Second Trustee definition
Examples of Second Trustee in a sentence
Notwithstanding any other provision of this Trust Agreement, to the extent that assets of the Plan are held in trust by a trustee other than the Trustee (such other trustee to be referred to as a "Second Trustee"), the Employer shall have created two trust funds under the Plan.
The appointment of a Second Trustee shall be deemed a representation by the Employer that the Plan contains all appropriate provisions relating to the Second Trustee.
Notwithstanding anything herein to the contrary, neither the Initial Trustee, the Second Trustee nor the Trustee shall be required to execute any such agreements, instruments, releases or other documents unless directed to do so by an “Issuer Order” or “Issuer Request,” as such terms are defined in the applicable indenture.
Neither the Initial Trustee, the Second Trustee nor the Trustee shall be required to execute any such amendment unless directed to do so by an “Issuer Order” or “Issuer Request” (as defined in the Initial Indenture, the Second Indenture and the Indenture).
The Bank of New York Mellon Trust Company, N.A., as Second Trustee, in acting hereunder, is entitled to all rights, benefits, protections, immunities and indemnities accorded to it under the Second Indenture.
If the Trustee or the Second Trustee are unable to conduct their duties due to either their resignation, incapacitation, or any other reason that impairs their ability to perform at their position, then a new Trustee may be appointed by the current or previous Trustee, or - if the current or previous Trustee is not able to appoint a new Trustee - by the court in the jurisdiction of the child(ren)'s primary residence.
Each Subordinated Creditor and Third Trustee agrees that it will not at any time contest the validity, perfection, priority or enforceability of the Liens in the Collateral granted to Second Trustee pursuant to the New Restructured Second PIK Note Indenture and the other Security Instruments.
Any notice to or demand on any Subordinated Creditor or Third Trustee in any event not specifically required of Second Trustee hereunder shall not entitle any Subordinated Creditor or Third Trustee to any other or further notice or demand in the same, similar or other circumstances unless specifically required hereunder.
The following terms shall have the following meanings in this Agreement: Proceeding shall mean any (i) judicial proceeding or other creditor remedies initiated by Second Trustee to collect Issuer's Obligations or foreclose the Security Interests or (ii) insolvency, bankruptcy, receivership, custodianship, liquidation, reorganization, assignment for the benefit of creditors or other proceeding for the liquidation, dissolution or other winding up of Issuer or its properties.
Any Collateral which is subject to the Subordinated Liens shall be deemed to have been released from all such Subordinated Liens in the event that such Collateral is sold by Issuer with the consent of Second Trustee, provided the net proceeds of sale are first applied to the payment of the Senior Indebtedness.