Parity Lien Collateral Trustee definition

Parity Lien Collateral Trustee shall have the meaning set forth in the preamble.

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Parity Lien Collateral Trustee has the meaning set forth in the recitals.

Parity Lien Collateral Trustee means (a) ▇▇▇▇▇ Fargo Bank, National Association (formerly known as ▇▇▇▇▇ Fargo Bank Minnesota, N.A.), as collateral trustee under the 2003 Second Lien Indenture, and any successor trustee thereto, in the capacity as the holder of Liens (as defined in the 2003 Second Lien Indenture) granted pursuant to the Security Documents (as defined in the 2003 Second Lien Indenture) and (b) after transfer of the Note Liens (as defined in the 2003 Second Lien Indenture) to the Joint Collateral Agent (as defined in the 2003 Second Lien Indenture) pursuant to Section 12.02 of the 2003 Second Lien Indenture, the Joint Collateral Agent.

Examples of Parity Lien Collateral Trustee in a sentence

The Parity Lien Collateral Trustee shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Parity Lien Collateral Trustee accords its own property.
In furtherance of the foregoing provisions of this Section, each Secured Party, by its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Collateral hereunder, it being understood and agreed by such Secured Party that all rights and remedies hereunder may be exercised solely by the Parity Lien Collateral Trustee for the benefit of Secured Parties in accordance with the terms of this Section.
The Parity Lien Collateral Trustee shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.
Neither the Parity Lien Collateral Trustee nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or otherwise.
The powers conferred on the Parity Lien Collateral Trustee hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers.
The Parity Lien Collateral Trustee may specifically disclaim or modify any warranties of title or the like.
If any Grantor fails to perform any agreement contained herein, the Parity Lien Collateral Trustee may, but shall not be required to, itself perform, or cause performance of, such agreement, and the expenses of the Parity Lien Collateral Trustee incurred in connection therewith shall be payable by each Grantor under the Collateral Trust Agreement.
Nothing in this Section shall in any way alter the rights of the Parity Lien Collateral Trustee hereunder.
No failure or delay on the part of the Parity Lien Collateral Trustee in the exercise of any power, right or privilege hereunder or under the Collateral Trust Agreement shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege.
Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Parity Lien Collateral Trustee shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.

More Definitions of Parity Lien Collateral Trustee

Parity Lien Collateral Trustee means (a) ▇▇▇▇▇ Fargo Bank, National Association (formerly known as ▇▇▇▇▇ Fargo Bank Minnesota, N.A.), as collateral trustee under the 2003 Second Lien Indenture, and any successor trustee thereto, in the capacity as the holder of Liens (as defined in the 2003 Second Lien Indenture) granted pursuant to the Security Documents (as defined in the 2003 Second Lien Indenture), (b) after transfer of the Note Liens (as defined in the 2003 Second Lien Indenture) to the Joint Collateral Agent (as defined in the 2003 Second Lien Indenture) pursuant to Section 12.02 of the 2003 Second Lien Indenture, the Joint Collateral Agent and (c) after release of such Notes Liens, the Person acting as collateral agent (however titled) on behalf of the holders of Parity Lien Obligations permitted under this Agreement.

Parity Lien Collateral Trustee means UMB Bank, N.A., in its capacity as collateral trustee under the Parity Lien Collateral Trust Agreement and the other Parity Lien Documents.