No Marshalling, Etc Sample Clauses

The "No Marshalling, Etc" clause prohibits the forced sale or liquidation (marshalling) of a debtor's assets in a particular order to satisfy obligations. In practice, this means that creditors cannot be compelled to exhaust one asset or security before proceeding against another, and the debtor cannot insist on the order in which assets are realized. This clause ensures that creditors retain flexibility in enforcing their rights and prevents debtors or other parties from dictating how assets are used to satisfy debts, thereby streamlining the enforcement process and reducing disputes over asset realization.
No Marshalling, Etc. (a) Agent shall not be required to marshal any assets in favor of any Guarantor, or against or in payment of Obligations. (b) No Guarantor shall be entitled to claim against any present or future security held by Agent or any Lender from any Person for Obligations in priority to or equally with any claim of Agent or any Lender, or assert any claim for any liability of any Loan Party to any Guarantor in priority to or equally with claims of Agent or any Lender for Obligations, and no Guarantor shall be entitled to compete with Agent or any Lender with respect to, or to advance any equal or prior claim to any security held by Agent or any Lender for Obligations. (c) If any Loan Party makes any payment to Agent or any Lender, which payment is wholly or partly subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to any Person under any federal or provincial or other statute or at common law or under equitable principles, then to the extent of such payment, the Obligation intended to be paid shall be revived and continued in full force and effect as if the payment had not been made, and the resulting revived Obligation shall continue to be guaranteed, uninterrupted, by each Guarantor hereunder. (d) All present and future monies payable by any Loan Party or any other Guarantor to any Guarantor, whether arising out of a right of subrogation, contribution or otherwise, are assigned to Agent for its benefit and for the ratable benefit of Lenders as security for such Guarantor’s liability to Agent and Lenders hereunder and are postponed and subordinated to Agent’s and Lenders’ prior right to Payment in Full of all of the Obligations. Except to the extent prohibited otherwise by this Agreement, all monies received by any Guarantor from any Loan Party shall be held by such Guarantor as agent and trustee for Agent and Lenders. This assignment, postponement and subordination shall only terminate when all of the Obligations are Paid in Full. (e) Each Loan Party acknowledges this assignment, postponement and subordination and, except as otherwise set forth herein, agrees to make no payments to any Guarantor without the prior written consent of Agent. Each Loan Party agrees to give full effect to the provisions hereof.
View SourceView Similar (8)
No Marshalling, Etc. Required. If an Event of Default shall have occurred and be continuing, neither the Agent nor the Lenders shall be required to marshal any present or future security for, or guarantees of, the Obligations or to resort to any such security or guarantee in any particular order and the Borrowers waive, to the fullest extent that they lawfully can, (a) any right they might have to require the Lenders to pursue any particular remedy before proceeding against them, and (b) any right to the benefit of, or to direct the application of the proceeds of any of the Collateral until the Obligations have been paid in full.
View Source
No Marshalling, Etc. Required. If any Event of Default shall have occurred, the Lender shall not be required to marshall any present or futur▇ ▇▇▇▇▇▇ty for, or guarantee of, the Borrower's Liabilities held by it or to resort to any such security or guarantee in any particular order. The Guarantor waives, to the fullest extent the Guarantor lawfully can (a) any right the Guarantor might have to require the Lender to pursue any particular remedy before proceeding against the Guarantors, and (b) any right to the benefit of, or to direct application of the proceeds of, any collateral until the Borrower's Liabilities have been paid in full.
View Source
No Marshalling, Etc. REQUIRED. If in Event of Default shall have occurred, the Lender shall not be required to marshal any present or future security for, or guarantees of, the Guaranteed Liabilities held by it or to resort to any such security or guarantees in any particular order. The Guarantor waives, to the fullest extent it lawfully can, (i) any right it might have to require the Lender to pursue any particular remedy before proceeding against it, and (ii) any right to the benefit of, or to direct application of the proceeds of, any collateral until the Guaranteed Liabilities have been paid in full.
View Source
No Marshalling, Etc. (a) Agent shall not be required to marshal any assets in favor of any Canadian Guarantor, or against or in payment of Canadian Obligations. (b) No Canadian Guarantor shall be entitled to claim against any present or future security held by Agent or any Lender from any Person for Canadian Obligations in priority to or equally with any claim of Agent or any Lender, or assert any claim for any liability of any Canadian Guarantor or any Canadian Loan Party to any Canadian Guarantor in priority to or equally with claims of Agent or any Lender for Canadian Obligations, and no Canadian Guarantor shall be entitled to compete with Agent or any Lender with respect to, or to advance any equal or prior claim to any security held by Agent or any Lender for Canadian Obligations. (c) If any Canadian Guarantor or any Canadian Loan Party makes any payment to Agent or any Lender, which payment is wholly or partly subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to any Person under any federal or provincial or other statute or at common law or under equitable principles, then to the extent of such payment, the Obligation intended to be paid shall be revived and continued in full force and effect as if the payment had not been made, and the resulting revived Obligation shall continue to be guaranteed, uninterrupted, by each Canadian Guarantor hereunder. (d) All present and future monies payable by any Canadian Loan Party or any other Canadian Guarantor to any Canadian Guarantor, whether arising out of a right of subrogation, contribution or otherwise, are assigned to Agent for its benefit and for the ratable benefit of Lenders as security for such Canadian Guarantor’s liability to Agent and Lenders hereunder and are postponed and subordinated to Agent’s and Lenders’ prior right to Payment in Full of all of the Canadian Obligations. Except to the extent prohibited otherwise by this Agreement, all monies received by any Canadian Guarantor from any other Canadian Guarantor or Canadian Loan Party shall be held by such Canadian Guarantor as agent and trustee for Agent and Lenders. This assignment, postponement and subordination shall only terminate when all of the Canadian Obligations are Paid in Full. (e) Each Canadian Guarantor and Canadian Loan Party acknowledges this assignment, postponement and subordination and, except as otherwise set forth herein, agrees to make no payments to any Canadian Guarantor without the prior w...
View Source

Related to No Marshalling, Etc

  • No Marshalling Each Guarantor consents and agrees that no Guarantied Party or Person acting for or on behalf of any Guarantied Party shall be under any obligation to marshal any assets in favor of any Guarantor or against or in payment of any or all of the Obligations.

  • No Marshaling Secured Party shall not be required to marshal any present or future collateral security (including this Security Agreement and the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order. To the extent that it lawfully may, Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Secured Party's rights under this Security Agreement or under any other instrument creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, Grantor hereby irrevocably waives the benefits of all such laws.

  • Marshalling Secured Party shall not be required to marshal any present or future Collateral for, or other assurances of payment of, the Obligations or to resort to such Collateral or other assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such Collateral and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising. To the extent that it lawfully may, Debtor hereby agrees that it will not invoke any law relating to the marshalling of Collateral which might cause delay in or impede the enforcement of Secured Party’s rights and remedies under this Agreement or under any other instrument creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, Debtor hereby irrevocably waives the benefits of all such laws.

  • Marshaling Agent shall not be required to marshal any present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising. To the extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Agent’s rights and remedies under this Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, each Grantor hereby irrevocably waives the benefits of all such laws.

  • Waiver of Marshalling Notwithstanding the existence of any other security interests in the Mortgaged Property held by Lender or by any other party, Lender shall have the right to determine the order in which any or all of the Mortgaged Property shall be subjected to the remedies provided in this Instrument, the Note, any other Loan Document or applicable law. Lender shall have the right to determine the order in which any or all portions of the Indebtedness are satisfied from the proceeds realized upon the exercise of such remedies. Borrower and any party who now or in the future acquires a security interest in the Mortgaged Property and who has actual or constructive notice of this Instrument waives any and all right to require the marshalling of assets or to require that any of the Mortgaged Property be sold in the inverse order of alienation or that any of the Mortgaged Property be sold in parcels or as an entirety in connection with the exercise of any of the remedies permitted by applicable law or provided in this Instrument.