Appointment of Collateral Administrator. Each of the Borrower and the Administrative Agent hereby designate and appoint the Collateral Administrator to act as its agent and hereby authorizes the Collateral Administrator to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Collateral Administrator by this Agreement. The Collateral Administrator hereby accepts such agency appointment to act as Collateral Administrator pursuant to the terms of this Agreement, until its resignation or removal as Collateral Administrator pursuant to the terms hereof.
Appointment of Collateral Administrator. Client hereby appoints the Administrator as the collateral agent and administrator to perform the duties set forth in this Agreement and in the Control Agreement with regard to protecting the Collateral for the benefit of Client’s Lenders who participate in the FPL Program. Administrator xxxxxx accepts such appointment and agrees to perform the duties of the Administrator under this Agreement and the Control Agreement. The Client and the Lenders hereby direct the Administrator to enter into the Control Agreement, on such terms acceptable to the Administrator, and authorize the Administrator to take such actions on behalf of such Lenders and to exercise such powers and perform such duties for the benefit of the Lenders as are expressly granted to the Administrator by this Agreement and the Control Agreement, together with such other powers as are reasonably incidental thereto. To secure the obligations of Client under the Securities Lending Agreement between Client and each Lender, Client hereby pledges with, assigns to, and grants Administrator for the benefit of each Lender a continuing first priority security interest in, and a lien upon, all of Client’s right, title and interest in, to and under, whether now owned or existing or hereafter acquired or arising, the Collateral and all proceeds thereof. Administrator, as collateral agent and administrator for such Lenders, shall have all the rights and remedies of a secured party under the UCC. The Administrator hereby further agrees to and acknowledges the security interest granted by Client to Administrator hereunder for the benefit of the Lenders and agrees to act as secured party for the benefit of such Xxxxxxx hereunder and pursuant to the Control Agreement. The Administrator may be removed (i) by the Client’s delivery of not less than ninety (90) days’ written notice of removal to the Administrator and each of the Lenders, or (ii) by a Majority of all Lenders’ delivery of not less than ninety (90) days’ written notice of removal executed by such Xxxxxxx and delivered to the Administrator and the Securities Intermediary. Such resignation or removal shall not become effective unless and until a Successor Administrator has been appointed pursuant to this Agreement and has accepted such appointment by written instrument executed by such Successor Administrator and delivered to the Securities Intermediary. If the Administrator materially defaults on any of its material obligations under this Agreement, Cli...
Appointment of Collateral Administrator. Administrative Agent hereby appoints Collateral Administrator as custodian to safekeep any Assets and cash at any time transferred or delivered to and held by Collateral Administrator for or on behalf of Administrative Agent under this Agreement, and appoints the Collateral Administrator as its agent for the purposes set forth in this Agreement. Borrower hereby appoints Collateral Administrator to maintain and hold the Collateral Account for the benefit of the Borrower as described in Paragraph 4, and to safekeep any Assets and cash at any time transferred or delivered to the Collateral Account, and appoints the Collateral Administrator as its agent for the purposes set forth in this Agreement.
