Sharing of Security. The Borrower and the Lenders agree and acknowledge that the Security is being shared equally among the Lenders to secure Indebtedness of the Borrower under the Revolving Loan, on a pari passu basis; and that the Agent will hold the Security for the benefit of the Agent and the Lenders hereunder.
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Samples: Credit Agreement (Protective Products of America, Inc.), Credit Agreement (Protective Products of America, Inc.)
Sharing of Security. The Borrower and the Lenders agree and acknowledge that the Security is being shared equally among the Lenders to secure Indebtedness of the Borrower under the Extendible Revolving Loan, the Term Loan, the Corporate Visa Facility and any hedging transactions with any Lender on a pari passu basis; and that the Agent will hold the Security for the benefit of the Agent and the Lenders hereunder.
Appears in 1 contract
Samples: Credit Agreement (Protective Products of America, Inc.)
Sharing of Security. The Borrower and the Lenders agree and acknowledge that the Security is being shared equally among the Lenders to secure Indebtedness of the Borrower under the Revolving Loan, Loan and any hedging transactions with any Lender on a pari passu basis; and that the Agent will hold the Security for the benefit of the Agent and the Lenders hereunder.
Appears in 1 contract
