Common use of Co-Collateral Agent Clause in Contracts

Co-Collateral Agent. It is the intent of the parties that there shall be no violation of any Applicable Law denying or restricting the right of financial institutions to transact business in any jurisdiction. If appropriate under Applicable Law (including, without limitation, any situation in which Agent believes that it may be limited in the exercise of any rights or remedies under the Loan Documents due to any Applicable Law), Agent may appoint a Person to serve as a separate security trustee, 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, agreement or other document that Agent may request to effect such appointment. If any such separate security trustee, co-collateral agent or separate collateral agent shall die, dissolve, become incapable of acting, resign or be removed, then all the rights and remedies of such agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Agent until appointment of a new agent.