Common use of Authority to Administer Collateral Clause in Contracts

Authority to Administer Collateral. Each Lien Grantor irrevocably appoints the Collateral Agent its true and lawful attorney, with full power of substitution, in the name of such Lien Grantor, any Secured Party or otherwise, for the sole use and benefit of the Secured Parties, but at NNL's expense, to the extent permitted by law to exercise, at any time and from time to time while (x) an Event of Default with respect to Illiquid Collateral and (y) a Specified Event of Default with respect to Liquid Collateral shall have occurred and be continuing, all or any of the following powers with respect to all or any of such Lien Grantor's Collateral:

Appears in 5 contracts

Samples: Security Agreement (Nortel Networks LTD), NNL Foreign Pledge Agreement (Nortel Networks Corp), Foreign Pledge Agreement (Nortel Networks LTD)

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Authority to Administer Collateral. Each Lien Grantor irrevocably appoints the Collateral Agent its true and lawful attorney, with full power of substitution, in the name of such Lien Grantor, any Secured Party or otherwise, for the sole use and benefit of the Secured Parties, but at NNLsuch Lien Grantor's expense, to the extent permitted by law to exercise, at any time and from time to time while (x) an Event of Default with respect to Illiquid Collateral and (y) a Specified Event of Default with respect to Liquid Collateral shall have occurred and be continuing, all or any of the following powers with respect to all or any of such Lien Grantor's Collateral:

Appears in 4 contracts

Samples: Pledge Agreement (Nortel Networks Corp), Foreign Pledge Agreement (Nortel Networks Corp), Foreign Pledge Agreement (Nortel Networks LTD)

Authority to Administer Collateral. Each Lien Grantor irrevocably appoints the Collateral Agent its true and lawful attorney, with full power of substitution, in the name of such Lien Grantor, any Secured Party or otherwise, for the sole use and benefit of the Secured Parties, but at NNLNNI's expense, to the extent permitted by law to exercise, at any time and from time to time while (x) an Event of Default with respect to Illiquid Collateral and (y) a Specified Event of Default with respect to Liquid Collateral shall have occurred and be continuing, all or any of the following powers with respect to all or any of such Lien Grantor's Collateral:

Appears in 3 contracts

Samples: Foreign Pledge Agreement (Nortel Networks LTD), Security Agreement (Nortel Networks Corp), Foreign Pledge Agreement (Nortel Networks Corp)

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Authority to Administer Collateral. Each Lien Grantor irrevocably appoints the Collateral Agent its true and lawful attorney, with full power of substitution, in the name of such Lien Grantor, any Secured Party or otherwise, for the sole use and benefit of the Secured Parties, but at NNL's ’s expense, to the extent permitted by law to exercise, at any time and from time to time while (x) an Event of Default with respect to Illiquid Collateral and (y) a Specified Event of Default with respect to Liquid Collateral shall have occurred and be is continuing, all or any of the following powers with respect to all or any of such Lien Grantor's ’s Collateral:

Appears in 2 contracts

Samples: Canadian Security Agreement (Nortel Networks Corp), Security Agreement (Nortel Networks Corp)

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