Common use of Collateral Agent Authorization Clause in Contracts

Collateral Agent Authorization. After the occurrence and during the continuance of any Event of Default, the Collateral Agent (or the ABL Collateral Agent to the extent so provided in the Intercreditor Agreement) is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and to apply any amounts received thereon to the Obligations (including any and all Post-Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to the Collateral Agent (or the ABL Collateral Agent as the case may be) for application to the Guaranteed Obligations (including any and all Post-Petition Interest).

Collateral Agent Authorization. After the occurrence and during the continuance of any Event of Default, the Collateral Agent (or the ABL Term Collateral Agent to the extent so provided in the Intercreditor Agreement) is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and to apply any amounts received thereon to the Obligations (including any and all Post-Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to the Collateral Agent (or the ABL Term Collateral Agent as the case may be) for application to the Guaranteed Obligations (including any and all Post-Petition Interest).

Collateral Agent Authorization. After the occurrence and during the continuance of any an Event of Default, the Collateral Agent (or the ABL Collateral Agent to the extent so provided in the Intercreditor Agreement) is authorized and empowered (but without any obligation to so do), in its discretion, (i) in the name of each of Holdings and each Subsidiary Guarantor, to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and to apply any amounts received thereon to the Guaranteed Obligations (including any and all Post-Petition Interest), and (ii) to require each of Holdings and each Subsidiary Guarantor (A) to collect and enforce, and to submit claims in respect of, the Subordinated Obligations and (B) to pay any amounts received on such obligations to the Collateral Administrative Agent (or the ABL Collateral Agent as the case may be) for application to the Guaranteed Obligations (including any and all Post-Petition Interest).