Common use of Administrative Actions Clause in Contracts

Administrative Actions. (1) The Collateral Agent shall have the right (but not the obligation) to take such actions, or omit to take such actions, hereunder and under the Security Documents, not inconsistent with the instructions of the Trustee or the terms of the Security Documents or this Indenture, necessary to comply with any law, regulation, order or directive, including without limitation actions necessary or appropriate to perfect or continue the perfection of the liens on the Collateral for the benefit of the Trustee or to protect or insure the Collateral. The Collateral Agent shall have no duty as to the collection or protection of the Collateral or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of rights pertaining to the Collateral beyond the safe custody of any Collateral in the Collateral Agent’s possession. (2) Nothing herein shall be deemed to hold the Collateral Agent responsible for failure by the Corporation or the Obligors to maintain insurance coverage or for any loss arising out of any want, defect or insufficiency in any insurance policy, or because of failure of any insurer to pay the full amount of any loss or damage insured against or from failure of the Corporation or of any of the Collateral Agent’s agents or other party acting on its behalf to continue the perfection of the liens of the Collateral for the benefit of the Trustee or any other parties. The Collateral Agent shall be entitled to request and rely absolutely upon an Officers’ Certificate from the Corporation stating that the Corporation or the Obligors are in compliance with their covenant to maintain adequate insurance coverage. No duty with respect to effecting or maintaining insurance coverage shall rest with the Collateral Agent. (3) The Collateral Agent shall not be required to take notice of any Default or to take any action with respect to such Default involving any expense or liability, unless notice in writing of such Default is formally given to the Collateral Agent and unless it is indemnified and funded, in a manner satisfactory to it, against such expense or liability.

Administrative Actions. (1) The Collateral Agent shall have the right (but not the obligation) to take such actions, or omit to take such actions, hereunder and under the Security Documents, not inconsistent with the instructions of the Trustee or the terms of the Security Documents or this Indenture, necessary to comply with any law, regulation, order or directive, including without limitation actions necessary or appropriate to perfect or continue the perfection of the liens on the Collateral for the benefit of the Trustee or to protect or insure the Collateral. The Collateral Agent shall have no duty as to the collection or protection of the Collateral or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of rights pertaining to the Collateral beyond the safe custody of any Collateral in the Collateral Agent’s possession. (2) Nothing herein shall be deemed to hold the Collateral Agent responsible for failure by the Corporation or the Obligors Guarantors to maintain insurance coverage or for any loss arising out of any want, defect or insufficiency in any insurance policy, or because of failure of any insurer to pay the full amount of any loss or damage insured against or from failure of the Corporation or of any of the Collateral Agent’s agents or other party acting on its behalf to continue the perfection of the liens of the Collateral for the benefit of the Trustee or any other parties. The Collateral Agent shall be entitled to request and rely absolutely upon an Officers’ Certificate from the Corporation stating that the Corporation or the Obligors Guarantors are in compliance with their covenant to maintain adequate insurance coverage. No duty with respect to effecting or maintaining insurance coverage shall rest with the Collateral Agent. (3) The Collateral Agent shall not be required to take notice of any Default or to take any action with respect to such Default involving any expense or liability, unless notice in writing of such Default is formally given to the Collateral Agent and unless it is indemnified and funded, in a manner satisfactory to it, against such expense or liability.