Intercreditor Agreement; Consent Sample Clauses
The Intercreditor Agreement; Consent clause establishes the rules and procedures for how multiple creditors interact and obtain necessary approvals among themselves regarding a borrower's obligations. Typically, this clause outlines the requirement for creditors to enter into an intercreditor agreement, which governs their respective rights, priorities, and remedies, and specifies when and how consent must be obtained for actions such as amendments, waivers, or enforcement steps. Its core function is to ensure coordination and prevent conflicts among creditors, thereby providing clarity and reducing the risk of disputes over priority or enforcement actions.
Intercreditor Agreement; Consent. (a) Each Revolver Secured Party hereby irrevocably authorizes the Agents, to enter into, or amend, any intercreditor agreement (including the Intercreditor Agreement) (or similar agreements with the same or similar purpose) as agent for and on behalf its behalf in accordance with the terms specified in this Agreement and agrees that the Agents, may take such actions on its behalf as is contemplated by the terms of any such intercreditor agreement (including the Intercreditor Agreement). Any such intercreditor agreement (including the Intercreditor Agreement) entered into by the Agents on behalf of the Revolver Secured Parties shall be binding upon each Revolver Secured Party. The Administrative Agent shall notify the Revolver Secured Parties of the effectiveness of the intercreditor agreement when executed and shall provide a copy of the executed intercreditor agreement to the Revolver Secured Parties as and when effective.
(b) Each Revolver Secured Party hereby consents to the Collateral Agent executing an intercreditor agreement on behalf of the Revolver Secured Parties.
Intercreditor Agreement; Consent. In connection with that certain Intercreditor and Subordination Agreement, dated as of December ___, 2005 (the “Intercreditor Agreement”), among the Lender, Ethanol Income Fund, LLC and MVP Enterprises, LLC, the Lender hereby consents to the amendment of the EIF Loan Agreement (as defined in the Intercreditor Agreement) by the parties thereto and the amendment of the MVP Loan Agreement (as defined in the Intercreditor Agreement) by the parties thereto so long as the aggregate principal amount outstanding under the EIF Loan Agreement or the MVP Loan Agreement, as applicable, is not increased.