Examples of Collateral Party in a sentence
For purposes of Articles 8 and 9 of the UCC, to the extent that Party B has any right to originate entitlement orders or other instructions or directions with respect to any Collateral, Party B shall no longer have any such right upon the occurrence of a Close-out Event.
Either Collateral Party may resign by giving 60 days’ prior notice to the Security Agent and the Debtor provided that any such resignation shall be effective only upon the appointment by the Security Agent of successor Collateral Parties (or Collateral Party, as the case may be) (which appointment the Security Agent agrees to effect promptly following the receipt of such notice).
Without limiting the generality of the foregoing, neither Collateral Party shall be subject to any fiduciary or other implied duties, and neither Collateral Party shall have any duty to take any discretionary action or exercise any discretionary powers.
The Collateral Parties shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing delivered to either Collateral Party under or in connection with this Agreement or the Security Agreement and believed by it to be genuine and to have been signed or sent by the proper Person.
Neither Collateral Party shall have any duties or obligations except those expressly set forth herein.