Enforcement and Collateral Matters Sample Clauses
The "Enforcement and Collateral Matters" clause defines the rights and procedures related to enforcing a party's security interests or collateral in the event of a default. It typically outlines how a lender or secured party may take possession of, sell, or otherwise realize on collateral provided by the borrower to secure an obligation. For example, it may specify notice requirements, methods of sale, or the application of proceeds from collateral. The core function of this clause is to ensure that the secured party has clear, enforceable rights to recover value from collateral, thereby reducing credit risk and providing a mechanism for debt recovery if the borrower fails to meet their obligations.
Enforcement and Collateral Matters. (a) The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent or the Collateral Agent) authorized to act for, any other Lender. The Administrative Agent (and the Collateral Agent as directed by the Administrative Agent) shall have the exclusive right on behalf of the Lenders to (and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall) enforce the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant to the terms of this Agreement.
(b) Each of the Administrative Agent and the Collateral Agent in such capacity is a “representative” and “agent” of the Secured Parties within the meaning of the term “secured party” as defined in the New York Uniform Commercial Code. Each Lender authorizes the Administrative Agent and the Collateral Agent to enter into each of the Collateral Documents to which it is a party, the Blackstone Guaranty, the Parent Guaranty and the Equity Owner Guaranty and to take all action contemplated by such documents. Each Lender agrees that no Secured Party (other than the Administrative Agent or the Collateral Agent as directed by the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document or any rights granted under any of the Blackstone Guaranty, the Parent Guaranty or the Equity Owner Guaranty, it being understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent (and the Collateral Agent as directed by the Administrative Agent) for the benefit of the Secured Parties upon the terms of such documents. In the event that any Collateral is hereafter pledged by any Person as collateral security for the Obligations, each of the Administrative Agent and the Collateral Agent is hereby authorized, and is hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the Administrative Agent or the Collateral Agent on behalf of the Secured Parties. The Lenders hereby authorize the Administrative Agent (and the Collateral Agent as directed by the Administrative Agent), at its option and in its discretion, to release any Lien granted to or held by the Administ...
Enforcement and Collateral Matters. Section 9.9 Amendments