NO DIRECT ENFORCEMENT BY BENEFICIARIES. Secured Party may freely exercise and enforce any and all of its rights and remedies hereunder, for the benefit of the Beneficiaries. No Beneficiary, other than Secured Party, shall have any independent right to collect, take possession of, foreclose against or otherwise enforce the security interests granted hereby.
Appears in 4 contracts
Samples: Subsidiary Pledge and Security Agreement (Flashnet Communications Inc), Pledge and Security Agreement (Flashnet Communications Inc), Credit Agreement (Usi Holdings Corp)
