Common use of The Collateral Agents Clause in Contracts

The Collateral Agents. Each Lender, the Administrative Agent and the Issuing Bank hereby irrevocably (i) designate Bank of America and FRG as Collateral Agents under this Agreement and the other Loan Documents, (ii) authorize the Collateral Agents to enter into the Security Documents and the other Loan Documents to which they are a party and to perform their duties and obligations thereunder, together with all powers reasonably incidental thereto, and (iii) agree and consent to all of the provisions of the Security Documents. All Collateral shall be held or administered by the Collateral Agents (or their duly-appointed agent) for their benefit and for the ratable benefit of the other Secured Parties. Any proceeds received by the Collateral Agents from the foreclosure, sale, lease or other disposition of any of the Collateral and any other proceeds received pursuant to the terms of the Security Documents or the other Loan Documents shall be paid over to the Administrative Agent for application as provided in SECTION 2.19, SECTION 2.23, or SECTION 7.05, as applicable. The Collateral Agents shall have no duties or responsibilities except as set forth in this Agreement and the remaining Loan Documents, nor shall it have any fiduciary relationship with any Lender, and no implied covenants, responsibilities, duties, obligations, or liabilities shall be read into the Loan Documents or otherwise exist against the Collateral Agents.

The Collateral Agents. Each Lender, the Administrative Agent and the Issuing Bank hereby irrevocably (i) designate Bank of America Fleet and FRG FRF as Collateral Agents under this Agreement and the other Loan Documents, (ii) authorize the Collateral Agents to enter into the Security Collateral Documents and the other Loan Documents to which they are it is a party and to perform their its duties and obligations thereunder, together with all powers reasonably incidental thereto, and (iii) agree and consent to all of the provisions of the Security Documents. All Collateral shall be held or administered by the Collateral Agents (or their duly-appointed agent) for their benefit and for the ratable benefit of the other Secured Parties. Any proceeds received by the Collateral Agents from the foreclosure, sale, lease or other disposition of any of the Collateral and any other proceeds received pursuant to the terms of the Security Documents or the other Loan Documents shall be paid over to the Administrative Agent for application as provided in SECTION Sections 2.19, SECTION 2.23, or SECTION 7.057.04, as applicable. The Collateral Agents shall have no duties or responsibilities except as set forth in this Agreement and the remaining Loan Documents, nor shall it have any fiduciary relationship with any Lender, and no implied covenants, responsibilities, duties, obligations, or liabilities shall be read into the Loan Documents or otherwise exist against the Collateral Agents.