Declaration and Acceptance of Trust. The Trustee hereby declares, and the Company agrees, that the Trustee holds Liens on the Collateral as secured party in trust under this Agreement for the ratable benefit of the Holders, with no preference, priority or distinction of any Holder over any other Holder by reason of difference in time of issuance of the Notes or otherwise. The Company, by executing and delivering this Agreement, and each Holder, by acceptance of its Notes and the benefits of this Agreement, (i) grants to the Trustee all rights and powers necessary for the Trustee to perform its obligations hereunder and under applicable law, (ii) confirms that the Trustee shall have the authority, subject to the terms of the Indenture and the Security Documents and applicable law, to enforce any remedies under or with respect to this Agreement, to give or withhold any consent or approval relating to any Collateral, the Liens thereon or this Agreement or any obligations with respect thereto and otherwise to take any action on behalf of the Holders contemplated in this Agreement or under applicable law and (iii) agrees that, except as provided in the Indenture, such Holder shall not take any action to enforce any of such remedies or give any such consents or approvals relating to any Collateral or the Liens thereon.
Declaration and Acceptance of Trust. The Second Priority Collateral Trustee hereby declares, and each of Rite Aid, the Subsidiary Guarantors and the Second Priority Debt Parties agrees, that the Second Priority Collateral Trustee holds the Trust Estate as trustee in trust under this Agreement for the benefit of the Second Priority Debt Parties as provided herein. By acceptance of the benefits of this Agreement, each Second Priority Debt Party (whether or not a signatory hereto) (i) consents to the appointment of the Second Priority Collateral Trustee as trustee hereunder, (ii) confirms that the Second Priority Collateral Trustee shall have the authority to act as the exclusive agent of such Second Priority Debt Party for enforcement of any remedies under or with respect to any Second Priority Collateral Document and the giving or withholding of any consent or approval relating to any Collateral or any Subsidiary Guarantor's obligations with respect thereto and (iii) agrees that, except as provided in this Agreement, it shall not take any action to enforce any of such remedies or give any such consents or approvals.
Declaration and Acceptance of Trust. Decommissioning Trustee accepts the trusts created hereby and declares that it will hold and administer all estate, right, title, and interest in and to each Fund upon the trusts set forth herein, but only on the terms of this Agreement, and agrees to receive and disburse all moneys and investments constituting any part of each Fund in accordance with this Agreement. No implied duties or obligations shall be read into this Agreement against Decommissioning Trustee. Decommissioning Trustee shall not commit any act, enter into any transaction, or permit any act or transaction to occur that is an “act of self dealing” between the Decommissioning Trust Fund and “a disqualified person” as those terms are defined by Applicable Tax Law, and, if such an act occurs, Decommissioning Trustee shall promptly take all necessary steps to correct it as soon as it has knowledge of the occurrence.
Declaration and Acceptance of Trust. The Collateral Trustee hereby declares, and each of the Grantors agrees, that the Collateral Trustee holds the Trust Estate as trustee in trust under this Agreement for the equal and ratable benefit of the Sharing Secured Parties as provided herein. By acceptance of the benefits of this Agreement and the Sharing Security Documents, each Sharing Secured Party (whether or not a signatory hereto) (i) consents to the appointment of the Collateral Trustee as trustee hereunder, (ii) confirms that the Collateral Trustee shall have the authority to act as the exclusive agent of such Sharing Secured Party for enforcement of any remedies under or with respect to the Sharing Security Documents and the giving or withholding of any consent or approval under the Shared Collateral or any Grantor's obligations with respect thereto and (iii) agrees that, except as expressly provided in this Agreement, it shall not take any action to enforce any of such remedies or give any such consents or approvals.
Declaration and Acceptance of Trust. The Collateral Agent hereby declares, and the Companies agree, that the Collateral Agent holds the Trust Estate as secured party or mortgagee or deed of trust beneficiary, as the case may be, in trust under this Agreement and the Collateral Documents for the equal and ratable benefit of the Secured Parties (and the Persons for whom the Secured Parties act as trustee, agent or fiduciary, as applicable), without preference, priority or distinction of any thereof over any other by reason of difference in time of issuance, sale or otherwise, as provided herein. Each Secured Party, by executing and delivering this Agreement, and each Person for whom such Secured Party acts as trustee, agent or fiduciary, as applicable, by acceptance of the benefits of this Agreement and the Collateral Documents, (i) consents to the appointment of the Collateral Agent as agent hereunder and grants to the Collateral Agent all rights and powers necessary for the Collateral Agent to perform its obligations hereunder, (ii) confirms that the Collateral Agent shall have the authority, subject to the terms of this Agreement, to act as the exclusive agent of such Secured Party (or Person, as applicable) to make claims under and otherwise act in all respects as the beneficiary of the Title Policies, to enforce any remedies under or with respect to any Collateral Document, to give or withhold any consent or approval relating to any Collateral or the Collateral Documents or any obligations with respect thereto, and otherwise to take any action on behalf of the Secured Parties (and such Persons) contemplated in the Collateral Documents (including, without limitation, receiving opinions, maintaining collateral accounts and exercising remedies) and (iii) agrees that, except as provided in this Agreement, such Secured Party (or Person, as applicable) shall not take any action to enforce any of such 9 9 remedies or give any such consents or approvals relating to any Collateral or the Collateral Documents or itself make any claim under the Title Policies. If the Companies request that the Collateral Agent or the Secured Parties (or any Person for whom such Secured Party acts as a trustee, agent or fiduciary, as applicable) elect to defer for 3 years the effective date of regulatory amendments effective July 1, 1997 with respect to Washington State Business and Occupancy Tax, the Collateral Agent or such Secured Party is hereby authorized to do so, and by accepting the benefits of this Agreement,...
Declaration and Acceptance of Trust. Subject to Article 12, the Debenture Trustee is hereby declared and hereby accepts the rights, duties and obligations prescribed or conferred upon it by the terms of this Indenture.
Declaration and Acceptance of Trust. The Collateral Trustee hereby declares, and each of the Grantors agrees, that the Collateral Trustee holds the Trust Estate as trustee in trust under this Agreement for the equal and ratable benefit of the Sharing Secured Parties. By acceptance of the benefits of this Agreement and the Sharing Security Documents, each Sharing Secured Party (whether or not a signatory hereto) (i) consents to the appointment of the Collateral Trustee as trustee hereunder, (ii) confirms that the Collateral Trustee shall have the authority to act as the exclusive agent of such Sharing Secured Party for enforcement of any provisions of or any remedies under or with respect to the Sharing Security Documents and the giving or withholding of any consent or approval under the Sharing Security Documents or any Grantor's obligations thereunder or otherwise with respect to the Sharing Collateral, (iii) agrees that, except as expressly provided in this Agreement, it shall not take any action to enforce any of such provisions or remedies or give any such consents or approvals with respect to the Sharing Collateral, and (iv) agrees and consents to each other agreement of, or appointment or authorization by, of such Sharing Secured Party expressed herein.
Declaration and Acceptance of Trust. Remedies
Declaration and Acceptance of Trust. 17 2.2 NAME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 2.3 OFFICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 2.4 PURPOSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 2.5
Declaration and Acceptance of Trust. There is hereby organized a business trust within the meaning of Section 3801 of the Act. As of the Effective Date and pursuant to the Assignments, the Depositor is causing the Assets to be irrevocably Transferred to the Trust (and with respect to the Louisiana Assets, to the LLC), without recourse, representation or warranty except as set forth herein, in consideration of (a) the payment by the Trust (and with respect to the Louisiana Assets, by the LLC) to Mid-South and Midcon, respectively, of cash in the aggregate amount of the Purchase Price and (b) at the direction of Mid-South and Midcon, the issuance by the Trust to the Depositor of the Series B COP's. The Trustees hereby declare that they do and will hold the Trust Estate, and such additional property as may comprise the Trust Estate from time to time, upon the trusts herein set forth, subject to and in accordance with the terms hereof, for the equal and ratable use and benefit of the Holders without preference, priority or distinction of any thereof over any other, except as set forth herein. This Agreement imposes, for the benefit of the Holders, a business trust, as governed by this Agreement and the Act, on the Trust Estate for the benefit of the interest of each Holder of a Trust Interest evidenced by the Certificates.
