Common use of Acknowledgment of Collateral Agent Clause in Contracts

Acknowledgment of Collateral Agent. (a) To secure the payment, observance and performance of the Obligations and in consideration of the premises and the mutual agreements set forth herein, the Collateral Agent does hereby acknowledge and accept that it holds as Collateral Agent, to the extent actually received as Collateral Agent, pursuant to this Collateral Agent Agreement, all of the following (and each Grantor does hereby consent thereto): (i) the Security Agreement, the Foreign Pledge Agreements and the Mortgages and the Liens granted to the Collateral Agent thereunder, (ii) the UCC financing statements, Blocked Account Letters and Control Account Letters required to be delivered pursuant to the Secured Debt Documents, (iii) each agreement entered into and delivered, from time to time, pursuant to Sections 3.4, 6.7 or 10.1(b) and the collateral granted to the Collateral Agent thereunder, (iv) the Collateral Agreement Collateral and (v) the Proceeds of each of the foregoing. The foregoing Security Documents, the Collateral, the Proceeds of any and all thereof and the right, title and interest of the Collateral Agent therein are hereinafter referred to collectively as the "Secured Debt Collateral." (b) The Collateral Agent hereby holds the Secured Debt Collateral under and subject to the terms and conditions set forth herein and in the other Security Documents, and for the benefit of the Secured Parties and for the enforcement of the payment of all Obligations, and for the performance of and compliance with the covenants and conditions of the Secured Debt Documents.