Common use of Collateral Agent Rights Clause in Contracts

Collateral Agent Rights. If an Enforcement Event has occurred and is continuing, the Collateral Agent may in its absolute discretion or shall, if so instructed by the Applicable Representative, without notice or further demand, exercise from time to time all rights, powers and remedies held by it as assignee of the Deposits and to: (a) demand and receive all and any monies due under or arising out of any Deposit; (b) exercise in relation to any Deposit all such rights as the Company was then entitled to exercise in relation to that Deposit or might, but for the terms of this Agreement, exercise; and (c) except to the extent prohibited by law, apply, set off or transfer any or all of the Deposits in or towards the payment or other satisfaction of the Secured Liabilities or any part of them in accordance with Clause 14 (Application of Proceeds).