1. Agent to Bind Group of Companies
Designation of Agent
X shall act as agent (the "Agent") for all Participating Lenders hereunder, as collateral agent for all Participating Lenders under the Security Agreement for purposes of any grant of collateral security being made by the Borrower in connection with this Agreement and as agent for the Participating Lenders under or in connection with any other Loan Document. Each Participating Lender irrevocably appoints the Agent as its agent and authorizes the Agent to take such actions on its behalf and to exercise such powers as are set forth for the Agent in the Security Agreement and as are delegated to the Agent by the Participating Lenders from time to time, together with such actions and powers as are reasonably incidental thereto. Each Participating Lender acknowledges that X will be acting as collateral agent under the Security Agreement in respect of all "Lenders" from time to time parties to this Agreement and all Persons from time to time holding the Senior Secured Convertible Notes or interests therein (the "Holders"), and that the collateral security being provided by the Borrower to such Lender and such Holders will be a single pool of assets and interests in property to be shared by such Lenders and such Holders as secured parties on a pari passu basis. Notwithstanding anything herein to the contrary, the provisions of this Section X shall apply at all times without regard to how many "Lenders" are party hereto at such time.