Obligations and Powers of Collateral Trustee. Section 3.1 Appointment and Undertaking of the Collateral Trustee 11 Section 3.2 Release or Subordination of Liens 12 Section 3.3 Enforcement of Liens 13 Section 3.4 Application of Proceeds 13 Section 3.5 Powers of the Collateral Trustee 14 Section 3.6 Documents and Communications 15 Section 3.7 For Sole and Exclusive Benefit of Holders of Third Lien Obligations 15 Section 3.8 Additional Third Lien Debt 15
Obligations and Powers of Collateral Trustee. Section 3.1 Appointment and Undertaking of the Collateral Trustee.
(a) Each Parity Lien Secured Party (other than the Collateral Trustee) acting through its respective Parity Lien Representative and/or by its acceptance of the Security Documents hereby appoints the Collateral Trustee to serve as collateral trustee hereunder on the terms and conditions set forth herein. Subject to, and in accordance with, this Agreement, the Collateral Trustee will, as collateral trustee, for the benefit solely and exclusively of the present and future Parity Lien Secured Parties:
(1) accept, enter into, hold, maintain, administer and enforce all Security Documents, including all Collateral subject thereto, and all Liens created thereunder, perform its obligations hereunder and under the Security Documents and protect, exercise and enforce the interests, rights, powers and remedies granted or available to it under, pursuant to or in connection with the Security Documents (including in connection with any Enforcement Action or Insolvency or Liquidation Proceeding);
(2) take all lawful and commercially reasonable actions permitted under the Security Documents that it may deem necessary or advisable to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies;
(3) deliver and receive notices pursuant to this Agreement and the Security Documents;
(4) sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect to, take any Enforcement Action, or otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the Security Documents and its other interests, rights, powers and remedies;
(5) remit as provided in Section 3.4 all cash proceeds received by the Collateral Trustee from an Enforcement Action under the Security Documents or any of its other interests, rights, powers or remedies;
(6) execute and deliver (i) amendments and supplements to the Security Documents as from time to time authorized pursuant to Section 7.1 accompanied by an Officers’ Certificate and opinion of counsel of the Company (which counsel may be an employee or counsel of the Company) to the effect that the amendment or supplement was permitted under Section 7.1, and (ii) acknowledgements of Collateral Trust Joinders delivered pursuant to Section 3.8 or 7.18 hereof;
(7) release or subordinate ...
Obligations and Powers of Collateral Trustee. Section 3.1 Appointment and Undertaking of the Collateral Trustee 14 Section 3.2 Release or Subordination of Liens 15 Section 3.3 Enforcement of Liens 16 Section 3.4 Application of Proceeds 16 Section 3.5 Powers of the Collateral Trustee 18 Section 3.6 Documents and Communications 18 Section 3.7 For Sole and Exclusive Benefit of Holders of Parity Lien Obligations 19 Section 3.8 Additional Parity Lien Debt 19 Section 3.9 Second Lien Collateral Agent 22
Section 4.1 Release of Liens on Collateral 22 Section 4.2 Delivery of Copies to Parity Lien Representatives 24 Section 4.3 Collateral Trustee not Required to Serve, File or Record 24 Section 4.4 Release of Liens in Respect of Notes 24 Section 4.5 Release of Liens in Respect of any Series of Parity Lien Debt other than Notes 24
Section 5.1 No Implied Duty 25 Section 5.2 Appointment of Agents and Advisors 25 Section 5.3 Other Agreements 25 Section 5.4 Solicitation of Instructions 25 Section 5.5 Limitation of Liability 26 Section 5.6 Documents in Satisfactory Form 26 Section 5.7 Entitled to Rely 26 Section 5.8 Parity Lien Debt Default 27 Section 5.9 Actions by Collateral Trustee 27
Section 5.10 Security or Indemnity in favor of the Collateral Trustee 27 Section 5.11 Rights of the Collateral Trustee 27 Section 5.12 Limitations on Duty of Collateral Trustee in Respect of Collateral 28 Section 5.13 Assumption of Rights, Not Assumption of Duties 28 Section 5.14 No Liability for Clean Up of Hazardous Materials 29 Section 5.15 Other Relationships with the Company, Grantors or Guarantors 29
Obligations and Powers of Collateral Trustee. 21 SECTION 3.1 Undertaking of the Collateral Trustee............................... 21 SECTION 3.2 Release or Subordination of Liens................................... 22 SECTION 3.3 Enforcement of Liens................................................ 23 SECTION 3.4 Application of Proceeds............................................. 23 SECTION 3.5 Powers of the Collateral Trustee.................................... 25 SECTION 3.6 Documents and Communications........................................ 25 SECTION 3.7 For Sole and Exclusive Benefit of Holders of Secured Obligations.... 25 SECTION 3.8
Obligations and Powers of Collateral Trustee. Section 3.1 Appointment and Undertaking of the Collateral Trustee 18 Section 3.2 Release or Subordination of Liens 20 Section 3.3 Enforcement of Liens 20 Section 3.4 Application of Proceeds 22 Section 3.5 Powers of the Collateral Trustee 24 Section 3.6 Documents and Communications 24 Section 3.7 For Sole and Exclusive Benefit of Holders of Parity Lien Obligations 24 Section 3.8 Additional Parity Lien Debt 25 Section 3.9 Post-Petition Interest 27 Section 3.10 Reinstatement 27 Section 4.1 Release of Liens on Collateral 28 Section 4.2 Delivery of Copies to Parity Lien Representatives 30 Section 4.3 Collateral Trustee not Required to Serve, File or Record 30 Section 4.4 Release of Liens 30
Obligations and Powers of Collateral Trustee. 22 SECTION 3.1 Undertaking of the Collateral Trustee......................................... 22 SECTION 3.2 Release or Subordination of Liens............................................. 23 SECTION 3.3
Obligations and Powers of Collateral Trustee. 24 3.1. Undertaking of the Collateral Trustee............................................................ 24 3.2. Release or Subordination of Liens................................................................ 25 3.3. Remedies Upon Actionable Default................................................................. 25 3.4. Application of Proceeds.......................................................................... 26 3.5. Powers of the Collateral Trustee................................................................. 27 3.6.
Obligations and Powers of Collateral Trustee. ARTICLE 4. OBLIGATIONS ENFORCEABLE BY THE BORROWER AND THE OTHER OBLIGORS ARTICLE 5. IMMUNITIES OF THE COLLATERAL TRUSTEE ARTICLE 6.
Obligations and Powers of Collateral Trustee. 1Appointment and Undertaking of the Collateral Trustee.
Obligations and Powers of Collateral Trustee
