Examples of LC Priority Collateral in a sentence
To the extent that an insured loss covers or constitutes ABL Priority Collateral and LC Priority Collateral, then the ABL Collateral Agent and the LC Collateral Agent will work jointly and in good faith to collect, adjust or settle (subject to the rights of the Grantors under the ABL Documents and the LC Obligations Documents) under the relevant insurance policy.
Notwithstanding anything to the contrary herein or in any ABL Document or any LC Obligations Document, the Grantors shall not be required to act or refrain from acting (a) pursuant to this Agreement or any LC Obligations Document with respect to any ABL Priority Collateral in any manner that would cause a default under any ABL Document, or (b) pursuant to this Agreement or any ABL Document with respect to any LC Priority Collateral in any manner that would cause a default under any LC Obligations Document.
To the extent that an insured loss covers or constitutes Notes Priority Collateral and LC Priority Collateral, then the Notes Collateral Agent and the LC Collateral Agent will work jointly and in good faith to collect, adjust or settle (subject to the rights of the Grantors under the Notes Documents and the LC Obligations Documents) under the relevant insurance policy.
If the ABL Collateral Agent (including any receiver, receiver and manager, interim receiver or agent appointed by it) conducts a public auction or private sale of the ABL Priority Collateral at any of the real property included within the LC Priority Collateral, the ABL Collateral Agent shall use reasonable efforts to hold such auction or sale in a manner which would not unduly disrupt any LC Collateral Agent’s use of such real property for the benefit of the LC Secured Parties.
Upon Discharge in Full of the S&O Obligations (upon which event Xxxx will give prompt notice thereof to the Collateral Agent), the LC Facility Agent will be automatically appointed as Collateral Agent with respect to the LC Priority Collateral and any obligations of US Bank as Collateral Agent hereunder and under any other Secured Transaction Document will be terminated.
References to Collateral in this Agreement shall include assets of the Grantors that but for the application of Section 552 of the Bankruptcy Code would constitute LC Priority Collateral or LC Priority Collateral.
As between the Secured Parties, the LC Facility Agent as Controlling Agent shall have the right, subject to the terms of the applicable Secured Transaction Document, to adjust or settle any insurance policy or claim covering or constituting LC Priority Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the LC Priority Collateral, without further consent of, notice to, or action by Xxxx.
Xxxx Payment Obligation under the LC Related Xxxx Procurement Contract resulting therefrom shall automatically and without any further action of any party hereto be deemed collaterally assigned to the Collateral Agent and constitute part of the LC Priority Collateral hereunder.