Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantor, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 2 contracts
Sources: Pledge and Security Agreement (Blackstone Mortgage Trust, Inc.), Pledge and Security Agreement (Blackstone Mortgage Trust, Inc.)
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees that that, subject to the Intercreditor Agreement, the Notes Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantorcontinuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 2 contracts
Sources: Security Agreement (SunOpta Inc.), Second Lien Canadian Security Agreement (SunOpta Inc.)
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may (but shall not be obligated to) at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantorcontinuing, compromise with the obligor on any Receivable, or accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivabledetermine, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 2 contracts
Sources: Pledge and Security Agreement (Cushman & Wakefield PLC), Pledge and Security Agreement (Cushman & Wakefield PLC)
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent Trustee recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the ReceivablesReceivables that are included in the Collateral and owned by such Grantor, that certain of the such Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a such disputed Receivable Receivables may exceed the amount that reasonably may be expected to be recovered with respect to any Receivablesuch Receivables. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent Trustee may at any time and from time to time, if an Event when a Notice of Default has occurred Acceleration is in effect and is continuing and upon three Business Days’ notice subject to the relevant Grantorprovisions of the Intercreditor Agreement, compromise with the obligor on any such Receivable, accept any amount in full payment of any such Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any such Receivable, and any such action by the Notes Collateral Agent Trustee shall be commercially reasonable so long as the Notes Collateral Agent Trustee acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 2 contracts
Sources: Pledge and Security Agreement, Pledge and Security Agreement (YRC Worldwide Inc.)
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may (but shall have no obligation to), at any time and from time to time, if an Event of a Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantorcontinuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing continuing, and upon three Business Days’ substantially contemporaneous notice to the relevant such Grantor, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Compromises and Collection of Collateral. Each Grantor The Grantors and the Notes Noteholder Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the ReceivablesAccounts, that certain of the Receivables Accounts may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable Account may exceed the amount that reasonably may be expected to be recovered with respect to any Receivablea Account. In view of the foregoing, each Grantor agrees that that, subject to the Notes terms, conditions and provisions of the Intercreditor Agreement, the Noteholder Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantorcontinuing, compromise with the obligor on any ReceivableAccount, accept in full payment of any Receivable Account such amount as the Notes Noteholder Collateral Agent in its sole and reasonable discretion shall determine or abandon any ReceivableAccount, and any such action by the Notes Noteholder Collateral Agent shall be commercially reasonable so long as the Notes Noteholder Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent (on behalf of itself and the other Secured Parties) recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice subject to the relevant GrantorIntercreditor Agreement, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Sources: 364 Day Facility u.s. Pledge and Security Agreement (Weatherford International PLC)
Compromises and Collection of Collateral. Each Grantor The Grantors and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees that that, subject to the Notes terms of the Intercreditor Agreement, the Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantorcontinuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the ReceivablesReceivables included in the Collateral, that certain of the such Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any such Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantorcontinuing, compromise with the obligor on any ReceivableReceivable included in the Collateral, accept in full payment of any such Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any such Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Sources: Pledge and Security Agreement (Iron Mining Group, Inc.)
Compromises and Collection of Collateral. Each Grantor The Grantors and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to continuing, following the relevant GrantorABL Obligations Payment Date, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Sources: Pledge and Security Agreement (Smithfield Foods Inc)
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantor, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Sources: Pledge and Security Agreement (Blackstone Mortgage Trust, Inc.)
Compromises and Collection of Collateral. Each Grantor The Grantors and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees the Grantors agree that the Notes Collateral Agent may at any time and from time to time, subject to the terms of the Intercreditor Agreement, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantorcontinuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may at any time and from time to time, if an Event of a Roto-Rooter Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantorcontinuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to any a Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may (but shall have no obligation to), at any time and from time to time, if an Event of Default has occurred and is continuing and upon three Business Days’ notice to the relevant Grantorcontinuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Notes Collateral Agent in its sole and reasonable discretion shall determine or abandon any Receivable, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts reasonably in good faith based on information known to it at the time it takes any such action.
Appears in 1 contract
Sources: Security Agreement (Stonemor Inc.)