Collateral and Other Matters Sample Clauses
The 'Collateral and Other Matters' clause defines the requirements and terms related to assets pledged as security for an obligation, such as a loan or credit facility. It typically outlines what types of collateral are acceptable, the process for perfecting security interests, and the rights and responsibilities of both parties regarding the collateral. This clause ensures that the lender has a clear claim to specific assets if the borrower defaults, thereby reducing the lender's risk and clarifying the procedures for handling secured interests.
Collateral and Other Matters. (i) At least thirty (30) Business Days' prior written notice to the Agent of any change in the location of any Collateral having a value in excess of $1,000,000 or in the location of the chief executive office or place of business of any Borrower or any of its Subsidiaries from the locations specified in Schedule B, Part 6.10. At least twenty (20) Business Days prior to any such change, such Borrower shall cause to be executed and delivered to the Agent any financing statements, Collateral Access Agreements or other documents reasonably required by the Agent, all in form and substance reasonably satisfactory to the Agent.
(ii) Within ten (10) Business Days prior to the occurrence thereof, notice of the sale of any assets permitted pursuant to Section 8.6 hereof where the proceeds from such sale are in excess of $500,000, and notice of the sale by any Foreign Subsidiary of all or substantially all of its assets (including any transaction which has the effect of vesting title to such assets in another Person other than a Borrower), together with such additional information with respect to any such transaction as the Agent shall reasonably request.
Collateral and Other Matters. (a) Each Lender (including in theirits capacity as a Swingline Lender, Issuing Lender, Agent and/or Lead Arranger, as the case may be) authorizes and directs the Collateral Agent to enter into (i) the Security Documents, the Intercreditor Agreement and(ii) the 2008 CIBC Letter of Credit Facility Intercreditor Agreement, (iii) an intercreditor agreement having substantially the same terms as the Previous Intercreditor Agreement or such other terms as may be reasonably satisfactory to the Administrative Agent in connection with the incurrence of Liens on Notes Priority Assets as contemplated Section 10.02(a)(iii) and (iv) any other security agreements for the purpose of securing the Secured Obligations by Liens on Notes Priority Assets as contemplated by Section 10.02(a)(iii) (and each Lender authorizes the Administrative Agent to amend this Agreement to effect such technical and administrative changes as may be necessary or desirable in connection therewith), in each case for the benefit of the Lenders and the other Secured Parties. Each Lender hereby agrees, and each holder of any Note by the acceptance thereof will be deemed to agree, that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the provisions of this Agreement or the Security Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders. The Collateral Agent is hereby authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent from any Lender, from time to time prior to an Event of Default, to take any action with respect to any Collateral or Security Documents which may be necessary to perfect and maintain perfected the security interest in and liens upon the Collateral granted pursuant to the Security Documents.
(b) The Lenders hereby authorize and direct the Collateral Agent, at its option and in its discretion, to release or subordinate (as the case may be) any Lien granted to or held by the Collateral Agent upon any Collateral and the Guarantees under the Guarantee and Collateral Agreement and/or, the Canadian Guarantee and Collateral Agreement and/or the English Subsidiary Guarantee Agreement (i) upon termination of the Total Commitment (and all Letters of Credit and Bankers’ Acceptances (or the obligations in an amount of 103% of outstanding ...
Collateral and Other Matters