ENCUMBERING EQUIPMENT AND REVENUES Sample Clauses

ENCUMBERING EQUIPMENT AND REVENUES. PathNet shall have the right to encumber the equipment acquired to create Capacity Expansion and PathNet's portion of the revenues to be received pursuant to the terms of this Agreement. PathNet shall have no right to encumber the equipment for the Initial System. However, any revenues PathNet may be due from the marketing of channels created by the 1 x 1 Initial System may be encumbered by PathNet. This Agreement and the rights contained herein may serve as collateral for vendors or others who may provide financing for the equipment of services PathNet shall provide during the System Build-Out Period. In addition, for financing purposes, PathNet may encumber and use its portion of the revenues that may be due under the terms of this Agreement to cross-collateralize the financing of other build-outs of systems that will be linked to PathNet's network. Any encumbrances placed on equipment are subject to the review and approval by Texaco, and such approval shall not be unreasonably withheld. However, any security interest given in the equipment used for creation of the Initial System shall reflect that the lienholder is prohibited from removing the equipment from, or disabling, modifying or adjusting the equipment at the Facilities. In addition, all encumbrances or security agreements shall reflect that, in the event of default by PathNet, lienholder's only remedy to recover monies is to proceed against PathNet's portion of revenues which it may receive and to bring in the services of a third party to manage and administer the marketable Excess Capacity. PathNet shall include in its financing agreements a provision that would grant to Texaco a right of first refusal to purchase the equipment in the event of PathNet's default under such Financing Agreements.
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