Foreclosure on Collateral. In the event of foreclosure or enforcement of the Lien created by any of the Loan Documents, title to any collateral encumbered thereby shall be taken and held by the Administrative Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks in accordance with the Obligations outstanding to each of them and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.
Appears in 2 contracts
Samples: Day Loan Agreement (MGM Mirage), Day Loan Agreement (MGM Mirage)
Foreclosure on Collateral. In the event of foreclosure or ------------------------- enforcement of the Lien created by any of the Loan Documents, title to any collateral encumbered thereby shall be taken and held by the Administrative Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks in accordance with the Obligations outstanding to each of them and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.
Appears in 2 contracts
Samples: Term Loan Agreement (MGM Grand Inc), Loan Agreement (MGM Grand Inc)
Foreclosure on Collateral. In the event of foreclosure or ------------------------- enforcement of the Lien created by any of the Loan Collateral Documents, title to any collateral encumbered the Collateral covered thereby shall be taken and held by the Administrative Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks in accordance with the Obligations outstanding to each of them and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.
Appears in 2 contracts
Samples: Loan Agreement (MGM Grand Inc), Loan Agreement (MGM Grand Inc)
Foreclosure on Collateral. In the event of foreclosure or enforcement of the Lien created by any of the Loan Collateral Documents, title to any collateral encumbered the Collateral covered thereby shall be taken and held by the Administrative Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks in accordance with the Obligations outstanding to each of them their Pro Rata Share and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.
Appears in 2 contracts
Samples: Credit Agreement (Todd Ao Corp), Pledge Agreement (Todd Ao Corp)
Foreclosure on Collateral. In the event of foreclosure or ------------------------- enforcement of the Lien created by any of the Loan Collateral Documents, title to any collateral encumbered the Collateral covered thereby shall be taken and held by the Administrative Managing Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks in accordance with the Obligations outstanding to each of them and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Managing Agent in comparable syndicated credit facilities.
Appears in 1 contract
Foreclosure on Collateral. In the event of foreclosure or enforcement of the Lien created by any of the Loan Documents, title to any collateral encumbered thereby shall be taken and held (a) by the Collateral Agent pursuant to the Intercreditor Agreement, or (b) by the Administrative Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks Lenders in accordance with the Obligations outstanding to each of them and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.
Appears in 1 contract
Samples: Loan Agreement (MGM Mirage)
Foreclosure on Collateral. In the event of foreclosure or ------------------------- enforcement of the Lien created by any of the Loan Collateral Documents, title to any collateral encumbered the Collateral covered thereby shall be taken and held by the Administrative Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks Lenders in accordance with the Obligations outstanding to each of them and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.
Appears in 1 contract
Samples: Loan Agreement (MGM Grand Inc)
Foreclosure on Collateral. In the event of foreclosure or enforcement ------------------------- of the Lien created by any of the Loan Documents, title to any collateral encumbered thereby shall be taken and held by the Administrative Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks in accordance with the Obligations outstanding to each of them and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.
Appears in 1 contract
Samples: Day Loan Agreement (MGM Grand Inc)
Foreclosure on Collateral. In n the event of foreclosure or enforcement of the Lien created by any of the Loan Documents, title to any collateral encumbered thereby shall be taken and held by the Administrative Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks in accordance with the Obligations outstanding to each of them and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.
Appears in 1 contract
Samples: Day Loan Agreement (MGM Mirage)
Foreclosure on Collateral. In the event of foreclosure or enforcement of the Lien created by any of the Loan Documents, title to any collateral encumbered thereby shall be taken and held (a) by the Collateral Agent pursuant to the Intercreditor Agreement or (b) by Administrative Agent (or an Affiliate or designee thereof) pro rata for the benefit of the Banks Lenders in accordance with the Obligations outstanding to each of them and shall be administered in accordance with the standard form of collateral holding participation agreement used by the Administrative Agent in comparable syndicated credit facilities.
Appears in 1 contract
Samples: Loan Agreement (MGM Mirage)