Shared Obligations definition
Examples of Shared Obligations in a sentence
Except as otherwise provided, the provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Revolving Facility Secured Parties, on the one hand, and the Shared Obligations Secured Parties, as the case may be, on the other hand.
None of the Revolving Facility Agent nor any Shared Obligations Agent shall have individual liability to any Person if it shall mistakenly pay over or distribute to any Secured Party (or Holdings) any amounts in violation of the terms of this Agreement, so long as the Revolving Facility Agent or such Shared Obligations Agent, as the case may be, is acting in good faith.
Notwithstanding any term herein to the contrary, it is hereby expressly agreed and acknowledged that the agreements set forth herein by the Shared Obligations Agents and the Revolving Facility Agent, as applicable, are made solely in their capacity as collateral agents under the Shared Obligations Debt Documents and Revolving Facility Debt Documents, as applicable, and not in an individual capacity.
None of the Revolving Facility Agent nor any Shared Obligations Agent shall have any liability or responsibility for the actions or omissions of any other Secured Party, or for any other Secured Party’s compliance with (or failure to comply with) the terms of this Agreement.
The Shared Obligations Agents shall be entitled to all of the rights, protections, immunities and indemnities set forth in the Pari Passu Intercreditor Agreement and Shared Obligations Debt Documents as if specifically set forth herein.
To the extent that an insured loss covers or constitutes both Revolving Facility First Lien Collateral and Shared First Lien Collateral, then the Revolving Facility Agent and the Shared Obligations Agents will work jointly and in good faith to collect, adjust or settle (subject to the rights of the Grantors under the Revolving Facility Debt Documents and the Shared Obligations Debt Documents) under the relevant insurance policy.
If the Revolving Facility Agent conducts a public auction or private sale of the Revolving Facility First Lien Collateral at any of the real property included within the Shared First Lien Collateral, the Revolving Facility Agent shall provide the Shared Obligations Agents with reasonable notice and use reasonable efforts to hold such auction or sale in a manner which would not unduly disrupt the Shared Obligations Agents’ use of such real property.
Contractor covenants to pay and perform all obligations of the “Owner” assumed by Contractor under the Assignment, Assumption and Consent Agreement (which assumed obligations expressly exclude the Retained Obligations and, to the extent allocable to Owner, the Shared Obligations) in accordance with the terms and conditions of the Power Island Supply Agreement, as modified by the Assignment, Assumption and Consent Agreement.
The grant of the Revolving Facility Liens pursuant to the Revolving Facility Security Documents and the grant of the Shared Obligations Liens pursuant to the Shared Obligations Security Documents create separate and distinct Liens on the Collateral.
The Collateral Agent may deem and treat the payee of any promissory note or other evidence of indebtedness relating to the Shared Obligations as the owner thereof for all purposes hereof unless and until a written notice of the assignment or transfer thereof, signed by such payee and in form satisfactory to the Collateral Agent, shall have been filed with the Collateral Agent.