Examples of Controlling Collateral Agent in a sentence
The exculpatory provisions of this Article shall apply to any such sub-agent and to the Affiliates of the Applicable Authorized Representative and/or Controlling Collateral Agent and any such sub-agent; provided, however that in no event shall any Applicable Authorized Representative or Controlling Collateral Agent be responsible or liable to any other First Lien Secured Party for any misconduct or negligence on the part of any such sub-agent appointed with due care.
As between the First Lien Secured Parties, the Controlling Collateral Agent shall have the right, but not any obligation, to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral.
If in connection with any such foreclosure or other exercise of remedies the Controlling Collateral Agent releases any guarantor from its obligations under a guarantee of the First Lien Obligations for which it serves as agent, then such guarantor will also be released from its guarantee of all other First Lien Obligations.
The Applicable Authorized Representative and each Controlling Collateral Agent shall not have any duties or obligations except those expressly set forth herein and, with respect to the Notes Trustee and the Notes Collateral Agent, in the Indenture and the applicable Notes Collateral Documents (subject in each case to the benefits, immunities, indemnities, privileges, protections and rights of the Notes Trustee and Notes Collateral Agent pursuant to the Indenture and such Notes Collateral Documents).
Notwithstanding the equal priority of the Liens on the Shared Collateral, the Applicable Authorized Representative and Controlling Collateral Agent may deal with the Shared Collateral as if such Applicable Authorized Representative and Controlling Collateral Agent had a senior Lien on such Collateral.