Common use of Dealing with Security Clause in Contracts

Dealing with Security. Subject to Section 16.10(b)(vii), the Agent on behalf of the Lender Secured Parties may grant extensions of time or other indulgences, take and give up securities (including the Security Documents or any part or parts thereof), accept compositions, grant releases and discharges and otherwise deal with any Obligor, the Agent, other Lender Secured Parties and others and with the Security and each part thereof as the Agent may see fit, and may, subject to Section 7.6, apply all amounts received from any Obligor or others or from securities (including the Security or any part thereof) upon such part of the liabilities of the Borrower hereunder or under any of the Security as the Agent may direct, without prejudice to or in any way limiting the liability of the Obligors under the Loan Documents or any other collateral security.