The net proceeds realized by Bank Lender upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Lender in connection therewith and all other costs and expenses related thereto including reasonable attorney fees, shall be applied in such order as BankLender, in its sole discretion, elects, toward satisfaction of the Bank IndebtednessObligations. Bank Lender shall account to each Borrower for any surplus realized upon such sale or other disposition, and each Borrower and Guarantor shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect BankLender's security interests interest in the Collateral. Each Borrower and Guarantor agrees that Bank Lender has no obligation to preserve rights to the Collateral against any other parties. Bank Lender is hereby granted a license or other right to use, after an Event of Default, without charge, any Borrower's or any of its subsidiary's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and any Borrower's and its subsidiaries' rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to BankLender's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank Lender shall be under no obligation to marshal any assets in favor of any Borrower or any Guarantor or any other party or against or in payment of any or all of the Bank IndebtednessObligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Occupational Health & Rehabilitation Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrowerany Obligor's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Obligors' expense, pending sale or other disposition of the Collateral. Borrower Obligors, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrowerany Obligor's premises, at Borrowerany Obligor's expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Obligors at the address specified in Section 10.9 SECTION 14 below, at least five (5) business days Business Days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Obligors of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower Obligors for any surplus realized upon such sale or other disposition, and Borrower Obligors shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees Obligors agree that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrowerany Obligor's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's Obligors' rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal any marsxxxx xxx assets in favor of Borrower any Obligor or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Uti Energy Corp)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Agent after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Agent, for itself and on behalf of the Lenders, may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Lender Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Agent may cause the Collateral to remain on Borrower's the Company’s premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's the Company’s expense, pending sale or other disposition of the Collateral. Borrower The Company, at Bank's request Agent’s request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Agent at a place to be designated by BankAgent. Bank Agent shall have the right to conduct such sales on Borrower's the Company’s premises, at Borrower's the Company’s expense, or elsewhere elsewhere, on such occasion or occasions as Bank Agent may see fit. Any notice required to be given by Bank Agent of a sale, lease or other disposition or other intended action by Bank Agent with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Company at the address specified in Section 10.9 11.1 below, at least five ten (510) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower the Company of any such action. The net proceeds realized by Bank Agent upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Lender Parties in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as BankAgent, in its sole discretion, elects, toward satisfaction of the Bank Lender Indebtedness. Bank Agent shall account to Borrower the Company for any surplus realized upon such sale or other disposition, and Borrower the Company shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's Agent’s security interests interest in the Collateral. Borrower The Company agrees that Bank has Lender Parties have no obligation to preserve rights to the Collateral against any other parties. Bank Agent is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's the Company’s labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's the Company’s rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementLender Parties’ benefit. Bank Lender Parties shall be under no obligation to marshal any assets in favor of Borrower the Company or any other party or against or in payment of any or all of the Bank Lender Indebtedness.

Appears in 1 contract

Samples: Convertible Loan and Security Agreement (Blonder Tongue Laboratories Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Lender after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, thereof and Bank Lender may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank DVI Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Lender may cause the Collateral to remain on BorrowerObligor's premises or otherwise or to be removed and stored at premises owned by other persons, at BorrowerObligor's expense, pending sale or other disposition of the Collateral. Borrower Obligor, at BankLender's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Lender at a place to be designated by BankLender. Bank Lender shall have the right to conduct such sales on BorrowerObligor's premises, at BorrowerObligor's expense, or elsewhere elsewhere, on such occasion or occasions as Bank Lender may see fit. Any notice required to be given by Bank Lender of a sale, lease or other disposition or other intended action by Bank Lender with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Obligor at the address specified in Section 10.9 11 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Obligor of any such action. The net proceeds realized by Bank Lender upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Lender in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as BankLender, in its sole discretion, elects, toward satisfaction of the Bank DVI Indebtedness. Bank Lender shall account to Borrower Obligor for any surplus realized upon such sale or other disposition, and Borrower Obligor shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect BankLender's security interests interest in the Collateral. Borrower Obligor agrees that Bank Lender has no obligation to preserve rights to the Collateral against any other parties. Bank Lender is hereby granted a license or other right to use, after an Event of Default, without charge, BorrowerObligor's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, of advertising for sale and selling any inventory or other Collateral and BorrowerObligor's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to BankLender's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank Lender shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower Obligor or any other party or against or in payment of any or all of the Bank DVI Indebtedness.

Appears in 1 contract

Samples: Security Agreement (Schick Technologies Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off the amount of such purchase price against the Bank Indebtedness Obligations then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrower's any Obligor’s premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Obligors’ expense, pending sale or other disposition of the Collateral. Borrower Any Obligor at Bank's request ’s request, shall assemble the Collateral consisting of inventory Inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's any Obligor’s premises, at Borrower's Obligors’ expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. With respect to any Obligor’s owned or leased premises, Obligors hereby grant Bank a license, effective upon the occurrence of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed given pursuant to the Borrower at the address specified in Section 10.9 19 below, at least five (5) business days Business Days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower the Obligors of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank IndebtednessObligations in accordance with Section 17.3. Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower the Obligors shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests ’s Lien in the Collateral. Borrower agrees The Obligors agree that Bank has no obligation to preserve rights to the Collateral against any other partiesparties or to clean-up or otherwise prepare any of the Collateral for sale. If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by or on behalf of the purchaser, received by Bank and applied to the indebtedness owed by such purchaser to Bank. If the purchaser fails to pay for any of the Collateral, Bank may resell the Collateral. Bank will not be considered to have offered to retain the Collateral in satisfaction of the Obligations, unless Bank has entered into a written agreement with the Obligors to that effect. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's any Obligor’s labels, General Intangibles, intellectual property, equipmentEquipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory Inventory or other Collateral and Borrower's any Obligor’s rights under all contracts, licenses, approvals, permits, leases and franchise agreements agreements, to the extent assignable, shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreement’s benefit. Bank shall be under no obligation to marshal any assets in favor of Borrower any Obligor or any other party or against or in payment of any or all of the Bank IndebtednessObligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Intest Corp)

Sale or Other Disposition of Collateral. The After the occurrence of an Event of Default, (a) the sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness Obligations then owing. Any ; (b) any sales of the Collateral may be adjourned from time to time with or without notice to the Borrower. The notice; (c) Bank may cause the Collateral to remain on any Borrower's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Borrowers' expense, pending sale or other disposition of the Collateral. ; (d) any Borrower at Bank's request request, shall assemble the Collateral consisting of inventory Inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. ; and (e) Bank shall have the right to conduct such sales on any Borrower's premises, at Borrower's the Borrowers' expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. With respect to any Borrowers' owned or leased premises, the Borrowers hereby grant Bank a license, effective upon the occurrence and during the continuance of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank's rights or remedies provided herein, at law, in equity, or otherwise. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed given pursuant to the Borrower at the address specified in Section 10.9 21 below, at least five (5) business days Business Days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower the Borrowers of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including reasonable attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank IndebtednessObligations. Bank shall account to the Agent Borrower for any surplus realized upon such sale or other disposition, and Borrower the Borrowers shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests Lien in the Collateral. Borrower agrees The Borrowers agree that Bank has no obligation to preserve rights to the Collateral against any other partiesparties or to clean-up or otherwise prepare any of the Collateral for sale. If Bank sells any of the Collateral upon credit, the Borrowers will be credited only with payments actually made by or on behalf of the purchaser, received by Bank and applied to the indebtedness owed by such purchaser to Bank. If the purchaser fails to pay for any of the Collateral, Bank may resell the Collateral and shall credit Borrowers with such sales proceeds as provided in this Agreement. Bank will not be considered to have offered to retain the Collateral in satisfaction of the Obligations, unless Bank has entered into a written agreement with the Borrowers to that effect. Bank is hereby granted a license or other right to use, after the occurrence and during the continuance of an Event of Default, without charge, any Borrower's labels, General Intangibles, intellectual property, equipmentEquipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory Inventory or other Collateral and any Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements agreements, to the extent assignable, shall inure to Bank's benefit benefit; provided however, such license shall not extend to any property of Borrowers which any Borrower is prohibited by the extent that the license or other right granted would not cause the applicable Borrower to be in breach terms of such agreementagreements regarding such property from licensing to Bank. Bank shall be under no obligation to marshal xxxxxxxx any assets in favor of any Borrower or any other party or against or in payment of any or all of the Bank IndebtednessObligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Berger Holdings LTD)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on any Borrower's ’s premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Borrowers’ expense, pending sale or other disposition of the Collateral. Borrower Borrowers, at Bank's request ’s request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on any Borrower's ’s premises, at Borrower's Borrowers’ expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Borrowers at the address specified in Section 10.9 14.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Borrowers of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower Borrowers for any surplus realized upon such sale or other disposition, and Borrower Borrowers shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's ’s security interests interest in the Collateral. Borrower agrees Borrowers agree that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, each Borrower's ’s labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and each Borrower's ’s rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreement’s benefit. Bank shall be under no obligation to marshal any assets in favor of Borrower Borrowers or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (InfoLogix Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrower's Borrowers' premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Borrowers' expense, pending sale or other disposition of the Collateral. Borrower Borrowers, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on either Borrower's premises, at Borrower's Borrowers' expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Borrowers at the address specified in Section 10.9 SECTION 14.1 below, at least five ten (510) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Borrowers of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower Borrowers for any surplus realized upon such sale or other disposition, and Borrower Borrowers shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Each Borrower agrees that Bank has no obligation obligation, other than to act in a commercially reasonable manner, to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, each Borrower's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and each Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal any assets in favor of either Borrower or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (United States Lime & Minerals Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Agent after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Agent, for itself and on behalf of the Lenders, may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Lender Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Agent may cause the Collateral to remain on Borrower's ’s premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's ’s expense, pending sale or other disposition of the Collateral. Borrower Borrower, at Bank's request Agent’s request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Agent at a place to be designated by BankAgent. Bank Agent shall have the right to conduct such sales on Borrower's ’s premises, at Borrower's ’s expense, or elsewhere elsewhere, on such occasion or occasions as Bank Agent may see fit. Any notice required to be given by Bank Agent of a sale, lease or other disposition or other intended action by Bank Agent with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower at the address specified in Section 10.9 11.1 below, at least five ten (510) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank Agent upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Lender Parties in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as BankAgent, in its sole discretion, elects, toward satisfaction of the Bank Lender Indebtedness. Bank Agent shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's Agent’s security interests interest in the Collateral. Borrower agrees that Bank has Lender Parties have no obligation to preserve rights to the Collateral against any other parties. Bank Agent is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's ’s labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's ’s rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementLender Parties’ benefit. Bank Lender Parties shall be under no obligation to marshal any assets in favor of Borrower or any other party or against or in payment of any or all of the Bank Lender Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Blonder Tongue Laboratories Inc)

Sale or Other Disposition of Collateral. The sale, lease --------------------------------------- or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness Obligations then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrowerany Obligor's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Borrowers' expense, pending sale or other disposition of the Collateral. Borrower Any Obligor at Bank's request request, shall assemble the Collateral consisting of inventory Inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrowerany Obligor's premises, at Borrower's the Obligors' expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. With respect to any Obligors' owned or leased premises, the Obligors hereby grant Bank a license, effective upon the occurrence of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank's rights or remedies provided herein, at law, in equity, or otherwise. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed given pursuant to the Borrower at the address specified in Section 10.9 20 below, at least five (5) business days ---------- Business Days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower the Obligors of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank IndebtednessObligations. Bank shall account to Borrower the Obligors for any surplus realized upon such sale or other disposition, and Borrower the Obligors shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests Lien in the Collateral. Borrower agrees The Obligors agree that Bank has no obligation to preserve rights to the Collateral against any other partiesparties or to clean-up or otherwise prepare any of the Collateral for sale. If Bank sells any of the Collateral upon credit, the Obligors will be credited only with payments actually made by or on behalf of the purchaser, received by Bask and applied to the indebtedness owed by such purchaser to Bank. If the purchaser fails to pay for any of the Collateral, Bank may resell the Collateral. Bank will not be considered to have offered to retain the Collateral in satisfaction of the Obligations, unless Bank has entered into a written agreement with the Obligors to that effect. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrowerany Obligor's labels, General Intangibles, intellectual property, equipmentEquipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory Inventory or other Collateral and Borrowerany Obligor's rights under all contracts, licenses, approvals, permits, leases and franchise agreements agreements, to the extent assignable, shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower any Obligor or any other party or against or in payment of any or all of the Bank IndebtednessObligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Drugmax Com Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness Obligations then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrower's any Obligor’s premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's such Obligor’s expense, pending sale or other disposition of the Collateral. Borrower Each Obligor at Bank's request ’s request, shall assemble the Collateral consisting of inventory Inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's Obligor’s premises, at Borrower's such Obligor’s expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. With respect to any Obligor’s owned or leased premises, each Obligor hereby grants Bank a license, effective upon the occurrence of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed given pursuant to the Borrower at the address specified in Section 10.9 16 below, at least five (5) business days Business Days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower the Obligors of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied as set forth in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Section 14.3 hereof Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower the Obligors shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests ’s Lien in the Collateral. Borrower agrees The Obligors agree that Bank has no obligation to preserve rights to the Collateral against any other partiesparties or to clean-up or otherwise prepare any of the Collateral for sale. If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by or on behalf of the purchaser, received by Bank and applied to the indebtedness owed by such purchaser to Bank. If the purchaser fails to pay for any of the Collateral, Bank may resell the Collateral. Bank will not be considered to have offered to retain the Collateral in satisfaction of the Obligations, unless Bank has entered into a written agreement with the Obligors to that effect. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's each Obligor’s labels, General Intangibles, intellectual property, equipmentEquipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory Inventory or other Collateral and Borrower's each Obligor’s rights under all contracts, licenses, approvals, permits, leases and franchise agreements agreements, to the extent assignable, shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreement’s benefit. Bank shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower any Obligor or any other party or against or in payment of any or all of the Bank IndebtednessObligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Access to Money, Inc.)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank the Collateral Agent after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank the Collateral Agent (at the written direction of the Required Lenders) may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness Obligations then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Collateral Agent may cause the Collateral to remain on Borrower's any Obligor’s premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's such Obligor’s expense, pending sale or other disposition of the Collateral. Borrower Each Obligor, at Bank's request the Collateral Agent’s request, shall assemble the Collateral consisting of inventory Inventory and tangible assets and make such assets available to Bank the Collateral Agent at a place to be designated by Bankthe Collateral Agent. Bank The Collateral Agent shall have the right to conduct such sales on Borrower's Obligor’s premises, at Borrower's such Obligor’s expense, or elsewhere elsewhere, on such occasion or occasions as Bank the Collateral Agent may see fit. With respect to any Obligor’s owned or leased premises, each Obligor hereby grants the Collateral Agent a license, effective upon the occurrence of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of the Collateral Agent’s rights or remedies provided herein, at law, in equity, or otherwise. Any notice required to be given by Bank the Collateral Agent of a sale, lease or other disposition or other intended action by Bank the Collateral Agent with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed given pursuant to the Borrower at the address specified in Section 10.9 16 below, at least five (5) business days Business Days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower the Obligors of any such action. The net proceeds realized by Bank the Collateral Agent upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank the Collateral Agent in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied as set forth in such order as Bank, in its sole discretion, elects, toward satisfaction of Section 14.3 hereof the Bank Indebtedness. Bank Collateral Agent shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower the Obligors shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests the Lenders’ Lien in the Collateral. Borrower agrees The Obligors agree that Bank the Collateral Agent has no obligation to preserve rights to the Collateral against any other partiesparties or to clean-up or otherwise prepare any of the Collateral for sale. Bank If the Collateral Agent sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by or on behalf of the purchaser, received by the Collateral Agent and applied to the indebtedness owed by such purchaser to the Lenders. If the purchaser fails to pay for any of the Collateral, the Collateral Agent may resell the Collateral. Collateral Agent will not be considered to have offered to retain the Collateral in satisfaction of the Obligations, unless the Collateral Agent has entered into a written agreement with the Obligors to that effect. The Collateral Agent is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's each Obligor’s labels, General Intangibles, intellectual property, equipmentEquipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory Inventory or other Collateral and Borrower's each Obligor’s rights under all contracts, licenses, approvals, permits, leases and franchise agreements agreements, to the extent assignable, shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementCollateral Agent’s benefit. Bank The Collateral Agent shall be under no obligation to marshal any assets in favor of Borrower any Obligor or any other party or against or in payment of any or all of the Bank IndebtednessObligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Access to Money, Inc.)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on BorrowerGuarantor's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's expense, pending sale or other disposition of the Collateral. Borrower Borrower, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's premises, at Borrower's expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower at the address specified in Section 10.9 14.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after during the continuance of an Event of Default, without charge, Borrower's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Consolidated Stainless Inc)

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Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrower's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's expense, pending sale or other disposition of the Collateral. Borrower Borrower, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's premises, at Borrower's expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower at the address specified in Section 10.9 SECTION 14.1 below, at least five ten (510) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after upon the occurrence of an Event of Default, without charge, Borrower's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal any assets in favor of Borrower or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Merrimac Industries Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Lender after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Lender may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Lender Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Lender may cause the Collateral to remain on Borrower's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's expense, pending sale or other disposition of the Collateral. Borrower Borrower, at BankLender's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Lender at a place to be designated by BankLender. Bank Lender shall have the right to conduct such sales on Borrower's premises, at Borrower's expense, or elsewhere elsewhere, on such occasion or occasions as Bank Lender may see fit. Any notice required to be given by Bank Lender of a sale, lease or other disposition or other intended action by Bank Lender with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower at the address specified in Section 10.9 11.1 below, at least five ten (510) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank Lender upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Lender in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as BankLender, in its sole discretion, elects, toward satisfaction of the Bank Lender Indebtedness. Bank Lender shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect BankLender's security interests interest in the Collateral. Borrower agrees that Bank Lender has no obligation to preserve rights to the Collateral against any other parties. Bank Lender is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to BankLender's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank Lender shall be under no obligation to marshal any assets in favor of Borrower or any other party or against or in payment of any or all of the Bank Lender Indebtedness.

Appears in 1 contract

Samples: Senior Subordinated Convertible Loan and Security Agreement (Blonder Tongue Laboratories Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Agent after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Agent may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Lender Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Agent may cause the Collateral to remain on Borrowerany Obligor's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Obligors' expense, pending sale or other disposition of the Collateral. Borrower Obligors, at BankAgent's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Agent at a place to be designated by BankAgent. Bank Agent shall have the right to conduct such sales on Borrowerany Obligor's premises, at Borrower's Obligors' expense, or elsewhere elsewhere, on such occasion or occasions as Bank Agent may see fit. Any notice required to be given by Bank Agent of a sale, lease or other disposition or other intended action by Bank Agent with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Obligors at the address specified in Section 10.9 14.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Obligors of any such action. The net proceeds realized by Bank Agent upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Agent in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as BankAgent, in its sole discretion, elects, toward satisfaction of the Bank Lender Indebtedness. Bank Agent shall account to Borrower Obligors for any surplus realized upon such sale or other disposition, and Borrower Obligors shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect BankAgent's security interests interest in the Collateral. Borrower agrees Obligors agree that Bank Agent has no obligation to preserve rights to the Collateral against any other parties. Bank Agent is hereby granted a license or other right to use, after an Event of Default, without charge, Borrowereach Obligor's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrowereach Obligor's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to BankAgent's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank Agent shall be under no obligation to marshal any assets in favor of Borrower Obligors or any other party or against or in payment of any or all of the Bank Lender Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Hooper Holmes Inc)

Sale or Other Disposition of Collateral. The sale, lease sale or other --------------------------------------- disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrower. The Bank may cause the Collateral to remain on Borrower's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's expense, pending sale or other disposition of the Collateral. Borrower at Bank's request shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Banknotice. Bank shall have the right to conduct such sales on at Borrower's premises, at Borrower's expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease sale or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower at the address specified in Section 10.9 SECTION 13.1 below, at least five (5) ------------ business days prior to such proposed action, shall constitute constitute, fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's labels, General Intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreement. Bank shall be under no obligation to marshal marshall any assets in favor of Borrower or any other party or against or in againxx xx xx payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Hersha Hospitality Trust)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Lender after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Lender may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness Obligations then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Lender may cause the Collateral to remain on Borrower's ’s premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's ’s expense, pending sale or other disposition of the Collateral. Borrower at Bank's request Lender’s request, shall assemble the Collateral consisting of inventory Inventory and tangible assets and make such assets available to Bank Lender at a place to be designated by BankLender. Bank Lender shall have the right to conduct such sales on Borrower's ’s premises, at Borrower's ’s expense, or elsewhere elsewhere, on such occasion or occasions as Bank Lender may see fit. With respect to Borrower’s owned or leased premises, Borrower hereby grants Lender a license, effective upon the occurrence of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Lender’s rights or remedies provided herein, at law, in equity, or otherwise. Any notice required to be given by Bank Lender of a sale, lease or other disposition or other intended action by Bank Lender with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed given pursuant to the Borrower at the address specified in Section 10.9 20 below, at least five (5) business days Business Days prior to such proposed action, shall constitute fair and reasonable notice to all the Borrower of any such action. The net proceeds realized by Bank Lender upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Lender in connection therewith and all other costs and expenses related thereto including attorney attorneys’ fees, shall be applied in such order as BankLender, in its sole discretion, elects, toward satisfaction of the Bank IndebtednessObligations. Bank Lender shall account to Borrower for any surplus realized upon such sale or other disposition, and the Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests Lender’s Lien in the Collateral. The Borrower agrees that Bank Lender has no obligation to preserve rights to the Collateral against any other partiesparties or to clean-up or otherwise prepare any of the Collateral for sale. Bank If Lender sells any of the Collateral upon credit, Borrower shall be credited only with payments actually made by or on behalf of the purchaser, received by Lender and applied to the indebtedness owed by such purchaser to Lender. If the purchaser fails to pay for any of the Collateral, Lender may resell the Collateral. Lender shall not be considered to have offered to retain the Collateral in satisfaction of the Obligations, unless Lender has entered into a written agreement with the Borrower to that effect. Lender is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's ’s labels, General Intangibles, intellectual property, equipmentEquipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory Inventory or other Collateral and Borrower's ’s rights under all contracts, licenses, approvals, permits, leases and franchise agreements agreements, to the extent assignable, shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementLender’s benefit. Bank Lender shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower or any other party or against or in payment of any or all of the Bank IndebtednessObligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Access Worldwide Communications Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Agent after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Agent may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Lender Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Agent may cause the Collateral to remain on any Borrower's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Borrowers' expense, pending sale or other disposition of the Collateral. Borrower Borrowers, at BankAgent's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Agent at a place to be designated by BankAgent. Bank Agent shall have the right to conduct such sales on any Borrower's premises, at Borrower's Borrowers' expense, or elsewhere elsewhere, on such occasion or occasions as Bank Agent may see fit. Any notice required to be given by Bank Agent of a sale, lease or other disposition or other intended action by Bank Agent with respect to any of the Collateral which is deposited in the United States mail, or sent by overnight mail, postage prepaid and duly addressed to the Borrower Borrowers at the address specified in Section 10.9 17.1 below, at least five (5) business days Business Days prior to such proposed actionaction if sent by overnight mail or ten (10) Business Days prior to such proposed action if sent by regular mail, shall constitute fair and reasonable notice to all Borrower Borrowers of any such action. The net proceeds realized by Bank Agent upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Agent in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as BankAgent, in its sole discretion, elects, toward satisfaction of the Bank Lender Indebtedness. Bank Agent shall account to Borrower Borrowers for any surplus realized upon such sale or other disposition, and Borrower Borrowers shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect BankAgent's security interests interest in the Collateral. Borrower agrees Borrowers agree that Bank Agent has no obligation to preserve rights to the Collateral against any other parties. Bank Agent is hereby granted a license or other right to use, after an Event of Default, without charge, any Borrower's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and any Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to BankAgent's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank Agent shall be under no obligation to marshal xxxxxxxx any assets in favor of any Borrower or any other party or against or in payment of any or all of the Bank Lender Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Nobel Education Dynamics Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank Lender after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Lender may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Lender Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Lender may cause the Collateral to remain on Borrower's or any Guarantor's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's expense, pending sale or other disposition of the Collateral. Borrower or Guarantors, at BankLender's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Lender at a place to be designated by BankLender. Bank Lender shall have the right to conduct such sales on Borrower's or any Guarantor's premises, at Borrower's and Guarantors' expense, or elsewhere elsewhere, on such occasion or occasions as Bank Lender may see fit. Any notice required to be given by Bank Lender of a sale, lease or other disposition or other intended action by Bank Lender with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower at the address specified in Section 10.9 14.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower and Guarantors of any such action. The net proceeds realized by Bank Lender upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank Lender in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as BankLender, in its sole discretion, elects, toward satisfaction of the Bank Lender Indebtedness. Bank Lender shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower and Guarantors shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect BankLender's security interests interest in the Collateral. Borrower agrees and Guarantors agree that Bank Lender has no obligation to preserve rights to the Collateral against any other parties. Bank Lender is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's or Guarantors' labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's and Guarantors' rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to BankLender's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank Lender shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower or Guarantors or any other party or against or in payment of any or all of the Bank Lender Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Relm Wireless Corp)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness Obligations then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrower's any Obligor’s premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Obligors’ expense, pending sale or other disposition of the Collateral. Borrower Any Obligor at Bank's request ’s request, shall assemble the Collateral consisting of inventory Inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's any Obligor’s premises, at Borrower's Obligors’ expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. With respect to any Obligor’s owned or leased premises, Obligors hereby grant Bank a license, effective upon the occurrence of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed given pursuant to the Borrower at the address specified in Section 10.9 18 below, at least five (5) business days Business Days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower the Obligors of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank IndebtednessObligations in accordance with Section 16.3. Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower the Obligors shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests ’s Lien in the Collateral. Borrower agrees The Obligors agree that Bank has no obligation to preserve rights to the Collateral against any other partiesparties or to clean-up or otherwise prepare any of the Collateral for sale. If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by or on behalf of the purchaser, received by Bank and applied to the indebtedness owed by such purchaser to Bank. If the purchaser fails to pay for any of the Collateral, Bank may resell the Collateral. Bank will not be considered to have offered to retain the Collateral in satisfaction of the Obligations, unless Bank has entered into a written agreement with the Obligors to that effect. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's any Obligor’s labels, General Intangibles, intellectual property, equipmentEquipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory Inventory or other Collateral and Borrower's any Obligor’s rights under all contracts, licenses, approvals, permits, leases and franchise agreements agreements, to the extent assignable, shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreement’s benefit. Bank shall be under no obligation to marshal any assets in favor of Borrower any Obligor or any other party or against or in payment of any or all of the Bank IndebtednessObligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Intest Corp)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrower's Borrowers' premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Borrowers' expense, pending sale or other disposition of the Collateral. Borrower Borrowers, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's a Borrowers' premises, at Borrower's Borrowers' expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Borrowers at the address specified in Section 10.9 12.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Borrowers of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower Borrowers for any surplus realized upon such sale or other disposition, and Borrower Borrowers shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees Borrowers agree that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's Borrowers' labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's Borrowers' rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower Borrowers or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Adage Inc)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on Borrower's Borrowers' premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's Borrowers' expense, pending sale or other disposition of the Collateral. Borrower Borrowers, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's Borrowers' premises, at Borrower's Borrowers' expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower Borrowers at the address specified in Section 10.9 15.1 below, at least five (5) business days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower Borrowers of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower Borrowers for any surplus realized upon such sale or other disposition, and Borrower Borrowers shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees Borrowers agree that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's Borrowers' labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's Borrowers' rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal marshall any assets in favor of Borrower Borrowers or any other party or against or in againxx xx xx payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (National Media Corp)

Sale or Other Disposition of Collateral. The sale, lease sale or other disposition of the Collateral, or any part thereof, by Bank Lender after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank Lender may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owingObligations. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank Lender may cause the Collateral to remain on Borrower's ’s premises or otherwise or to be removed and stored at premises owned by other personsPersons, at Borrower's ’s expense, pending sale or other disposition of the Collateral. Borrower Borrower, at Bank's request Lender’s request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank Lender at a place to be designated by BankLender. Bank Lender shall have the right to conduct such sales on Borrower's ’s premises, at Borrower's ’s expense, or elsewhere elsewhere, subject to applicable Legal Requirements, on such occasion or occasions as Bank Lender may see fit. With respect to Borrower’s owned or leased premises, Borrower hereby grants Lender a license, effective upon the occurrence of an Event of Default, and to the extent not prohibited by the terms of any applicable lease, and subject to applicable Legal Requirements, to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Lender’s rights or remedies provided herein, at law or in equity, or otherwise. Any notice required to be given by Bank Lender of a sale, lease sale or other disposition or other intended action by Bank Lender with respect to any of the Collateral which is deposited given in the United States mail, postage prepaid and duly addressed to the Borrower at the address manner specified in Section 10.9 below25.1, at least five ten (510) business days Business Days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank Lender upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including attorney without limitation, reasonable attorneys’ fees, shall be applied in such order as BankLender, in its sole discretion, elects, toward satisfaction of the Bank IndebtednessObligations. Bank Lender shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's Lender’s security interests interest in the Collateral. Borrower agrees that Bank Lender has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after an Event of Default, without charge, Borrower's labels, General Intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreement. Bank Lender shall be under no obligation to marshal any assets in favor of Borrower or any other party Person or against or in payment of any or all of the Bank IndebtednessObligations. In connection with the disposition of any Collateral by Lender, Borrower agrees that Lender may disclaim any warranties and dispose of such Collateral without any warranties whatsoever and that Lender shall not be deemed to have acted in a commercially unreasonable manner as a result thereof. If Lender sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by or on behalf of the purchaser, received by Lender and applied to the indebtedness owed by such purchaser to Lender. If the purchaser fails to pay for any of the Collateral, Lender may resell the Collateral. Lender may, in the name of Borrower or its own name, make and execute all conveyances, assignments and transfers of the Collateral sold in connection with the exercise of Lender’s rights and remedies; and Lender is hereby appointed Borrower’s attorney-in-fact for this purpose.

Appears in 1 contract

Samples: Receivables Loan Agreement (Bluegreen Corp)

Sale or Other Disposition of Collateral. The sale, lease or other disposition of the Collateral, or any part thereof, by Bank after an Event of Default, and at any time during the continuance thereof, Default may be for cash, credit or any combination thereof, and Bank may purchase all or any part of the Collateral at public or, if permitted by law, private sale, and in lieu of actual payment of such purchase price, may set‑off set-off the amount of such purchase price against the Bank Indebtedness then owing. Any sales of the Collateral may be adjourned from time to time with or without notice to the Borrowernotice. The Bank may cause the Collateral to remain on BorrowerGuarantor's premises or otherwise or to be removed and stored at premises owned by other persons, at Borrower's expense, pending sale or other disposition of the Collateral. Borrower Borrower, at Bank's request request, shall assemble the Collateral consisting of inventory and tangible assets and make such assets available to Bank at a place to be designated by Bank. Bank shall have the right to conduct such sales on Borrower's premises, at Borrower's expense, or elsewhere elsewhere, on such occasion or occasions as Bank may see fit. Any notice required to be given by Bank of a sale, lease or other disposition or other intended action by Bank with respect to any of the Collateral which is deposited in the United States mail, postage prepaid and duly addressed to the Borrower at the address specified in Section 10.9 14.1 below, at least five (5) business days Business Days prior to such proposed action, shall constitute fair and reasonable notice to all Borrower of any such action. The net proceeds realized by Bank upon any such sale or other disposition, after deduction for the expenses of retaking, holding, storing, transporting, preparing for sale, selling or otherwise disposing of the Collateral incurred by Bank in connection therewith and all other costs and expenses related thereto including reasonable attorney fees, shall be applied in such order as Bank, in its sole discretion, elects, toward satisfaction of the Bank Indebtedness. Bank shall account to Borrower for any surplus realized upon such sale or other disposition, and Borrower shall remain liable for any deficiency. The commencement of any action, legal or equitable, or the rendering of any judgment or decree for any deficiency shall not affect Bank's security interests interest in the Collateral. Borrower agrees that Bank has no obligation to preserve rights to the Collateral against any other parties. Bank is hereby granted a license or other right to use, after during the continuance of an Event of Default, without charge, Borrower's labels, General Intangiblesgeneral intangibles, intellectual property, equipment, real estate, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any inventory or other Collateral and Borrower's rights under all contracts, licenses, approvals, permits, leases and franchise agreements shall inure to Bank's benefit to the extent that the license or other right granted would not cause the applicable Borrower to be in breach of such agreementbenefit. Bank shall be under no obligation to marshal xxxxxxxx any assets in favor of Borrower or any other party or against or in payment of any or all of the Bank Indebtedness.

Appears in 1 contract

Samples: Loan and Security Agreement (Consolidated Stainless Inc)

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