Parity Lien Documents definition
Examples of Parity Lien Documents in a sentence
If any of the Representatives and/or Collateral Agents resigns or is replaced pursuant to the applicable Parity Lien Documents its successor shall be deemed to be a party to this Agreement and shall have all the rights of, and be subject to all the obligations of, this Agreement.
As among the Parity Lien Claimholders, the Applicable Representative shall have the right, subject to the rights of the Grantors under the Parity Lien Documents, but not the obligation, to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral.
To the extent any Representative or any other Parity Lien Claimholder receives proceeds of such insurance policy and such proceeds are not permitted or required to be returned to the Company or any other Grantor under the applicable Parity Lien Documents, subject to the rights of the Grantors under the Parity Lien Documents, such proceeds shall be turned over to the Applicable Representative for application as provided in Section 2.1 hereof.
The foregoing shall not be construed to limit the rights and priorities of any Parity Lien Claimholder or Representative (i) with respect to any Collateral not constituting Shared Collateral or (ii) with respect any Parity Lien Claimholder represented by the Applicable Representative, to enforce the terms of any applicable Parity Lien Documents to the extent not otherwise inconsistent with the terms of this Agreement.
In the event of any conflict between the provisions of this Agreement and the provisions of the Parity Lien Documents the provisions of this Agreement shall govern and control.