No Contest of Security Interest Sample Clauses

No Contest of Security Interest. No Subordinated Lender shall contest the validity, perfection or enforceability of any lien or security interest granted to the Agent by any Debtor in connection with the Senior Debt, and each Subordinated Lender agrees to cooperate in the defense of any action contesting the validity, perfection or enforceability of such liens or security interests.
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No Contest of Security Interest. No Subordinated Party shall contest the validity, perfection or enforceability of any lien or security interest granted to the Agent by any Debtor, and each Subordinated Party agrees to cooperate in the defense of any action contesting the validity, perfection or enforceability of such liens or security interests.
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No Contest of Security Interest. The Creditor shall not contest the validity, perfection or enforceability of any lien or security interest granted to the Agent by Borrower, and Creditor agrees to cooperate in the defense of any action contesting the validity, perfection or enforceability of such liens or security interests. Nothing in this Agreement shall be construed as in any way limiting a party's right to enforce the order of priorities of liens and debts set forth herein as against any person.
Sample 1
No Contest of Security Interest. The Tranche C Lenders agree that they shall not contest the validity, perfection or enforceability of any Lien or Security Interest granted to the Collateral Agent on behalf of the Senior Credit Parties by the Borrower or any other obligor of the Senior Obligations, and each of the Tranche C Lenders agrees to cooperate in the defense of any action contesting the validity, perfection or enforceability of such Liens or Security Interest. Nothing in this Section 2.15 shall be construed as in any way limiting a party's right to enforce the order of priorities of Liens and Indebtedness set forth in this Agreement as against any other Person.
Sample 1
No Contest of Security Interest. The parties agree that none of them will contest the security interest or lien of the other granted by the Debtor, or the perfection thereof, in any proceeding or for any reason. This covenant shall be specifically enforceable against any party hereto.
Sample 1
No Contest of Security Interest. Subject to the provisions of Section 3.2 and 3.3 hereof, the Senior Lender, the Subordinated Lender, the Companies and WC Holdings agree that none of them will contest the security interest or lien of the others granted by the Companies and WC Holdings, or the perfection thereof, in any proceeding or for any reason. All UCC financing statements, mortgages and assignments filed by the Senior Lender or the Subordinated Lender to secure any of the Senior Indebtedness or Subordinated Indebtedness, as applicable, shall make reference to the existence of this Agreement. This covenant shall be specifically enforceable against any party hereto.
Sample 1
No Contest of Security Interest. Subordinated Creditor shall not contest the validity, perfection or enforceability of the Senior Lien or any other lien or security interest granted to Agent, the Issuing Bank or any Lender by Borrower, or any payment on the Obligations or the allowance of the Obligations as a senior secured claim, and Subordinated Creditor agrees to cooperate in the defense of any action contesting the validity, perfection or enforceability of such liens or security interests or such payment or allowance. Nothing in this Agreement shall be construed as in any way limiting a party's right to enforce the order of priorities of liens and debts set forth herein as against any other Person. Agent (on its own behalf or on behalf of the Issuing Bank or the Lenders) shall not contest the validity, perfection or enforceability of the Subordinated Lien, or the allowance of the Subordinated Debt, provided such Subordinated Lien and Subordinated Debt are subordinate and junior to the Senior Lien and the Obligations, in accordance with all terms and provisions of this Agreement.
Sample 1
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No Contest of Security Interest. No Junior Creditor shall contest the validity, perfection, priority or enforceability of the Lien of Senior Agent granted by Borrower or Parent, or any payment on the Senior Debt or the allowance of the Senior Debt as a senior secured claim, and each Junior Creditor agrees to cooperate in the defense of any action contesting the validity, perfection, priority or enforceability of such liens or security interests or such payment or allowance. No Senior Creditor shall contest the validity, perfection, or enforceability of the Junior Creditor Lien granted by Borrower or Parent, or any payment on the Junior Debt to the extent expressly permitted hereunder or the allowance of the Junior Debt as a subordinated secured claim. Each Junior Creditor agrees that, as between the Senior Creditors and the Junior Creditors, the terms of this Agreement shall govern even if part or all of the Senior Debt or the Liens securing payment and performance thereof are avoided, disallowed, set aside or otherwise invalidated in any judicial proceeding or otherwise.
Sample 1

Related to No Contest of Security Interest

  • Xxxxx of Security Interest The Trust hereby pledges to and grants the Custodian a security interest in the assets of any Fund to secure the payment of any liabilities of the Fund to the Custodian for money borrowed from the Custodian. This pledge is in addition to any other pledge of collateral by the Trust to the Custodian.

  • Grant of Security Interest All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. The Borrower, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders (including the Swing Line Lender), and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.14(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrower or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

  • Impairment of Security Interest Debtor will not take or fail to take any action which would in any manner impair the value or enforceability of Secured Party's security interest in any Collateral.

  • Preservation of Security Interest The Servicer (at its own expense, on behalf of the Borrower) will file such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the first priority perfected security interest of the Collateral Agent, for the benefit of the Secured Parties, in, to and under the Loan Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing.

  • Status of Security Interest (a) Subject to the limitations set forth in subsection (b) of this Section 6.4, each Grantor shall maintain the security interest of the Collateral Agent hereunder in all Collateral as valid, perfected, first priority Liens (subject, in the case of priority only, to Permitted Liens).

  • Creation of Security Interest Notwithstanding any other provision set forth in this Agreement, the Note, the Mortgage or any of the other Loan Documents, Lender may at any time create a security interest in all or any portion of its rights under this Agreement, the Note, the Mortgage and any other Loan Document (including the advances owing to it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System.

  • Priority of Security Interest Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien under this Agreement). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank.

  • Duration of Security Interest Lender’s security interest in the Collateral shall continue until the payment in full and the satisfaction of all Obligations and termination of Lender’s commitment to fund any Loans, whereupon such security interest shall terminate. Lender shall, at Borrower’s sole cost and expense, execute such further documents and take such further actions as may be reasonably necessary to make effective the release contemplated by this Section 4.3, including duly executing and delivering termination statements for filing in all relevant jurisdictions under the Code.

  • Assignment of Security Interest If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other person to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to the Collateral Agent. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other person granting the security interest.

  • Protection of Security Interest With respect to the Collateral Portfolio acquired by the Borrower, the Borrower will (i) acquire such Collateral Portfolio pursuant to and in accordance with the terms of the Contribution Agreement, (ii) at the expense of the Servicer, on behalf of the Borrower take all action necessary to perfect, protect and more fully evidence the Borrower’s ownership of such Collateral Portfolio free and clear of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation, (a) with respect to the Loan Assets and that portion of the Collateral Portfolio in which a security interest may be perfected by filing, filing and maintaining (at the expense of the Servicer, on behalf of the Borrower) effective financing statements against the Transferor in all necessary or appropriate filing offices, (including any amendments thereto or assignments thereof) and filing continuation statements, amendments or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof) and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, (iii) at the expense of the Servicer, on behalf of the Borrower, take all action necessary to cause a valid, subsisting and enforceable first priority perfected security interest, subject only to Permitted Liens, to exist in favor of the Collateral Agent (for the benefit of the Secured Parties) in the Borrower’s interests in all of the Collateral Portfolio being Pledged hereunder including the filing of a UCC financing statement in the applicable jurisdiction adequately describing the Collateral Portfolio (which may include an “all asset” filing), and naming the Borrower as debtor and the Collateral Agent as the secured party, and filing continuation statements, amendments or assignments with respect thereto in such filing offices (including any amendments thereto or assignments thereof), (iv) permit the Administrative Agent or its agents or representatives to visit the offices of the Borrower during normal office hours and upon reasonable advance notice examine and make copies of all documents, books, records and other information concerning the Collateral Portfolio and discuss matters related thereto with any of the officers or employees of the Borrower having knowledge of such matters, and (v) take all additional action that the Administrative Agent or the Collateral Agent may reasonably request to perfect, protect and more fully evidence the respective first priority perfected security interests of the parties to this Agreement in the Collateral Portfolio, or to enable the Administrative Agent or the Collateral Agent to exercise or enforce any of their respective rights hereunder.

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