TRUSTEES' LIEN. Notwithstanding anything to the contrary in this Agreement, as security for the payment of Trustee Fees, (i) the Trustee is hereby granted a Lien upon all Collateral and (ii) the Trustee shall have the right (in accordance with clause (a) of Section 3.4) to use and apply any of the funds held by the Trustee in the Collateral Account to cover such Trustee Fees. In addition to the foregoing application right, the Trustee shall have all of the rights and remedies of a secured creditor set forth in the UCC. The provisions of this Section 4.7 will survive the termination of the other provisions of this Agreement and the Collateral Documents and the resignation or removal of the Trustee and shall continue until all of the Trustee Fees are paid in full in cash.
Appears in 2 contracts
Sources: Credit Agreement (Champion Enterprises Inc), Credit Agreement (Champion Enterprises Inc)