Common use of Authority to Take Action Clause in Contracts

Authority to Take Action. Each Holder of Secured Obligations authorizes the Administrative Agent to enter into each of the Collateral Documents and the subordination agreements in respect of the Subordinated Notes to which it is a party and to take all action contemplated by such documents. Each Holder of Secured Obligations agrees that no Holder of Secured Obligations (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Holders of Secured Obligations upon the terms of the Collateral Documents.