Examples of Act of Secured Debtholders in a sentence
Upon the occurrence of an Actionable Default, the Mortgagee may, acting upon an Act of Secured Debtholders, foreclose this Instrument by judicial proceeding, and may invoke the power of sale and any other remedies permitted by applicable law or provided herein.
In addition, the Mortgagor agrees to execute and deliver to the Mortgagee, upon the Mortgagee's request, made at the direction of an Act of Secured Debtholders, any financing statements, as well as extensions, renewals and amendments thereof, and reproductions of this Instrument in such form as the Mortgagee may require to perfect a security interest with respect to said items.
The Mortgagor acknowledges that, to the extent permitted by applicable law, upon the occurrence of an Actionable Default, the Mortgagee without prior judicial hearing may, acting upon an Act of Secured Debtholders, exercise the power of sale herein granted.
At any time after the occurrence of an Actionable Default, the Mortgagee may, acting upon an Act of Secured Debtholders, either with or without entry or taking possession as herein provided, proceed by suit or suits at law or in equity or by any other appropriate proceeding or remedy to foreclose the lien hereof for the Secured Obligations or any part thereof and to sell the Mortgaged Property as an entirety or otherwise, as the Mortgagee may determine.
Upon the occurrence and during the pendancy of an Event of Default, the Mortgagee shall have the remedies of a secured party under the Uniform Commercial Code and, acting upon an Act of Secured Debtholders, may also invoke such remedies under the Uniform Commercial Code and the remedies provided in paragraph 19 of this Instrument as to such items.
The Mortgagor shall pay all costs of filing such financing statements and any extensions, renewals, amendments and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements the Mortgagee may, acting upon an Act of Secured Debtholders, reasonably require.
In the event the Mortgagee, acting upon an Act of Secured Debtholders, elects to seek the appointment of a receiver for the Property upon an Actionable Default, the Mortgagor hereby expressly consents to the appointment of such receiver.
Notwithstanding the existence of any other security interest in the Mortgaged Property held by the Mortgagee or by any other party, the Mortgagee, acting upon an Act of Secured Debtholders, shall have the right to determine the order in which any or all of the Mortgaged Property shall be subjected to the remedies provided herein.
Upon the occurrence and during the pendancy of an Actionable Default the Mortgagor authorizes the Mortgagee, acting upon an Act of Secured Debtholders, as attorney-in-fact for the Mortgagor, to commence, appear in and prosecute, in the Mortgagee's or the Mortgagor's name, any action or proceeding relating to any Condemnation Event applicable to the Property or any part thereof, whether direct or indirect, and to settle or compromise any claim in connection with such condemnation or other taking.
Delivery of an executed counterpart of a signature page of this Act of Parity Debtholders & Act of Secured Debtholders by facsimile transmission or electronic transmission (in “pdf” or “tif” format) will be effective as delivery of a manually executed counterpart hereof.