Common use of Appointment as Collateral Agent Clause in Contracts

Appointment as Collateral Agent. Each Secured Party irrevocably appoints the Collateral Agent to act as Collateral Agent under this Agreement and any other agreements affecting the Collateral for the benefit of such Secured Party, with full authority to take such actions, and to exercise such powers, on behalf of the Secured Parties in respect of this Agreement and the other agreements with respect to the Collateral as are herein and therein respectively delegated to the Collateral Agent or as are reasonably incidental to those delegated powers. The Collateral Agent in such capacity shall be deemed to be an independent contractor of the Secured Parties. Each Secured Party hereby expressly agrees that, unless requested by the Collateral Agent upon the concurrence of the Required Secured Parties, none of the Secured Parties will take or cause to be taken, in respect of the Obligations or the Collateral, any action or remedy that is independent from the actions or remedies taken or to be taken (or the decision not to take any action or remedy) by the Collateral Agent.

Appointment as Collateral Agent. Each Secured Party irrevocably appoints the Collateral Agent to act as Collateral Agent under this Agreement and any other agreements affecting the Collateral for the benefit of such suc Secured Party, with full authority to take such actions, and to exercise such powers, on behalf of the Secured Parties in respect of this Agreement and the other agreements with respect to the Collateral as are herein and therein respectively delegated to the Collateral Agent or as are reasonably incidental to those delegated powers. The Collateral Agent in such capacity shall be deemed to be an independent contractor of the Secured Parties. Each Secured Party hereby expressly agrees that, unless requested by the Collateral Agent upon the concurrence of the Required Secured Parties, none of the Secured Parties will take or cause to be taken, in respect of the Obligations or the Collateral, any action or remedy that is independent from the actions or remedies taken or to be taken (or the decision not to take any action or remedy) by the Collateral Agent.