Common use of Trust undertakings Clause in Contracts

Trust undertakings. If any Australian Loan Party enters into any Loan Document as a trustee of any trust, such Australian Loan Party shall: (a) (subject in each case to its fiduciary duties) not voluntarily resign as trustee of the relevant trust unless (i) the replacement trustee is a Loan Party or (ii) the consent of the Administrative Agent is obtained, and shall notify the Administrative Agent if it is removed; (b) ensure that the property the subject of the trust is not mixed with any other property; (c) comply with all of its material obligations as trustee of the relevant trust; and (d) not do anything (or permit anything to be done) which restricts or limits or may restrict or limit (i) its right of indemnity or lien over the trust assets or its ability to observe its obligations under the Loan Documents to which it is a party or (ii) any Lender’s or the Administrative Agents’ rights of subrogation to its right of indemnity or lien over the trust assets.

Trust undertakings. If any Australian Loan Party enters into any Loan Document as a trustee of any trust, such Australian Loan Party shall: (a) (subject in each case to its fiduciary duties) not voluntarily resign as trustee of the relevant trust unless (i) the replacement trustee is a Loan Party or (ii) the consent of the Administrative Agent is obtained, and shall notify the Administrative Agent if it is removed; (b) ensure that the property the subject of the trust is not mixed with any other property; (c) comply with all of its material obligations as trustee of the relevant trust; and (d) not do anything (or permit anything to be done) which restricts or limits or may restrict or limit (i) its right of indemnity or lien over the trust assets or its ability to observe its obligations under the 128 Loan Documents to which it is a party or (ii) any Lender’s or the Administrative Agents’ rights of subrogation to its right of indemnity or lien over the trust assets.