Common use of Collateral Agent Authorization Clause in Contracts

Collateral Agent Authorization. After the occurrence and during the continuance of any Trigger Event, JPM 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 JPM for application to the Guaranteed Obligations (including any and all Post-Petition Interest).