THE COLLATERAL AGENT AS AGENT Clause Samples
The "Collateral Agent as Agent" clause defines the role and authority of the collateral agent in a financing arrangement. It typically outlines that the collateral agent acts on behalf of all secured parties, managing and enforcing security interests in the collateral provided by the borrower. For example, the collateral agent may be responsible for holding security documents, perfecting liens, or taking action in the event of a default. This clause ensures that there is a single, centralized party responsible for administering the collateral, thereby streamlining processes and reducing the risk of conflicting actions among multiple lenders.
THE COLLATERAL AGENT AS AGENT. (a) The Collateral Agent will hold in accordance with this Agreement and the Intercreditor Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood and agreed by each Debentureholder that by accepting the benefits of this Agreement each such Debentureholder acknowledges and agrees that the obligations of the Collateral Agent as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement. The Collateral Agent shall act hereunder on the terms and conditions set forth herein, in the Intercreditor Agreement and in Article 12 of the Second-Lien Notes Indenture; provided that the Collateral Agent shall exercise, or refrain from exercising, any remedies provided for in Section 9 herein in accordance with the terms of the Intercreditor Agreement and the Second-Lien Notes Indenture.
(b) Unless the Second-Lien Indenture Trustee has appointed a co-trustee under the terms of the Second-Lien Notes Indenture, the Collateral Agent shall at all times be the same Person that is the Second-Lien Notes Indenture Trustee under the Second-Lien Notes Indenture. Written notice of resignation by the Second-Lien Indenture Trustee pursuant to Section 7.08 of the Second-Lien Notes Indenture shall also constitute notice of resignation as the Collateral Agent under this Agreement. Upon the acceptance of any appointment as the Second-Lien Notes Indenture Trustee under Section 7.08 of the Second-Lien Notes Indenture by a successor Second Lien Indenture Trustee, that successor Second-Lien Indenture Trustee shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Collateral Agent under this Agreement and the Intercreditor Agreement, and the retiring or removed Collateral Agent under this Agreement shall promptly (i) transfer to such successor Collateral Agent all sums, securities and other items of Collateral held hereunder, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent under this Agreement, and (ii) execute and deliver to such successor Collateral Agent such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Collateral Agent of the security interests...
THE COLLATERAL AGENT AS AGENT. The Collateral Agent will hold in accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood and agreed by the Pledgor and the Pledgee that by accepting the benefits of this Agreement the Pledgor and the Pledgee acknowledge and agree that the obligations of the Collateral Agent as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement. The Collateral Agent shall act hereunder on the terms and conditions set forth herein.
THE COLLATERAL AGENT AS AGENT. The Collateral Agent will hold in accordance with this Agreement all items of the Collateral at any time received under this Agreement. The Collateral Agent's sole duty with respect to the custody, safe- keeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar securities and property for its own account. Neither the Collateral Agent nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Pledgor or otherwise.
THE COLLATERAL AGENT AS AGENT. The Collateral Agent will hold in accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood and agreed by each Secured Creditor that by accepting the benefits of this Agreement each such Secured Creditor acknowledges and agrees that the obligations of the Collateral Agent as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement and in Section 12 of the Credit Agreement. The Collateral Agent shall act hereunder on the terms and conditions set forth herein and in Section 12 of the Credit Agreement.
THE COLLATERAL AGENT AS AGENT. The provisions of this ARTICLE 20 shall apply only to the extent that the Collateral Agent becomes the Agent following the Remarketing Date.