2Co-Collateral Agent Clause Samples
The 2Co-Collateral Agent clause designates a specific party, known as the collateral agent, to hold and manage collateral on behalf of multiple lenders or creditors in a financing arrangement. In practice, this agent is responsible for perfecting security interests, maintaining custody of collateral documents, and enforcing rights against the collateral if a borrower defaults. By centralizing these responsibilities, the clause streamlines the administration of collateral and ensures that all secured parties' interests are protected and coordinated, thereby reducing complexity and potential conflicts among lenders.
2Co-Collateral Agent. If appropriate under Applicable Law, Agent may appoint a Person to serve as a co-collateral agent or separate collateral agent under any Loan Document. Each right, remedy and protection intended to be available to Agent under the Loan Documents shall also be vested in such agent. Secured Parties shall execute and deliver any instrument or agreement that Agent may request to effect such appointment. If any such agent shall die, dissolve, become incapable of acting, resign or be removed, then all the rights and remedies of the agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Agent until appointment of a new agent.
2Co-Collateral Agent. If appropriate under Applicable Law, Agent may appoint a Delegate under any Loan Document on such terms (which may include the power to sub-delegate) and subject to such conditions as the Agent thinks fit to exercise and perform all or any of the duties, rights, powers and discretions vested in it by the Loan Documents and shall not be obliged to supervise any Delegate or be responsible to any 103 102904560_9 person for any loss incurred by reason of any act, omission, misconduct or default on the part of any Delegate. Each right, remedy and protection intended to be available to Agent under the Loan Documents shall also be vested in such agent. Secured Parties shall execute and deliver any instrument or agreement that Agent may request to effect such appointment. If any such agent shall die, dissolve, become incapable of acting, resign or be removed, then all the rights and remedies of the agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Agent until appointment of a new agent.