Shared Security Sample Clauses
The Shared Security clause establishes that multiple parties collectively provide or benefit from security interests or collateral for a particular obligation or set of obligations. In practice, this means that assets or guarantees may be pooled or cross-collateralized, so that if one party defaults, the shared security can be used to satisfy the outstanding debts of all relevant parties. This arrangement helps to allocate risk among the parties and ensures that creditors have a broader base of assets to claim against, thereby enhancing the overall security and reducing the risk of loss.
POPULAR SAMPLE Copied 1 times
Shared Security. The Secured Assets as listed in Part 2 of Schedule 11 of the SCA (including for these purposes the new Company Guarantee) and any other assets designated as Shared Security by the Company and the Intercreditor Agent in accordance with the SCA. • Non-Shared Security-The security listed in the attached Schedule pre/post Term Date (as defined in the SCA) being the Existing Security (as defined in the SCA) and any existing guarantees (including any existing guarantees from the Company but excluding the Rhodia Inc and the Rhodia Holding Inc. guarantee of the USPP) and any security interests/guarantees permitted to be created by the SCA in respect of each Facility (other than the Shared Security) and including equipment/assets subject to a lease but excluding, for the avoidance of doubt, receivables under securitisation programmes.
Shared Security. Upon the request of Agent, each Seller Party will exercise any and all of its rights to foreclose, draw, collect, liquidate or otherwise convert to cash or other property any Shared Security which secures, guarantees or provides other support in respect of any Receivable for the satisfaction of any defaulted obligation. Immediately upon receipt of any cash or other proceeds of Shared Security which secure, guarantee or provide other support in respect of any Receivable, either Seller Party shall deliver that portion which relates to such Receivable to a Collection Account and, at all times prior to delivering such proceeds to a Collection Account, such Seller Party shall hold the same in trust for the benefit of the Agent.
Shared Security. Upon the request of Buyer, Originator will exercise any and all of its rights to foreclose, draw, collect, liquidate or otherwise convert to cash or other property any Shared Security which secures, guarantees or provides other support in respect of any Receivable for the satisfaction of any defaulted obligation. Immediately upon receipt of any cash or other proceeds of Shared Security which secure, guarantee or provide other support in respect of any Receivable, Originator shall deliver to Buyer that portion which relates to such Receivable and, at all times prior to delivering such proceeds to Buyer, Originator shall hold the same in trust for the benefit of Buyer and its assigns.
Shared Security. Landlord will grant Tenant and Tenant’s invitees access to enter the Property on Landlord’s existing access control system. Landlord will provide security patrol services throughout the Property, including the area surrounding the Premises. ▇▇▇▇▇▇▇▇’s patrol officer will notify Tenant of any suspicious activity near or around the Premises. Landlord will grant Tenant permission to view security camera footage upon reasonable request, subject to Landlord’s reasonable policies related to access and distribution of security camera footage.
Shared Security. To the extent any creditor of a Debtor (other than any Primary Creditor) wishes to share or participate in the Transaction Security, such creditor shall not be entitled to share or participate in such Security without having:
(a) first obtained the consent of the Majority Senior Creditors, to the extent (i) not expressly permitted or (ii) expressly prohibited, under the Senior Finance Documents;
Shared Security. The Secured Parties hereby agree that, if any Secured --------------- Party (other than the Collateral Agent, in its capacity as such) shall realize any funds from any Foreclosure Action with respect to any Shared Collateral, such Secured Party shall forthwith 8 remit the same to the Collateral Agent, who shall deposit the same in the Shared Collateral Account. If, during the course of or pursuant to, any Bankruptcy Proceeding of any Loan Party, a Secured Party (the "Returning Secured Party") is required by a court or other tribunal of competent jurisdiction to disgorge, refund, rebate, or otherwise return any payment or distribution received in connection with a Foreclosure Action with respect to Shared Collateral (including any proceeds thereof) (each such payment or distribution referred to herein as a "Disputed Payment") (whether by reason that such Disputed Payment constituted or was alleged to constitute a preference, a fraudulent transfer, or for such other reason as such court or tribunal shall find), the other Secured Parties shall immediately pay (out of the Shared Collateral Account to the extent available) to the Returning Secured Party their pro rata share of such Disputed Payment, such pro rata share being determined on the basis of each Secured Party's share of the Shared Obligations at the time of such return. Each holder of a participation in any of the Shared Obligations shall be bound by this Subsection 2.5(c) [Shared Security] fully as if it were a Secured Party hereunder.