Common use of Declaration of Trust by Collateral Agent Clause in Contracts

Declaration of Trust by Collateral Agent. To the extent the Trust Property is not transferred, charged or granted to the Collateral Agent on trust pursuant to the Credit Documents, and subject to the provisions of Clause 2.3 (Non-Trust Jurisdictions), the Collateral Agent declares itself trustee of the Trust Property to hold the same on trust for the Secured Creditors for the purpose of securing the Secured Obligations on the terms and subject to the conditions set out in this Deed.