Recourse of Secured Parties; Other Collateral Sample Clauses

Recourse of Secured Parties; Other Collateral. (a) Each of the Secured Parties acknowledges and agrees that (i) it shall only have recourse to the Guaranties and the Collateral through the Collateral Agent and that it shall have no independent recourse to the Guaranties or the Collateral and (ii) the Collateral Agent shall have no obligation to, and shall not (except pursuant to (S)3.2(c) or as otherwise specifically provided herein), take any action hereunder or under any Security Document to which it is a party, except upon instructions from the Requisite Parties in accordance with (S)2.2 hereof. (b) Nothing contained herein shall restrict (i) the rights of any Secured Party to pursue remedies, by proceedings in law and equity, to collect any of the Secured Obligations or to enforce the performance of and provisions of any of the Secured Obligations, to the extent in either case that such remedies do not relate to the Collateral or interfere with the Collateral Agent's ability to take action hereunder or under the Security Documents or (ii) the rights of any Secured Party to initiate an action or actions in any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar proceeding in its individual capacity and to appear or be heard on any matter before the bankruptcy or other applicable court in any such proceeding, including, without limitation, with respect to any question concerning the post-petition usage of Collateral and post-petition financing arrangements. (c) None of the Agent Bank, the Collateral Agent or any other Secured Party shall contest the validity, perfection, priority or enforceability of or seek to avoid any Lien securing any Secured Obligation, and each party hereby agrees to cooperate in the defense of any action contesting the validity, perfection, priority or enforceability of such Liens. Except as expressly provided in this Agreement with respect to distributions of Collateral or proceeds by the Collateral Agent to the Secured Parties, no Secured Party shall have the right to obtain any of the Collateral for its sole account or the benefit for its sole account of any Lien securing any of the Secured Obligations. No Secured Party may seek, and each Secured Party hereby waives, any right to require any of the Collateral to be partitioned. (d) Notwithstanding the foregoing, nothing in this Agreement, any Security Document or any related agreement shall impair or otherwise adversely affect in any respect any rights...
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Recourse of Secured Parties; Other Collateral. (a) Each of the Secured Parties acknowledges and agrees that except as provided in part (b) of this Section 2.1, (i) it shall only have recourse to the Collateral through the Collateral Agent and that it shall have no independent recourse to the Collateral and (ii) the Collateral Agent shall have no obligation to take any action, or refrain from taking any action, except upon instructions from the Requisite Party in accordance with Section 2.2 hereof. (b) Nothing contained herein shall restrict (i) subject to Section 7.2 hereof, the Agent's or any Lender's right to exercise the right of setoff, (ii) the Agent's right to give notice under the Agency Agreements, and to apply all amounts received from the depository accounts covered by the Agency Agreements to payment of the Bank Debt and (iii) the Agent's and the Trustee's rights to pursue remedies, by proceedings in law and equity, to collect principal of or interest on the Bank Debt or, as the case may be, the Debentures or to enforce the performance of and provisions of the Bank Debt or, as the case may be, the Debentures, including, without limitation, the filing of, or joining in the filing of, a petition in bankruptcy, to the extent that such remedies do not seek recovery from the Collateral or interfere with the Collateral Agent's right to take action hereunder or under the Security Documents.
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Recourse of Secured Parties; Other Collateral. Each of the Secured Parties acknowledges and agrees that (i) it shall only have recourse to the Collateral through the Collateral Agent and that it shall have no independent recourse to the Collateral and (ii) except as otherwise provided in §3.2 hereof, the Collateral Agent shall have no obligation to take any action, or refrain from taking any action, except upon instructions from all the Requisite Parties in accordance with §2.2 hereof. Nothing contained herein shall (a) restrict the Trustees’ rights to pursue remedies, by proceedings in law and equity, to collect principal of or interest on the Debentures or to enforce the performance of and provisions of the Debentures or (b) restrict the Agent’s rights to pursue remedies, by proceedings in law and equity, to collect principal of or interest on the Bank Debt or to enforce the performance of and provisions of the Credit Agreement, in each case to the extent that such remedies do not relate to the Collateral or interfere with the Collateral Agent’s right to take action hereunder or under the Security Documents.
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Recourse of Secured Parties; Other Collateral. ACTION BY -------- -- ------- ------- ----- ---------- ------ -- SECURED PARTIES. ------- -------
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Recourse of Secured Parties; Other Collateral. (a) Each of the Lender and the Subordinated Creditor acknowledges and agrees that except as provided in part (b) of this Section 5.02, (i) it shall only have recourse to the Lender Collateral and the Proceeds through its respective Collateral Agent and that it shall have no independent recourse to the Lender Collateral and the Proceeds and (ii) its respective Collateral Agent shall have no obligation to take any action, or refrain from taking any action, except upon written instructions from the Requisite Party in accordance with Section 5.03 hereof. (b) Nothing contained herein shall restrict (i) the Lender’s right to exercise the right of setoff, (ii) the Lender’s right to give notice under the Senior Loan Agreements, and to apply all amounts received from the depository accounts covered by the Senior Loan Agreements to payment of the Senior Liabilities or (iii) except as expressly set forth herein, the Lender’s and the Subordinated Creditor’s rights to pursue remedies, by proceedings in law and equity, to collect principal of or interest on the Senior Liabilities or, as the case may be, the Subordinated Liabilities or to enforce the performance of and provisions of the Senior Liabilities or, as the case may be, the Subordinated Liabilities as against the Borrower or any Active Subsidiary to the extent that such remedies do not (1) seek recovery from the Lender Collateral; (2) interfere with the Collateral Agents’ rights to take action hereunder or under the Senior Loan Agreements and Subordinated Indenture Agreements, respectively, or (3) contravene the written instructions of the Requisite Party.
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Recourse of Secured Parties; Other Collateral. Each of the Secured Parties acknowledges and agrees that (i) it shall only have recourse to the Collateral through the Collateral Agent and that it shall have no independent recourse to the Collateral and (ii) the Collateral Agent shall have no obligation to take any action, or refrain from taking any action, except upon instructions from a Requisite Party in accordance with 'SS'5.2 hereof. Nothing contained herein shall restrict the Majority Debenture Holder's or Fleet's rights to pursue remedies, by proceedings in law and equity, to collect any amounts due under the Debenture Debt or the Bank Debt, including without limitation principal or interest thereon, or to enforce the performance of any provisions of the Credit Documents, to the extent that such remedies do not relate to the Collateral or interfere with the Collateral Agent's rights to take action hereunder.
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Related to Recourse of Secured Parties; Other Collateral

  • Grant of Security Interest/Remedies To secure its obligations under this Agreement and to the extent Seller delivers the Collateral Requirement, as applicable, hereunder, Seller hereby grants to Buyer, as the secured party, a first priority security interest in, and lien on (and right of setoff against), and assignment of, all such Collateral Requirement posted with Buyer in the form of cash or Letter of Credit and any and all proceeds resulting therefrom or the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of, Buyer. Within thirty (30) days of the delivery of the Collateral Requirement, Seller agrees to take such action as Buyer reasonably requires in order to perfect a first-priority security interest in, and lien on (and right of setoff against), such Collateral Requirement and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or any time after the occurrence of an Event of Default, an Early Termination Date or an occasion provided for in this Agreement where Buyer is authorized to retain all or a portion of the Collateral Requirement, Buyer may do any one or more of the following: (a) exercise any of the rights and remedies of a secured party with respect to the Collateral Requirement, as applicable, including any such rights and remedies under Law then in effect; (b) exercise its rights of setoff against any and all property of Seller in the possession of the Buyer or Buyer’s agent; (c) draw on any outstanding Letter of Credit issued for its benefit or retain any cash deposit; and (d) liquidate the Collateral Requirement then held by or for the benefit of Buyer free from any claim or right of any nature whatsoever of Seller, including any equity or right of purchase or redemption by Seller. Buyer shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce Seller’s obligations under the Agreement (Seller remaining liable for any amounts owing to Buyer after such application), subject to the Buyer’s obligation to return any surplus proceeds remaining after such obligations are satisfied in full.

  • Other Collateral The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for all or any part of the Guaranteed Obligations.

  • Impairment of Security Interests Take or omit to take any action, which might or would have the result of materially impairing the security interests in favor of the Administrative Agent with respect to the Collateral or grant to any Person (other than the Administrative Agent for the benefit of itself and the Lenders pursuant to the Security Documents) any interest whatsoever in the Collateral, except for Liens permitted under Section 11.2 and asset sales permitted under Section 11.5.

  • Impairment of Security Interest (a) Subject to Sections 4.27(b) and (c), the Parent shall not, and shall not permit any Restricted Subsidiary to, take or knowingly or negligently omit to take, any action which action or omission might or would have the result of materially impairing any security interest over any of the assets comprising the Collateral for the benefit of the Holders (including the priority thereof), and the Parent will not, and will not permit any Restricted Subsidiary to, grant to any Person other than the Collateral Agent or the International Security Agent (as applicable), for the benefit of the Holders and the other beneficiaries described in the Security Documents, any interest whatsoever in any of the Collateral; provided the Company and the Guarantors may incur Permitted Collateral Liens. Notwithstanding the foregoing, nothing in this Section 4.27 will restrict the discharge and release of the security interest with respect to the Collateral in accordance with this Indenture or the Intercreditor Agreement or any Additional Intercreditor Agreement. (b) At the direction of the Company and without the consent of the Holders, the Trustee and the Collateral Agent or the International Security Agent (as applicable) may from time to time enter into one or more amendments to the Security Documents to: (i) cure any ambiguity, mistakes, omission, defect or inconsistency therein; (ii) provide for any Permitted Collateral Liens; (iii) add to the Collateral for the benefit of the Holders; or (iv) make any other change thereto that does not impair any security interest over any of the assets comprising the Collateral or otherwise adversely affect the Holders in any material respect; provided, however, that, in the case of clauses (ii) and (iii) above, no Security Document may be amended, extended, renewed, restated, supplemented or otherwise modified or replaced, unless contemporaneously with such amendment, extension, renewal, restatement, supplement, modification or renewal, the Company delivers to the Trustee: (i) a solvency opinion, in form satisfactory to the Trustee, from an Independent Financial Advisor confirming the solvency of the Parent and its Subsidiaries, taken as a whole, after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement, modification or replacement; (ii) a certificate from the board of directors or chief financial officer of the relevant obligor (acting in good faith), in the form set forth as an exhibit to this Indenture, that confirms the solvency of the Person granting such Lien after giving effect to any transaction related to such amendment, extension, renewal, restatement, supplement, modification or replacement; or (iii) an Opinion of Counsel, in form satisfactory to the Trustee confirming that, after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement, modification or replacement, the Lien or Liens securing the Notes created under the Security Documents as so amended, extended, renewed, restated, supplemented, modified or replaced remain valid and perfected Liens not otherwise subject to any limitation, imperfection or new hardening period, in equity or at law, that such Lien or Liens were not otherwise subject to immediately prior to such amendment, extension, renewal, restatement, supplement, modification or replacement. (c) Nothing in this Section 4.27 will restrict the release or replacement of any Collateral in compliance with the provisions set out in Section 11.04. (d) In the event that the Company complies with the requirements of this Section 4.27, the Trustee and/or the Collateral Agent and/or the International Security Agent (as the case may be) will consent to any such amendment, extension, renewal, restatement, supplement, modification or replacement without the need for instructions from the Holders.

  • Payment of Secured Obligations Grantor will pay and perform or cause to be paid and performed the Secured Obligations according to the tenor thereof and all other sums now or hereafter secured hereby as the same shall become due.

  • PRESERVATION OF COLLATERAL AND PERFECTION OF SECURITY INTERESTS THEREIN Borrower shall, at Lender's request, at any time and from time to time, authenticate, execute and deliver to Lender such financing statements, documents and other agreements and instruments (and pay the cost of filing or recording the same in all public offices deemed necessary or desirable by Lender) and do such other acts and things or cause third parties to do such other acts and things as Lender may deem necessary or desirable in its sole discretion in order to establish and maintain a valid, attached and perfected security interest in the Collateral in favor of Lender (free and clear of all other liens, claims, encumbrances and rights of third parties whatsoever, whether voluntarily or involuntarily created, except Permitted Liens) to secure payment of the Liabilities, and in order to facilitate the collection of the Collateral. Borrower irrevocably hereby makes, constitutes and appoints Lender (and all Persons designated by Lender for that purpose) as Borrower's true and lawful attorney and agent-in-fact to execute and file such financing statements, documents and other agreements and instruments and do such other acts and things as may be necessary to preserve and perfect Lender's security interest in the Collateral. Borrower further agrees that a carbon, photographic, photostatic or other reproduction of this Agreement or of a financing statement shall be sufficient as a financing statement. Borrower further ratifies and confirms the prior filing by Lender of any and all financing statements which identify the Borrower as debtor, Lender as secured party and any or all Collateral as collateral.

  • Reaffirmation of Security Interests Each Loan Party (a) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting and (b) agrees that this Amendment does not in any manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents.

  • Rights of Secured Party Secured Party shall have the rights contained in this Section at all times during the period of time this Agreement is effective.

  • Revival of Secured Obligations This Agreement and the Loan Documents shall remain in full force and effect and continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Agent or Lender. The Loan Documents and the Secured Obligations and Collateral security shall continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part thereof is rescinded, avoided or avoidable, reduced in amount, or must otherwise be restored or returned by, or is recovered from, Agent, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment, performance, or transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall be deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible payment to Agent or Lender in Cash.

  • Maintenance of Security Interests in Financed Equipment The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Equipment. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuing Entity and the Indenture Trustee in the event of the relocation of the Financed Equipment or for any other reason.

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