Loral Usufructo Clause Samples
Loral Usufructo. (a) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on behalf of the Second Priority Holders, hereby acknowledges that (i) consistent with Mexican law, the Loral Usufructo shall constitute an in rem property right whereby the Grant Holders are entitled to the quiet use and enjoyment of the Loral Transponders for (x) the life of Satmex 6 as to the Loral Transponders on Satmex 6 and (y) the life of Satmex 5 as to the Loral Transponders on Satmex 5; and (ii) as a consequence of the Loral Usufructo and consistent with Mexican law, the Loral Transponders cannot, under any circumstances, including, without limitation, in an insolvency, bankruptcy or similar proceeding under Mexican or U.S. law, be modified, diminished, sold, transferred, pledged or otherwise disposed of free and clear of the usufructo embodied in the L▇▇▇▇ ▇▇▇▇▇ and any purchaser or transferee thereof takes subject to the Loral Usufructo; provided, however, that the Grant Holders may, in their sole discretion, determine to accept the Loral Transponder Sale Proceeds in exchange for the termination and extinguishment of the Loral Usufructo as provided in Section 4.9 below.
(b) The Collateral Trustee hereby is irrevocably directed to pay the Loral Transponder Sale Proceeds to the applicable Grant Holders, as provided in Section 4.9 below.
(c) The Grant Holders may take any action necessary to enforce their rights under the Loral Usufructo against Satmex, its successors and assigns, or any other party in any context.
(d) Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on behalf of each of the Second Priority Holders, hereby acknowledges the existence of the Loral Usufructo and that the liens granted by Satmex to the Second Priority Holders in the Second Priority Collateral to secure the Second Priority Obligations are subject to the Loral Usufructo. Each of the Collateral Trustee and the Indenture Trustee, each for themselves and on behalf of each of the Second Priority Holders, shall not, and hereby waive any right to, foreclose the Loral Usufructo in the Loral Transponders.
(e) In any proceeding outside Mexico with respect to (x) the subject matter of section 5A(a)(iv) of the Restructuring Agreement, (y) the Loral Usufructo or the L▇▇▇▇ ▇▇▇▇▇ or (z) Satmex 5 or Satmex 6 as it relates to the rights of the Grant Holders in the Loral Transponders, each of the Collateral Trustee and the Indenture Trustee, each for themselves and on be...
Loral Usufructo. On the Effective Date, Satmex shall grant to certain affiliates of Loral Skynet Corporation (“LSC”) as designated by LSC a usufructo under Article 980 et seq. of the Mexican Federal Civil Code with respect to certain transponders on the Satmex 5 and the Satmex 6 satellites, which will continue in effect for the remainder of the life of such satellites (the “Loral Usufructo”), before a Mexican notary public, and which Loral Usufructo will be registered at Satmex’s commercial file with the relevant Public Registry of Commerce, provided further that the beneficiary (usufructuario) shall not be required to guarantee the Loral Usufructo. The terms of the Loral Usufructo and its relationship to lien rights securing the First Priority Senior Secured Notes and Second Priority Senior Secured Notes will be as set forth in existing agreements.