Common use of General Authority of the Trustee over the Collateral Clause in Contracts

General Authority of the Trustee over the Collateral. Each --------------------------------------------------------- Obligor hereby irrevocably constitutes and appoints the Trustee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full power and authority in its or his own name, from time to time in the Trustee's discretion, subject to subsection 2.1, so long as any Notice of Acceleration is in effect, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of this Trust Agreement and the Trust Security Documents and accomplish the purposes hereof and thereof and, without limiting the generality of the foregoing, each Obligor hereby acknowledges that the Trustee shall have all powers and remedies set forth in the Trust Security Documents, subject to subsection 2.1. Notwithstanding the foregoing, so long as no Notice of Acceleration is in effect, the Trustee shall take such actions and exercise such remedies as are permitted by the Trust Security Documents in accordance with the instructions of the Administrative Agent delivered to the Trustee. In the event that, pursuant to the terms of the relevant Trust Security Document or Secured Instrument, the Administrative Agent shall only be entitled to direct the Trustee after the occurrence of an Event of Default, the Administrative Agent shall certify in such direction that an Event of Default has occurred and is continuing.

Appears in 2 contracts

Samples: Trust Agreement (Federal Mogul Corp), Trust Agreement (Federal Mogul Corp)

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General Authority of the Trustee over the Collateral. Each --------------------------------------------------------- Obligor The Company hereby irrevocably constitutes and appoints the Trustee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-attorney- in-fact with full power and authority in its or his own name, from time to time in the Trustee's discretion, subject to subsection 2.1subsections 2.1 and 2.5(b), so long as any Notice of Acceleration is in effect, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of this Trust Agreement and the Trust Security Documents Pledge Agreement and accomplish the purposes hereof and thereof and, without limiting the generality of the foregoing, each Obligor the Company hereby acknowledges that the Trustee shall have all powers and remedies set forth in the Trust Security DocumentsPledge Agreement, subject to subsection 2.1. Notwithstanding the foregoing, so long as no Notice of Acceleration is in effect, the Trustee shall take such actions and exercise such remedies as are permitted by the Trust Security Documents Pledge Agreement in accordance with the instructions of the Administrative Agent or the Public Debt Trustee delivered to the Trustee. In the event that, pursuant to the terms of the relevant Trust Security Document Pledge Agreement, the Credit Agreements or Secured Instrumentthe Indenture, the Administrative Agent or the Public Debt Trustee shall only be entitled to direct the Trustee after the occurrence upon a Notice of an Event of DefaultAcceleration becoming effective, the Administrative Agent or the Public Debt Trustee, as the case may be, shall certify in such direction that an Event a Notice of Default has occurred and Acceleration is continuingin effect.

Appears in 1 contract

Samples: Joinder Agreement (Worthington Industries Inc)

General Authority of the Trustee over the Collateral. Each --------------------------------------------------------- -------------------------------------------------------- Obligor hereby irrevocably constitutes and appoints the Trustee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full power and authority in its or his own name, from time to time in the Trustee's discretion, subject to subsection Section 2.1, so long as any Notice of Acceleration is in effect, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of this Trust Agreement and the Trust Security Documents and accomplish the purposes hereof and thereof and, without limiting the generality of the foregoing, each Obligor hereby acknowledges that the Trustee shall have all powers and remedies set forth in the Trust Security Documents, subject to subsection Section 2.1. Notwithstanding the foregoing, so long as no Notice of Acceleration is in effect, the Trustee shall take such actions and exercise such remedies as are permitted by the Trust Security Documents in accordance with the instructions of the Administrative Agent delivered to the Trustee. In the event that, pursuant to the terms of the relevant Trust Security Document or Secured Instrument, the Administrative Agent shall only be entitled to direct the Trustee after the occurrence of an Event of Default, the Administrative Agent shall certify in such direction that an Event of Default has occurred and is continuing.

Appears in 1 contract

Samples: Trust Agreement (Federal Mogul Corp)

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General Authority of the Trustee over the Collateral. Each --------------------------------------------------------- Obligor hereby irrevocably constitutes and appoints the Trustee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full power and authority in its or his own name, from time to time in the Trustee's discretion, subject to subsection Section 2.1, so long as any Notice of Acceleration is in effect, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of this Trust Agreement and the Trust Security Documents and accomplish the purposes hereof and thereof and, without limiting the generality of the foregoing, each Obligor hereby acknowledges that the Trustee shall have all powers and remedies set forth in the Trust Security Documents, subject to subsection Section 2.1. Notwithstanding the foregoing, so long as no Notice of Acceleration is in effect, the Trustee shall take such actions and exercise such remedies as are permitted by the Trust Security Documents in accordance with the instructions of the Administrative Agent Required Instructing Parties, or the Required Secured Debt Parties (with respect to the Other Collateral and the Senior Loan/Indenture Sub-Account only), as applicable, delivered to the Trustee. In the event that, pursuant to the terms of the relevant Trust Security Document or Secured Instrument, the Administrative Agent Required Instructing Parties, or the Required Secured Debt Parties (with respect to the Other Collateral and the Senior Loan/Indenture Sub-Account only), as applicable, shall only be entitled to direct the Trustee after the occurrence of an Event event of Defaultdefault or similar event, the Administrative Agent Required Instructing Parties, or the Required Secured Debt Parties (with respect to the Other Collateral and the Senior Loan/Indenture Sub-Account only), as applicable, shall certify in such direction that an Event such event of Default default or similar event has occurred and is continuing.

Appears in 1 contract

Samples: Trust Agreement (Anc Rental Corp)

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