Common use of Priority Lien Agents Clause in Contracts

Priority Lien Agents. (a) Notwithstanding anything to the contrary in this Agreement, any Intercreditor Agreement, any Priority Lien Document or any Security Document, the parties hereto agree as follows: (i) any reference to the Priority Lien Agent in any Intercreditor Agreement shall refer to the Collateral Trustee; and (ii) the Collateral Trustee, as Priority Lien Agent under any Intercreditor Agreement, will not be required to take any action under any Intercreditor Agreement unless and until the Controlling Priority Lien Representative directs the Collateral Trustee in a Controlling Priority Lien Representative Direction, as such Priority Lien Agent, to take such action and each Intercreditor Agreement shall so provide. (b) In the event any Intercreditor Agreement requires the delivery, or receipt, of any notice by the Priority Lien Agent, such delivery or receipt will be deemed satisfied in all respects when the Collateral Trustee makes such delivery or receives such notice.