Common use of Amendments; Collateral Agency Joinders; Pledge and Security Agreement Supplements Clause in Contracts

Amendments; Collateral Agency Joinders; Pledge and Security Agreement Supplements. No amendment or waiver of or consent to any departure from any provision of this Agreement shall be effective unless it is in writing and signed by each Administrative Agent, the Collateral Agent and the Grantors. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given and to the extent specified in such writing. In addition, all such amendments and waivers shall be effective only if given with the necessary approvals of the requisite percentage of the Existing Senior Secured Parties under the Existing Senior Credit Documents and of the requisite percentage of New Senior Secured Parties under the New Senior Credit Documents. Upon the execution and delivery by any Person of an Accession Agreement, a Supplement or an Assumption Agreement under the GCA, (a) such Person shall be referred to as an “Additional Grantor” and shall become and be a Grantor hereunder, and each reference in this Agreement to a “Grantor” shall also mean and be a reference to such Additional Grantor, and each reference in any other Secured Credit Document to a “Grantor” shall also mean and be a reference to such Additional Grantor, and (b) each reference herein to “this Agreement,” “hereunder,” “hereof” or words of like import referring to this Agreement, and each reference in any other Secured Credit Document to the “Collateral Agency Agreement,” “thereunder,” “thereof” or words of like import referring to this Agreement, shall mean and be a reference to this Agreement as supplemented by such Assumption Agreement. Upon the execution and delivery by any Person joining this Agreement as an “Additional Hedge Counterparty” of a Collateral Agency Hedge Counterparty Joinder (a) such Person shall be referred to as an “Additional Hedge Counterparty” and shall become and be an “Additional Hedge Counterparty” hereunder and (b) each reference herein to “this Agreement,” “hereunder,” “hereof” or words of like import referring to this Agreement, and each reference in any other Secured Credit Document to the “Collateral Agency Agreement,” “thereunder,” “thereof” or words of like import referring to this Agreement, shall mean and be a reference to this Agreement as supplemented by such Collateral Agency Hedge Counterparty Joinder, in each case without any further action by the Collateral Agent. In connection with executing or acknowledging any amendment, waiver or other modification contemplated hereunder or under the Collateral Documents, the Collateral Agent shall receive an opinion of counsel from the Borrower that such amendment, waiver or modification is permitted under this Agreement and such Collateral Documents.

Appears in 3 contracts

Samples: Collateral Agency Agreement, Collateral Agency Agreement (California Resources Corp), Collateral Agency Agreement (California Resources Corp)

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Amendments; Collateral Agency Joinders; Pledge and Security Agreement Supplements. No amendment or waiver of or consent to any departure from any provision of this Security Agreement shall be effective unless it is in writing and signed by each Administrative Grantor and the Collateral Agent. No waiver of any provision of this Security Agreement, and no consent to any departure by any Grantor therefrom, shall be effective unless it is in writing and signed by the Collateral Agent, the Collateral Agent and the Grantors. Any then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given and to the extent specified in such writing. In addition, all such amendments and waivers shall be effective only if given with the necessary approvals of the requisite percentage of the Existing Senior Secured Parties Revolving Lenders under the Existing Senior Revolving Credit Documents Agreement and of the requisite percentage of New Senior Secured Parties Term Loan Lenders under the New Senior Term Loan Credit DocumentsAgreement, if applicable. Upon the execution and delivery by any Person of an Accession Agreementa pledge and security agreement supplement in substantially the form of Exhibit B (each, a Supplement or an Assumption “Pledge and Security Agreement under the GCASupplement”), (a) such Person shall be referred to as an “Additional Grantor” and shall become and be a Grantor hereunder, and each reference in this Security Agreement to a “Grantor” shall also mean and be a reference to such Additional Grantor, and each reference in any other Secured Credit Transaction Document to a “Grantor” shall also mean and be a reference to such Additional Grantor, and (b) each reference herein to “this Security Agreement,” “hereunder,” “hereof” or words of like import referring to this Security Agreement, and each reference in any other Transaction Document to the “Security Agreement,” “thereunder,” “thereof” or words of like import referring to this Security Agreement, shall mean and be a reference to this Security Agreement as supplemented by such Pledge and Security Agreement Supplement. Upon the execution and delivery by ETE and any Person joining the Collateral Agency Agreement as an “Additional Agent” or “Additional Trustee” of a Collateral Agency Joinder (a) such Person shall be referred to as an “Additional Agent” or “Additional Trustee” (as indicated in such Collateral Agency Joinder) and shall become and be an “Additional Agent” or “Additional Trustee” (as applicable) under the Collateral Agency Agreement and a “Secured Party” hereunder and (b) each reference herein to “this Agreement,” “hereunder,” “hereof” or words of like import referring to this Agreement, and each reference in any other Secured Credit Transaction Document to the “Collateral Agency Security Agreement,” “thereunder,” “thereof” or words of like import referring to this Agreement, shall mean and be a reference to this Agreement as supplemented by such Assumption AgreementCollateral Agency Joinder, in each case without any further action by the Collateral Agent. Upon the execution and delivery by any Person joining this the Collateral Agency Agreement as an “Additional Hedge Counterparty” of a Collateral Agency Hedge Counterparty Joinder (a) such Person shall be referred to as an “Additional Hedge Counterparty” and shall become and be an “Additional Hedge Counterparty” under the Collateral Agency Agreement and a “Lender Party” hereunder and (b) each reference herein to “this Agreement,” “hereunder,” “hereof” or words of like import referring to this Agreement, and each reference in any other Secured Credit Transaction Document to the “Collateral Agency Security Agreement,” “thereunder,” “thereof” or words of like import referring to this Agreement, shall mean and be a reference to this Agreement as supplemented by such Collateral Agency Hedge Counterparty Joinder, in each case without any further action by the Collateral Agent. In connection with executing or acknowledging any amendment, waiver or other modification contemplated hereunder or under the Collateral Documents, the Collateral Agent shall receive an opinion of counsel from the Borrower that such amendment, waiver or modification is permitted under this Agreement and such Collateral Documents.

Appears in 1 contract

Samples: Pledge and Security Agreement (Energy Transfer Equity, L.P.)

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