Accommodation Party definition
Examples of Accommodation Party in a sentence
Each party consents to the assignment of this Agreement by the other to an Exchange Trustee or Accommodation Party.
The Borrower and the Accommodation Party warrant that the properties encumbered by the Mortgages are subject to no liens or encumbrances other than those set forth in the Mortgages.
The Borrower and the Accommodation Party each agrees that to its actual knowledge it has no claims, defenses, or offsets against the Lenders or the Agent with respect to the Credit Facility or to the enforcement of the Loan Documents arising prior to the date of this Agreement and that all such claims, defenses and offsets are hereby released.
The Borrower and the Accommodation Party confirm the grant, pledge and mortgage of the properties encumbered by the Mortgages, as and for continuing security for the obligations of the Borrower under the Loan Documents.
LICENSOR is not and never will be an Accommodation Party or Surety for the LICENSEE and vice versa under any circumstances.
The Company and Accommodation Party hereby authorizes ▇▇▇▇▇▇ Capital or its agents or assigns to sign and execute on the Company's and Accommodation Party’s behalf any and all necessary UCC forms to perfect the Security Agreement interest herein above granted to ▇▇▇▇▇▇ Capital.
On the Secured Party’s request, the Accommodation Party and Debtor, at Debtor’s own expense, will assemble the Collateral and make it available to the Secured Party at the places reasonably designated by the Secured Party from time to time.
In connection with any sale or other disposition of the Collateral, the Secured Party’s compliance with the written advice of its lawyer concerning the potential effect of any law will not be cause for the Accommodation Party and Debtor, or any other Person, to claim that the sale or other disposition was not commercially reasonable.
In the event of any assignment by the Secured Party of this Agreement or Secured Party’s rights hereunder, Accommodation Party and Debtor will not assert as a defense, counterclaim, set-off or otherwise against Secured Party’s assignee any claim, known or unknown, which Accommodation Party and Debtor now have or claim to have or hereinafter acquire against the Secured Party.
In the event that the Accommoda-tion Party revokes, or reduces the amount of, its guaranty of the Obligations, FINOVA may, at its election, reduce the Total Facility to Fifty Million ($50,000,000) Dollars within thirty (30) days of receipt of the Accommodation party's notice to FINOVA of such termination or reduction.