Common use of SECTION RIGHTS OF LENDER Clause in Contracts

SECTION RIGHTS OF LENDER. Subsidiary hereby assigns and pledges to the Lenders, for the ratable benefit of each Lender, Subsidiary's rights under Sections 1, 2, 3 and 4 of this Agreement, and, if Subsidiary fails or refuses to take timely action to enforce its rights under Section 1, 2, 3 or 4 of this Agreement, any Lender may enforce such rights on behalf of Subsidiary directly against Parent. Parent hereby consents to such assignment and pledge. This assignment and pledge secures all obligations of Subsidiary under the Credit Agreement and the Notes (as defined in the Credit Agreement). Subsidiary and Parent agree, for the benefit of the Lenders, to execute and deliver all further instruments and documents, and take all further action, that Lenders may request in order to perfect and protect any security interest purported to be granted hereby or to enable the Lenders to enforce their rights and remedies hereunder.