Credit Balances; Additional Collateral. (a) The rights and security interests granted to the Lender hereunder shall continue in full force and effect, notwithstanding the termination of this Agreement or the fact that the Revolving Loans may from time to time be temporarily in a credit position, until the termination of this Agreement and the full and final payment and satisfaction of the Obligations. Any reserves or balances to the credit of the Borrowers, and any other Property of the Borrowers (or any of them) in the possession of Lender, may be held by Lender, and applied in whole or partial satisfaction of such Obligations when due, subject to the terms of this Agreement. The liens and security interests granted to Lender herein and any other lien or security interest which Lender may have in any other assets of the Borrowers secure payment and performance of all present and future Obligations. (b) Notwithstanding Lender’s security interests in the Collateral, to the extent that the Obligations are now or hereafter secured by any assets or Property other than the Collateral, or by the guaranty, endorsement, assets or property of any other Person, Lender shall have the right in its sole discretion to determine which rights, security, liens, security interests or remedies Lender shall at any time pursue, foreclose upon, relinquish, subordinate, modify or take any other action with respect to, without in any way modifying or affecting any of such rights, security, liens, security interests or remedies, or any of Lenders’ rights under this Agreement
Appears in 4 contracts
Samples: Credit Agreement (Adcare Health Systems, Inc), Credit Agreement (Clarient, Inc), Credit Agreement (Prospect Medical Holdings Inc)
Credit Balances; Additional Collateral. (a) The rights and security interests granted to the Lender hereunder shall continue in full force and effect, notwithstanding the termination of this Financing Agreement or the fact that the Revolving Loans may from time to time be temporarily in a credit position, until the termination of this Financing Agreement and the full and final payment and satisfaction of the ObligationsObligations (other than contingent indemnification obligations not yet due and payable). Any reserves or balances to the credit of the BorrowersCompany, and any other Property property or assets of the Borrowers (or any of them) Credit Party in the possession of the Lender, may be held by Lenderthe Lender as Other Collateral, and applied in whole or partial satisfaction of such Obligations when due, subject to the terms of this Financing Agreement. The liens and security interests granted to Lender the Lender, herein and any other lien or security interest which the Lender may have in any other assets of the Borrowers any Credit Party secure payment and performance of all present and future Obligations.
(b) Notwithstanding the Lender’s security interests in the Collateral, to the extent that the Obligations are now or hereafter secured by any assets or Property property other than the Collateral, or by the guaranty, endorsement, assets or property of any other Personperson, the Lender shall have the right in its sole discretion to determine which rights, security, liens, security interests or remedies the Lender shall at any time pursue, foreclose upon, relinquish, subordinate, modify or take any other action with respect tothereto, without in any way modifying or affecting any of such rights, security, liens, security interests or remedies, or any of Lenders’ the Lender’s rights under this Financing Agreement.
Appears in 1 contract
Samples: Second Lien Financing Agreement (Horsehead Holding Corp)
Credit Balances; Additional Collateral. (a) The rights and security interests granted to the Lender hereunder shall continue in full force and effect, notwithstanding the termination of this Agreement or the fact that the Revolving Loans may from time to time be temporarily in a credit position, until the termination of this Agreement and the full and final payment and satisfaction of the Obligations. Any reserves or balances to the credit of the BorrowersXxxxxxxx, and any other Property of the Borrowers (or any of them) Borrower in the possession of Lender, may be held by Lender, Lender and applied in whole or partial satisfaction of such Obligations when due, subject to which are then due and payable in accordance with the terms of this Agreement. The liens Liens and security interests granted to Lender herein and any other lien Lien or security interest which Lender may have in any other assets of the Borrowers Borrower secure payment and performance of all present and future Obligations.
(b) Notwithstanding Lender’s security interests in the Collateral, to the extent that the Obligations are now or hereafter secured by any assets or Property other than the Collateral, or by the guaranty, endorsement, assets or property of any other Person, Lender shall have the right in its sole discretion to determine which rights, security, liensLiens, security interests or remedies Lender shall at any time pursue, foreclose upon, relinquish, subordinate, modify or take any other action with respect to, without in any way modifying or affecting any of such rights, security, liensLiens, security interests or remedies, or any of Lenders’ Lender’s rights under this Agreement.
Appears in 1 contract
Samples: Credit Agreement (Enzo Biochem Inc)