Grantor definition
Examples of Grantor in a sentence
In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other insolvency proceedings involving any Grantor or any other Group Member, the Lender on behalf of the Secured Parties shall have the right to prove their claim in any proceeding, so as to establish their rights hereunder and receive directly from the receiver, trustee or other court custodian, dividends and payments which would otherwise be payable upon Grantor Claims.
Each Grantor will, at its own sole cost and expense, maintain insurance with respect to the Collateral in accordance with the terms of the Note.
Each Grantor further agrees not to abandon any Intellectual Property that is necessary in and material to the conduct of such Grantor’s business (whether now owned or hereafter acquired) except in connection with any Permitted Disposition.
Each Grantor hereby releases the Lender from, and indemnifies the Lender against, any claims, causes of action and demands at any time arising out of or with respect to any actions taken or omitted to be taken by the Lender under the powers of attorney, proxy or license, granted herein other than actions caused by the gross negligence or willful misconduct of the Lender, as determined by a final non-appealable judgment of a court of competent jurisdiction.
Each Grantor hereby assigns such dividends and payments to the Lender for the benefit of the Secured Parties for application against the Secured Obligations as provided under the Note.