Common use of Administrative Actions Clause in Contracts

Administrative Actions. The Collateral Agent shall have the right to take such actions, or omit to take such actions, hereunder and under the First Mortgage Bond Documents not inconsistent with the written instructions of the requisite holders or the terms of the First Mortgage Bond Documents and this Agreement, including without limitation actions the Collateral Agent deems necessary or appropriate to perfect or continue the perfection of the Liens on the First Mortgage Bonds for the benefit of the holders or to protect the First Mortgage Bonds. Except as provided above and as otherwise provided pursuant to applicable law, the Collateral Agent shall have no duty as to the collection or protection of the First Mortgage Bonds or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of rights pertaining to the First Mortgage Bonds beyond the safe custody of any First Mortgage Bonds in the Collateral Agent’s possession.

Administrative Actions. The Collateral Agent shall have the right to take such actionsany action, or omit to take such actionsany action, hereunder and under the First Mortgage Bond Security Documents that is not inconsistent with the written instructions of the requisite holders Instructing Swap Counterparty or the terms of the First Mortgage Bond Documents and this Agreement, including (without limitation limitation) actions that the Collateral Agent deems necessary or appropriate to perfect or continue the perfection of the Liens liens on and security interests in the First Mortgage Bonds Collateral for the benefit of the holders Swap Counterparties or to protect or insure the First Mortgage BondsCollateral. Except as provided in this Agreement and in the Security Documents above and as otherwise provided pursuant to applicable law, the Collateral Agent shall have no duty as to the collection or protection of the First Mortgage Bonds Collateral or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of rights pertaining to the First Mortgage Bonds Collateral beyond the safe custody of any First Mortgage Bonds Collateral in the Collateral Agent’s possession.