Common use of Actions with Respect to Collateral Clause in Contracts

Actions with Respect to Collateral. Each Guarantor authorizes the Agents, the Lenders and the Swing Lenders to take any action or exercise any remedy with respect to any collateral from time to time securing the Guaranteed Obligations, which the Agents, the Lenders and the Swing Lenders in their sole discretion shall determine, without notice to such Guarantor. Notwithstanding any reference herein to any collateral securing any of the Guaranteed Obligations, it is acknowledged that, on the Closing Date, none of the Guarantors nor any of their Subsidiaries has granted, or has any obligation to grant, any Lien on any of its Property as security for the Guaranteed Obligations. In the event the Agents, the Lenders or the Swing Lenders in their sole discretion elect to give notice of any action with respect to any collateral securing the Guaranteed Obligations or any part thereof, the Administrative Agent shall give ten (10) days written notice to each Guarantor in accordance with the provisions of Section 11.06. Each Guarantor consents and agrees that none of the Agents nor the Lenders nor the Swing Lenders shall be under any obligation to marshal any assets in favor of such Guarantor or against or in payment of any or all of the Guaranteed Obligations.

Actions with Respect to Collateral. Each Guarantor authorizes the Agents, the Lenders, the Swing Lenders and the Swing Lenders Issuing Bank to take any action or exercise any remedy with respect to any collateral from time to time securing the Guaranteed Obligations, which the Agents, the Lenders, the Swing Lenders and the Swing Lenders Issuing Bank in their sole discretion shall determine, without notice to such Guarantor. Notwithstanding any reference herein to any collateral securing any of the Guaranteed Obligations, it is acknowledged that, on the Closing Effective Date, none of the Guarantors nor any of their Subsidiaries has granted, or has any obligation to grant, any Lien on any of its Property as security for the Guaranteed Obligations. In the event the Agents, the Lenders, the Swing Lenders or the Swing Lenders Issuing Bank in their sole discretion elect to give notice of any action with respect to any collateral securing the Guaranteed Obligations or any part thereof, the Administrative Agent shall give ten (10) days written notice to each Guarantor in accordance with the provisions of Section 11.0612.06. Each Guarantor consents and agrees that none of the Agents nor the Lenders nor the Swing Lenders nor the Issuing Bank shall be under any obligation to marshal any mars▇▇▇▇ ▇▇▇ assets in favor of such Guarantor or against or in payment of any or all of the Guaranteed Obligations.