Additional Remedies. The Agent shall have the right and power to: (a) enforce collection of any of the Collateral, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder; (b) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon; (c) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notes, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes or any of the Obligations; (d) grant releases, compromises or indulgences with respect to the Notes, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes or any of the Obligations; (e) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrower, any guarantor or other Person liable to the Agent for the Obligations; and (f) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the Agent’s rights hereunder, under the Notes or under any of the other Obligations.
Appears in 2 contracts
Samples: Credit Agreement (Lawson Products Inc/New/De/), Credit Agreement (Lawson Products Inc/New/De/)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including, but not limited to, any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including, but not limited to, any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notes, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notes, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes or any of the Obligations;
(ef) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fg) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 2 contracts
Samples: Loan and Security Agreement (PLM Equipment Growth Fund V), Loan and Security Agreement (PLM Equipment Growth Fund V)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Debtor, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or, the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notes, any other of the Obligations, Obligations or any obligation of any nature of any other obligor with respect to the Notes or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notes, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Obligations;
(f) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank’s nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the Obligationsmanagers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(eg) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Debtor hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrowerthe Debtor, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Security Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes Obligations. The Debtor hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or under any mistakes of fact or law with respect to actions taken in connection with the other ObligationsCollateral.
Appears in 2 contracts
Samples: Security Agreement (Venus Concept Inc.), Security Agreement (Venus Concept Inc.)
Additional Remedies. The Agent Lender shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Lender of any amounts due or to become due thereunder, or the Lender may directly notify such obligors of the security interest of the Lender, and/or of the assignment to the Lender of the Collateral and direct such obligors to make payment to the Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesRevolving Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Revolving Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the NotesRevolving Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Revolving Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Lender or the Lender’s nominee without disclosing, if the Lender so desires, that such securities so transferred are subject to the security interest of the Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fh) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes Revolving Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Lender may do with respect to the Collateral and agrees that the Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral, except to the extent such error or mistake constitutes gross negligence or willful misconduct of Lender.
Appears in 2 contracts
Samples: Revolving Credit and Security Agreement (REX AMERICAN RESOURCES Corp), Revolving Credit and Security Agreement (Millennium Ethanol, LLC)
Additional Remedies. The Agent Lender shall have the right and power to:
(a) instruct Borrowers, at their own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to Lender of any amounts due or to become due thereunder, or Lender may directly notify such obligors of the security interest of Lender, and/or of the assignment to Lender of the Collateral and direct such obligors to make payment to Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of Lender or Lender’s nominee without disclosing, if Lender so desires, that such securities so transferred are subject to the security interest of Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any BorrowerBorrowers, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes any Note or under any of the other Obligations. Each Borrower hereby ratifies and confirms whatever Lender may do with respect to the Collateral and agrees that Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 2 contracts
Samples: Loan and Security Agreement (BG Staffing, Inc.), Loan and Security Agreement (LTN Staffing, LLC)
Additional Remedies. The Agent Lender shall have the right and power to:to —
(a) enforce Instruct Borrowers, at their own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to Lender of any amounts due or to become due thereunder, or Lender may directly notify such obligors of the security interest of Lender, or of the assignment to Lender of the Collateral, and direct such obligors to make payment to Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such persons obligated thereon;
(b) Enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take Take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extendExtend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other obligations under any of the ObligationsLoan Documents, or any obligation of any nature of any other obligor with respect to the Notes Note or any of the Obligations;
(de) grant Grant releases, compromises or indulgences with respect to the Notes, Note or any of the Obligationsother obligations under any of the Loan Documents, or any extension or renewal of any of the ObligationsNote or such other obligations, or any security therefor, or to any other obligor with respect to the Notes Note or any of such other obligations;
(f) Transfer the whole or any part of securities which may constitute Collateral into the name of Lender or Lender’s nominee without disclosing, if Lender so desires, that such securities so transferred are subject to the security interest of Lender, and any corporation, association, or any of the Obligationsmanagers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(eg) make Vote the Collateral;
(h) Make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any BorrowerBorrowers, any guarantor or other Person person liable to the Agent Lender for the ObligationsLoan or any of the other obligations under the Loan Documents; and
(fi) at At any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligationsobligations under the Loan Documents, or the AgentLender’s rights hereunder, hereunder or under the Notes Note. Borrowers hereby ratify and confirm whatever Lender may do with respect to the Collateral and agrees that Lender shall not be liable for any error of judgment or under any mistakes of fact or law with respect to actions taken in connection with the other ObligationsCollateral.
Appears in 2 contracts
Samples: Loan and Security Agreement (Adcare Health Systems Inc), Loan and Security Agreement (Adcare Health Systems Inc)
Additional Remedies. The Agent Upon the occurrence of an Event of Default, Bank shall have the right and power to:
(a) instruct Debtor, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to Bank of any amounts due or to become due thereunder, or Bank may directly notify such obligors of the security interest of Bank, and/or of the assignment to Bank of the Collateral and direct such obligors to make payment to Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notes, any other of the Obligations, Obligations or any obligation of any nature of any other obligor with respect to the Notes or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notes, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Obligations;
(f) transfer the whole or any part of securities which may constitute Collateral into the name of Bank or Bank’s nominee without disclosing, if Bank so desires, that such securities so transferred are subject to the security interest of Bank, and any corporation, association, or any of the Obligationsmanagers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(eg) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Debtor hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrower, any guarantor discharge Debtor or other Person liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Security Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes Obligations. Debtor hereby ratifies and confirms whatever Bank may do with respect to the Collateral and agrees that Bank shall not be liable for any error of judgment or under any mistakes of fact or law with respect to actions taken in connection with the other ObligationsCollateral except to the extent resulting from Bank’s gross negligence or willful misconduct.
Appears in 2 contracts
Samples: Security Agreement (Inland Residential Properties Trust, Inc.), Security Agreement (Inland Residential Properties Trust, Inc.)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank’s nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Bank for the Obligations;
(i) exercise any and all rights under the Mortgage; and
(fj) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes any Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan Agreement (Cti Industries Corp)
Additional Remedies. The Agent Upon the occurrence and during the continuance of an Event of Default, the Secured Party Representative on behalf of the Lenders shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any account debtors, to make payment directly to the Lenders or the Secured Party Representative, as applicable, of any amounts due or to become due thereunder, or the Lenders or the Secured Party Representative, as applicable, may directly notify such obligors of the security interest of the Lenders, and/or of the assignment to the Lenders or the Secured Party Representative of the Collateral and direct such obligors to make payment to the Lenders or the Secured Party Representative, as applicable, of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such party obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notes, any other of the Obligations, Obligations or any obligation of any nature of any other obligor with respect to the Notes or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notes, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Obligations;
(f) transfer the whole or any part of securities which may constitute Collateral into the name of the Lenders, the Lenders’ nominee, or the Secured Party Representative without disclosing, if any Lender so desires, that such securities so transferred are subject to the security interest of the Lenders, and any corporation, association, or any of the Obligationsmanagers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that any Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether such Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(eg) receive distributions related to the Pledged Membership Interests to apply against the Obligations and exercise any voting rights as to the Pledged Membership Interests and all other corporate rights and all conversion, exchange, subscription or other rights, privileges or options pertaining thereto as if it were the absolute owner thereof, including, without limitation, registration rights and any right to exchange any or all of the Pledged Membership Interests upon the merger, consolidation, reorganization, recapitalization, or other readjustment of the issuer thereof, or upon the exercise of any such issuer of any right, privilege, or option pertaining to any of the Pledged Membership Interests, but no Lender nor the Secured Party Representative shall have any duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of any Lender or the Agent Secured Party Representative as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive any Lender’s or the AgentSecured Party Representative’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person party liable to the Agent any Lender for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or any Lender’s and/or the AgentSecured Party Representative’s rights hereunderhereunder or relating to the Obligations. The Borrower hereby ratifies and confirms whatever any Lender or the Secured Party Representative may do with respect to the Collateral and agrees that neither any Lender nor the Secured Party Representative shall be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral except to the extent resulting from the action, under failure to act, negligence and/or misconduct of any Lender, the Notes or under Secured Party Representative and/or any Affiliate of any of the other Obligationsforegoing.
Appears in 1 contract
Samples: Senior Loan, Security and Pledge Agreement (DJSP Enterprises, Inc.)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) in addition to any other remedies that the Bank may exercise, upon the failure of the Borrower to satisfy any of the financial covenants set forth in Section 10.11, the Interest Rate imposed on the Term Loan shall increase by one-half percent (0.5%), and shall continue to remain at such rate until all financial covenants are brought back into compliance with the terms of this Agreement;
(b) take possession of the Real Property and do anything necessary or desirable in Bank's sole judgment to fulfill the obligations of the Borrower hereunder;
(c) foreclose the Mortgage and exercise any of the rights and remedies contained in this Agreement and/or any of the other Loan Documents and/or exercise any other rights and remedies that Bank may have at law or in equity; I\15453359.12
(d) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including, but not limited to, any account debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(e) enforce collection of any of the Collateral, including, but not limited to any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bf) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cg) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesTerm Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Term Note or any of the Obligations;
(dh) grant releases, compromises or indulgences with respect to the NotesTerm Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Term Note or any of the Obligations;
(ei) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank's nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of said securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or said nominee makes any further transfer of said securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(j) vote the Collateral;
(k) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s Bank's rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fl) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan I\15453359.12 Documents, or any of the other Obligations, or the Agent’s Bank's rights hereunder, under the Notes Term Note or under any of the other Obligations. Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (AquaBounty Technologies, Inc.)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor Obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor Obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank's nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s Bank's rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the Agent’s Bank's rights hereunder, under the Notes any Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (Rockwell Medical Technologies Inc)
Additional Remedies. The Agent If the Obligations are not paid immediately upon the demand of Lender or upon the occurrence of an Event of Default, the Lender shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including, but not limited to, any Account Debtors, to make payment directly to the Lender of any amounts due or to become due thereunder, or the Lender may directly notify such obligors of the security interest of the Lender, and/or of the assignment to the Lender of the Collateral and direct such obligors to make payment to the Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including, but not limited to, any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesRevolving Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Revolving Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the NotesRevolving Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Revolving Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Lender or the Lender’s nominee without disclosing, if the Lender so desires, that such securities so transferred are subject to the security interest of the Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of said securities, or any transfer agent, shall not be bound to inquire, in the event that the Lender or said nominee makes any further transfer of said securities, or any portion thereof, as to whether the Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes Revolving Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Lender may do with respect to the Collateral and agrees that the Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral except for Lender’s gross negligence or willful misconduct.
Appears in 1 contract
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct Debtor, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or, the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notes, any other of the Obligations, Obligations or any obligation of any nature of any other obligor with respect to the Notes or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notes, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Obligations;
(f) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank’s nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the Obligationsmanagers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(eg) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers any Debtor hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any BorrowerDebtor, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Security Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes Obligations. Debtor hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or under any mistakes of fact or law with respect to actions taken in connection with the other ObligationsCollateral.
Appears in 1 contract
Additional Remedies. The Agent Bank shall have the right and power to:
(a) enforce collection of any of the Collateral, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(b) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(c) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Note or any of the Obligations;
(db) grant releases, compromises or indulgences with respect to the NotesNote, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Note or any of the Obligations;
(ec) transfer the whole or any part of securities which may constitute Accounts into the name of the Bank or the Bank's nominee, and any corporation, association, or any of the managers or trustees of any trust issuing any of said securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or said nominee makes any further transfer of said securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(d) make an election with respect to the Collateral Accounts or any other from time to time collateral for any of the Obligations under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s Bank's rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person person, firm, corporation or other entity liable to the Agent Bank for the Obligations; and
(fe) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the CollateralAccounts s, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the Agent’s Bank's rights hereunder, under the Notes Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Accounts, and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Accounts absent manifest error.
Appears in 1 contract
Samples: Revolving Loan Agreement (Aar Corp)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any account debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank’s nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes any Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (Parlux Fragrances Inc)
Additional Remedies. The Agent shall have Without limiting the foregoing, Lender may and has the right and power to:
(a) instruct Borrower, at Borrower’s expense, to notify any parties obligated on any of the Collateral to make payment directly to Lender of any amounts due or to become due thereunder, or Lender may directly notify such obligors of the security interest of Lender or of the assignment to Lender of the Collateral and direct such obligors to make payment to Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, Collateral by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other of the other Obligations, any obligation of any nature of any other obligor Obligor with respect to the Notes Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the NotesNote, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor Obligor with respect to the Notes Note or any of the Obligations;
(ef) transfer the whole or any part of any securities constituting Collateral into the name of Lender or Lender’s nominee without disclosing, if Lender so desires, that such securities so transferred are subject to the security interest of Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, if Lender or such nominee makes any further transfer of all or portion of such securities, as to whether Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring such securities;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, except that any such action of the Agent as set forth herein Lender shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor Borrower under this Agreement or prejudice, waive, nor waive or be construed to impair, affect, prejudice or waive the Agentwaive, Lender’s rights and remedies at law, in equity or by statute, nor or release, discharge, nor discharge or be construed to release or discharge, Borrower or any Borrower, any guarantor or other Person Obligor liable to the Agent Lender for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the other Loan Documents, any of the Obligations, or Lender’s rights under this Agreement, the Note or any of the other Obligations, . Borrower ratifies and confirms whatever Lender may do with respect to the Collateral and agrees that Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Agent’s rights hereunder, under the Notes or under any of the other ObligationsCollateral.
Appears in 1 contract
Samples: Loan and Security Agreement (Itt Educational Services Inc)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Debtor, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or, the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notes, any other of the Obligations, Obligations or any obligation of any nature of any other obligor with respect to the Notes or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notes, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Obligations;
(f) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank's nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the Obligationsmanagers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(eg) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Debtor hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s Bank's rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrowerthe Debtor, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Security Agreement, the Loan Documents, or any of the other Obligations, or the Agent’s Bank's rights hereunder, under the Notes Obligations. The Debtor hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or under any mistakes of fact or law with respect to actions taken in connection with the other ObligationsCollateral.
Appears in 1 contract
Additional Remedies. The Agent Lender shall have the right and power to:
(a) instruct Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to Lender of any amounts due or to become due thereunder, or Lender may directly notify such obligors of the security interest of Lender, and/or of the assignment to Lender of the Collateral and direct such obligors to make payment to Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of Lender or Lender’s nominee without disclosing, if Lender so desires, that such securities so transferred are subject to the security interest of Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral (if any);
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrower, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes any Note or under any of the other Obligations. Borrower hereby ratifies and confirms whatever Lender may do with respect to the Collateral and agrees that Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Revolving Credit Agreement (American Land Lease Inc)
Additional Remedies. The Agent Lender shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any account debtors, to make payment directly to the Lender of any amounts due or to become due thereunder, or the Lender may directly notify such obligors of the security interest of the Lender, and/or of the assignment to the Lender of the Collateral and direct such obligors to make payment to the Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesPromissory Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Promissory Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the NotesPromissory Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Promissory Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Lender or the Lender’s nominee without disclosing, if the Lender so desires, that such securities so transferred are subject to the security interest of the Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fh) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes Promissory Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Lender may do with respect to the Collateral and agrees that the Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral, except to the extent such error or mistake constitutes gross negligence or willful misconduct of Lender.
Appears in 1 contract
Samples: Letter of Credit Application, Reimbursement and Security Agreement (Millennium Ethanol, LLC)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrowers, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank’s nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrowerthe Borrowers, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes any Note or under any of the other Obligations. Each of the Borrowers hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agree that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including, but not limited to, any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including, but not limited to, any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) under the NotesTerm Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Term Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the NotesTerm Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Term Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank’s nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes Term Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Additional Remedies. The Agent Bank shall have the right and power to:
(a) a. instruct the Borrowers, at their own expense, to notify any parties obligated on any of the Collateral, including, but not limited to, any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
b. enforce collection of any of the Collateral, including, but not limited to, any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(b) ; take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(c) c. extend, renew or modify for one or more periods (whether or not longer than the original period) the Notes, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes or any of the Obligations;
(d) grant x. xxxxx releases, compromises or indulgences with respect to the Notes, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Note(s) or any of the Obligations;
(e) e. transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank’s nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of said securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or said nominee makes any further transfer of said securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
f. vote the Collateral;
g. make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrowerthe Borrowers, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(f) h. at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes or under any of the other Obligations.
Appears in 1 contract
Additional Remedies. The Agent Lender shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to Lender of any amounts due or to become due thereunder, or Lender may directly notify such obligors of the security interest of Lender, and/or of the assignment to Lender of the Collateral and direct such obligors to make payment to Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of Lender or Lender’s nominee without disclosing, if Lender so desires, that such securities so transferred are subject to the security interest of Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes any Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever Lender may do with respect to the Collateral and agrees that Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (Hill International, Inc.)
Additional Remedies. The Agent Lender shall have the right and power to:to --
(a) enforce Instruct Borrowers, at their own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to Lender of any amounts due or to become due thereunder, or Lender may directly notify such obligors of the security interest of Lender, or of the assignment to Lender of the Collateral, and direct such obligors to make payment to Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such persons obligated thereon;
(b) Enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take Take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extendExtend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other obligations under any of the ObligationsLoan Documents, or any obligation of any nature of any other obligor with respect to the Notes Note or any of the Obligationsobligations under any of the Loan Documents;
(de) grant Grant releases, compromises or indulgences with respect to the Notes, Note or any of the Obligationsother obligations under any of the Loan Documents, or any extension or renewal of any of the ObligationsNote or such other obligations, or any security therefor, or to any other obligor with respect to the Notes Note or any of such other obligations;
(f) Transfer the whole or any part of securities which may constitute Collateral into the name of Lender or Lender’s nominee without disclosing, if Lender so desires, that such securities so transferred are subject to the security interest of Lender, and any corporation, association, or any of the Obligationsmanagers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(eg) make Vote the Collateral;
(h) Make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any BorrowerBorrowers, any guarantor or other Person person liable to the Agent Lender for the ObligationsLoan or any of the other obligations under the Loan Documents; and
(fi) at At any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligationsobligations under the Loan Documents, or the AgentLender’s rights hereunder, hereunder or under the Notes Note. Borrowers hereby ratify and confirm whatever Lender may do with respect to the Collateral and agrees that Lender shall not be liable for any error of judgment or under any mistakes of fact or law with respect to actions taken in connection with the other ObligationsCollateral.
Appears in 1 contract
Samples: Loan and Security Agreement (Adcare Health Systems, Inc)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct Borrowers, at their own expense, to notify any parties obligated on any of the Collateral to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the NotesNote, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Note or any of the Obligations;
(ef) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any BorrowerBorrowers, any guarantor Guarantor or other Person liable to the Agent Bank for the Obligations; and
(fg) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes Note or under any of the other Obligations. Borrowers hereby ratify and confirm whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (Inland American Real Estate Trust, Inc.)
Additional Remedies. The Agent Lender shall have the right and power to:
(a) instruct the Co-Borrowers, at their own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Lender of any amounts due or to become due thereunder, or the Lender may directly notify such obligors of the security interest of the Lender, and/or of the assignment to the Lender of the Collateral and direct such obligors to make payment to the Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the NotesNote, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Lender or the Lender's nominee without disclosing, if the Lender so desires, that such securities so transferred are subject to the security interest of the Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral; LOAN AND SECURITY AGREEMENT - Page 40 70352.000002 EMF_US 26692578v13
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Co-Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s Lender's rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrowerthe Co-Borrowers, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the Agent’s Lender's rights hereunder, under the Notes any Note or under any of the other Obligations. The Co-Borrowers hereby ratify and confirm whatever the Lender may lawfully do with respect to the Collateral and agrees that the Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (United Western Bancorp Inc)
Additional Remedies. The Agent Lender shall have the right and power to:
(a) instruct Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to Lender of any amounts due or to become due thereunder, or Lender may directly notify such obligors of the security interest of Lender, and/or of the assignment to Lender of the Collateral and direct such obligors to make payment to Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of Lender or Lender’s nominee without disclosing, if Lender so desires, that such securities so transferred are subject to the security interest of Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrower, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes any Note or under any of the other Obligations. Borrower hereby ratifies and confirms whatever Lender may do with respect to the Collateral and agrees that Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including, but not limited to, any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such persons obligated thereon;
(b) enforce collection of any of the CollateralCollateral including, but not limited to, any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromisecomprise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the NotesNote, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank's nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of said securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or said nominee makes any further transfer of said securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s Bank's rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed consumed to release or discharge, any the Borrower, any guarantor or other Person person, firm, corporation or other entity liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the Agent’s Banks rights hereunder, under the Notes Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in good faith in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (First Horizon Pharmaceutical Corp)
Additional Remedies. The Agent Lender shall have the right and power to:
: (a) instruct the Borrowers, at their own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Lender of any amounts due or to become due thereunder, or the Lender may directly notify such obligors of the security interest of the Lender, and/or of the assignment to the Lender of the Collateral and direct such obligors to make payment to the Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon; (b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
; (bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
; (cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Note or any of the Obligations;
; (de) grant releases, compromises or indulgences with respect to the NotesNote, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Note or any of the Obligations;
; (ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Lender or the Lender’s nominee without disclosing, if the Lender so desires, that such securities so transferred are subject to the security interest of the Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same; (g) vote the Collateral; (h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrower, any guarantor or other Person liable to the Agent Lender for the Obligations; and
and (fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes Note or under any of the other Obligations. Each Borrower hereby ratifies and confirms whatever the Lender may do with respect to the Collateral and agrees that the Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Additional Remedies. The Agent Bank shall have the right and power to:
(a) enforce collection of any of the Collateral, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(b) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(c) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Note or any of the Obligations;
(db) grant releases, compromises or indulgences with respect to the NotesNote, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Note or any of the Obligations;
(ec) transfer the whole or any part of securities which may constitute Accounts into the name of the Bank or the Bank's nominee , and any corporation, association, or any of the managers or trustees of any trust issuing any of said securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or said nominee makes any further transfer of said securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(d) make an election with respect to the Collateral Accounts or any other from time to time collateral for any of the Obligations under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s Bank's rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person person, firm, corporation or other entity liable to the Agent Bank for the Obligations; and
(fe) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the CollateralAccounts s, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the Agent’s Bank's rights hereunder, under the Notes Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Accounts, and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Accounts absent manifest error.
Appears in 1 contract
Samples: Revolving Loan Agreement (Aar Corp)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any account debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank's nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s Bank's rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the Agent’s Bank's rights hereunder, under the Notes any Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan Agreement (Birner Dental Management Services Inc)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrowers, at their own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notes, any other of the Obligations, any obligation of any nature of any other obligor Obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor Obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank’s nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentBank’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrowerthe Borrowers, any guarantor of the Guarantors or any other Person Obligor liable to the Agent Bank for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentBank’s rights hereunder, under the Notes any Note or under any of the other Obligations. The Borrowers hereby ratify and confirm whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (Smithway Motor Xpress Corp)
Additional Remedies. The Agent Lender shall have the right and power to:
(a) instruct the Borrowers, at their own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to Lender of any amounts due or to become due thereunder, or Lender may directly notify such obligors of the security interest of Lender, and/or of the assignment to Lender of the Collateral and direct such obligors to make payment to Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of Lender or Lender’s nominee without disclosing, if Lender so desires, that such securities so transferred are subject to the security interest of Lender, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that Lender or such nominee makes any further transfer of such securities, or any portion thereof, as to whether Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) vote the Collateral;
(h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any Borrowerthe Borrowers, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fi) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes any Note or under any of the other Obligations. The Borrowers hereby ratify and confirm whatever Lender may do with respect to the Collateral and agrees that Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (Hill International, Inc.)
Additional Remedies. The Agent Lender shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any account debtors, to make payment directly to the Lender of any amounts due or to become due thereunder, or the Lender may directly notify such obligors of the security interest of the Lender, and/or of the assignment to the Lender of the Collateral and direct such obligors to make payment to the Lender of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the NotesNote, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the NotesNote, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes Note or any of the Obligations;
(ef) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 364, 365 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Lender as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the AgentLender’s rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Lender for the Obligations; and
(fg) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the AgentLender’s rights hereunder, under the Notes Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Lender may do with respect to the Collateral and agrees that the Lender shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan Agreement (Golden Minerals Co)
Additional Remedies. The Agent Bank shall have the right and power to:
(a) instruct the Borrower, at its own expense, to notify any parties obligated on any of the Collateral, including any Account Debtors, to make payment directly to the Bank of any amounts due or to become due thereunder, or the Bank may directly notify such obligors of the security interest of the Bank, and/or of the assignment to the Bank of the Collateral and direct such obligors to make payment to the Bank of any amounts due or to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon;
(b) enforce collection of any of the Collateral, including any Accounts, by suit or otherwise, or make any compromise or settlement with respect to any of the Collateral, or surrender; , release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder;
(bc) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon;
(cd) extend, renew or modify for one or more periods (whether or not longer than the original period) the Notesany Note, any other of the Obligations, any obligation of any nature of any other obligor with respect to the Notes any Note or any of the Obligations;
(de) grant releases, compromises or indulgences with respect to the Notesany Note, any of the Obligations, any extension or renewal of any of the Obligations, any security therefor, or to any other obligor with respect to the Notes any Note or any of the Obligations;
(ef) transfer the whole or any part of securities which may constitute Collateral into the name of the Bank or the Bank's nominee without disclosing, if the Bank so desires, that such securities so transferred are subject to the security interest of the Bank, and any corporation, association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, in the event that the Bank or such nominee makes any further transfer of such securities, or any portion thereof, as to whether the Bank or such nominee has the right to make such further transfer, and shall not be liable for transferring the same;
(g) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action under Section 364 or any other section of the Bankruptcy Code; provided, however, that any such action of the Agent Bank as set forth herein shall not, in any manner whatsoever, impair or affect the liability of the Borrowers Borrower hereunder, nor prejudice, waive, nor be construed to impair, affect, prejudice or waive the Agent’s Bank's rights and remedies at law, in equity or by statute, nor release, discharge, nor be construed to release or discharge, any the Borrower, any guarantor or other Person liable to the Agent Bank for the Obligations; and
(fh) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any way altering, impairing, diminishing or affecting the provisions of this Agreement, the Loan Documents, or any of the other Obligations, or the Agent’s Bank's rights hereunder, under the Notes any Note or under any of the other Obligations. The Borrower hereby ratifies and confirms whatever the Bank may do with respect to the Collateral and agrees that the Bank shall not be liable for any error of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral.
Appears in 1 contract
Samples: Loan and Security Agreement (Boyd Bros Transportation Inc)
