Common use of Duties of Collateral Agent Clause in Contracts

Duties of Collateral Agent. Except as set forth in Section 3(f), the Collateral Agent agrees that it will not release Liens or Collateral, as shown in the current books and records of the Collateral Agent, commence Enforcement or take any other action as Collateral Agent to perfect, re-perfect or otherwise maintain in existence any Lien on any item of Collateral under any Security Document without the direction of the Majority Benefited Parties. Each Benefited Party shall notify the Collateral Agent of any transfer of such Benefited Party's Benefited Obligations and of the identity of the transferee thereof. The Collateral Agent shall treat a Person as a Benefited Party upon receipt by the Collateral Agent of written notice of such Person's status as such. The Collateral Agent agrees to administer the Security Documents and the Collateral as directed in writing by the Majority Benefited Parties, to endeavor to collect and disburse funds as provided herein, and to make such demands and give such notices under the Security Documents as the Majority Benefited Parties may from time to time request in writing, and to take such action to enforce the Security Documents and to endeavor to realize upon, collect and dispose of the Collateral or any portion thereof as may be directed in writing by the Majority Benefited Parties, provided, in each instance, such action does not conflict with the terms of this Agreement or the Security Documents.