Authorization by Secured Parties Clause Samples

The 'Authorization by Secured Parties' clause grants specific permission from the secured parties for certain actions or decisions related to the agreement or collateral. Typically, this clause outlines which activities require prior approval from the secured parties, such as the sale or transfer of collateral, amendments to the agreement, or the incurrence of additional debt. By clearly defining the scope of authority and necessary consents, this clause ensures that the interests of the secured parties are protected and that key actions cannot be taken unilaterally by the debtor, thereby reducing the risk of unauthorized transactions that could affect the secured parties' position.
Authorization by Secured Parties. Each Secured Party authorizes a trustee, liquidator, receiver or similar official in a proceeding to make payments to the Indenture Trustee and, if the Indenture Trustee consents to make payments directly to the Secured Parties, to pay to the Indenture Trustee the amounts owed to the Indenture Trustee under Section 6.7.
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Related to Authorization by Secured Parties

  • Authorization to File Financing Statements Borrower hereby authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in Bank’s discretion.