Common use of Recourse to Security Clause in Contracts

Recourse to Security. Recourse to security shall not be required for any Obligation hereunder and the Borrower hereby waives any requirement that the Administrative Agent or the Lenders exhaust any right or take any action against any of the Collateral before proceeding to enforce the Obligations against the Borrower.

Appears in 3 contracts

Sources: Loan and Security Agreement (Icahn Enterprises L.P.), Loan and Security Agreement (Westpoint International Inc), Loan and Security Agreement (American Real Estate Partners L P)

Recourse to Security. Recourse to security shall not be required for any Obligation hereunder and the each Borrower hereby waives any requirement that the Administrative Agent or the Lenders exhaust any right or take any action against any of the Collateral before proceeding to enforce the Obligations against the such Borrower.

Appears in 2 contracts

Sources: Loan and Security Agreement (Grant Prideco Inc), Loan and Security Agreement (Grant Prideco Inc)

Recourse to Security. Recourse to security shall not be required for any Obligation hereunder and the Borrower hereby waives any requirement that the Administrative Agent or the Lenders exhaust any right or take any action against any of the Collateral before proceeding to enforce the Obligations against the Borrower.

Appears in 1 contract

Sources: Loan and Security Agreement (Chi Energy Inc)

Recourse to Security. Recourse to security shall not be required for any Obligation hereunder hereunder, and the Borrower hereby waives any requirement that the Administrative Agent or the Lenders exhaust any right or take any action against any of the Collateral before proceeding to enforce the Obligations against the Borrower.

Appears in 1 contract

Sources: Loan and Security Agreement (Hooper Holmes Inc)

Recourse to Security. Recourse to security shall not be required for any Obligation hereunder and the each Borrower hereby waives any requirement that the Administrative Agent or the Lenders any Lender exhaust any right or take any action against any of the Collateral before proceeding to enforce the Obligations against the any Borrower.

Appears in 1 contract

Sources: Loan and Security Agreement (General Datacomm Industries Inc)