Common use of Third Parties; Benefit Clause in Contracts

Third Parties; Benefit. All conditions to the obligation of the Lenders to make advances hereunder are imposed solely and exclusively for the benefit of the Lenders and their assigns and no other persons shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Lenders will refuse to make advances in the absence of strict compliance with any or all thereof and no other person shall, under any circumstances, be deemed to be the beneficiary of such conditions, any or all of which may be freely waived in whole or in part by the Agent at any time in the sole and absolute exercise of its discretion pursuant to its agreements with the Lenders. The terms and provisions of this Agreement are for the benefit of the parties hereto and, except as herein specifically provided, no other person shall have any right or cause of action on account thereof.

Appears in 5 contracts

Samples: Financing and Security Agreement (Alternative Living Services Inc), Financing and Security Agreement (Alternative Living Services Inc), Financing and Security Agreement (American Retirement Corp)

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Third Parties; Benefit. All conditions to the obligation of the Lenders to make advances hereunder are imposed solely and exclusively for the benefit of the Lenders and their assigns and no other persons shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Lenders will refuse to make advances in the absence of strict compliance with any or all thereof and no other person shall, under any circumstances, be deemed to be the beneficiary of such conditions, any or all of which may be freely waived in whole or in part by the Administrative Agent at any time in the sole and absolute exercise of its discretion pursuant to its agreements with the Lenders. The terms and provisions of this Agreement are for the benefit of the parties hereto and, except as herein specifically provided, no other person shall have any right or cause of action on account thereof.

Appears in 3 contracts

Samples: Financing and Security Agreement (Sunrise Assisted Living Inc), Financing and Security Agreement (Sunrise Assisted Living Inc), Financing and Security Agreement (Sunrise Assisted Living Inc)

Third Parties; Benefit. All conditions to the obligation of the Lenders obligations of the Lender to make advances hereunder are imposed solely and exclusively for the benefit of the Lenders Lender and their its assigns and no other persons shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled entitle to assume that the Lenders Lender will refuse to make advances in the absence of strict compliance with any or all thereof and no other person shall, under any circumstances, be deemed to be the beneficiary of such conditions, any or all of which may be freely waived in whole or in part by the Agent Lender at any time in the sole and absolute exercise of its discretion pursuant to its agreements with the Lendersdiscretion. The terms and provisions of this Agreement and the other Loan Documents are for the benefit of the parties hereto and, except as herein specifically provided, no other person shall have any right or cause of action on account thereof.

Appears in 2 contracts

Samples: Loan and Security Agreement (Castellum, Inc.), Loan and Security Agreement (Castellum, Inc.)

Third Parties; Benefit. All conditions to the obligation of the Lenders Lender to make advances hereunder are imposed solely and exclusively for the benefit of the Lenders Lender and their its assigns (including Bank of America, N.A.) and no other persons Persons shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Lenders Lender will refuse to make advances in the absence of strict compliance with any or all thereof and no other person Person shall, under any circumstances, be deemed to be the beneficiary of such conditions, any or all of which may be freely waived in whole or in part by the Agent Lender at any time in the sole and absolute exercise of its discretion pursuant to its agreements with the Lendersdiscretion. The terms and provisions of this Agreement are for the benefit of the parties hereto and, except as herein specifically provided, no other person Person shall have any right or cause of action on account thereof.

Appears in 1 contract

Samples: Construction Loan Agreement (American Retirement Corp)

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Third Parties; Benefit. All conditions to the obligation of the Lenders obligations of the Lender to make advances hereunder are imposed solely and exclusively for the benefit of the Lenders Lender and their its assigns and no other persons shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Lenders Lender will refuse to make advances in the absence of strict compliance with any or all thereof and no other person shall, under any circumstances, be deemed to be the beneficiary of such conditions, any or all of which may be freely waived in whole or in part by the Agent Lender at any time in the sole and absolute exercise of its discretion pursuant to its agreements with the Lendersdiscretion. The terms and provisions of this Agreement and the other Loan Documents are for the benefit of the parties hereto and, except as herein specifically provided, no other person shall have any right or cause of action on account thereof.

Appears in 1 contract

Samples: Term Loan and Security Agreement (Castellum, Inc.)

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