Benefitted Persons definition
Examples of Benefitted Persons in a sentence
This Lease is not intended to provide, and shall not provide, any Person not a party hereto (other than the Benefitted Persons) with any rights of any nature whatsoever against either of the parties hereto, and, except as expressly provided in the Participation Agreement or any other Operative Agreement, no Person not a party hereto (other than the Benefitted Persons) shall have any right, power, or privilege in respect of this Lease, or have any benefit or interest arising out of this Lease.
Administrative Agent and Lenders shall have received satisfactory evidence that all security interests and liens granted to Senior Agent for the benefit of the Benefitted Persons pursuant to the Loan Agreement or the other Loan Documents have been duly perfected and constitute first priority liens on the Collateral (other than in de minimis amounts and subject only to Permitted Encumbrances).
Upon the reasonable request of Senior Agent, Borrowers shall ▇▇▇▇ such negotiable instruments, invoices and other instruments or documents relating to the Collateral, to indicate Senior Agent’s security interests in the Collateral, for the benefit of the Benefitted Persons.
If any Collateral is at any time in the possession or control of any warehouseman, bailee or any of the Loan Parties’ agents or processors, the Loan Parties shall, upon the request of Administrative Agent, notify such warehouseman, bailee, agent or processor of the security interests in favor of Senior Agent, for the benefit of the Benefitted Persons, created hereby and shall instruct such Person to hold all such Collateral for Senior Agent’s account subject to Administrative Agent’s instructions.
The Parent hereby acknowledges and agrees that the Benefitted Persons have relied upon and will continue to rely upon the provisions hereof in entering into the Credit Agreement and any Incremental Facility relating to the Obligations and in extending credit to the Borrower pursuant thereto.
All issued and outstanding shares of capital stock or other equity interest of each of the Loan Parties are duly authorized and validly issued, fully paid, nonassessable, free and clear of all Liens other than those in favor of Senior Agent for the benefit of the Benefitted Persons, and such shares were issued in compliance with all applicable state, provincial, federal and foreign laws concerning the issuance of securities.
Administrative Agent may, on behalf of the Benefitted Persons, disburse funds to Borrowers for Loans requested.
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, the Benefitted Persons and their respective successors and assigns) any legal or equitable right, remedy or claim under or by reason of this Agreement.
The Collecting Banks shall acknowledge and agree, in a manner satisfactory to Administrative Agent, that all payments made to the Blocked Accounts are the sole and exclusive property of Senior Agent, for the benefit of Benefitted Persons, and that the Collecting Banks have no right to setoff against the Blocked Accounts and that all such payments received will be promptly transferred to the Agent’s Account, subject to the exception referred to below with respect to Recoton Canada.
The rights and remedies of the Administrative Agent, any representative or representatives of the Benefitted Persons and the Benefitted Persons hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.