Secured Creditors definition
Examples of Secured Creditors in a sentence
In furtherance of such provisions, each Guarantor hereby waives to the fullest extent permitted by applicable law all rights and defenses arising out of an election of remedies by the Secured Creditors, even though that election of remedies, such as a nonjudicial foreclosure, destroys such Guarantor’s rights of subrogation and reimbursement against any Borrower by the operation of Section 580d of the California Code of Civil Procedure or otherwise.
Each Lender and each Bank Product Provider irrevocably appoints each other as its agent and bailee for the purpose of perfecting Liens (whether pursuant to Section 8-301(a)(2) of the UCC or otherwise), for the benefit of the Secured Creditors, in assets in which, in accordance with the UCC or any other applicable legal requirement a security interest can be perfected by possession or control.
The Additional Grantor hereby pledges and grants to the Collateral Agent, for the benefit of the Secured Creditors, a continuing security interest in all of the right, title and interest of such Additional Grantor in, to and under all of the Collateral (as defined in the Security Agreement) of such Additional Grantor, or in which or to which such Additional Grantor has any rights, in each case whether now existing or hereafter from time to time acquired in accordance with the Security Agreement.
All agreements, statements, representations and warranties made by each Pledgor herein or in any certificate or other instrument delivered by such Pledgor or on its behalf under this Agreement shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this Agreement and the other Security Documents regardless of any investigation made by the Secured Creditors or on their behalf.
Each Guarantor waives to the fullest extent permitted by applicable law any defense arising out of any such election by the Secured Creditors, even though such election operates to impair or extinguish any right of reimbursement, contribution, indemnification or subrogation or other right or remedy of such Guarantor against any Borrower, any other guarantor of the Guaranteed Obligations or any other party or any security.