No Marshalling; Use of Collateral Pending Foreclosure; Etc. Administrative Agent will have no obligation to preserve the rights of any other Person in or to any Collateral or to proceed against the Collateral in any particular order or to marshal any Collateral of any kind for the benefit of any other creditor of Borrower or any other Person. Borrower grants to Administrative Agent a royalty-free license or other right to use, at any time that an Event of Default exists, Borrower’s labels, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, seismic data, reserve reports, databases or any property of a similar nature related to the Collateral and necessary in connection with Administrative Agent preparing the Collateral for sale and advertising for and conducting one or more foreclosure sales, and Borrower’s rights under all licenses and any franchise, sales or distribution agreements will inure to Administrative Agent’s benefit.
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Samples: Credit Agreement (Voyager Oil & Gas, Inc.), Credit Agreement (American Standard Energy Corp.), Credit Agreement (Voyager Oil & Gas, Inc.)
No Marshalling; Use of Collateral Pending Foreclosure; Etc. Administrative Agent will have no obligation to preserve the rights of any other Person in or to any Collateral or to proceed against the Collateral in any particular order or to marshal any Collateral of any kind for the benefit of any other creditor of Borrower or any other Person. Borrower grants to Administrative Agent a an irrevocable royalty-free license or other right to use, at any time that an Event of Default exists, Borrower’s labels, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, seismic data, reserve reports, databases or any property of a similar nature related to the Collateral and necessary in connection with Administrative Agent preparing the Collateral for sale and advertising for and conducting one or more foreclosure sales, and Borrower’s rights under all licenses and any franchise, sales or distribution agreements will inure to Administrative Agent’s benefit.
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