Common use of Action Concerning Collateral Clause in Contracts

Action Concerning Collateral. (a) Notwithstanding any Lien now held or hereafter acquired by the Subordinated Creditor, the Senior Lenders may take possession of, sell, dispose of, and otherwise deal with all or any part of the Collateral, and may enforce any right or remedy available to them with respect to the Borrower or the Collateral, all without notice to or consent of the Subordinated Creditor except as specifically required by applicable law. This Section 6(a) does not and is not intended to authorize the Subordinated Creditor to hold any Lien on all or any part of the Collateral. (b) The Senior Lenders shall have no duty to preserve, protect, care for, insure, take possession of, collect, dispose of, or otherwise realize upon any of the Collateral, and in no event shall the Senior Lenders be deemed the Subordinated Creditor’s agent with respect to the Collateral. All proceeds received by the Senior Lenders with respect to any Collateral may be applied, first, to pay or reimburse the Senior Lenders for all costs and expenses (including reasonable attorneys’ fees) incurred by the Senior Lenders in connection with the collection of such proceeds, and, second, to any Senior Debt secured by the Senior Lenders’ Lien in that Collateral, in any order that it may choose.

Action Concerning Collateral. (a) Notwithstanding any Lien now held or hereafter acquired by the Subordinated Creditor, the Senior Lenders Banks may take possession of, sell, dispose of, and otherwise deal with all or any part of the Collateral, and may enforce any right or remedy available to them with respect to the Borrower Borrowers or the Collateral, all without notice to or consent of the Subordinated Creditor except as specifically required by applicable law. This Section 6(a) does not and is not intended to authorize the Subordinated Creditor to hold any Lien on all or any part of the Collateral. (b) The Senior Lenders Banks shall have no duty to preserve, protect, care for, insure, take possession of, collect, dispose of, or otherwise realize upon any of the Collateral, and in no event shall the Senior Lenders Banks be deemed the Subordinated Creditor’s agent with respect to the Collateral. All proceeds received by the Senior Lenders Banks with respect to any Collateral may be applied, first, to pay or reimburse the Senior Lenders Banks for all costs and expenses (including reasonable attorneys’ fees) incurred by the Senior Lenders Banks in connection with the collection of such proceeds, and, second, to any Senior Debt secured by the Senior LendersBanks’ Lien in that Collateral, in any order that it may choose.

Action Concerning Collateral. (a) Notwithstanding any Lien now held or hereafter acquired by the Subordinated Creditor, the Senior Lenders Banks may take possession of, sell, dispose of, and otherwise deal with all or any part of the Collateral, and may enforce any right or remedy available to them with respect to the Borrower Borrowers or the Collateral, all without notice to or consent of the Subordinated Creditor except as specifically required by applicable law. This Section 6(a) does not and is not intended to authorize the Subordinated Creditor to hold any Lien on all or any part of the Collateral. (b) The Senior Lenders Banks shall have no duty to preserve, protect, care for, insure, take possession of, collect, dispose of, or otherwise realize upon any of the Collateral, and in no event shall the Senior Lenders Banks be deemed the Subordinated Creditor’s 's agent with respect to the Collateral. All proceeds received by the Senior Lenders Banks with respect to any Collateral may be applied, first, to pay or reimburse the Senior Lenders Banks for all costs and expenses (including reasonable attorneys’ ' fees) incurred by the Senior Lenders Banks in connection with the collection of such proceeds, and, second, to any Senior Debt secured by the Senior Lenders’ Banks' Lien in that Collateral, in any order that it may choose.