Collateral Agent and Required Sample Clauses
The 'Collateral Agent and Required' clause defines the role and authority of the collateral agent in a secured transaction, as well as the threshold of lender consent needed for certain actions. Typically, this clause specifies that the collateral agent acts on behalf of all secured parties to manage and enforce security interests, and outlines what constitutes the 'Required Lenders'—often a majority or supermajority of the lenders—whose approval is necessary for key decisions. This structure ensures coordinated action among multiple lenders and clarifies decision-making authority, thereby streamlining enforcement and reducing the risk of conflicting instructions.
Collateral Agent and Required. Lenders hereby consent to the payment by New Borrower, no later than ten days immediately after the date hereof, of (i) dividends of up to an aggregate amount Five Million Three Hundred Thousand Dollars ($5,300,000.00) which dividends the New Borrower has declared and are unpaid as of the effective time of the Merger (“Dividends”), no later than ten days immediately after the date hereof and (ii) payment of expenses related to the Merger in an aggregate amount of up to Two Million Two Hundred Thousand Dollars ($2,200,000.00) (“Merger Expenses”); provided, however, no portion of the Dividends or the Merger Expenses will be paid from the assets of Existing Borrower or from any part of the Term Loans proceeds received by Existing Borrower and until such time as New Borrower has paid the Dividends and Merger Expenses and complied with its obligations under Section 16(e) hereof, no Transfer of any assets of the Existing Borrower shall be made to New Borrower.
Collateral Agent and Required. Lenders hereby acknowledge that they each received sufficient notice from Borrower under the Loan Agreement of the opening by Borrower of the New Collateral Accounts. Borrower represents and warrants that as of the date hereof the New Collateral Accounts have not been funded. Therefore, the parties agree that Borrower is not in violation of Section 6.6(b) of the Loan Agreement as a result of Borrower opening the New Collateral Accounts.
Collateral Agent and Required. Lenders have agreed to modify and amend certain provisions of the Loan Agreement, subject to, and in accordance with, the terms and conditions set forth herein, and in reliance upon the representations and warranties set forth herein.