Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the Term Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term Secured Party or liability to any Term Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral, the Term Agent may not sell, assign or otherwise transfer the related Term Priority Collateral prior to the expiration of the 120-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Collateral has been entered by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the Term Secured Parties (or any Person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives). (b) The Term Agent and the other Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right. (c) Subject to the terms hereof, the Term Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
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Samples: Credit Agreement (Music123, Inc.), Intercreditor Agreement (Music123, Inc.)
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Administrative Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Administrative Agent, the ABL Secured Parties and any representatives designated by or acting with the ABL Agent consent of any such party may, at any time and whether or not the Term Administrative Agent or any other Term Facility Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies exercise any of its rights or remedies under the Term Loan Collateral Documents or otherwise (the “ABL Permitted Access Right”), (i) during normal business hours on any business dayBusiness Day, access and dispose of ABL Priority Facility Primary Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial CodeUCC), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial CodeUCC), Term Priority Facility Primary Collateral and (ii) in the event of any liquidation or other disposition of the ABL Priority Facility Primary Collateral (or any other Exercise exercise of Any Secured Creditor Remedies rights or remedies, under the ABL Collateral Documents or otherwise, by the ABL Administrative Agent or any ABL Secured Party or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent of any such party) or on behalf of the ABL Agent)in connection with any disposition during any Insolvency or Liquidation Proceeding, use the Term Priority Facility Primary Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles Equipment, owned and leased Real EstateProperty and any general intangibles relating to such Equipment or Real Property) (A) in the case of Term Priority Facility Primary Collateral other than Intellectual Property, until the date that is 120 180 days after the commencement of such liquidation of the ABL Priority Facility Primary Collateral or Exercise any exercise of Any Secured Creditor Remediesrights or remedies as described above, as the case may be, and (B) in the case of Term Facility Primary Collateral that is Intellectual Property Property, until the liquidation of such ABL Facility Primary Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole sold in the ABL Borrowers’ and ABL GuarantorsLoan Parties’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies exercise any rights or remedies with respect toto (including to protect such rights and remedies), the ABL Priority Facility Primary Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term Loan Secured Party or liability to any Term Loan Secured Party. In the event that the ABL Administrative Agent or any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies exercise any of its rights or remedies with respect to any ABL Priority Facility Primary Collateral, the Term Administrative Agent may not sell, assign or otherwise transfer the related Term Priority Facility Primary Collateral prior to the expiration of the 120180-day period commencing on the date such Secured Party party begins to Exercise Any Secured Creditor Remediesexercise its rights or remedies as described herein, unless the purchaser, assignee or transferee thereof agrees in writing to be bound by the provisions of this Section 3.6. .
(b) If any stay or other order that prohibits the ABL Administrative Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies exercise any of their rights or remedies with respect to ABL Priority Facility Primary Collateral has been entered by a court of competent jurisdiction, such 120180-day period shall be tolled during the pendency of any such stay or other order. The ABL Administrative Agent and the ABL Secured parties Parties shall not be obligated to pay any amounts to the Term Administrative Agent or the Term Facility Secured Parties (or any Person claiming by, through or under the Term Facility Secured Parties, including any purchaser of the Term Priority Facility Primary Collateral) or to the ABL Borrowers and ABL GuarantorsLoan Parties, for or in respect of the use by the ABL Administrative Agent and or the ABL Secured Parties of the Term Priority Facility Primary Collateral in accordance with this Section 3.6 and none of the ABL Administrative Agent or the any ABL Secured Parties Party shall be obligated to secure, protect, insure or repair any such Term Priority Facility Primary Collateral (other than for damages caused solely by the ABL Administrative Agent, the ABL Secured Parties or other their respective employees, agents and representatives).
(bc) The Term Administrative Agent and the other Term Facility Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Administrative Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(cd) Subject to the terms hereof, the Term Administrative Agent may advertise and conduct public auctions or private sales of the Term Priority Facility Primary Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured PartyParty as long as, in the case of an actual sale, the respective purchaser assumes and agrees to the obligations of the Term Administrative Agent and the Term Facility Secured Parties under this Section 3.6.
Appears in 1 contract
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, Agent and the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in collectively, the event of any liquidation of the “ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL AgentCommingled Collateral”), use the Term Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Commingled Collateral (collectively, “ABL Permitted Access Purposes”) ), in each case without notice to, the involvement of or interference by any Term Secured Party or liability to any Term Secured Party. In addition, subject to the terms hereof, the ABL Agent may advertise and (y) conduct public auctions or private sales of the ABL Priority Collateral without notice to, the involvement of or interference by any Term Secured Party or liability to any Term Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Commingled Collateral, the Term Agent may not sell, assign or otherwise transfer the related Term Priority Collateral prior to the expiration of the 120180-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.63.7. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Commingled Collateral has been entered by a court of competent jurisdiction, such 120180-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the Term Secured Parties (or any Person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term Agent and the other Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Samples: Intercreditor Agreement (Hertz Corp)
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, Agent and the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “"ABL Permitted Access Right”PERMITTED ACCESS RIGHT"), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in collectively, the event of any liquidation of the "ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL AgentCOMMINGLED COLLATERAL"), use the Term Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), selling storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Commingled Collateral (collectively, “"ABL Permitted Access Purposes”) and (y) PERMITTED ACCESS PURPOSES"), in each case without notice to, the involvement of or interference by any Term Secured Party or liability to any Term Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateraladdition, the Term Agent may not sell, assign or otherwise transfer the related Term Priority Collateral prior subject to the expiration of the 120-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remediesterms hereof, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent may advertise and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to conduct public auctions or private sales of the ABL Priority Collateral has been entered without notice to, the involvement of or interference by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the Term Secured Parties (Party or liability to any Person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives)Party.
(b) The Term Agent and the other Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Inspection Rights and Insurance. (a) Without limiting any rights the DIP ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the DIP ABL Agent, Agent and the DIP ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the DIP Term Agent or any other DIP Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access DIP ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the DIP Term Priority Collateral (including without limitationcollectively, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the “ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (xCommingled Collateral”) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Commingled Collateral (collectively, “ABL Permitted Access Purposes”) and (y) ), in each case without notice to, the involvement of or interference by any DIP Term Secured Party or liability to any DIP Term Secured Party. In addition, subject to the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateralterms hereof, the Term DIP ABL Agent may not sell, assign advertise and conduct public auctions or otherwise transfer the related Term Priority Collateral prior to the expiration private sales of the 120-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to DIP ABL Priority Collateral has been entered without notice to, the involvement of or interference by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the DIP Term Secured Parties (Party or liability to any Person claiming by, through or under the DIP Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives)Party.
(ba) The DIP Term Agent and the other DIP Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the DIP ABL Agent and the other DIP ABL Secured Parties from exercising the ABL Permitted Access Right.
(cb) Subject to the terms hereof, the DIP Term Agent may advertise and conduct public auctions or private sales of the DIP Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any DIP ABL Secured Party or liability to any DIP ABL Secured Party.
Appears in 1 contract
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, Agent and the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term any other Secured Party Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in the event of any liquidation of the Non-ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by collectively, the “ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL AgentJoint Collateral”), use the Term Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectivelyJoint Collateral, “ABL Permitted Access Purposes”) and (y) in each case without notice to, the involvement of or interference by any Term 2025 Notes Secured Party or Additional Secured Party or liability to any Term 2025 Notes Secured Party or Additional Secured Party. In addition, subject to the terms hereof, the ABL Agent may advertise and conduct public auctions or private sales of the ABL Priority Collateral without notice to, the involvement of or interference by any 2025 Notes Secured Party or Additional Secured Party or liability to any 2025 Notes Secured Party or Additional Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Joint Collateral, the Term 2025 Notes Agent and any Additional Agent may not sell, assign or otherwise transfer the related Term Non-ABL Priority Collateral prior to the expiration of the 120180-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.63.7. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Joint Collateral has been entered by a court of competent jurisdiction, such 120180-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the Term Secured Parties (or any Person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term 2025 Notes Agent and the other Term 2025 Notes Secured Parties and any Additional Agent and any other Additional Secured Parties shall use commercially reasonable best efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term 2025 Notes Agent and any Additional Agent may advertise and conduct public auctions or private sales of the Term Non-ABL Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Samples: Indenture (L Brands, Inc.)
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the any Term Loan/Notes Agent or any other Term Loan/Notes Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Loan/Notes Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the Term Loan/Notes Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Loan/Notes Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term Loan/Notes Secured Party or liability to any Term Loan/Notes Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral, the no Term Loan/Notes Agent may not sell, assign or otherwise transfer the related Term Loan/Notes Priority Collateral prior to the expiration of the 120-day period commencing on the date such ABL Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Collateral has been entered by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the any Term Loan/Notes Agent or the Term Loan/Notes Secured Parties (or any Person claiming by, through or under the Term Loan/Notes Secured Parties, including any purchaser of the Term Loan/Notes Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Loan/Notes Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Loan/Notes Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term Agent Loan/Notes Agents and the other Term Loan/Notes Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the any Term Loan/Notes Agent may advertise and conduct public auctions or private sales of the Term Loan/Notes Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term Notes Agent or any other Term Notes Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial CodeUCC), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial CodeUCC), Term Notes Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the Term Notes Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real EstateIntangibles) (A) in the case of Term Notes Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may bebe (such period, the “Access Period”), and (B) in the case of Intellectual Property until the liquidation of such ABL Priority Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term Notes Secured Party or liability to any Term Notes Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral, neither the Term Notes Agent nor any Notes Secured Party may not sell, assign or otherwise transfer the related Term Notes Priority Collateral prior to the expiration of the 120-day period Access Period commencing on the date such ABL Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Collateral has been entered by a court of competent jurisdiction, such 120-day period the Access Period shall be tolled during the pendency of any such stay or other order. The ABL Agent shall be obligated hereunder to reimburse the Notes Agent for all ordinary course operating costs of such Notes Priority Collateral incurred after the commencement of the relevant Access Period (it being understood that operating costs shall not include insurance) to the extent (x) incurred as a result of the exercise by the ABL Agent of its access rights and (y) actually paid by the Notes Agent or the Notes Secured Parties; provided, that the ABL Agent and the ABL Secured parties Parties shall not be obligated to pay any amounts to the Term Notes Agent or the Term Notes Secured Parties (or any Person claiming by, through or under the Term Notes Secured Parties, including any purchaser of the Term Notes Priority Collateral) or to the ABL Borrowers and ABL GuarantorsCredit Parties, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Notes Priority Collateral except in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Notes Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives). The ABL Agent shall take proper and reasonable care under the circumstances of any Notes Priority Collateral that is used by the ABL Agent during the Access Period and repair and replace any damage (ordinary wear-and-tear excepted) caused by the ABL Agent or its agents, representatives or designees, and leave the Notes Priority Collateral in substantially the same condition as it was at the commencement of the occupancy, use or control by the ABL Agent or its agents, representatives or designees (ordinary wear-and-tear excepted), and the ABL Agent shall comply with all applicable laws in all material respects in connection with its use or occupancy or possession of the ABL Priority Collateral. The ABL Agent shall indemnify and hold harmless the Notes Agent and the Notes Secured Parties for any injury or damage to Persons or property (ordinary wear-and-tear excepted) and for any losses, claims, liabilities or expenses directly resulting from the occupancy, use or control by the ABL Agents or its agents, representatives or designees or by the acts or omissions of Persons under its control; provided, however, that the ABL Agent and the ABL Secured Parties will not be liable for any diminution in the value of Notes Priority Collateral caused by the absence of the ABL Priority Collateral therefrom. The ABL Agent and the Notes Agent shall cooperate and use reasonable efforts to ensure that their activities during the Access Period as described above do not interfere materially with the activities of the other as described above, including the right of Notes Agent to show the Notes Priority Collateral to prospective purchasers and to ready the Notes Priority Collateral for sale.
(b) The Term Subject to paragraph 3.6(a) above, the Notes Agent and the other Term Notes Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term Notes Agent may advertise and conduct public auctions or private sales of the Term Notes Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Inspection Rights and Insurance. (a1) Without limiting any rights Until the ABL Obligations Payment Date has occurred, subject to compliance with Sections 3.1, 4.1, 4.2(5) and 4.3(5), the ABL Agent or and its representatives and invitees may at any other ABL Secured Party may time inspect, repossess, remove and otherwise have under applicable law or by agreement, deal with the ABL AgentPriority Collateral, the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time may advertise and whether conduct public or not the Term Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in the event of any liquidation private sales of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the Term Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or chargesCollateral, in the each case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term other Secured Party or liability to any Term other Secured Party. In the event , provided that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral, the Term Agent may not sell, assign or otherwise transfer the related Term Priority Collateral prior to the expiration of the 120-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Collateral has been entered by a court of competent jurisdictionagrees that nothing in this Section shall, such 120-day period is intended to, or shall be tolled during deemed to, constitute a waiver by any other Secured Party or prohibit or otherwise restrict any other Secured Party, from instituting any legal proceeding against the pendency ABL Agent, its representatives and invitees, seeking damages on the grounds of non-compliance with applicable law or gross negligence or wilful misconduct of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the Term Secured Parties (party or any other Person claiming by, through acting on behalf or under the Term Secured Partiesdirection of any of them. Until the ABL Obligations Payment Date has occurred, including any purchaser of the Term Priority Collateral) or subject to the ABL Borrowers and ABL Guarantors, for or in respect terms of the use by the ABL Agent and the ABL Secured Parties this Agreement each of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term Agent and the other Term Secured Parties Notes Trustees will have the right to be named as additional insureds and loss payees under any insurance policies maintained from time to time by any Credit Party in respect of the ABL Priority Collateral provided that any payments under such insurance policies shall use commercially reasonable efforts be made solely and exclusively to not hinder or obstruct the ABL Agent until the ABL Obligations Payment Date has occurred, and until such time the ABL Agent will have the sole and exclusive right to (i) adjust or settle any insurance policy or claim covering the ABL Priority Collateral in the event of any loss thereunder, and (ii) to approve any award granted in any expropriation, condemnation or similar proceeding affecting the ABL Priority Collateral, provided that the ABL Agent agrees that nothing in this Section 4.4(1) shall, is intended to, or shall be deemed to, constitute a waiver by any Term Credit Secured Party or Secured Notes Secured Party or prohibit or otherwise restrict any Term Credit Secured Party or Secured Notes Secured Party from instituting any legal proceeding against the ABL Secured Parties seeking damages on the grounds of non-compliance with applicable law or gross negligence or wilful misconduct of the ABL Agent, its Receiver, any other ABL Secured Parties from exercising Party or any other Person acting on behalf or under the ABL Permitted Access Rightdirection of any of them.
(c2) Subject Provided the ABL Obligations Payment Date has occurred and until the Term Credit Obligations Payment Date has occurred, subject to compliance with Sections 3.1, 4.1, 4.2(5) and 4.3(5), the terms hereofTerm Agent and its representatives and invitees may at any time inspect, repossess, remove and otherwise deal with the ABL Priority Collateral, and the Term Agent may advertise and conduct public auctions or private sales of the ABL Priority Collateral, in each case without the involvement of or interference by any Secured Notes Secured Party or liability to any Secured Notes Secured Party, provided that the Term Agent agrees that nothing in this Section shall, is intended to, or shall be deemed to, constitute a waiver by any Secured Notes Secured Party or prohibit or otherwise restrict any Secured Notes Credit Secured Party, from instituting any legal proceeding against the Term Agent, its representatives and invitees, seeking damages on the grounds of non-compliance with applicable law or gross negligence or wilful misconduct of any such party or any other Person acting on behalf or under the direction of any of them. Provided the ABL Obligations Payment Date has occurred and until the Term Credit Obligations Payment Date has occurred, subject to the terms of this Agreement, the Term Agent and the Secured Notes Trustees will have the right to be named as additional insureds and loss payees under any insurance policies maintained from time to time by any Credit Party in respect of the ABL Priority Collateral provided that any payments under such insurance policies shall be made solely and exclusively to the Term Agent until the Term Credit Obligations Payment Date has occurred, and until such time the Term Agent will have the sole and exclusive right to (i) adjust or settle any insurance policy or claim covering the ABL Priority Collateral in the event of any loss thereunder, and (ii) to approve any award granted in any expropriation, condemnation or similar proceeding affecting the ABL Priority Collateral, provided that the Term Agent agrees that nothing in this Section 4.4(2) shall, is intended to, or shall be deemed to, constitute a waiver by any Secured Notes Secured Party or prohibit or otherwise restrict any Secured Notes Secured Party from instituting any legal proceeding against the Term Credit Secured Parties seeking damages on the grounds of non-compliance with applicable law or gross negligence or wilful misconduct of the Term Agent, its Receiver, any other Term Credit Secured Party or any other Person acting on behalf or under the direction of any of them.
(3) Until the Term Credit Obligations Payment Date has occurred, subject to compliance with Sections 3.1, 4.1, 4.3(5) and 4.3(5), the Term Agent and its representatives and invitees may, at any time inspect, repossess, remove and otherwise deal with the Term Priority Collateral, and the Term Agent may advertise and conduct public or private sales of the Term Priority Collateral Collateral, in each case without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL other Secured Party or liability to any other Secured Party, provided that the Term Agent agrees that nothing in this Section shall, is intended to, or shall be deemed to, constitute a waiver by any other Secured Party or prohibit or otherwise restrict any other Secured Party, from instituting any legal proceeding against the Term Agent, its representatives and invitees, seeking damages on the grounds of non- compliance with applicable law or gross negligence or wilful misconduct of any such party or any other Person acting on behalf or under the direction of any of them. Until the Term Credit Obligations Payment Date has occurred, subject to the terms of this Agreement, each of the Term Agent, the ABL Agent and each of the Secured Notes Trustees will have the right to be named as additional insureds and loss payees under any insurance policies maintained from time to time by any Credit Party in respect of the Term Credit Priority Collateral provided that any payments under such insurance policies shall be made solely and exclusively to the Term Agent until the Term Credit Obligations Payment Date has occurred, and until such time the Term Agent will have the sole and exclusive right to (i) adjust or settle any insurance policy or claim covering the Term Priority Collateral in the event of any loss thereunder, and (ii) to approve any award granted in any expropriation, condemnation or similar proceeding affecting the Term Priority Collateral, provided that the Term Agent agrees that nothing in this Section 4.4(3) shall, is intended to, or shall be deemed to, constitute a waiver by any ABL Secured Party or Secured Notes Secured Party or prohibit or otherwise restrict any ABL Secured Party or Secured Notes Secured Party from instituting any legal proceeding against the Term Credit Secured Parties seeking damages on the grounds of non-compliance with applicable law or gross negligence or wilful misconduct of the Term Agent, its Receiver, any other Term Credit Secured Party or any other Person acting on behalf or under the direction of any of them.
(4) Provided the Term Credit Obligations Payment Date has occurred and until the ABL Obligations Payment Date has occurred, subject to compliance with Sections 3.1, 4.1, 4.2(5) and 4.3(5), the ABL Agent and its representatives and invitees may at any time inspect, repossess, remove and otherwise deal with the Term Priority Collateral, and the ABL Agent may advertise and conduct public or private sales of the Term Priority Collateral, in each case without the involvement of or interference by any Secured Notes Secured Party or liability to any Secured Notes Secured Party, provided that the ABL Agent agrees that nothing in this Section shall, is intended to, or shall be deemed to, constitute a waiver by any Secured Notes Secured Party or prohibit or otherwise restrict any Secured Notes Secured Party, from instituting any legal proceeding against the ABL Agent, its representatives and invitees, seeking damages on the grounds of non-compliance with applicable law or gross negligence or wilful misconduct of any such party or any other Person acting on behalf or under the direction of any of them. Provided the Term Credit Obligations Payment Date has occurred and until the ABL Obligations Payment Date has occurred, subject to the terms of this Agreement, each of the ABL Agent and the Secured Notes Trustees will have the right to be named as additional insureds and loss payees under any insurance policies maintained from time to time by any Credit Party in respect of the Term Priority Collateral provided that any payments under such insurance policies shall be made solely and exclusively to the ABL Agent until the ABL Obligations Payment Date has occurred. In addition, as long as any ABL Obligations are outstanding, the ABL Agent will have the sole and exclusive right to (i) adjust or settle any insurance policy or claim covering the Term Priority Collateral in the event of any loss thereunder, and (ii) to approve any award granted in any expropriation, condemnation or similar proceeding affecting the Term Priority Collateral, provided that the ABL Agent agrees that nothing in this Section 4.4(4) shall, is intended to, or shall be deemed to, constitute a waiver by any Secured Notes Secured Party or prohibit or otherwise restrict any Secured Notes Secured Party from instituting any legal proceeding against the ABL Secured Parties seeking damages on the grounds of non- compliance with applicable law or gross negligence or wilful misconduct of the ABL Agent, its Receiver, any other ABL Secured Party or any other Person acting on behalf or under the direction of any of them.
Appears in 1 contract
Samples: Inter Creditor Agreement
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term First Lien Notes Agent or any other Term First Lien Notes Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Non-ABL Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the Term Non-ABL Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Non-ABL Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Priority Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term First Lien Notes Secured Party or liability to any Term First Lien Notes Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral, neither the Term First Lien Notes Agent nor any First Lien Notes Secured Party may not sell, assign or otherwise transfer the related Term Non-ABL Priority Collateral prior to the expiration of the 120-day period commencing on the date such ABL Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Collateral has been entered by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties Parties shall not be obligated to pay any amounts to the Term First Lien Notes Agent or the Term First Lien Notes Secured Parties (or any Person claiming by, through or under the Term First Lien Notes Secured Parties, including any purchaser of the Term Non-ABL Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Non-ABL Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Non-ABL Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term First Lien Notes Agent and the other Term First Lien Notes Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term First Lien Notes Agent may advertise and conduct public auctions or private sales of the Term Non-ABL Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Samples: Revolving Credit Agreement (Gap Inc)
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term First Lien Notes Agent or any other Term First Lien Notes Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Non-ABL Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the Term Non-ABL Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Non-ABL Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Priority Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term First Lien Notes Secured Party or liability to any Term First Lien Notes Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral, neither the Term First Lien Notes Agent nor any First Lien Notes Secured Party may not sell, assign or otherwise transfer the related Term Non-ABL Priority Collateral prior to the expiration of the 120-day period commencing on the date such ABL Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Collateral has been entered by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties Parties shall not be obligated to pay any amounts to the Term First Lien Notes Agent or the Term First Lien Notes Secured Parties (or any Person claiming by, through or under the Term First Lien Notes Secured Parties, including any purchaser of the Term Non-ABL Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Non-ABL Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Non-ABL Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term Agent and the other Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Samples: Revolving Credit Agreement (Gap Inc)
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, Agent and the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term Agent or any other Term Secured Party or any Additional Agent or any other Additional Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in collectively, the event of any liquidation of the “ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL AgentJoint Collateral”), use the Term Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectivelyJoint Collateral, “ABL Permitted Access Purposes”) and (y) in each case without notice to, the involvement of or interference by any Term Secured Party or Additional Secured Party or liability to any Term Secured Party or Additional Secured Party. In addition, subject to the terms hereof, the ABL Agent may advertise and conduct public auctions or private sales of the ABL Priority Collateral without notice to, the involvement of or interference by any Term Secured Party or Additional Secured Party or liability to any Term Secured Party or Additional Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Joint Collateral, the Term Agent and any Additional Agent may not sell, assign or otherwise transfer the related Term Priority Collateral prior to the expiration of the 120180-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.63.7. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Joint Collateral has been entered by a court of competent jurisdiction, such 120180-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the Term Secured Parties (or any Person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term Agent and the other Term Secured Parties and any Additional Agent and any other Additional Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term Agent and any Additional Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the Term Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term Secured Party or liability to any Term Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral, the Term Agent may not sell, assign or otherwise transfer the related Term Priority Collateral prior to the expiration of the 120-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Collateral has been entered by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the Term Secured Parties (or any Person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term Agent and the other Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
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Samples: Credit Agreement (Music123, Inc.)
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Collateral Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Collateral Agent, the ABL Secured Parties and any representatives designated by the any ABL Collateral Agent may, at any time and whether or not the Term Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) to the extent permitted under the applicable ABL Documents, during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code)to, or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in the event of any liquidation of the any ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Collateral Agent or any representatives designated by the ABL Collateral Agent (including any the ABL Borrower or any ABL Guarantor) acting with the consent or on behalf of the ABL Collateral Agent), use the Term Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles real property and Real EstateIntangibles) (A) in the case of Term Priority Collateral other than Intellectual PropertyProperty or real property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral (or such other Exercise of Any Secured Creditor Remedies, as the case may be), (B) in the case of real property, until the date that is one year after the commencement of such liquidation of the ABL Priority Collateral (or such other Exercise of Any Secured Creditor Remedies, as the case may be), provided that payment of fair market rent to the Term Collateral Agents (for the benefit of the Term Secured Parties) for the use of such real property for any period of use of the property after 120 days after such commencement shall be required, and (BC) in the case of Intellectual Property until the liquidation of such ABL Priority Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business)liquidating, storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term Secured Party or liability to any Term Secured Party. In the event that any ABL Secured Party has commenced and is continuing to liquidate any ABL Priority Collateral (or such other Exercise of Any Secured Creditor Remedies with respect to any ABL Priority Collateral), the neither any Term Collateral Agent nor any other Term Secured Party may not sell, assign or otherwise transfer the related Term Priority Collateral prior to the expiration of the 120-day period commencing on date that is 120 days after the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Collateral Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Collateral has been entered by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Collateral Agent and the other ABL Secured parties Parties shall not be obligated to pay any amounts to the Term Agent Collateral Agents or the other Term Secured Parties (or any Person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers Borrower and ABL Guarantors, for or in respect of the use by the ABL Agent Collateral Agents and the other ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent Collateral Agents or the other ABL Secured Parties shall be obligated to secure, protect, insure or repair maintain any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives)Collateral.
(b) Without limiting any rights any of the Term Collateral Agents or any other Term Secured Party may otherwise have under applicable law or by agreement, each of the Term Collateral Agents, the other Term Secured Parties and any representatives designated by any of the Term Collateral Agents may, to the extent permitted under the applicable Term Documents at any time and whether or not any Term Collateral Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “Term Permitted Access Right”), during normal business hours on any business day, access Term Priority Collateral that is stored or located in or on ABL Priority Collateral.
(c) The Term Agent Collateral Agents and the other Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Collateral Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right. The ABL Collateral Agent and the other ABL Secured Parties shall use commercially reasonable efforts to not hinder or obstruct any of the Term Collateral Agents and the other Term Secured Parties from exercising the Term Permitted Access Right.
(cd) Subject to the terms hereof, the any Term Collateral Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party. Subject to the terms hereof, any ABL Collateral Agent may advertise and conduct public auctions or private sales of the ABL Priority Collateral without notice (except as required herein or by applicable law) to, or the involvement of or interference by any Term Secured Party or liability to any Term Secured Party.
Appears in 1 contract
Samples: Intercreditor Agreement (Postmedia Network Canada Corp.)
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term First Lien Notes Agent or any other Term First Lien Notes Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term First Lien Notes Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the Term First Lien Notes Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term First Lien Notes Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Priority Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term First Lien Notes Secured Party or liability to any Term First Lien Notes Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral, neither the Term First Lien Notes Agent nor any First Lien Notes Secured Party may not sell, assign or otherwise transfer the related Term First Lien Notes Priority Collateral prior to the expiration of the 120-day period commencing on the date such ABL Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Collateral has been entered by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties Parties shall not be obligated to pay any amounts to the Term First Lien Notes Agent or the Term First Lien Notes Secured Parties (or any Person claiming by, through or under the Term First Lien Notes Secured Parties, including any purchaser of the Term First Lien Notes Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term First Lien Notes Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term First Lien Notes Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term First Lien Notes Agent and the other Term First Lien Notes Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Samples: Revolving Credit Agreement (Gap Inc)
Inspection Rights and Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, Agent and the ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the Term any other Secured Party Agent or any other Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in the event of any liquidation of the ABL Cash Flow Facilities Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by collectively, the “ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL AgentJoint Collateral”), use the Term Priority Collateral (including without limitation, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Collateral (collectivelyJoint Collateral, “ABL Permitted Access Purposes”) and (y) in each case without notice to, the involvement of or interference by any Term Cash Flow Secured Party or Additional Secured Party or liability to any Term Cash Flow Secured Party or Additional Secured Party. In addition, subject to the terms hereof, the ABL Agent may advertise and conduct public auctions or private sales of the ABL Priority Collateral without notice to, the involvement of or interference by any Cash Flow Secured Party or Additional Secured Party or liability to any Cash Flow Secured Party or Additional Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Joint Collateral, the Term Cash Flow Agent and any Additional Agent may not sell, assign or otherwise transfer the related Term Cash Flow Facilities Priority Collateral prior to the expiration of the 120180-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.63.7. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Priority Joint Collateral has been entered by a court of competent jurisdiction, such 120180-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the Term Secured Parties (or any Person claiming by, through or under the Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).
(b) The Term Cash Flow Agent and the other Term Cash Flow Secured Parties and any Additional Agent and any other Additional Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.
(c) Subject to the terms hereof, the Term Cash Flow Agent and any Additional Agent may advertise and conduct public auctions or private sales of the Term Cash Flow Facilities Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
Appears in 1 contract
Inspection Rights and Insurance. (a) Without limiting any rights the DIP ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the DIP ABL Agent, Agent and the DIP ABL Secured Parties and any representatives designated by the ABL Agent may, at any time and whether or not the DIP Term Agent or any other DIP Term Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during normal business hours on any business day, access DIP ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the DIP Term Priority Collateral (including without limitationcollectively, Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of the “ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other costs, expenses or charges, in the case of each of (i) and (ii), (xCommingled Collateral”) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Priority Commingled Collateral (collectively, “ABL Permitted Access Purposes”) and (y) ), in each case without notice to, the involvement of or interference by any DIP Term Secured Party or liability to any DIP Term Secured Party. In addition, subject to the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateralterms hereof, the Term DIP ABL Agent may not sell, assign advertise and conduct public auctions or otherwise transfer the related Term Priority Collateral prior to the expiration private NYDOCS02/867883.5 sales of the 120-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to DIP ABL Priority Collateral has been entered without notice to, the involvement of or interference by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts to the Term Agent or the DIP Term Secured Parties (Party or liability to any Person claiming by, through or under the DIP Term Secured Parties, including any purchaser of the Term Priority Collateral) or to the ABL Borrowers and ABL Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure, protect, insure or repair any such Term Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives)Party.
(ba) The DIP Term Agent and the other DIP Term Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the DIP ABL Agent and the other DIP ABL Secured Parties from exercising the ABL Permitted Access Right.
(cb) Subject to the terms hereof, the DIP Term Agent may advertise and conduct public auctions or private sales of the DIP Term Priority Collateral without notice (except as required herein or by applicable law) to, the involvement of or interference by any DIP ABL Secured Party or liability to any DIP ABL Secured Party.
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