Collateral Agent/Required Lenders. The Lenders agree that the Required Lenders (as defined below) shall either (a) act together as the collateral agent hereunder or (b) appoint a third party as collateral agent hereunder (in each case, the “Collateral Agent”). Each of the Lenders hereby irrevocably appoints the Collateral Agent, and any officer, member, partner, employee or agent of such Collateral Agent, with full power of substitution, to act on such Lender's behalf as the collateral agent hereunder and as the Company’s true and lawful attorney-in-fact with respect to such matters, effective as of the date hereof, with power, upon the Required Lenders’ election. The Collateral Agent shall have all the rights and powers of a secured party under the Uniform Commercial Code, but shall not exercise any of its rights and powers without first obtaining the written consent of the Required Lenders. "Required Lenders" means Lenders holding Notes representing a majority of the Applicable Percentages.
Appears in 4 contracts
Samples: Note Purchase and Security Agreement (Lenco Mobile Inc.), Note Purchase and Security Agreement (Lenco Mobile Inc.), Note Purchase and Security Agreement (Lenco Mobile Inc.)
