Examples of Term Credit Parties in a sentence
The ABL Agent is hereby authorized to make any such endorsements as agent for the Term Agent or any such Term Credit Parties.
The ABL Agent is not and shall not be deemed to be a fiduciary of any kind for the Term Credit Parties or any other Person.
The Term Agent, for and on behalf of itself and the Term Credit Parties, agrees that no payment to the ABL Agent or any ABL Credit Party pursuant to the provisions of this Agreement shall entitle the Term Agent or any Term Credit Party to exercise any rights of subrogation in respect thereof until the Discharge of ABL Obligations shall have occurred.
The Term Agent, for itself and on behalf of the other Term Credit Parties, agrees that none of the Term Agent or the other Term Credit Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any other ABL Credit Party under the ABL Documents with respect to the ABL Priority Collateral.
In the event that any one or more of the Term Credit Parties exercises and consummates the purchase option set forth in this Article 7, (i) the ABL Agent and the L/C Issuers shall have the right, but not the obligation, to immediately resign under the ABL Credit Agreement, and (ii) the purchasing Term Credit Parties shall have the right, but not the obligation, to require the ABL Agent and the L/C Issuers to immediately resign under the ABL Credit Agreement.
It is the Term Agent’s responsibility to ensure the validity, perfection and enforceability of the Liens granted by the Loan Parties to the Term Agent for the benefit of itself and the Term Credit Parties.
The Term Agent, on behalf of itself and the Term Credit Parties, agrees that neither the ABL Agent nor any ABL Credit Party shall incur any liability as a result of a sale, lease, license, application, or other disposition of all or any portion of the Collateral or Proceeds thereof, pursuant to the ABL Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement.
Each of the Term Credit Parties and the Loan Parties agrees that no ABL Credit Party shall have any liability for relying on the calculation of the Term Loan Reserve as set forth in a Borrowing Base Certificate delivered by the Loan Parties or in the Term Loan Reserve Correction Notice delivered by the Term Agent, as the case may be.
The Term Agent and the Term Credit Parties shall be entitled to manage and supervise their loans under the Term Documents as they may, in their sole discretion, deem appropriate, and may manage their loans without regard to any rights or interests that the ABL Agent or any ABL Credit Party has in the Collateral, except as otherwise expressly set forth in this Agreement.
This Section 2.3 shall not be construed to in any way limit or impair the rights of the ABL Agent to join (but not control or object to in any way) any foreclosure or other Exercise of Secured Creditor Remedies with respect to the Collateral initiated by the Term Agent, so long as it does not delay or interfere in any material respect with the exercise by the Term Credit Parties of their respective rights as provided in this Agreement.