Common use of Appointment as Collateral Agent Clause in Contracts

Appointment as Collateral Agent. Each Investor hereby irrevocably appoints and authorizes the Collateral Agent, as its sole representative, and by this appointment, the Collateral Agent is hereby authorized and empowered (a) to receive and distribute all payments due by the Company under the Debentures, (b) in the event that the Company is in default under the terms of the Debentures, to notify the Company and each Investor of such default, and (c) to execute and deliver, on its behalf, an intercreditor agreement (the "▇▇▇▇▇ Fargo Intercreditor Agreement") with ▇▇▇▇▇ Fargo Credit, Inc. ("▇▇▇▇▇ Fargo"). Each Investor represents, warrants and covenants to the other Investors and the Collateral Agent that it shall not take any action in connection with the Debentures, the Mortgages, the Intercreditor Agreement, unless instructed in writing to do so by the Investors holding in excess of 50% of the Ownership Interests.