Common use of Collateral Agent Role Clause in Contracts

Collateral Agent Role. The Loan Parties and the Secured Parties hereby acknowledge that PNC is acting as collateral agent, an administrative agent, a letter of credit issuer and a lender under the CEI Credit Documents and may act as an agent or lender under other financing agreements of the Borrower, any Affiliate of Borrower or CEI or one or more of its Affiliates, and expressly consent to PNC acting in any such capacity, including any action or inaction in its capacity as Collateral Agent hereunder that it determines to be in furtherance of, or not contrary to, the interests of the CEI Secured Parties. The Loan Parties and the Secured Parties hereby waive any conflict of interest that may arise out of PNC acting in such capacity, and make the agreements and acknowledgements set forth in Section 11.13 [No Fiduciary Duty] with respect to PNC’s acting in such capacity mutatis mutandis. The Loan Parties and the Secured Parties shall not claim, or support any Person in claiming, any conflict of interest or invalidity of (i) the exercise by the Collateral Agent or the CEI Collateral Agent of its rights or remedies under the Loan Documents or the CEI Credit Documents and (ii) any other duty, obligation or right of the Collateral Agent or the CEI Collateral Agent. The Loan Parties and the Secured Parties agree not to contest, or challenge or support any other Person in contesting or challenging, the acknowledgements, consents, waivers and agreements under this paragraph for any reason.