Most of the authorizations and you will organizations here contained depending on the Security is irrevocable and energies combined with an attraction
Towards the avoidance of doubt, in the no including shall CSFB succeed to any liabilities otherwise personal debt away from Bank hereunder, beneath the Grasp Pass on Buy Contract or perhaps the Financing Data
Section 4.13 Discharge of Defense Attention. Upon the latest to occur of (a) the repayment of the Loan, and (b) the occurrence of the Termination Date, Lender shall release its security interest in any remaining Collateral hereunder and shall promptly execute and deliver to Borrower such documents or instruments as Borrower shall reasonably request to evidence such release; provided, that such release shall not be required until such time as the Acknowledgement Agreement is terminated.
Section 4.14 Reinstatement. All security interests created by this Article IV shall continue to be effective, or be reinstated, as the case may be, if at any time any payment, or any part thereof, of any Obligation of Borrower is rescinded or must otherwise be restored or returned by the Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, Borrower or any substantial part of its property, or otherwise, all as if such release had not been made.
Section 4.15 Subordination. It is anticipated that in connection with the transactions contemplated by the Financing Records, that (x) the Borrower is pledging the Repledge Collateral to the Lender subject to the Lien of CSFB and (y) Borrower hereby reaffirms such Lien and the Borrower and the Lender acknowledge and agree that their respective rights with respect to the Repledge Collateral are subject to the terms of the Security Agreement. Accordingly, Lender acknowledges and agrees that its rights with respect to the Collateral are and shall continue to be at all times junior and subordinate to (i) the rights of CSFB under the CSFB Loan Agreement and (ii) the rights of CSFB under the Security Agreement. In connection with the foregoing, Lender and Borrower each agrees to subordinate all of the rights hereunder and under the Master Spread Acquisition Agreement to the rights of CSFB under the CSFB Loan Agreement and under the other Loan Documents. In furtherance of the foregoing, notwithstanding any rights or remedies available to Borrower hereunder or under the Master Spread Acquisition Agreement, applicable law or otherwise, Borrower shall not, directly or indirectly, exercise any remedies available to it hereunder or thereunder or at law or equity for ninety-one (91) days following the date that all Obligations are paid in full under the CSFB Loan Agreement.
Section 5.01 Initially Financing Progress. The obligation of Lender to make its initial Loan Advance hereunder following the date hereof is subject to the satisfaction, immediately prior to or concurrently with the making of such Loan Advance, of the condition precedent that Lender shall have received all of the following items, each of which shall be satisfactory to Lender and its counsel in form and substance:
(a) Loan Documents. The Loan Documents duly executed and delivered by the parties thereto and https://paydayloanalabama.com/haleyville/ being in full force and effect, free of any modification, breach or waiver.
1st and Then Mortgage Enhances
(b) Safeguards Desire. Evidence that all other actions necessary or, in the opinion of Lender, desirable to perfect and protect Lender’s interest in the Collateral have been taken, including, without limitation, duly authorized and filed Uniform Commercial Code financing statements on Form UCC-1.
Point 5.02 . The brand new and work out of each Loan Progress so you’re able to Debtor (including the initial Financing Get better) with the any business Day is subject to the brand new fulfillment of your pursuing the further standards precedent, one another instantly before the and then make of such Loan Advance and plus once giving feeling thereto also to the newest implied fool around with thereof:
