Cooperation with Backup Collateral Manager Clause Samples

The "Cooperation with Backup Collateral Manager" clause requires parties to actively collaborate with a designated backup collateral manager in the event that the primary collateral manager is unable or unwilling to perform their duties. This typically involves providing necessary information, access to records, and assistance to ensure a smooth transition of responsibilities. The core function of this clause is to ensure continuity and effective management of collateral by facilitating a seamless handover, thereby minimizing operational disruptions and protecting the interests of all parties involved.