Common use of Use Prior to Notice of Default Clause in Contracts

Use Prior to Notice of Default. (a) So long as no Enforcement Period is in effect, Satmex shall have the right: (i) to remain in possession and retain exclusive control of the First Priority Collateral (except any Possessory Collateral) with power freely and without hindrance on the part of the Collateral Trustee or the Secured Parties to operate, manage, develop, use and enjoy the First Priority Collateral and to receive the rents, issues, tolls, profits, royalties, revenues and other income thereof, and (ii) subject to Section 8.2 of the First Priority Indenture and the other provisions of the First Priority Indenture to sell or otherwise dispose of, free and clear of the lien and security interest created by subsection 6.7 hereof and by the First Priority Security Documents, any First Priority Collateral if such sale or other disposition is not prohibited by any First Priority Document. The Collateral Trustee shall have no duty to monitor the exercise by Satmex of its rights under this subsection. (b) If an Enforcement Period is in effect, Satmex, the First Priority Guarantors and all other grantors of Additional Security Documents or Additional Guarantees shall promptly surrender control of and turn over to the Collateral Trustee upon demand all First Priority Collateral and any Proceeds thereof and, pending such surrender and turnover shall hold such Collateral and Proceeds in trust for the Collateral Trustee for the benefit of the First Priority Holders.

Use Prior to Notice of Default. (a) So long as no Enforcement Period is in effect, Satmex shall have the right: (i) to remain in possession and retain exclusive control of the First Second Priority Collateral (except any Possessory Collateral) with power freely and without hindrance on the part of the Collateral Trustee or the Secured Parties to operate, manage, develop, use and enjoy the First Second Priority Collateral and to receive the rents, issues, tolls, profits, royalties, revenues and other income thereof, and (ii) subject to Section 8.2 11.2 of the First Second Priority Indenture and the other provisions of the First Second Priority Indenture to sell or otherwise dispose of, free and clear of the lien and security interest created by subsection 6.7 hereof and by the First Second Priority Security Documents, any First Second Priority Collateral if such sale or other disposition is not prohibited by any First Second Priority Document. The Collateral Trustee shall have no duty to monitor the exercise by Satmex of its rights under this subsection. (b) If an Enforcement Period is in effect, Satmex, the First Second Priority Guarantors and all other grantors of Additional Security Documents or Additional Guarantees shall promptly surrender control of and turn over to the Collateral Trustee upon demand all First Second Priority Collateral and any Proceeds thereof and, pending such surrender and turnover shall hold such Collateral and Proceeds in trust for the Collateral Trustee for the benefit of the First Second Priority Holders.