Common use of Protection of Secured Parties Clause in Contracts

Protection of Secured Parties. Each Pledgor agrees that: (a) its liabilities and obligations under its Governing Documents or the Pledged Subsidiaries’ Governing Documents will not be affected by this Agreement or the Lien on the Pledged Collateral created in favor of the Administrative Agent pursuant to this Agreement, or the exercise by the Administrative Agent of any of its rights under this Agreement; (b) no Secured Party, unless it expressly agrees in writing, will have any liabilities or obligations under any Pledged Subsidiary’s Governing Documents as a result of this Agreement or the exercise by the Administrative Agent of its rights under this Agreement; and (c) no Secured Party has any obligation to enforce any contractual obligation or claim with respect to the Pledged Collateral, or to take any other action with respect to the Pledged Collateral except as expressly set forth in this Agreement and the other Loan Documents.

Protection of Secured Parties. Each The Pledgor agrees that: (a) its liabilities and obligations under its Governing Documents or the Pledged Subsidiaries’ Governing Documents will not be affected by this Agreement or the Lien on the Pledged Collateral created in favor of the Administrative Agent pursuant to this Agreement, or the exercise by the Administrative Agent of any of its rights under this Agreement; (b) no Secured Party, unless it expressly agrees in writing, will have any liabilities or obligations under any Pledged Subsidiary’s Governing Documents as a result of this Agreement or the exercise by the Administrative Agent of its rights under this Agreement; and (c) no Secured Party has any obligation to enforce any contractual obligation or claim with respect to the Pledged Collateral, or to take any other action with respect to the Pledged Collateral except as expressly set forth in this Agreement and the other Loan Documents.