Common use of Absolute Rights of Secured Parties Clause in Contracts

Absolute Rights of Secured Parties. Notwithstanding any other provision of any Collateral Document, but subject in all cases to the rights of the Lender and the Indenture Trustee under Section 3.2, neither (i) the right of each Secured Party, which is absolute and unconditional, to receive payments of the Secured Debt held by such Secured Party on or after the due date thereof as expressed in the Secured Debt Instruments, to institute suit for the enforcement of such payment on or after such due date, or to assert its position and views as a secured creditor in, and to otherwise exercise any right (other than the right to enforce any Lien on the Collateral, which shall in all circumstances be exercisable only by the Collateral Trustee) it may have in connection with, a case under the Bankruptcy Code in which a Grantor is a debtor, nor (ii) the obligation of each Grantor, which is also absolute and unconditional, to pay the Secured Debt owing by such Grantor to each Secured Party at the time and place expressed in the Secured Debt Instruments, shall be impaired or affected without the written consent of such Secured Party.

Absolute Rights of Secured Parties. Notwithstanding any ---------------------------------- other provision of any Collateral Document, but subject in all cases to the rights of the Lender and the Indenture Trustee under Section 3.2, neither (i) the right of each Secured Party, which is absolute and unconditional, to receive payments of the Secured Debt held by such Secured Party on or after the due date thereof as expressed in the Secured Debt Instruments, to institute suit for the enforcement of such payment on or after such due date, or to assert its position and views as a secured creditor in, and to otherwise exercise any right (other than the right to enforce any Lien on the Collateral, which shall in all circumstances be exercisable only by the Collateral Trustee) it may have in connection with, a case under the Bankruptcy Code in which a Grantor is a debtor, nor (ii) the obligation of each Grantor, which is also absolute and unconditional, to pay the Secured Debt owing by such Grantor to each Secured Party at the time and place expressed in the Secured Debt Instruments, shall be impaired or affected without the written consent of such Secured Party.

Absolute Rights of Secured Parties. Notwithstanding any other provision of any Shared Collateral Document, but subject in all cases to the rights of the Lender Bank Administrative Agent and the Indenture Trustee Required Holders of Secured Debt under Section 3.23.1, neither (i) the right of each Secured Party, which is absolute and unconditional, to receive payments of the Secured Debt held by such Secured Party on or after the due date thereof as expressed in the Secured Debt Instruments, to institute suit for the enforcement of such payment on or after such due date, or to assert its position and views as a secured creditor in, and to otherwise exercise any right (other than the right to enforce any Lien on the Shared Collateral, which shall in all circumstances be exercisable only by the Collateral Trustee) it may have in connection with, a case under the Bankruptcy Code in which a Grantor is a debtor, nor (ii) the obligation of each Grantor, which is also absolute and unconditional, to pay the Secured Debt owing by such Grantor to each Secured Party at the time and place expressed in the Secured Debt Instruments, shall be impaired or affected without the written consent of such Secured Party.

Absolute Rights of Secured Parties. Notwithstanding any other provision of any Collateral Document, but subject in all cases to the rights of the Lender Required Banks and the Indenture Trustee Required Secured Parties under Section 3.26.8, neither (i) the right of each Secured Party, which is absolute and unconditionalconditional, to receive payments of the Secured Debt held by such Secured Party on or after the due date thereof as expressed in the Secured Debt Instrumentstherein expressed, to institute suit for the enforcement of such payment on or after such due date, or to assert its position and views as a secured creditor in, and to otherwise exercise any right (other than the right to enforce any Lien on the Collateral, which shall in all circumstances be exercisable only by the Collateral Trustee) it may have in connection with, a case under the Bankruptcy Code in which a Grantor is a debtor, nor (ii) the obligation of each Grantor, which is also absolute and unconditional, to pay the Secured Debt owing by such Grantor to each Secured Party at the time and place expressed in the Secured Debt Instruments, shall be impaired or affected without the written consent of such Secured Party.

Absolute Rights of Secured Parties. Notwithstanding any other ---------------------------------- provision of any Collateral Document, but subject in all cases to the rights of the Lender and the Indenture Trustee under Section 3.2, neither (i) the right of each Secured Party, which is absolute and unconditional, to receive payments of the Secured Debt held by such Secured Party on or after the due date thereof as expressed in the Secured Debt Instruments, to institute suit for the enforcement of such payment on or after such due date, or to assert its position and views as a secured creditor in, and to otherwise exercise any right (other than the right to enforce any Lien on the Collateral, which shall in all circumstances be exercisable only by the Collateral Trustee) it may have in connection with, a case under the Bankruptcy Code in which a Grantor is a debtor, nor (ii) the obligation of each Grantor, which is also absolute and unconditional, to pay the Secured Debt owing by such Grantor to each Secured Party at the time and place expressed in the Secured Debt Instruments, shall be impaired or affected without the written consent of such Secured Party.