Notification of Release of Collateral. Each Priority Debt Representative shall give the other Priority Debt Representative prompt written notice of the Disposition by it of, and Release by it of the Lien on, any Shared Collateral. Such notice shall describe in reasonable detail the subject Shared Collateral, the parties involved in such Disposition or Release, the place, time manner and method thereof, and the consideration, if any, received therefor; provided, however, that the failure to give any such notice shall not in and of itself in any way impair the effectiveness of any such Disposition or Release.
Appears in 5 contracts
Samples: Credit Agreement, Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp)
Notification of Release of Collateral. Each Priority Debt Representative shall give the Collateral Trustee and the other Priority Debt Representative prompt written notice of instructions to the Disposition by it ofCollateral Trustee to Dispose, and Release by it of the Lien on, any Shared Collateral. Such notice shall describe in reasonable detail the subject Shared Collateral, the parties involved in such Disposition or Release, the place, time manner and method thereof, and the consideration, if any, received therefor; provided, however, that the failure to give any such notice shall not in and of itself in any way impair the effectiveness of any such Disposition or Release.
Appears in 3 contracts
Samples: Collateral Trust Agreement, Term Loan Agreement (Chesapeake Energy Corp), Collateral Trust Agreement (Chesapeake Energy Corp)
Notification of Release of Collateral. Each Priority Debt Representative shall give the Collateral Trustee and the other Priority Debt Representative prompt written notice of instructions to the Disposition by it ofCollateral Trustee to Dispose, and Release by it of release the Lien on, any Shared Collateral. Such notice shall describe in reasonable detail the subject Shared Collateral, the parties involved in such Disposition or Releaserelease, the place, time manner and method thereof, and the consideration, if any, received therefor; provided, however, that the failure to give any such notice shall not in and of itself in any way impair the effectiveness of any such Disposition or Release.
Appears in 1 contract
Samples: Collateral Trust Agreement (Chesapeake Energy Corp)
