Junior Lien Collateral Trustee definition
Examples of Junior Lien Collateral Trustee in a sentence
For the avoidance of doubt, the terms of this Agreement govern the respective rights of Tenaska, the Junior Lien Collateral Trustee and the Junior Priority Parties in respect of the Shared Collateral.
Except for the limited agreements of Tenaska pursuant to Section 5.05 hereof, Tenaska shall not be responsible for perfecting and maintaining the perfection of Liens with respect to the Shared Collateral for the benefit of the Junior Lien Collateral Trustee or the other Junior Priority Parties.
The Junior Lien Collateral Trustee represents and warrants that this Agreement is binding upon the Junior Priority Parties.
By its signature, each Person (other than an individual) executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement, and by accepting the benefits of this Agreement, Tenaska and each Junior Priority Party shall be deemed to have authorized Tenaska or the Junior Lien Collateral Trustee, as applicable, to enter into this Agreement and perform its obligations hereunder.
Notwithstanding the foregoing, no provision in this Agreement shall be construed to prevent or impair the rights of Tenaska or Junior Lien Collateral Trustee to enforce this Agreement (including the priority of the Liens securing the Senior Obligations as provided in Section 2.01) or any of the Transaction Agreements or Junior Priority Debt Documents.
The Junior Lien Collateral Trustee and Junior Priority Parties shall be senior secured creditors in respect of the Other Collateral and may exercise any rights and remedies as secured or unsecured creditors they may have against the Borrower and any other Grantor in respect of the Other Collateral in accordance with the terms of the Junior Priority Debt Documents, the Junior Priority Collateral Documents, the Collateral Trust Agreement and applicable law.
Tenaska will be entitled to manage and supervise its extensions of credit under the Transaction Agreements in accordance with law and as it may otherwise, in its sole discretion, deem appropriate, and Tenaska may manage its extensions of credit without regard to any rights or interests that the Junior Lien Collateral Trustee and the Junior Priority Parties have in the Shared Collateral or otherwise, except as otherwise provided in this Agreement.
The lien priorities set forth in this Agreement and the rights and benefits hereunder in respect of such lien priorities shall inure solely to the benefit of Tenaska, the Junior Lien Collateral Trustee and the other Junior Priority Parties, the Grantors, and their respective permitted successors and assigns, and no other Person (including any trustee, receiver, debtor in possession or bankruptcy estate in a bankruptcy or like proceeding) shall have or be entitled to assert such rights.
Tenaska, the Junior Lien Collateral Trustee and the other Junior Priority Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances or otherwise.
Except as otherwise provided herein, the Junior Lien Collateral Trustee, on behalf of itself and each other Junior Priority Party, assents to any such extension or postponement of the time of payment of the Senior Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security that may at any time secure any part of the Senior Obligations and to the addition or release of any other Person primarily or secondarily liable therefor.