GENERAL AUTHORITY OF THE INDENTURE TRUSTEE OVER THE COLLATERAL Sample Clauses

GENERAL AUTHORITY OF THE INDENTURE TRUSTEE OVER THE COLLATERAL. Each of the Owners hereby irrevocably constitutes and appoints the Indenture Trustee and any officer or agent thereof, with full power of substitution, as its respective true and lawful attorney-in-fact with full power and authority in the name of such Owner or in its own name, as the case may be, from time to time in the Indenture Trustee's discretion, so long as any Indenture Event of Default is in effect, to take any and all appropriate action directed by the Majority Noteholders and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms hereof and accomplish the purposes hereof and, without limiting the generality of the foregoing or any of the rights conferred on the Indenture Trustee, whether in its own right or as assignee of the Owners; pursuant to the other Security Documents, each of the Owners hereby gives the Indenture Trustee the power and right on its behalf, without notice to or further assent by either Owner, so long as any Indenture Event of Default is in effect, to do the following (to the extent the Indenture Trustee is directed to do so by the Majority Noteholders): (i) to ask for, demand, sxx for, collect, receive and give acquittance for any and all moneys due or to become due upon, or in connection with, the Collateral; (ii) to receive, take, endorse, assign and deliver any and all checks, notes, drafts, acceptances, documents and other negotiable and non-negotiable instruments taken or received by the Indenture Trustee as, or in connection with, the Collateral; (iii) to commence, prosecute, defend, settle, compromise, compound or adjust any claim, suit, action or proceeding with respect to, or in connection with, the Collateral; (iv) to sell, transfer, assign or otherwise deal in or with the Collateral or any part thereof as fully and effectively as if the Indenture Trustee were the absolute owner thereof; (v) to do, at its option and at the expense and for the account of the Owners, at any time or from time to time, all acts and things which the Indenture Trustee shall deem necessary or advisable to protect or preserve the Collateral and to realize upon the Collateral; (vi) to extend the time of payment of any or all of the Collateral and to make any allowance and other adjustments with reference thereto; and (vii) to exercise any of the remedies set forth in the Security Documents; PROVIDED that the Indenture Trustee shall give each of the Owners not less than thirty days' prior...