Actions by Secured Parties; Settlement of Claims. All actions by Secured Parties or decisions effecting the rights of the Secured Parties including any settlement of claims the Secured Parties may have against Debtor shall only be effected by those Secured Parties, who are not officers or directors of the Company, holding a majority of the Participating Interest in the Collateral.
Appears in 4 contracts
Samples: Security Agreement (Paxton Energy Inc), Security Agreement (Rvision, Inc), Security Agreement (Ethos Environmental, Inc.)
Actions by Secured Parties; Settlement of Claims. All actions by Secured Party Representative or the Secured Parties or decisions effecting the rights of the Secured Parties (including any settlement of claims the Secured Parties may have against Debtor Debtor) shall be taken only be effected as determined by those the Majority Secured Parties, who are not officers or directors of the Company, holding a majority of the Participating Interest in the Collateral.
Appears in 1 contract
Samples: Security Agreement (Rvision, Inc)
