Secured Cash Management Obligations and Secured Swap Obligations Clause Samples
The "Secured Cash Management Obligations and Secured Swap Obligations" clause defines which financial obligations, specifically those arising from cash management services and swap agreements, are covered by the security interests granted under the agreement. In practice, this means that any debts or liabilities the borrower incurs from treasury services, such as payment processing or account management, as well as from derivative transactions like interest rate swaps or currency hedges, are included as secured obligations. The core function of this clause is to ensure that the lender's security interest extends to these types of financial exposures, thereby protecting the lender against losses from a broader range of the borrower's financial activities.
Secured Cash Management Obligations and Secured Swap Obligations. Except as otherwise expressly set forth herein or in any Guarantee or any Security Document, no Person to whom any Secured Cash Management Obligations are owed or counterparty to any Swap Agreement the obligations under which constitute Secured Swap Obligations that obtains the benefits of Section 4.02 of the Collateral Agreement, any Guarantee or any Collateral by virtue of the provisions hereof or of any Guarantee or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article VIII to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Secured Cash Management Obligations and Secured Swap Obligations unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Person to whom any Secured Cash Management Obligations are owed or counterparty to any Swap Agreement the obligations under which constitute Secured Swap Obligations, as the case may be.
Secured Cash Management Obligations and Secured Swap Obligations. (a) Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Person to whom any Secured Cash Management Obligations are owed and no counterparty to any Swap Agreement the obligations under which constitute Secured Swap Obligations that, in each case, obtains the benefits of Section 7.02, any Guaranty or any Collateral by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article 8 or Section 7.02 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Cash Management Obligations and Secured Swap Obligations unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Person to which such Secured Cash Management Obligations are owed or the applicable counterparty to a Swap Agreement the obligations under which constitute Secured Swap Obligations.
(b) Each Person to whom any Secured Cash Management Obligations are owed and each counterparty to any Swap Agreement the obligations under which constitute Secured Swap Obligations hereby authorize the Administrative Agent to enter into any intercreditor agreement or other similar arrangement permitted under this Agreement, and any amendment, modification, supplement or joinder with respect thereto, and acknowledge that any such intercreditor agreement (or amendment, modification, supplement or joinder) is binding upon such Persons.
Secured Cash Management Obligations and Secured Swap Obligations. Except as otherwise expressly set forth herein or in any Guarantee or any Security Document, no party to any Secured Cash Management Obligation or Secured Swap Obligation that obtains the benefits of Section 7.02, any Guarantee or any Collateral by virtue of the provisions hereof or of any Guarantee or any Security Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this