Secured Lenders Sample Clauses

Secured Lenders. If any Secured Lender (or its Affiliate, if such Secured Lender is not a Lender) for any reason ceases to be a Lender, such Secured Lender shall continue to be bound by and entitled to the benefit of the terms and conditions hereof in such capacity and entitled to the benefit of the Loan Party Guarantee and the Security until such time as it receives payment of all Secured Obligations owing to it by any Loan Party at the time it (or such Affiliate, if applicable) ceased to be a Lender, with the exception of any indemnities of, or in favour of, such Secured Lender hereunder existing at that time and which shall survive such termination, provided that for greater certainty, it shall not be entitled to the benefit of this Agreement, the Loan Party Guarantee or the Security in respect of any amounts advanced by it or transactions entered into after it ceased to be a Lender.
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Secured Lenders. (a) Key Credit Facility. The Company's line of credit facility ------------------- with Key Bank (the "Key Credit Facility") is secured by one or more security ------------------- interests or liens upon substantially all of the Company's assets. Buyer may, at its option, elect to leave the Key Credit Facility in place at Closing. However, Sellers acknowledge that the Key Credit Facility may need to be paid at closing in order to enable Buyer's lender to obtain a first lien position with respect to the Company's assets. Accordingly, Buyer may choose to pay off the Key Credit Facility at closing, and/or to refinance such amount with one or more lenders. In such event, the Company shall cooperate with Buyer in obtaining one or more pay-out letters from Key Bank, as well as UCC-3 termination statements and any other documents needed to satisfy of record all security interests and other liens held by Key Bank.
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Secured Lenders. Developer shall have the right to mortgage, pledge, encumber, hypothecate or assign as security its right to receive the Tax Increment Payments (collectively the “Collateral”) to secure a loan, without obtaining IDB’s consent, provided that the loan is made by a Secured Lender. A “Secured Lender” is any lender or an agent for a syndicate of lenders that is the owner and holder of a promissory note, the indebtedness evidenced by which is obtained to finance Certified Costs, that is disclosed in a written notice given to IDB containing the name, notice address and contact Person of the Secured Lender to which the Collateral has been or will be mortgaged, pledged, encumbered, hypothecated or assigned as security. The provisions of this Section 16 are for the benefit of each Secured Lender and may be relied upon and shall be enforceable by each Secured Lender. In the event that there is more than one security interest affecting the Collateral, the most senior Secured Lender (determined by the order of recordation of its document perfecting said security interest in the Collateral) shall have priority in terms of exercising the rights of a Secured Lender pursuant to the provisions of this Section 16. A lender that has qualified as a Secured Lender shall continue in such status for purposes hereof until such time as the lender notifies IDB, in writing, that it has released its lien on the Collateral or has recorded such an instrument of record. Within ten (10) business days after Xxxxxxxxx’s written request, IDB will acknowledge, in writing, the receipt of any such notice delivered by a Secured Lender to IDB. (a) Whenever IDB shall send Developer any written notice related to this Agreement, IDB shall also send a duplicate copy of such notice to each Secured Lender. If this Agreement is terminated due to the occurrence of an Event of Default or the rejection or disaffirmance of this Agreement pursuant to Section 365(a) of the Bankruptcy Code, 11 U.S.C. §365(a), as amended, IDB shall send Secured Lender a notice of termination (“Termination Notice”) whether or not IDB is required to send such Termination Notice to Developer. IDB shall not be obligated to send a Termination Notice to anyone at the expiration of the term of this Agreement. (b) Upon a Secured Lender’s receipt of written notice of a default hereunder (a “Default Notice”), the Secured Lender shall have the right, but not the obligation, to cure such Event of Default on behalf of Developer, and IDB sha...
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Related to Secured Lenders

  • Administrative Agent Bank of America, N.A., as the administrative agent under the Credit Agreement

  • SPV Lender Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (a “SPV”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it shall not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 13.6, any SPV may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This Section 13.6(g) may not be amended without the written consent of the SPV. Notwithstanding anything to the contrary in this Agreement, (x) no SPV shall be entitled to any greater rights under Sections 2.10, 2.11 and 5.4 than its Granting Lender would have been entitled to absent the use of such SPV and (y) each SPV agrees to be subject to the requirements of Sections 2.10, 2.11 and 5.4 as though it were a Lender and has acquired its interest by assignment pursuant to clause (b) of this Section 13.6.

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