Representative of Secured Parties Clause Samples
The 'Representative of Secured Parties' clause designates an individual or entity to act on behalf of all secured parties in a transaction. This representative is typically authorized to enforce security interests, manage collateral, and take legal action if necessary, streamlining communication and decision-making among multiple lenders or creditors. By centralizing authority, the clause ensures efficient administration of rights and remedies, reducing complexity and potential conflicts among secured parties.
Representative of Secured Parties. (a) In its capacity, the Administrative Agent is a “representative” of the Secured Parties within the meaning of the term “secured party” as defined in the New York Uniform Commercial Code. Each Lender authorizes the Administrative Agent to enter into the Pari Passu Intercreditor Agreement, the Pledge Agreement and each other Security Document (if any) to which it is a party and to take all action contemplated by such documents. Each Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Security Document, it being understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Security Documents.
(b) In the event that any Collateral is hereafter pledged by any Person as collateral security for the Secured Obligations in accordance with Section 6.03(o), Section 6.03(g) or otherwise as agreed by the Borrower in writing in its sole discretion, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf 127 Cleco CorporationCorporate Holdings LLC Credit Agreement of the Secured Parties any Financing Documents necessary or appropriate to grant and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties.
(c) The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by the Administrative Agent upon any Collateral (i) as described in Section 9.02(d); (ii) as permitted by, but only in accordance with, the terms of the applicable Financing Document; or (iii) if approved, authorized or ratified in writing by the Required Lenders, unless such release is required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant hereto. Upon any sale, transfer or Disposition of assets constituting Collateral which is permitted pursuant to the terms of any Financing Document, or consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least five (5) Business Days’ prior written request by the Borrower to the Administrative Agent, the Administrative Agent shall (and is hereby irrevocab...
Representative of Secured Parties. In a acknowledgement of the desire to act as a group in an orderly and efficient manner, Secured Parties hereby agree that any action with respect to this Agreement on behalf of Secured Parties may be taken only by: (1) the Secured Parties holding a majority of the then outstanding and unpaid principal on the Notes issued under the Private Placement; or (2) the person appointed by the Secured Parties holding a majority of the then outstanding and unpaid principal on the Notes issued under the Private Placement (in either case, a “Representative”); provided, however, each Secured Party shall be provided with notice of any action taken by the Representative. Secured Parties may take action by either written consent or at a physical or telephonic meeting at which the Secured Parties holding a majority of the then outstanding and unpaid principal on the Notes issued under the Private Placement is present.