Common use of Dealing with Successor Clause in Contracts

Dealing with Successor. In the event the ownership of the Property or any part thereof becomes vested in a person other than Grantor, Collateral Agent may, without notice to Grantor, deal with such successor or successors in interest with reference to this Deed of Trust and to the Secured Indebtedness in the same manner as with Grantor, without in any way vitiating or discharging Grantor's liability hereunder or for the payment of the Secured Indebtedness. Except as agreed to in writing by all Lenders and Collateral Agent, no sale of the Property, no forbearance on the part of Collateral Agent or any Lender and no extension of the time for the payment of any of the Secured Indebtedness given by Collateral Agent or any Lender shall operate to release, discharge, modify, change or affect, in whole or in part, the liability of Grantor hereunder or for the payment of the Secured Indebtedness or the liability of any other person hereunder or for the payment of the Secured Indebtedness, except to the extent proceeds of any such sale are applied as provided in Paragraph 3.7.

Appears in 2 contracts

Samples: Credit Agreement (Pillowtex Corp), Term Credit Agreement (Pillowtex Corp)

AutoNDA by SimpleDocs

Dealing with Successor. In the event the ownership of the Property or any part thereof becomes vested in a person other than Grantor, the Collateral Agent may, without notice to Grantor, deal with such successor or successors in interest with reference to this Deed of Trust and to the Secured Indebtedness in the same manner as with Grantor, without in any way vitiating or discharging Grantor's liability hereunder or for the payment of the Secured Indebtedness. Except as agreed to in writing by all Lenders and the Collateral Agent, no sale of the Property, no forbearance on the part of the Collateral Agent or any Lender and no extension of the time for the payment of any of the Secured Indebtedness given by the Collateral Agent or any Lender shall operate to release, discharge, modify, change or affect, in whole or in part, the liability of Grantor hereunder or for the payment of the Secured Indebtedness or the liability of any other person hereunder or for the payment of the Secured Indebtedness, except to the extent proceeds of any such sale are applied as provided in Paragraph 3.73.7 hereof.

Appears in 2 contracts

Samples: Credit Agreement (Pillowtex Corp), Term Credit Agreement (Pillowtex Corp)

Dealing with Successor. In the event the ownership of the Property ---------------------- or any part thereof becomes vested in a person other than Grantor, Collateral the Administrative Agent may, without notice to Grantor, deal with such successor or successors in interest with reference to this Deed of Trust and to the Secured Indebtedness in the same manner as with Grantor, without in any way vitiating or discharging Grantor's liability hereunder or for the payment of the Secured Indebtedness. Except as agreed to in writing by all Lenders Banks and Collateral the Administrative Agent, no sale of the Property, no forbearance on the part of Collateral the Administrative Agent or any Lender Bank and no extension of the time for the payment of any of the Secured Indebtedness given by Collateral the Administrative Agent or any Lender Bank shall operate to release, discharge, modify, change or affect, in whole or in part, the liability of Grantor hereunder or for the payment of the Secured Indebtedness or the liability of any other person hereunder or for the payment of the Secured Indebtedness, except to the extent proceeds of any such sale are applied as provided in Paragraph 3.7.

Appears in 1 contract

Samples: Credit Agreement (Doskocil Manufacturing Co Inc)

AutoNDA by SimpleDocs

Dealing with Successor. In the event the ownership of the Property or any part thereof becomes vested in a person other than Grantor, Collateral Administrative Agent may, without notice to Grantor, deal with such successor or successors in interest with reference to this Deed of Trust and to the Secured Indebtedness in the same manner as with Grantor, without in any way vitiating or discharging Grantor's liability hereunder or for the payment of the Secured Indebtedness. Except as agreed to in writing by all Lenders Banks and Collateral Administrative Agent, no sale of the Property, no forbearance on the part of Collateral Administrative Agent or any Lender Bank and no extension of the time for the payment of any of the Secured Indebtedness given by Collateral Administrative Agent or any Lender Bank shall operate to release, discharge, modify, change or affect, in whole or in part, the liability of Grantor hereunder or for the payment of the Secured Indebtedness or the liability of any other person hereunder or for the payment of the Secured Indebtedness, except to the extent proceeds of any such sale are applied as provided in Paragraph 3.7.

Appears in 1 contract

Samples: Credit Agreement (Doskocil Manufacturing Co Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!