Collection Suit by Collateral Agent Sample Clauses
The 'Collection Suit by Collateral Agent' clause authorizes the collateral agent to initiate legal proceedings to collect amounts owed under a secured agreement. In practice, this means that if a borrower defaults, the collateral agent can file lawsuits or take other legal actions on behalf of the secured parties to recover the outstanding debt, often using the collateral as leverage. This clause ensures that there is a clear, designated party responsible for enforcing the rights of the lenders, streamlining the collection process and protecting the interests of all secured creditors.
Collection Suit by Collateral Agent. If an Event of Default specified in Section 6.1(i) hereof occurs and is continuing, the Collateral Agent is authorized to recover a judgment in its own name and as collateral agent against the Issuer and the Guarantors for the whole amount of principal of, premium on, if any, interest and Make-Whole Amounts, if any, remaining unpaid on the Convertible Notes and interest on overdue principal and, to the extent lawful, interest and such further amounts and Obligations as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Collateral Agent, its agents and counsel.