Common use of Collateral Agent Authorization Clause in Contracts

Collateral Agent Authorization. After the occurrence and during the continuance of any Event of Default that has not been waived in accordance with Section 8.04 of the Credit Agreement (including the commencement and continuation of any proceeding under any Debtor Relief Law relating to any other Loan Party) and delivery by the Administrative Agent of the notice described in Section 17.09(h)(i), the Collateral Agent is authorized and empowered (but without any obligation to so do), in its discretion, (A) in the name of each Pledgor, to collect and enforce, and to submit claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Secured Obligations (including any and all Post-Petition Interest), and (B) to require each Pledgor (1) to collect and enforce, and to submit claims in respect of, Subordinated Obligations and (2) to pay any amounts received on such obligations to the Collateral Agent for application to the Secured Obligations (including any and all Post-Petition Interest).