Co-Collateral Trustee Clause Samples
The Co-Collateral Trustee clause establishes the appointment of an additional trustee to hold and manage collateral on behalf of multiple creditors or stakeholders. In practice, this clause allows for the designation of a co-trustee alongside the primary collateral trustee, ensuring that the interests of all secured parties are represented and that the collateral is properly administered, especially in complex financing arrangements involving multiple lenders. Its core function is to facilitate the efficient and coordinated management of collateral, reducing administrative complications and potential conflicts among creditors.
Co-Collateral Trustee. If at any time or times it shall be necessary or prudent in order to conform to any law of any jurisdiction in which any of the Collateral shall be located, or the Collateral Trustee shall be advised by counsel, satisfactory to it, that it is reasonably necessary in the interest of the Secured Parties or the Arazi/Lancaster Secured Parties, as applicable, or the Instructing Creditors shall in writing so request the Collateral Trustee, or the Collateral Trustee shall deem it desirable for its own protection in the performance of its duties hereunder, the Collateral Trustee and the Company shall, at the reasonable request of the Collateral Trustee, execute and deliver all instruments and agreements necessary or proper to constitute another bank or trust company, or one or more persons approved by the Collateral Trustee (or the Instructing Creditors, as the case may be) and the Company, either to act as co-Collateral Trustee or co-Collateral Trustees of all or any of the Collateral, jointly with the Collateral Trustee originally named herein or any successor or successors, or to act as separate collateral trustee or collateral trustees of any such property. In case an Event of Default shall have occurred and be continuing, the Collateral Trustee may act under the foregoing provisions of this Section 11.08 without the consent of the Company, and each Holder hereby appoints the Collateral Trustee as its trustee and attorney to act under the foregoing provisions of this Section 11.08 in such case.
Co-Collateral Trustee. (a) At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any part of the Collateral may at the time be located, the Issuer and the Collateral Trustee (which for purposes of this Section 6.12 shall be deemed to be the Collateral Trustee) shall have power to appoint one or more Persons to act as co-trustee (subject to each such Person being an Eligible Institution) jointly with the Collateral Trustee of all or any part of the Collateral, with the power to file such proofs of claim and take such other actions pursuant to Section 5.4 herein and to make such claims and enforce such rights of action on behalf of the Holders as such Holders themselves may have the right to do, subject to the other provisions of this Section.
(b) The Issuer shall join with the Collateral Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt by them of a request to do so, the Collateral Trustee shall have power to make such appointment.
(c) Should any written instrument from the Issuer be required by any co-trustee so appointed for more fully confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer. The Issuer agrees to pay as Administrative Expenses for any reasonable fees and expenses in connection with such appointment.
(d) The Collateral Trustee shall deliver notice to S&P of any co-trustee appointed under this Section 6.12.
(e) Every co-trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms:
(i) the Notes shall be authenticated and delivered by, and all rights, powers, duties and obligations hereunder in respect of the custody of securities, C▇▇▇ and other personal property held by, or required to be deposited or pledged with, the Collateral Trustee hereunder, shall be exercised solely by, the Collateral Trustee;
(ii) the rights, powers, duties and obligations hereby conferred or imposed upon the Collateral Trustee in respect of any property covered by the appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Collateral Trustee or by the Collateral Trustee and such co-trustee jointly in the case of the appointment of a co-trustee, except to the extent that under ...