Secured Parties Representative definition
Examples of Secured Parties Representative in a sentence
The Secured Parties Representative may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned.
The Grantors recognize that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws, the Secured Parties Representative may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof.
Without limiting the generality of the foregoing, so long as the Secured Parties Representative shall be entitled under this Section 4 to make collections in respect of the Collateral, the Secured Parties Representative shall have the right and power to receive, endorse and collect all checks made payable to the order of any Grantor representing any dividend, payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same.
It is the intent of the parties that the Secured Parties Representative shall have "control," within the meaning of Sections 8-106(d)(2), 9-104 and 9-106 of the NYUCC, of the Custodial Account and the Escrow Account.
The Custodial Agreement shall provide that the Custodial Account and the Escrow Account shall be maintained at the Custodian, except as otherwise instructed by the Secured Parties Representative, and the Secured Parties Representative hereby agrees not to so instruct the Custodian without the prior written consent of the Borrower and the Representatives.
After the Secured Parties Representative shall have received a Liquidation Direction and so long as such Liquidation Direction is in effect, the Secured Parties Representative may, either after entry or without entry, proceed by suit or suits at law or in equity to enforce such rights and to foreclose upon the Collateral and to sell all, or from time to time any, of the Collateral under the judgment or decree of a court of competent jurisdiction.
The Secured Parties Representative shall promptly take such actions upon receipt of a Liquidation Direction.
The Secured Parties Representative may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.
Notwithstanding the appointment of a receiver, but subject to an order of the court in the judicial proceedings referred to above, each of the Secured Parties Representative and the Custodian shall be entitled to retain possession and control of all Cash or property held by or deposited with it or its agents pursuant to any provision of this Agreement or the Custodial Agreement, as applicable.
Any Secured Parties shall have the right, from time to time, in their sole discretion, without notice or demand, to modify, amend, waive or release any of such Secured Parties' respective rights under the Transaction Documents and to exercise or refrain (or direct the Secured Parties Representative to exercise or refrain) from exercising any powers or rights conferred upon such Secured Parties or their Representatives or the Secured Parties Representative thereunder.