Common use of Declaration and Acceptance of Trust Clause in Contracts

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 Trustee hereby declares, and the Company agrees, that the Trustee holds Liens a Lien 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 issuance, sale or otherwise. The Company, by executing and delivering this Agreement, and each Holder, by acceptance of its Notes Securities 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 this Agreement and the Security Documents and under 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 thereto, and otherwise to take any action on behalf of the Holders contemplated in this Agreement or under applicable law (including receiving opinions and exercising remedies) and (iii) agrees that, except as provided in the Indenturethis Agreement, 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 Collateral, the Liens thereon, this Agreement or under applicable law.