Shared Collateral Obligations Unconditional Clause Samples
The "Shared Collateral Obligations Unconditional" clause establishes that obligations related to shared collateral remain binding and enforceable under all circumstances. In practice, this means that parties who benefit from or are responsible for shared collateral cannot avoid their duties or rights due to changes in other agreements, defaults, or external events. For example, even if one party defaults or a related contract is terminated, the obligations tied to the shared collateral persist. This clause ensures the stability and reliability of collateral arrangements, preventing parties from evading their responsibilities and thereby protecting the interests of all stakeholders involved.
Shared Collateral Obligations Unconditional. All rights of the Shared Collateral Agents hereunder, all agreements and obligations of the ABL Agent and the Loan Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of:
(i) any lack of validity or enforceability of any Shared Collateral Document;
(ii) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Shared Collateral Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Shared Collateral Document;
(iii) any exchange, release, voiding, avoidance or non perfection of any security interest in any ABLShared Collateral, or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the Shared Collateral Obligations or any guarantee or guaranty thereof; or
(iv) any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Loan Party in respect of the Shared Collateral Obligations, or of any of the ABL Agent or any Loan Party, to the extent applicable, in respect of this Agreement.
Shared Collateral Obligations Unconditional. All rights of the Shared Collateral Agents hereunder, all agreements and obligations of the ABL Agent and the Loan Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of:
(i) any lack of validity or enforceability of any Shared Collateral Document;
(ii) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Shared Collateral Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Shared Collateral Document;
(iii) any exchange, release, voiding, avoidance or non perfection of any security interest in any ABLShared Collateral, or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the Shared Collateral Obligations or any guarantee or guaranty thereof; or For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language. For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language. Select as appropriate. Include bracketed language if there are either multiple Assignors or multiple Assignees.
(iv) any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Loan Party in respect of the Shared Collateral Obligations, or of any of the ABL Agent or any Loan Party, to the extent applicable, in respect of this Agreement.