Common use of Actions by Agent Clause in Contracts

Actions by Agent. Grantor hereby designates Agent, or any agent designated by Agent, as the attorney-in-fact of Grantor, which power of attorney shall be exercisable during the continuance of an Event of Default, to: (a) endorse in favor of Agent any of the Collateral; (b) cause the transfer of any of the Collateral in such name as Agent may from time to time determine; (c) renew, extend or roll over any Collateral; and (d) make, demand and initiate actions to enforce any of the Collateral or rights therein. Agent may take such action with respect to the Collateral as Agent may reasonably determine to be necessary to protect and preserve its interest in the Collateral. Agent shall also have and may exercise at any time all rights, remedies, powers, privileges and discretions of Grantor with respect to and under the Collateral; provided, however, Agent shall have no right to exercise any voting rights available to holders of the Collateral at any time the Collateral is held by Agent solely as secured party hereunder unless an uncured Event of Default has occurred and is continuing (and has not been waived by Agent), and then only to the extent such voting rights are not part of the Excluded Rights. The within designation and grant of power of attorney is coupled with an interest, is irrevocable until this Agreement is terminated by a written instrument executed by a duly authorized officer of Agent. The power of attorney shall not be affected by subsequent disability or incapacity of Grantor. Agent shall not be liable for any act or omission to act pursuant to this Section 10, except for any act or omission to act which is in actual bad faith is grossly negligent or resulting from willful misconduct.

Actions by Agent. Grantor hereby designates Agent, or any agent designated by Agent, as the attorney-in-fact of Grantor, which power of attorney shall be exercisable during the continuance of an Event of Default, to: (a) endorse in favor of Agent any of the Collateral; (b) cause the transfer of any of the Collateral in such name as Agent may from time to time determine; (c) renew, extend or roll over any Collateral; and (d) make, demand and initiate actions to enforce any of the Collateral or rights therein. Agent may take such action with respect to the Collateral as Agent may reasonably determine to be necessary to protect and preserve its interest in the Collateral. Agent shall also have and may exercise at any time all rights, remedies, powers, privileges and discretions of Grantor with respect to and under the Collateral; provided, however, Agent shall have no right to exercise any voting rights available to holders of the Collateral at any time the Collateral is held by Agent solely as secured party hereunder unless an uncured Event of Default has occurred and is continuing (and has not been waived by Agent), and then only to the extent such voting rights are not part of the Excluded Rights. The within designation and grant of power of attorney is coupled with an interest, is irrevocable until this Agreement is terminated by a written instrument executed by a duly authorized officer of Agent. The power of attorney shall not be affected by subsequent disability or incapacity of Grantor. Agent shall not be liable for any act or omission to act pursuant to this Section 10, except for any act or omission to act which is in actual bad faith is grossly negligent or resulting from willful misconduct.this