Common use of Rights of Lender; Limitations on Lender’s Obligations Clause in Contracts

Rights of Lender; Limitations on Lender’s Obligations. (a) Subject to each Loan Party’s rights and duties under the Bankruptcy Code (including section 365 of the Bankruptcy Code), and anything herein to the contrary notwithstanding, (i) each Loan Party shall remain liable under the contracts and agreements included in such Loan Party’s Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of the rights hereunder shall not release any Loan Party from any of its duties or obligations under the contracts and agreements included in the Collateral and (iii) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Loan Party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

Appears in 3 contracts

Samples: Credit Agreement (Chemtura CORP), Possession Credit Agreement (Chemtura CORP), Possession Credit Agreement (Chemtura CORP)

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Rights of Lender; Limitations on Lender’s Obligations. (a) Subject to each Loan Party’s rights and duties under the Bankruptcy Code (including section Section 365 of the Bankruptcy Code), and anything herein to the contrary notwithstanding, (i) each Loan Party shall remain liable under the contracts and agreements included in such Loan Party’s Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Credit Agreement had not been executedexecuted (including paying cure costs if such contracts or agreements are assumed), (ii) the exercise by the Administrative Agent Lender of any of the rights hereunder shall not release any Loan Party from any of its duties or obligations under the contracts and agreements included in the Collateral Collateral, and (iii) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Credit Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Loan Party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

Appears in 2 contracts

Samples: Credit and Security Agreement, Credit and Security Agreement (Ata Holdings Corp)

Rights of Lender; Limitations on Lender’s Obligations. (a) Subject to each Loan Credit Party’s 's rights and duties under the Bankruptcy Code Codes (including section Section 365 of the U.S. Bankruptcy Code)) and the Initial CCAA Order, and anything herein to the contrary notwithstanding, (i) each Loan Credit Party shall remain liable under the contracts and agreements included in such Loan Credit Party’s 's Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Collateral Agent of any of the rights hereunder shall not release any Loan Credit Party from any of its duties or obligations under the contracts and agreements included in the Collateral and (iii) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Loan Credit Party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

Appears in 2 contracts

Samples: Possession Credit Agreement (AbitibiBowater Inc.), Possession Credit Agreement (AbitibiBowater Inc.)

Rights of Lender; Limitations on Lender’s Obligations. (a) Subject to each Loan Party’s rights and duties under the Bankruptcy Code (including section 365 of the Bankruptcy Code), and anything herein to the contrary notwithstanding, (i) each Each Loan Party shall remain liable under the contracts and agreements included in such Loan Party’s Pledged Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executedexecuted (including paying cure costs if such contracts or agreements are assumed), (ii) the exercise by the Administrative Collateral Agent of any of the rights hereunder shall not release any Loan Party from any of its duties or obligations under the contracts and agreements included in the Collateral Pledged Collateral, and (iii) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Pledged Collateral by reason of this Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Loan Party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Republic Airways Holdings Inc)

Rights of Lender; Limitations on Lender’s Obligations. (a) Subject to each Loan Party’s 's rights and duties under the Bankruptcy Code (including section Section 365 of the Bankruptcy Code), and anything herein to the contrary notwithstanding, (i) each Loan Party shall remain liable under the contracts and agreements included in such Loan Party’s 's Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of the rights hereunder shall not release any Loan Party from any of its duties or obligations under the contracts and agreements included in the Collateral and (iii) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Loan Party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

Appears in 1 contract

Samples: Possession Credit Agreement (Dana Corp)

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Rights of Lender; Limitations on Lender’s Obligations. (a) Subject to each Loan Party’s rights and duties under the Bankruptcy Code (including section Section 365 of the Bankruptcy Code), and anything herein to the contrary notwithstanding, (i) each Loan Party shall remain liable under the contracts and agreements included in such Loan Party’s Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Administrative Agent of any of the rights hereunder shall not release any Loan Party from any of its duties or obligations under the contracts and agreements included in the Collateral and (iii) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Loan Party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

Appears in 1 contract

Samples: Possession Credit Agreement (Dana Corp)

Rights of Lender; Limitations on Lender’s Obligations. (a) Subject to each Loan Party’s 's rights and duties under the Bankruptcy Code (including section Section 365 of the Bankruptcy Code), and anything herein to the contrary notwithstanding, (i) each Loan Party shall remain liable under the contracts and agreements included in such Loan Party’s 's Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Credit Agreement had not been executedexecuted (including paying cure costs if such contracts or agreements are assumed), (ii) the exercise by the Administrative Agent Lender of any of the rights hereunder shall not release any Loan Party from any of its duties or obligations under the contracts and agreements included in the Collateral Collateral, and (iii) no Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Credit Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any Loan Party thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

Appears in 1 contract

Samples: Credit and Security Agreement (Ata Holdings Corp)

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