Common use of Assignment by the Collateral Agent Clause in Contracts

Assignment by the Collateral Agent. The Collateral Agent, in accordance with Section 5.5 of the Intercreditor Agreement, may assign the Pledgor Obligations and any portion thereof and/or the Pledged Collateral and any portion thereof to a successor Collateral Agent, and the assignee shall be entitled to all of the rights and remedies of the Collateral Agent under this Pledge Agreement in relation thereto. Upon the request of any such successor Collateral Agent, however, at the expense of the Pledgors, the Pledgors shall promptly execute and deliver such instruments of conveyance and further assurance reflecting terms consistent with the terms of the Intercreditor Agreement then in effect and this Pledge Agreement and do such other things as may reasonably be required for more fully and certainly vesting and confirming in such successor Collateral Agent its interest in the Collateral and all such rights, powers, duties and obligations of the predecessor Collateral Agent hereunder.