Recourse to Security. Recourse to security shall not be required for any Obligation hereunder and the Borrower hereby waives any requirement that the Administrative Agent or the Lenders exhaust any right or take any action against any of the Collateral before proceeding to enforce the Obligations against the Borrower.
Recourse to Security. Aurizon Network may have recourse to the Security where the Operator fails to pay any amount payable by the Operator to Aurizon Network under, or in connection with, this Agreement:
(a) if the amount is payable by a specified due date, by the due date for payment; or
(b) if the amount is not payable by a specified due date, within a reasonable period after Aurizon Network has requested payment of the relevant amount.
Recourse to Security. Aurizon Network may have recourse to the Security in respect of any amount which the Access Holder fails to pay under or in connection with this Agreement:
(a) if the Access Holder fails to pay the amount by the due date for payment under this Agreement, Aurizon Network notifies the Access Holder of the payment default and the Access Holder fails to remedy the payment default within 10 Business Days after the date the notice is given, following the expiry of such period;
(b) if the amount is not payable by a specified date and the Access Holder fails to make payment within 10 Business Days after Aurizon Network has requested payment of such amount, following the expiry of such period; or
(c) if the amount is the subject of a Dispute, in accordance with clause 5.4(c)(i).
Recourse to Security. Recourse to security shall not be required for any Obligation hereunder and the Company hereby waives any requirement that the Lender exhausts any right or take any action against any of the Collateral before proceeding to enforce the Obligations against the Company.
Recourse to Security. Recourse to security shall not be required for any Obligation hereunder, and the Borrowers hereby waive any requirement that the Agent or any Secured Party exhaust any right or take any action against any of the Collateral before proceeding to enforce the Obligations against the Borrowers.
Recourse to Security. Borrower specifically understands and agrees that Lender’s recourse against and/or to any security or Collateral shall not be required as a prior condition to Lender’s exercise of any of its rights and remedies hereunder.
Recourse to Security. Subject to clause 15.1, a Security may be called upon by Queensland Rail in any circumstance where the Access Holder or Operator (as the case may be): fails to pay, on or before the due date, any amount that is payable by the Access Holder or Operator (as the case may be) to Queensland Rail under this agreement; or Queensland Rail otherwise suffers or incurs a Loss in respect of which the Access Holder or Operator (as the case may be) is required to indemnify Queensland Rail in accordance with this agreement. If Queensland Rail calls on a Security, the Access Holder or Operator (as the case may be) must deliver to Queensland Rail a further Security for the amount called upon, or a replacement Security for the remaining amount of the existing Security plus the amount called upon in exchange for the existing Security, within five Business Days after Queensland Rail calls on the Security so that the Security held by Queensland Rail is equal to the Security Amount. Subject to clause 15.1, if an Insolvency Event occurs, or Queensland Rail (acting reasonably) suspects that an Insolvency Event has occurred, in relation to the Access Holder or Operator (as the case may be), Queensland Rail may: in respect of any amounts due but unpaid by the Access Holder or Operator (as the case may be) under this agreement: decline payment from the Access Holder or Operator (as the case may be) of all or part of those amounts; and immediately call upon the Security for those amounts for which payment was so declined; or in respect of any amounts paid by the Access Holder or Operator (as the case may be) under this agreement after the time when the Insolvency Event occurred or Queensland Rail (acting reasonably) suspects that an Insolvency Event occurred: refund all or part of those amounts to the Access Holder or Operator (as the case may be); and immediately call upon the Security for the amounts so refunded.
Recourse to Security. (a) The Holding Party may from time to time have immediate recourse to the Security, and for that purpose may convert into money any Security that does not consist of money, to recover:
(1) any moneys which remain unpaid by the Lodging Party under this Agreement when due;
(2) any moneys or any claim to moneys that the Holding Party may have against the Lodging Party, whether for damages (including liquidated damages and the Holding Party's estimate of its entitlement to damages for breach of contract) or otherwise;
(3) any costs incurred by the Holding Party in having recourse to the Security; and
(4) any moneys, costs or other amounts specified as being secured by the Security in the relevant Confirmation.
(b) Without limiting clause 8.3(a), the Holding Party may have immediate recourse to the Security:
(1) if an Insolvency Event occurs in respect of the Lodging Party; or
(2) in any other circumstances specified in the relevant Confirmation.
Recourse to Security. 29 SECTION 3.3 Special Provisions Relating to Inventory............................................. 29 SECTION 3.4 Special Provisions Relating to Receivables........................................... 31 SECTION 3.5 Special Provisions Relating to Equipment............................................. 31 SECTION 3.6 Continuation of Liens, Etc........................................................... 32 SECTION 3.7
Recourse to Security. Recourse to security shall not be required for any Obligation hereunder and each Grantor hereby waives, to the extent such waiver is not prohibited by Applicable Law, any requirement that the Collateral Agent or the Secured Parties exhaust any right or take any action against any of the Collateral before proceeding to enforce the Obligations against such Grantor.
