Common use of Administration of Collateral Clause in Contracts

Administration of Collateral. Each of the Secured Parties hereby acknowledges and agrees that the Administrative Agent shall administer the Collateral in the manner contemplated by this Agreement and the Security Documents and the Administrative Agent shall exercise such rights and remedies with respect to the Collateral as are granted to it under the Security Documents in each case, to the maximum extent permitted under Requirements of Law. No Secured Party and no class or classes of Secured Parties shall have any right (a) to direct the Administrative Agent to take any action in respect of the Collateral other than as provided in this Agreement, the Credit Agreement or the Intercreditor Agreement or (b) to take any action with respect to the Collateral (i) independently of the Administrative Agent or (ii) other than to direct the Administrative Agent to take action in accordance with this Agreement or the Credit Agreement, to the maximum extent permitted under Requirements of Law.

Administration of Collateral. Each of the Secured Parties hereby acknowledges and agrees that the Administrative each Collateral Agent shall administer the Collateral or its part to be administered in the manner contemplated by this Common Agreement and the Security Financing Documents and the Administrative each Collateral Agent shall exercise such rights and remedies with respect to the Collateral as are granted to it under the Security Financing Documents in each case, to the maximum extent permitted under Requirements of and applicable Law. No Secured Party and no class or classes of Secured Parties shall have any right (ai) to direct the Administrative either Collateral Agent to take any action in respect of the Collateral other than as provided in this Agreement, the Credit Common Agreement or the Intercreditor Agreement or (bii) to take any action with respect to the Collateral (iA) independently of the Administrative applicable Collateral Agent or (iiB) other than to direct the Administrative applicable Collateral Agent to take action in accordance with this Common Agreement or the Credit Intercreditor Agreement, to the maximum extent permitted under Requirements of Law.

Administration of Collateral. Each of the Secured Parties hereby acknowledges and agrees that the Administrative Agent shall administer the Collateral in the manner contemplated by this Agreement and the Security Documents and the Administrative Agent shall exercise such rights and remedies with respect to the Collateral as are granted to it under the Security Documents in each case, to the maximum extent permitted under Requirements Requirement of Law. No Secured Party and no class or classes of Secured Parties shall have any right (a) to direct the Administrative Agent to take any action in respect of the Collateral other than as provided in this Agreement, the Credit Agreement or the Intercreditor Credit Agreement or (b) to take any action with respect to the Collateral (i) independently of the Administrative Agent or (ii) other than to direct the Administrative Agent to take action in accordance with this Agreement or the Credit Agreement, to the maximum extent permitted under Requirements of Law.

Administration of Collateral. Each of the Secured Parties hereby acknowledges and agrees that the Administrative Agent shall administer the Collateral in the manner contemplated by this Agreement and the Security Documents and the Administrative Agent shall exercise such rights and remedies with respect to the Collateral as are granted to it under the Security Documents in each case, to the maximum extent permitted under Requirements of Law. No Secured Party and no class or classes of Secured Parties shall have any right (a) to direct the Administrative Agent to take any action in respect of the Collateral other than as provided in this Agreement, the Credit Agreement or the Intercreditor Credit Agreement or (b) to take any action with respect to the Collateral (i) independently of the Administrative Agent or (ii) other than to direct the Administrative Agent to take action in accordance with this Agreement or the Credit Agreement, to the maximum extent permitted under Requirements of Law.