Security for Banking Services Agreements with Former Lenders Sample Clauses

Security for Banking Services Agreements with Former Lenders. (i) If an Agent ceases to be the Agent or a Lender ceases to be a Lender under this Agreement (for purposes of this Section 5.1(k)(i), a “Former Provider”), all Banking Services Liabilities owing to such Former Provider and its Affiliates under Banking Services Agreements entered into while such Former Provider was the Agent or a Lender will continue to constitute Obligations hereunder and shall remain until the Security Release Date secured by the Security Documents (equally and rateably) to the extent that such Obligations were secured by and pursuant to the Security Documents prior to such Agent or Lender becoming a Former Provider, subject to the following provisions of this Section 5.1(k)(i). For certainty, any Banking Services Liabilities under Banking Services Agreements entered into with a Former Provider or an Affiliate thereof after the Former Provider has ceased to be the Agent or a Lender shall not be secured by or pursuant to the Security Documents. Notwithstanding the foregoing, while any Obligations remain outstanding under the Credit Facility, no Former Provider or any Affiliate thereof shall have any right to cause or require the enforcement of the Security Documents or any right to participate in any decisions relating to the Security Documents, including any decisions relating to the enforcement or manner of enforcement of the Security Documents or decisions relating to any amendment to, waiver under, release of or other dealing with all or any part of the Security Documents; for certainty, the sole right of a Former Provider and its Affiliates with respect to the Security Documents while any Obligations remain outstanding under the Facilities is to share, on a pro rata and pari passu basis, in any Proceeds of Realization and enforcement of the Security Documents, except, in each case, as otherwise set out in the Intercreditor Agreement. (ii) If the Credit Agreement is terminated, until the Security Release Date all Banking Services Liabilities owing to any Former Provider under Banking Services Agreements entered into while such Former Provider, or its Affiliate, was the Agent hereunder shall remain secured by and pursuant to the Security Documents (equally and rateably) to the extent that such Obligations were secured by and pursuant to the Security Documents prior to such termination. The Agent may assign its right under all or any part of the Security Documents and the Intercreditor Agreement to one or more of such Former Providers a...
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Related to Security for Banking Services Agreements with Former Lenders

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  • Banking Services and Swap Agreements Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent). In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or Swap Agreement Obligations will be placed.

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