|
41
<br />201305319
<br />such property or otherwise, and without regard to the value of the Property or the solvency of
<br />any person or persons liable for the payment of the indebtedness secured hereby. Furthermore,
<br />Mortgagor does hereby consent to the appointment of such receiver or receivers, waives any and
<br />all defenses to such appointment, and agrees not to oppose any application therefor by
<br />Administrative Agent, and agrees that such appointment shall in no manner impair, prejudice or
<br />otherwise affect the rights of Administrative Agent under Article III hereof. Mortgagor expressly
<br />waives notice of a hearing for appointment of a receiver and the necessity for bond or an
<br />accounting by the receiver. Any receiver shall have all powers conferred by the court appointing
<br />such receiver, which powers shall, to the extent not prohibited by any applicable Requirement of
<br />Law, include, without limitation, the right to enter upon and take immediate possession of the
<br />Property or any part thereof, to exclude Mortgagor therefrom, to hold, use, operate, manage and
<br />control the Property, to make all such repairs, replacements, alterations, additions and
<br />improvements to the same as such receiver or Administrative Agent may deem proper or
<br />expedient, to lease, sell or otherwise transfer the Property or any portion thereof as such receiver
<br />or Administrative Agent may deem proper or expedient, and to demand and collect all of the
<br />other earnings, rents, issues, profits, proceeds and other sums due or to become due with respect
<br />to the Property. Nothing herein is to be construed to deprive Administrative Agent of any other
<br />right, remedy or privilege it may now or hereafter have under any applicable Requirement of
<br />Law to have a receiver appointed. Any money advanced by Administrative Agent in connection
<br />with any such receivership shall be a demand obligation (which obligation Mortgagor hereby
<br />expressly promises to pay) owing by Mortgagor to Administrative Agent and shall bear interest,
<br />from the date of making such advancement by Administrative Agent until paid, at the rate set
<br />forth in Section 2.9(c) of the Credit Agreement.
<br />Section 4.6. Proceeds of Foreclosure. The proceeds of any sale held in foreclosure of the
<br />Liens, privileges, and/or security interests evidenced hereby shall be applied as required by any
<br />applicable Requirement of Law, or in the absence of any such requirement in accordance with
<br />Section 8.2 of the Credit Agreement.
<br />Section 4.7. Secured Party as Purchaser. Any party constituting a Secured Party under
<br />the Credit Agreement shall have the right to bid for and to become the purchaser at any sale held
<br />in foreclosure of the Liens, privileges, and/or security interests evidenced hereby, and any party
<br />constituting a Secured Party which is purchasing at any such sale shall have the right to credit
<br />upon the amount of the bid made therefor, to the extent necessary to satisfy such bid, the secured
<br />indebtedness owing to such party, or if such party holds less than all of such indebtedness, the
<br />pro rata part thereof owing to such party, accounting to Administrative Agent or any Secured
<br />Party, if such party is not joining in such bid, in cash for the portion of such bid or bids
<br />apportionable to such non - bidding Secured Party or Secured Parties. Administrative Agent shall
<br />have the right to bid for and become the purchaser at any sale held in foreclosure of the Liens,
<br />privileges, and/or security interests evidenced hereby and shall be entitled to apply all or any part
<br />of the indebtedness as credit to the purchase price to the extent permitted by any applicable
<br />Requirement of Law
<br />Section 4.8. Foreclosure as to Matured Debt. Upon the occurrence of a default,
<br />Administrative Agent shall have the right to proceed with foreclosure of the Liens, privileges,
<br />and/or security interests evidenced hereby without declaring the entire secured indebtedness due,
<br />and in such event, any such foreclosure sale may be made subject to the unmatured part of the
<br />
|