Common use of Initial Collateral Agent Clause in Contracts

Initial Collateral Agent. Each of the Borrower, the Lenders, the Lender Agents and the Administrative Agent hereby designate and appoint the Collateral Agent to act as its agent for the purposes of perfection of a security interest in the Collateral Portfolio and hereby authorizes the Collateral Agent to take such actions on its behalf and on behalf of each of the Secured Parties and to exercise such powers and perform such duties as are expressly granted to the Collateral Agent by this Agreement. The Collateral Agent hereby accepts such agency appointment to act as the Collateral Agent pursuant to the terms of this Agreement, until its resignation or removal as the Collateral Agent pursuant to the terms hereof.

Initial Collateral Agent. Each of the Borrower, the Lenders, the Lender Agents Agents, the Issuing Lender and the Administrative Agent hereby designate and appoint the Collateral Agent to act as its agent for the purposes of perfection of a security interest in the Collateral Portfolio and hereby authorizes the Collateral Agent to take such actions on its behalf and on behalf of each of the Secured Parties and to exercise such powers and perform such duties as are expressly granted to the Collateral Agent by this Agreement. The Collateral Agent hereby accepts such agency appointment to act as the Collateral Agent pursuant to the terms of this Agreement, until its resignation or removal as the Collateral Agent pursuant to the terms hereof.