Common use of Successors and Assigns; Benefit of Agreement Clause in Contracts

Successors and Assigns; Benefit of Agreement. This Security Agreement shall be binding upon and inure to the benefit of the Issuer and the Secured Parties and their respective successors and assigns; provided, however, that the Issuer may not assign any of its rights or obligations hereunder except with the prior written consent of the Collateral Agent (on behalf of the holders of the Senior Notes), each Swap Counterparty, each of the Rating Agencies and each Subordinated Noteholder. This Security Agreement shall also inure to the benefit of the holders of the Notes, which are hereby expressly declared to be third party beneficiaries hereof. Subject to the foregoing, no Person not a party to this Security Agreement shall be deemed to be a third party beneficiary hereof nor shall any Person be empowered to enforce the provisions of this Security Agreement, except as set forth in the preceding sentence, or in Section 11.17, and to the extent such Person becomes a permitted successor or assign hereunder.

Appears in 2 contracts

Samples: Security Agreement (New Century Financial Corp), Security Agreement (New Century Financial Corp)

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Successors and Assigns; Benefit of Agreement. This Security Agreement shall be binding upon and inure to the benefit of the Issuer and the Secured Parties and their respective successors and assigns; provided, however, that the Issuer may not assign any of its rights or obligations hereunder except with the prior written consent of the Collateral Agent (on behalf of the holders Holders of the Senior Notes), each Swap Counterparty, each of the Rating Agencies and each Subordinated NoteholderNoteholder except as set forth in the Interest Rate Swaps. This Security Agreement shall also inure to the benefit of the holders Holders of the Notes, which are hereby expressly declared to be third party beneficiaries hereof. Subject to the foregoing, no Person not a party to this Security Agreement shall be deemed to be a third party beneficiary hereof nor shall any Person be empowered to enforce the provisions of this Security Agreement, except as set forth in the preceding sentence, or in Section 11.17, sentence and to the extent such Person becomes a permitted successor or assign hereunder.

Appears in 1 contract

Samples: Security Agreement (Accredited Home Lenders Holding Co)

Successors and Assigns; Benefit of Agreement. This Security Agreement shall be binding upon and inure to the benefit of the Issuer and the Secured Parties and their respective successors and assigns; provided, however, that the Issuer may not assign any of its rights or obligations hereunder except with the prior written consent of the Collateral Agent (on behalf of the holders Holders of the Senior Notes), each Swap Counterparty, each of the Rating Agencies and each Subordinated NoteholderNoteholder except as set forth in the Interest Rate Swaps. This Security Agreement shall also inure to the benefit of the holders Holders of the Notes, which are hereby expressly declared to be third party beneficiaries hereof. Subject to the foregoingforegoing and subject to Section 11.17 hereof, no Person not a party to this Security Agreement shall be deemed to be a third party beneficiary hereof nor shall any Person be empowered to enforce the provisions of this Security Agreement, except as set forth in the preceding sentence, or in sentence and Section 11.17, 11.17 hereof and to the extent such Person becomes a permitted successor or assign hereunder.

Appears in 1 contract

Samples: Security Agreement (Accredited Home Lenders Holding Co)

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Successors and Assigns; Benefit of Agreement. This Security Agreement shall be binding upon and inure to the benefit of the Issuer Company and the Secured Parties and their respective successors and assigns; provided, however, that the Issuer Company may not assign any of its rights or obligations hereunder except with the prior written consent of the Collateral Agent (on behalf of the holders of the Senior Notes), each the Swap Counterparty, Counterparty and each of the Rating Agencies and each Subordinated NoteholderAgencies. This Security Agreement shall also inure to the benefit of the holders of the Notes, which are hereby expressly declared to be third party beneficiaries hereof. Subject to the foregoing, no Person not a party to this Security Agreement shall be deemed to be a third party beneficiary hereof nor shall any Person be empowered to enforce the provisions of this Security Agreement, except as set forth in the preceding sentence, or in Section 11.17, and to the extent such Person becomes a permitted successor or assign hereunder.

Appears in 1 contract

Samples: Security Agreement (New Century Financial Corp)

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