Common use of Notwithstanding Section 3 Clause in Contracts

Notwithstanding Section 3. 02 above, the Agent may at any time and from time to time, whether during or after the Forbearance Period, subject to the Intercreditor Agreement, as amended: (a) take any action to preserve its rights in Collateral or to preserve the future exercise of any remedies, including but not limited to objecting to or contesting, or supporting any other Person in contesting or objecting to, in any proceeding, the validity, extent, perfection, priority or enforceability of any Lien in the Collateral or any avoidance, invalidation or subordination by any third party or court of competent jurisdiction of the Liens in the Collateral granted to the Agent and the priority and rights between the Agent and any lenders subordinated to the Agent and Lenders; (b) prepare and file UCC-l financing statements, mortgage instruments or other filings or recordings filed or recorded by Agent on behalf of the Lenders; (c) take actions to determine the specific items included in the Collateral and the steps taken to perfect its Liens thereon; (d) notify any Person of the existence of any Existing Default or other Event of Default and confirm the amount and type of collateral held under any agreement or arrangement or institute any action or proceeding with respect to such rights or remedies, but only to preserve the Agent’s and Lenders’ rights thereunder with respect to any third parties or Borrowers; and (e) take any other actions not constituting Enforcement Actions.

Notwithstanding Section 3. 02 above, the Agent may at any time and from time to time, whether during or after the Forbearance Period, subject to the Intercreditor Agreement, as amended: (a) take any action to preserve its rights in Collateral or to preserve the future exercise of any remedies, including but not limited to objecting to or contesting, or supporting any other Person in contesting or objecting to, in any proceeding, the validity, extent, perfection, priority or enforceability of any Lien in the Collateral or any avoidance, invalidation or subordination by any third party or court of competent jurisdiction of the Liens in the Collateral granted to the Agent and the priority and rights between the Agent and any lenders subordinated to the Agent and Lenders; (b) prepare and file UCC-l financing statements, mortgage instruments or other filings or recordings filed or recorded by Agent on behalf of the Lenders; (c) take actions to determine the specific items included in the Collateral and the steps taken to perfect its Liens thereon; (d) notify any Person of the existence of any Existing Default or other Event of Default and confirm the amount and type of collateral held under any agreement or arrangement or institute any action or proceeding with respect to such rights or remedies, but only to preserve the Agent’s and Lenders’ rights thereunder with respect to any third parties or Borrowers; (e) decrease or increase any Advance Rates from time to time in Agent’s Credit Judgment, or impose, increase, or modify the amount, timing or purpose of any reserves as Agent deems proper and necessary from time to time in its Credit Judgment; and (ef) take any other actions not constituting Enforcement Actions.