Effectiveness of Security Documents Sample Clauses

Effectiveness of Security Documents. Any Lien on any material Collateral created by any of the Guarantee and Collateral Agreements shall cease to be enforceable and of the same effect and priority purported to be created thereby (other than pursuant to the terms and conditions of this Agreement or the other Loan Documents) or the Company or any Subsidiary party thereto shall so assert in writing; then, and in every such event (other than an event with respect to any Borrower described in clause (f) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take any or all of the following actions, at the same or different times: (i) terminate the Commitments (and the Letter of Credit Commitments), and thereupon the Commitments (and the Letter of Credit Commitments) shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations of the Borrowers accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers and (iii) require cash collateral for the LC Exposure in accordance with Section 2.06(j); and in case of any event with respect to any Borrower described in clause (f) of this Article, the Commitments (and the Letter of Credit Commitments) shall automatically terminate and the principal of the Loans then outstanding and the cash collateral for the LC Exposure, together with accrued interest thereon and all fees and other Obligations accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including all remedies provided under the UCC.
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Effectiveness of Security Documents. Borrower and each other Grantor agree that, notwithstanding the terms of Section 2.16(b) of the Credit Agreement, the Security Agreements, or the other Security Documents, a Trigger Event shall be deemed to have occurred as of the Second Amendment Effective Date and the Trigger Date shall be deemed to be the Second Amendment Effective Date. On the Second Amendment Effective Date, the grant of the Liens under the Security Documents shall become effective without any further action on the part of any Grantor, and Collateral Agent shall be authorized to take such actions set forth in Section 2.16(b).
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Effectiveness of Security Documents. On or after the date of the ----------------------------------- execution and delivery thereof, if for any reason any Security Document ceases to be in full force and effect (other than by operation of the terms thereof) or any of the Liens intended to be created by any Security Document ceases to be or is not a valid and perfected Lien in any material portion of Collateral having the priority contemplated thereby or if any party to any Security Document (other than the Lender) shall assert in writing that any such document or agreement has ceased to be in full force and effect.
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Effectiveness of Security Documents. The Security Documents shall contain terms that provide that they shall not become effective, unless during the Modification Period, (i) a Default or Event of Default occurs and is continuing as a result of Borrower’s failure to perform or observe any of Sections 7.13,7.14,7.15, 7.16, or 7.17, and (ii) Borrower’s Liquidity does not exceed $150,000,000 (in each case as reflected on the most recent Compliance Certificate delivered pursuant to Section 6.02(b) (a “Trigger Event”)). Thereupon, the grant of the Lien under the Security Documents shall become effective without any further action on the part of any Grantor, and Collateral Agent shall be authorized to file UCC financing statements, obtain full execution of any account control agreements, file any other Security Documents with appropriate Governmental Authorities and undertake any other actions as may be necessary in order to perfect the Lien granted under the Security Agreements, all of which shall be at Borrower’s sole cost and expense. In connection with the perfection of such Lien, Collateral Agent may obtain, at Borrower’s sole cost and expense, such lien searches as Collateral Agent deems necessary to confirm the priority of such Lien. The granting of such Lien pursuant to the Security Agreements shall not otherwise cure or constitute a waiver of any Defaults or Event of Default hereunder.
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Effectiveness of Security Documents. The Security Documents shall contain terms that provide that they shall not become effective, unless during the Modification Period, (i) a Default or Event of Default occurs and is continuing as a result of Borrower’s failure to perform or observe any of Sections 7.13, 7.14, 7.15, 7.16, or 7.17, and (ii) Borrower’s Liquidity does not exceed $150,000,000 (in each case as reflected on the most recent Compliance Certificate delivered pursuant to Section 6.02(b)) (a “Trigger Event”). Thereupon, the grant of the Lien under the Security Documents shall become effective without any further action on the part of any Grantor, and Collateral Agent shall be authorized to file UCC financing statements, obtain full execution of any account control agreements, file any other Security Documents with appropriate Governmental Authorities and undertake any other actions as may be necessary in order to perfect the Lien granted under the Security Agreements, all of which shall be at Borrower’s sole cost and expense. In connection with the perfection of such Lien, Collateral Agent may obtain, at Borrower’s sole cost and expense, such lien searches as Collateral Agent deems necessary to confirm the priority of such Lien. The granting of such Lien pursuant to the Security Agreements shall not otherwise cure or constitute a waiver of any Default or Event of Default hereunder.
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Effectiveness of Security Documents. Borrower and each other Grantor agree that, notwithstanding the terms of Section 6.14(b) of the Term Loan Agreement, the Security Agreements, or the other Security Documents, a Trigger Event shall be deemed to have occurred as of the Third Amendment Effective Date and the Trigger Date shall be deemed to be the Third Amendment Effective Date. On the Third Amendment Effective Date, the grant of the Liens under the Security Documents shall become effective without any further action on the part of any Grantor, and Collateral Agent shall be authorized to take such actions set forth in Section 6.14(b).
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Effectiveness of Security Documents. On or after the date of the execution and delivery thereof, if for any reason any Security Document shall cease to be in full force and effect (other than by operation of the terms thereof) or any of the Liens intended to be created by any Security Document ceases to be or is not a valid and perfected Lien in the Collateral having the priority contemplated thereby (other than by reason of acts or omissions of Agent or any Lender, except where Borrower, thereafter, fails to cooperate with Agent or any such Lender in good faith and except for Permitted Liens), or if any party to any Security Document (other than the Agent or any Lender) shall assert in writing that any such document or agreement has ceased to be in full force and effect, other than by payment in full of the obligations secured thereby.
Sample 1
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Effectiveness of Security Documents. Some or all of the Debtors may execute and deliver to the Secured Party additional Loan Documents granting Liens in favor of the Secured Party governed by the laws of New York or of other jurisdictions, including foreign jurisdictions; and some or all of such other Loan Documents may also grant rights and interests in property that is part of the Collateral hereunder. All such rights and interests granted to the Secured Party in such other Loan Documents are intended to be, and shall be, cumulative with the rights and interests granted to the Secured Party, for the benefit of the Secured Creditors, in this Security Agreement; and this Security Agreement shall not be construed to impugn the effectiveness of, or the security interests or other Liens granted by, any of such other Loan Documents, nor shall any of such other Loan Documents be construed to impugn the effectiveness of, or the security interests or other Liens granted by, this Security Agreement.
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Related to Effectiveness of Security Documents

  • Terms of Security Documents The following principles will be reflected in the terms of any security taken as part of this transaction:

  • Effectiveness of Covenants (a) Following the first day:

  • Effectiveness of Contract The Contract shall take effect from the date of signatures or seals by the Lender and the Borrower.

  • Effectiveness of the Contract This contract shall come into force on the date when it is signed with official seals by the legal representatives, responsible persons or authorized signers of both parties. This contract is made in duplicate with the same legal effect, one for each party. Borrower: Shengfeng Logistics Group Co., Ltd. Authorized signature: /s/ Xxx Xxxxxx July 16, 2021 Lender: Bank of China Limited Fuzhou Jin’an Sub-branch Authorized signature: /s/ Xxxx Xx July 16, 2021

  • Reaffirmation of Security Interests Each Loan Party (a) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting and (b) agrees that this Amendment does not in any manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents.

  • Effectiveness of Amendment (a) This Amendment shall become effective as of the date first written above.

  • Guarantee of Securities Section 1601 Guarantee.

  • Effectiveness of Lease The Lease is in full force and effect, has not been modified, and constitutes the entire agreement between Landlord and Tenant relating to Tenant’s Premises. Tenant has no interest in Landlord’s Premises except pursuant to the Lease. No unfulfilled conditions exist to Tenant’s obligations under the Lease.

  • Continuing Agreement, Transfer of Secured Obligations This Agreement is a continuing agreement and shall (a) subject to Section 5.3, remain in full force and effect until the Discharge of ABL Obligations shall have occurred, (b) be binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns. Nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Common Collateral. All references to any Grantor shall include any Grantor as debtor-in-possession and any receiver or trustee for such Grantor in any Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), the ABL Collateral Agent, any ABL Secured Party, the New First Lien Collateral Agent and any New First Lien Secured Party may assign or otherwise transfer all or any portion of the ABL Obligations or the New First Lien Obligations, as applicable, to any other Person (other than the Company, any Grantor or any Affiliate of the Company or any Grantor and any Subsidiary of the Company or any Grantor), and such other Person shall thereupon become vested with all the rights and obligations in respect thereof granted to the ABL Collateral Agent, the New First Lien Collateral Agent, any ABL Secured Party or any New First Lien Secured Party, as the case may be, herein or otherwise. The ABL Secured Parties and the New First Lien Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide Indebtedness to, or for the benefit of, any Grantor on the faith hereof.

  • Reaffirmation of Security Interest The Borrower hereby reaffirms as of the date hereof each and every security interest and Lien granted in favor of the Security Agent and the Banks under the Loan Documents, and agrees and acknowledges that such security interests and Liens shall continue from and after the date hereof and shall remain in full force and effect from and after the date hereof, in each case after giving effect to the Credit Agreement as amended by this Amendment, and the Obligations secured thereby and thereunder shall include the Borrower’s obligations under the Credit Agreement as amended by this Amendment. Each such reaffirmed security interest and Lien remains and shall continue to remain in full force and effect and is hereby in all respects ratified and confirmed.

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