Common use of No Fiduciary Duty of Trustee to Holders of Senior Indebtedness Clause in Contracts

No Fiduciary Duty of Trustee to Holders of Senior Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness, and shall not be liable to any such holders (other than for its willful misconduct or negligence) if it shall in good faith mistakenly pay over or distribute to the Holders of Securities or the Company or any other Person, cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article Fifteen or otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or observe only such of its covenants or obligations as are specifically set forth in this Article and no implied covenants or obligations with respect holders of Senior Indebtedness shall be read into this Indenture against the Trustee. Nothing in this Section 1512 shall affect the obligation of any other such Person to 97 105 hold such payment for the benefit of, and to pay such payment over to, the holders of Senior Indebtedness or their representative. * * * * * This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. 98 106

Appears in 1 contract

Samples: Indenture (Xo Communications Inc)

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No Fiduciary Duty of Trustee to Holders of Senior Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness, and shall not be liable to any such holders (other than for its willful misconduct or negligence) if it shall in good faith mistakenly pay over or distribute to the Holders of Securities or the Company or any other Person, cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article Fifteen or otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or observe only such of its covenants or obligations as are specifically set forth in this Article and no implied covenants or obligations with respect holders of Senior Indebtedness shall be read into this Indenture against the Trustee. Nothing in this Section 1512 shall affect the obligation of any other such Person to 97 105 hold such payment for the benefit of, and to pay such payment over to, the holders of Senior Indebtedness or their representative. * * * * * This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. 98 106.

Appears in 1 contract

Samples: Indenture (Xo Communications Inc)

No Fiduciary Duty of Trustee to Holders of Senior Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness, and shall not be liable to any such holders (other than for its willful misconduct or negligence) if it shall in good faith mistakenly pay over or distribute to the Holders of Securities or the Company or any other Person, cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article Fifteen or otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or observe only such of its covenants or obligations as are specifically set forth in this Article and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. Nothing in this Section 1512 shall affect the obligation of any other such Person to 97 105 58 67 hold such payment for the benefit of, and to pay such payment over to, the holders of Senior Indebtedness or their representative. * * * * * This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. 98 106ARTICLE SIXTEEN

Appears in 1 contract

Samples: Xo Communications Inc

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No Fiduciary Duty of Trustee to Holders of Senior Indebtedness. The Notwithstanding anything to the contrary herein, the Trustee shall not be deemed to owe any fiduciary duty to the any present or future holders of Senior Indebtedness, and shall not be liable to any such holders (other than for its willful misconduct or negligence) if it shall in good faith mistakenly pay over or distribute to the Holders of Securities or the Company or Guarantors or any other Person, cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article Fifteen XII or otherwise. With respect to the holders of Senior Indebtedness, the The Trustee undertakes to perform or to observe only such of its the covenants or and obligations as are specifically set forth in this Article XII, and no implied covenants or obligations with respect to such holders of Senior Indebtedness shall be read into implied in this Indenture against the Trustee. Nothing in this Section 1512 12.12 shall affect the obligation of any other such Person to 97 105 hold such payment for the benefit of, and to pay such payment over to, the holders of 108 118 Senior Indebtedness or their representative. * * * * * This Indenture may be executed In the event of any conflict between the fiduciary duty of the Trustee to the Holders of Securities and its duty to the holders of Senior Indebtedness, the Trustee is expressly authorized to resolve such conflict in any number favor of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. 98 106Holders.

Appears in 1 contract

Samples: Indenture (Urohealth Systems Inc)

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