Common use of Authority to Take Action Clause in Contracts

Authority to Take Action. Each Lender authorizes the Administrative Agent to enter into and remain subject to each of the Credit Support Documents to which the Administrative Agent is a party and to take all action contemplated by such documents, including, without limitation, all enforcement actions. Each Lender agrees that no Holder of Secured Obligations (other than the Administrative Agent acting on its behalf) shall have the right individually to seek to realize upon the security granted by any Credit Support 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 Credit Support Documents.