'Protective Assets' definition
Examples of 'Protective Assets' in a sentence
CIT is willing to enter into this Amendment in order to (i) consent to the purchase by the Company of the Protective Assets pursuant to the Asset Purchase Agreement and (ii) amend certain other terms and conditions of the Financing Agreement, in each case subject to the terms and conditions set forth in this Amendment.
As of the First Amendment Effective Date, the Company has acquired pursuant to the Protective Acquisition Documents, and has become the owner of all of the Protective Assets, free and clear of any lien other than (i) Permitted Encumbrances and (ii) each lien described on Exhibit B hereto.
All conditions precedent to the purchase of the Protective Assets by the Company have been fulfilled or (with the written consent of CIT) waived, the Protective Acquisition Documents have not been amended or otherwise modified, and there has been no breach of any term or condition of the Protective Acquisition Documents.
It is understood and agreed that all Collateral (including the Protective Assets) shall secure the Obligations under the Loan Documents.
Notwithstanding anything to the contrary set forth in Section 7.9(g) of the Financing Agreement, CIT hereby consents to the acquisition of the Protective Assets by the Company pursuant to the Asset Purchase Agreement and agrees that such acquisition shall be permitted for all purposes of the Financing Agreement and the other Loan Documents.