Foreclosure

Foreclosure. Means, with respect to any Mortgage, a judicial or non-judicial foreclosure of or trustee's sale under the Mortgage, a deed in lieu of such foreclosure or sale, a sale of the Property pursuant to lawful order of a court of competent jurisdiction in a bankruptcy case filed under Title 11 of the United States Code, or any other similar disposition of any of the Property encumbered by the Mortgage.

Foreclosure. A Mortgage Loan where payment has been accelerated and the Mortgage Loan has been referred to an attorney for collection and enforcement proceedings or is in the process of liquidation after the foreclosure sale.

Foreclosure. Foreclosure includes judicial foreclosure, sale under a power or sale given in the mortgage, and all other remedies provided by law or equity or set out in the mortgage and enforceable in this state at the time of the foreclosure for divesting the obligee of title in the event of the obligee's default.

Foreclosure. Or "Foreclosed" occurs when all of the following events have occurred (a) an Event of Default (as defined in the 2005 Loan Agreement, 2014 Loan Agreement, Convertible Notes, Bridge Notes or Reimbursement Notes) has occurred, (b) with respect to all or any portion of the Licensed IP, Institutional Partners IIA or any of its affiliated funds forecloses on, conducts, controls or substantially directs a foreclosure sale, or is granted ownership or legal or equitable title to under or in connection... with a plan of reorganization or similar arrangement, and (c) Institutional Partners IIA or any of its affiliated funds takes possession of, acquires, is granted ownership rights as the holder of legal or equitable title to all or any portion of the Licensed IP, or such Licensed IP is sold to a third party pursuant to a foreclosure sale View More