Indenture Pledged Collateral Sample Clauses

Indenture Pledged Collateral. (i) The Authorized Priority Lien Representative agrees to hold the Pledged Collateral that is part of the Indenture Priority Collateral in its possession or control (or in the possession or control of its agents or bailees) as agent and bailee for the Credit Facility Agent and the Subordinated Lien Representative and any assignee solely for the purpose of perfecting the security interest (or improving the priority thereof) granted in such Pledged Collateral pursuant to the Credit Facility Collateral Documents and the Subordinated Lien Collateral Documents, subject to the terms and conditions of this Section 5.5(b). (ii) Until the Discharge of Priority Lien Obligations has occurred, the Authorized Priority Lien Representative shall be entitled to deal with such Pledged Collateral in accordance with the terms of the Priority Lien Documents as if the Liens of the Credit Facility Agent and the Subordinated Lien Representatives under the Credit Facility Collateral Documents and the Subordinated Lien Collateral Documents did not exist. The rights of the Credit Facility Agent and the Subordinated Lien Representative shall at all times be subject to the terms of this Agreement and to the Authorized Priority Lien Representative’s rights under the Priority Lien Documents. (iii) The Authorized Priority Lien Representative shall have no obligation whatsoever to the Credit Facility Agent or any Credit Facility Lender or any Subordinated Lien Secured Party to assure that such Pledged Collateral is genuine or owned by any of the Grantors or to preserve any rights or benefits of any Person except as expressly set forth in this Section 5.5(b). The duties or responsibilities of the Authorized Priority Lien Representative under this Section 5.5(b) shall be limited solely to holding such Pledged Collateral as agent and bailee for the Credit Facility Agent and the Subordinated Lien Representatives for purposes of perfecting the Lien (or improving the priority thereof) held by the Credit Facility Agent and the Subordinated Lien Representatives. (iv) The Authorized Priority Lien Representative shall not have, by reason of the Credit Facility Collateral Documents, the Subordinated Lien Collateral Documents or this Agreement or any other document, a fiduciary relationship in respect of the Credit Facility Agent or any Credit Facility Lender or any Subordinated Lien Secured Party. (v) Upon the Discharge of Priority Lien Obligations, the Authorized Priority Lien Representative shall...