Priority Lien Collateral Trustee definition

Priority Lien Collateral Trustee means Wilmington Trust, National Association, in its capacity as collateral trustee for the Priority Lien Secured Parties under this Indenture and under the Collateral Trust Agreement (as so appointed under the Collateral Trust Agreement) together with its successors in such capacity.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

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

Priority Lien Collateral Trustee means collateral trustee under the Priority Lien Security Documents, together with its successors in such capacity.

Examples of Priority Lien Collateral Trustee in a sentence

• 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 Priority Lien Collateral Trustee for the benefit of Secured Parties in accordance with the terms of this Section.

• Neither the Priority 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 Priority Lien Collateral Trustee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

• The Priority Lien Collateral Trustee shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.

• If any Grantor fails to perform any agreement contained herein, the Priority Lien Collateral Trustee may, but shall not be required to, itself perform, or cause performance of, such agreement, and the expenses of the Priority Lien Collateral Trustee incurred in connection therewith shall be payable by each Grantor under the Collateral Trust Agreement.

• This Agreement and the Collateral Trust Agreement embody the entire agreement and understanding between Grantors and the Priority Lien Collateral Trustee and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof.

• No failure or delay on the part of the Priority 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.

• The powers conferred on the Priority 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 Priority 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 Priority Lien Collateral Trustee accords its own property.

• Nothing in this Section shall in any way alter the rights of the Priority Lien Collateral Trustee hereunder.

More Definitions of Priority Lien Collateral Trustee

Priority Lien Collateral Trustee means Wilmington Trust, National Association, in its capacity as collateral trustee for the Priority Lien Secured Parties under the Security Documents, together with its successors in such capacity.

Priority Lien Collateral Trustee shall have the meaning set forth in the recitals.

Priority Lien Collateral Trustee shall have the meaning ascribed to it in the Security Agreement.

Priority Lien Collateral Trustee means the Bank of New York, in its capacity as Collateral Trustee for the holders of the Priority Lien Obligations.

Priority Lien Collateral Trustee has the meaning set forth in Section 2.01(a) hereof.

Priority Lien Collateral Trustee for purposes of this Section shall include any predecessor Trustee or Priority Lien Collateral Trustee; provided, however, that the gross negligence or willful misconduct of any Trustee or Priority Lien Collateral Trustee hereunder shall not affect the rights of any other Trustee or Priority Lien Collateral Trustee hereunder.