Common use of Appointment and Authorization of Collateral Agent Clause in Contracts

Appointment and Authorization of Collateral Agent. (a) Each Creditor hereby designates and appoints PNC Bank, National Association, as the Collateral Agent of such Creditor under this Agreement and the Security Documents and PNC Bank, National Association hereby accepts such designation and appointment. The appointment made by this Section 3.1(a) is given for valuable consideration and coupled with an interest and, subject to Section 4.8(a) hereof, is irrevocable so long as (i) the Senior Secured Obligations (other than contingent indemnification obligations), or any part thereof, shall remain unpaid or (ii) any Lender is obligated to fund any borrowing under the Bank Loan Documents.

Appointment and Authorization of Collateral Agent. (a) Each Creditor hereby designates and appoints PNC Bank, National Association, as the Collateral Agent of such Creditor under this Agreement and the Security Documents and PNC Bank, National Association hereby accepts such designation and appointment. The appointment made by this Section 3.1(a) is given for valuable consideration and coupled with an interest and, subject to Section 4.8(a) hereof, is irrevocable so long as (i) the Senior Secured Obligations (other than contingent indemnification obligations)Obligations, or any part thereof, shall remain unpaid or (ii) any Lender is obligated to fund any borrowing under the Bank Loan Documents.

Appointment and Authorization of Collateral Agent. (a) Each Creditor hereby designates and appoints PNC Bank, National Association, as the Collateral Agent of such Creditor under this Agreement and the Security Documents and PNC Bank, National Association hereby accepts such designation and appointment. The appointment made by this Section 3.1(a) is given for valuable consideration and coupled with an interest and, subject to Section 4.8(a) hereof, and is irrevocable so long as (i) the Senior Secured Obligations (other than contingent indemnification obligations)Obligations, or any part thereof, shall remain unpaid or (ii) any Lender is obligated to fund any borrowing under the Bank Loan Documents.