Designation of Collateral Agent Sample Clauses

The Designation of Collateral Agent clause establishes which party will act as the collateral agent on behalf of the secured parties in a financing arrangement. This clause typically outlines the agent's authority to hold, manage, and enforce security interests in the collateral provided by the borrower, and may specify the process for appointing or replacing the agent. Its core function is to centralize the administration of collateral, ensuring efficient management and enforcement of security interests, and to avoid confusion or disputes among multiple lenders or secured parties.
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Designation of Collateral Agent. Development Banks hereby designate and appoint Collateral Agent as Collateral Agent to serve in accordance with the terms of this Collateral Agent Agreement. The Collateral Agent hereby accepts such appointment and agrees to act as Collateral Agent pursuant to the terms and conditions of this Collateral Agent Agreement.
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Designation of Collateral Agent. To facilitate the administration of this Agreement, Imperial shall act as Collateral Agent for itself and the other Banks. Collateral Agent or Enforcing Bank shall have only such duties as are expressly set forth in this Agreement, or as otherwise agreed in writing by the Banks. Collateral Agent or Enforcing Bank shall be deemed to act on behalf of all Banks whenever Collateral Agent or Enforcing Bank acts under this Agreement.
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Designation of Collateral Agent. Subject to Section 4(b) hereof, the Creditors hereby agree that TCA shall be and hereby is designated and appointed as the collateral agent hereunder with respect to the Credit Parties and the Collateral (the “Collateral Agent”).
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Designation of Collateral Agent. 153 Section 10.02 Duties of Collateral Agent ................................................................................154 Section 10.03 Merger or Consolidation ...................................................................................156 Section 10.04
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Designation of Collateral Agent. USActive 60058040.860058040.11
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Designation of Collateral Agent. The Creditors hereby agree that TCA shall be and hereby is designated and appointed as the collateral agent hereunder with respect to the Credit Parties and the Collateral (the “Collateral Agent”) provided that TCA has funded a minimum of Seven Hundred Thousand and No/100 United States Dollars (US$700,000.00) to the Company pursuant to the TCA Loan Documents. In the event that TCA elects in writing, by Notice to Logic Works, that it does not intend to be the Collateral Agent, upon such designation in writing, TCA shall transfer such rights to Logic Works.
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Designation of Collateral Agent. Each Lender irrevocably appoints and authorizes MUSA to act as its collateral agent (the “Collateral Agent”) under the Security Agreement, and authorizes the Collateral Agent to take such action on such Lender’s behalf and to exercise such powers under the Security Agreement and any other documents as are delegated to the Collateral Agent by the terms hereof and thereof, together with all such powers as are reasonably incidental thereto, and Collateral Agent hereby accepts such appointment.
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Designation of Collateral Agent 
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Related to Designation of Collateral Agent

  • Resignation of Collateral Agent Subject to the appointment and acceptance of a successor Collateral Agent as provided below, the Collateral Agent may resign at any time by giving notice thereof to the other Secured Parties and the Obligors. Upon any such resignation, the Required Secured Parties shall have the right, with the consent of the Borrower not to be unreasonably withheld provided that no such consent shall be required if an Event of Default has occurred and is continuing to appoint a successor Collateral Agent. If no successor Collateral Agent shall have been so appointed by the Required Secured Parties and shall have accepted such appointment within 30 days after the retiring Collateral Agent’s giving of written notice of resignation of the retiring Collateral Agent, then the retiring Collateral Agent may, on behalf of the other Secured Parties, appoint a successor Collateral Agent, that shall be a financial institution that has an office in New York, New York and has a combined capital and surplus and undivided profits of at least $1,000,000,000. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations hereunder. After any retiring Collateral Agent’s resignation hereunder as Collateral Agent, the provisions of this Section 9 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent. The fees payable by the Borrower to a successor Collateral Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor, and such payment to be made as and when invoiced by the successor Collateral Agent.

  • Designation of Collateral Custodian The role of Collateral Custodian with respect to the Collateral Obligation Files shall be conducted by the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 18.1. ▇▇▇▇▇ Fargo Bank, National Association is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to the terms hereof.

  • Duties of Collateral Agent Subject to the Collateral Agent having been directed to take such action in accordance with the terms of this Agreement, each Creditor hereby irrevocably authorizes the Collateral Agent to take such action on its behalf under the provisions of the Collateral Documents and any other instruments, documents and agreements referred to in the Collateral Documents and to exercise such powers under the Collateral Documents as are specifically delegated to the Collateral Agent by the terms of the Collateral Documents and such other powers as are reasonably incidental thereto. Subject to the provisions of Section 11 of this Agreement, the Collateral Agent is hereby irrevocably authorized to take all actions on behalf of the Creditors to enforce the rights and remedies of the Collateral Agent and the Creditors provided for in the Collateral Documents or by applicable law with respect to the liens upon and security interests in the Collateral granted to secure the Obligations or the other rights and remedies granted to the Collateral Agent pursuant thereto, provided, however, that, notwithstanding any provision to the contrary in any Collateral Documents, (i) the Collateral Agent shall act solely at and in accordance with the written direction of the Required Creditors, (ii) the Collateral Agent shall not, without the written consent of all of the Qualified Creditors, release or terminate by affirmative action or consent any lien upon or security interest in any Collateral granted under any Collateral Documents (except (x) upon (1) dispositions of Collateral by a Grantor and (2) removal of the Material Subsidiary (as defined in the Bank Credit Agreement) designation of a Subsidiary (as defined in the Bank Credit Agreement), in each case as permitted in accordance with the terms of all of the Senior Indebtedness Documents and prior to the occurrence of an Event of Default, (y) upon disposition of such Collateral after an Event of Default pursuant to direction given under clause (i) of this Section 2(b) and (z) to the extent authorized under the provisions of the last sentence of Section 12.1 of the Bank Credit Agreement, paragraph 11V of the Prudential Note Purchase Agreement and paragraph 11V of the NY Life Note Purchase Agreement), and (iii) the Collateral Agent shall not accept any Obligations in whole or partial consideration for the disposition of any Collateral without the written consent of all of the Qualified Creditors. The Collateral Agent agrees to make such demands and give such notices under the Collateral Documents as may be requested by, and to take such action to enforce the Collateral Documents and to foreclose upon, collect and dispose of the Collateral or of the Collateral Documents as may be directed by, the Required Creditors; provided, however, that the Collateral Agent shall not be required to take any action that is contrary to law or the terms of the Collateral Documents or this Agreement. Once a direction to take any action has been given by the Required Creditors to the Collateral Agent, and subject to any other directions which may be given from time to time by the Required Creditors, decisions regarding the manner in which any such action is to be implemented and conducted (with the exception of any decision to settle, compromise or dismiss any legal proceeding, with or without prejudice) shall be made by the Collateral Agent, with the assistance and upon the advice of its counsel. Notwithstanding the provisions of the preceding sentence, any decision to settle, compromise or dismiss any legal proceeding, with or without prejudice, which implements, approves or results in or has the effect of causing any release, change or occurrence, where such release, change or occurrence otherwise would require unanimous approval of all of the Qualified Creditors pursuant to the terms of this Agreement, also shall require the unanimous approval of all of the Qualified Creditors.