Inventory Loan Documents definition
Examples of Inventory Loan Documents in a sentence
In the event Lender approves such new borrowing entity as the borrower hereunder and under the Inventory Loan, this Agreement, the other Loan Documents, the Inventory Loan Agreement and the other Inventory Loan Documents shall be modified in a reasonable manner in order to reflect the assumption by such new borrowing entity of the Loan and the Inventory Loan, at the sole cost and expense of Borrower.
To the extent permitted by applicable law, Borrower hereby waives setoff, counterclaim, demand, presentment, protest, all defenses with respect to any and all instruments and all notices and demands of any description, and the pleading of any statute of limitations as a defense to any demand under this Agreement and any other Loan Document and Inventory Loan Documents.
Under no circumstances shall any Person whomsoever (other than the parties to this Agreement and their respective permitted successors and assigns) be deemed a beneficiary of the terms, conditions, covenants and agreements contained in this Agreement or any other Inventory Loan Documents or Loan Documents.
No delay or omission by Lender in exercising any right or remedy under the Loan Documents or Inventory Loan Documents shall impair such right or remedy or be construed as a waiver thereof or an acquiescence therein, nor shall any single or partial exercise of any such right or remedy preclude other or further exercises thereof, or the exercise of any other right or remedy under the Loan Documents, Inventory Loan Documents or otherwise.
Obligations outstanding under the Receivables Loan or the Inventory Loan or made in respect of Receivables Collateral or Inventory Collateral pledged by Borrower pursuant to the Receivables Loan or the Inventory Loan (inclusive of obligations which have been paid in full but pursuant to which Lender maintains existing Receivables Collateral or Inventory Collateral) and all Loan Documents and Inventory Loan Documents, are and shall be cross-collateralized and cross-defaulted with each other.
All rights and remedies available to Lender under the Inventory Loan Documents and Loan Documents shall be cumulative of and in addition to all other rights and remedies granted to Lender under any of the Inventory Loan Documents or Loan Documents, at law or in equity, whether or not the Inventory Loan or the Receivables Loan is due and payable and whether or not Lender shall have instituted any suit for collection or other action in connection with the Inventory Loan Documents or the Loan Documents.
The occurrence of an Event of Default by Borrower with respect to any of the Inventory Loan or the Inventory Loan Documents.
Borrower shall or shall use commercially reasonable efforts to cause the Association and/or the Club to promptly notify Lender of any material claim, action or proceeding affecting each applicable Resort, the Club or the Inventory Collateral, or any part thereof, or any of the security interests or rights granted in favor of Lender hereunder or under any of the other Inventory Loan Documents.
Borrower agrees to execute additional notes, mortgages, guarantees or other Inventory Loan Documents as may be reasonably requested by the Lender.
Upon the commencement of suit or foreclosure proceedings with respect to the Mortgage, the unpaid principal balance of the Inventory Loan Promissory Note and the Receivables Loan Promissory Note, if not previously accelerated and declared due, together with the interest accrued thereon and all other Obligations under the Inventory Loan Documents, and the Loan Documents, shall immediately be due and payable.