Common use of Actions with Respect to Accounts Clause in Contracts

Actions with Respect to Accounts. Borrower hereby irrevocably makes, constitutes and appoints Bank (and any of Bank's designated officers, employees or agents) as its true and lawful attorney-in-fact, with full power of substitution, with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bank, in its name or the name of Bank, as Bank may determine, without notice to Borrower and at Borrower's expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify all account debtors that Borrower's accounts have been assigned to Bank and that Bank has a security interest therein; (c) Direct all account debtors to make payment of all Borrower's accounts directly to Bank and forward invoices directly to such account debtors; (d) Take control in any manner of any cash or non-cash items of payment or proceeds of such accounts; (e) Notify the United States Postal Service to change the address for delivery of mail addressed to Borrower to such address as Bank may designate; (f) Have access to any lockbox or postal boxes into which Borrower's mail is deposited and receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein); (g) Take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accounts; (h) After the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by Bank, enforce payment of and collect any accounts, by legal proceedings or otherwise, and for such purpose Bank may: (1) Demand payment of any accounts or direct any account debtors to make payment of accounts directly to Bank; (2) Receive and collect all monies due or to become due to Borrower; (3) Exercise all of Borrower's rights and remedies with respect to the collection of accounts; (4) Settle, adjust, compromise, extend, renew, discharge or release the accounts; (5) Sell or assign the accounts on such terms, for such amount and at such times as Bank deems advisable; (6) Prepare, file and sign Borrower's name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtor; (7) Prepare, file and sign Borrower's name or names on any Notice of Lien, Claim of Mechanic's Lien, Assignment or Satisfaction of Lien or Mechanic's Lien or similar document in connection with the Collateral; (8) Endorse the name of Borrower upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's possession; (9) Sign the name of Borrower to verifications of accounts and notices thereof sent by account debtors to Borrower; or (10) Take all other actions necessary or desirable to protect Borrower's or Bank's interest in the accounts. Borrower ratifies and approves all acts of said attorneys and agrees that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower agrees to assist the Bank in the collection and enforcement of its accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accounts.

Appears in 1 contract

Samples: Revolving Credit, Term Loan and Security Agreement (Merrimac Industries Inc)

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Actions with Respect to Accounts. Each Borrower hereby irrevocably makes, constitutes constitutes, and appoints Bank (and any of Bank's designated officers, employees or agents) as its true and lawful attorney-in-fact, with full power of substitution, with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or the name of Bank, as Bank may determine, without notice to such Borrower and at Borrower's the Borrowers' expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify After the occurrence and during the continuance of an Event of Default, notify all account debtors Account Debtors that Borrower's accounts the Borrowers' Accounts have been assigned to Bank and that Bank has a security interest Lien therein; (c) Direct After the occurrence and during the continuance of an Event of Default, direct all account debtors Account Debtors to make payment of all Borrower's accounts the Borrowers' Accounts directly to Bank and forward invoices directly to such account debtorsAccount Debtors; (d) Take After the occurrence and during the continuance of an Event of Default, take control in any manner of any cash or non-cash items of payment or proceeds of such accountsAccounts; (e) Notify After the United States occurrence and during the continuance of an Event of Default, notify the U.S. Postal Service to change the address for delivery of mail addressed to any Borrower to such address as Bank may designate;: (f) Have After the occurrence and during the continuance of an Event of Default, have access to any lockbox or postal boxes into which any Borrower's mail is deposited and receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein)Borrower; (g) Take After the occurrence and during the continuance of an Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accountsAccounts; (h) After the occurrence and during the continuance of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accountsAccounts, by legal proceedings or otherwise, and for such purpose Bank may: (1i) Demand payment of any accounts Accounts or direct any account debtors Account Debtors to make payment of accounts Accounts directly to Bank; (2ii) Receive and collect all monies due or to become due to any Borrower; (3iii) Exercise all of any Borrower's rights and remedies with respect to the collection of accounts;Accounts, (4iv) Settle, adjust, compromise, extend, renew, discharge or release the accountsAccounts; (5v) Sell or assign the accounts Accounts on such terms, for such amount and at such times as Bank deems advisable; (6vi) Prepare, file and sign any Borrower's name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtorAccount Debtor; (7vii) Prepare, file and sign any Borrower's name or names on any Notice of Lien, Claim of Mechanic's Lien, Assignment or Satisfaction of Lien or Mechanic's Lien or similar document in connection with the Collateral; (8) viii) Endorse the name of any Borrower upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts Accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's possession; (9ix) Sign the name of any Borrower to verifications of accounts Accounts and notices thereof sent by account debtors Account Debtors to such Borrower; or (10x) Take all other actions reasonably necessary or desirable to protect any Borrower's or Bank's interest in the accountsAccounts. Borrower ratifies The Borrowers ratify and approves approve all acts of said attorneys and agrees agree that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except such attorneys' gross negligence or willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower agrees The Borrowers agree to assist the Bank in the collection and enforcement of its accounts their Accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accountsAccounts.

Appears in 1 contract

Samples: Loan and Security Agreement (Berger Holdings LTD)

Actions with Respect to Accounts. Each Borrower hereby irrevocably makes, constitutes and appoints Bank (and any of Bank's designated officers, employees or agents) as its true and lawful attorney-in-fact, with full power of substitution, substitution with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or the name of Bank, as Bank may determine, without notice to such Borrower and at Borrower's Borrowers' expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify After the occurrence of an Event of Default, notify all account debtors that Borrower's Borrowers' accounts have been assigned to Bank and that Bank has a security interest therein; (c) Direct If Bank shall require a lockbox pursuant to Section 3.4 above, direct all account debtors to make payment of all Borrower's Borrowers' accounts directly to Bank and forward invoices directly to such account debtors; (d) Take If Bank shall require a lockbox pursuant to Section 3.4 above, take control in any manner of any cash or non-cash items of payment or proceeds of such accounts; (e) Notify After the occurrence of an Event of Default, notify the United States Postal Service to change the address for delivery of mail addressed to such Borrower to such address as Bank may designate; (f) Have If Bank shall require a lockbox pursuant to Section 3.4 above, have access to any lockbox or postal boxes into which Borrower's Borrowers mail is deposited and receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein)Borrower; (g) Take After the occurrence of an Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accounts; (h) After the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accounts, by legal proceedings or otherwise, and for such purpose Bank may: (1i) Demand payment of any accounts or direct any account debtors to make payment of accounts directly to Bank; (2ii) Receive and collect all monies due or to become due to any Borrower; (3iii) Exercise all of Borrower's Borrowers' rights and remedies with respect to the collection of accounts; (4iv) Settle, adjust, compromise, extend, renew, discharge or release the accounts; (5v) Sell or assign the accounts on such terms, for such amount and at such times as Bank deems advisable; (6vi) Prepare, file and sign any Borrower's name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtor; (7vii) Prepare, file and sign Borrower's name or names on any Notice of Lien, Claim of Mechanic's Lien, Assignment or Satisfaction of Lien or Mechanic's Lien or similar document in connection with the Collateral; (8) Endorse the name of any Borrower upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's possession; (9viii) Sign the name of any Borrower to verifications of accounts and notices thereof thereto sent by account debtors to such Borrower; or (10ix) Take all other actions necessary or desirable to protect Borrower's Borrowers' or Bank's interest in the accounts. Borrower ratifies Borrowers ratify and approves approve all acts of said attorneys and agrees agree that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower agrees Borrowers agree to assist the Bank in the collection and enforcement of its accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accounts.

Appears in 1 contract

Samples: Loan and Security Agreement (Adage Inc)

Actions with Respect to Accounts. Borrower Borrowers hereby irrevocably makesmake, constitutes constitute and appoints appoint Bank (and any of Bank's designated officers, employees or agents) as its their true and lawful attorney-in-fact, with full power of substitution, with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or the name of Bank, as Bank may determine, without notice to Borrower Borrowers and at Borrower's Borrowers' expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify all account debtors that Borrower's Borrowers' accounts have been assigned to Bank and that Bank has a security interest therein, provided that such notification shall only be given prior to the occurrence of an Event of Default if notice is required to protect or perfect the Bank's security interests in the Collateral; (c) Direct Upon the occurrence and during the continuation of an Event of Default direct all account debtors to make payment of all Borrower's Borrowers' accounts directly to Bank and forward invoices directly to such account debtors; (d) Take Upon the occurrence and during continuation of an Event of Default take control in any manner of any cash or non-cash items of payment or proceeds of such accounts; (e) Notify Upon the occurrence and during continuation of an Event of Default notify the United States Postal Service to change the address for delivery of mail addressed to any Borrower to such address as Bank may designate; (f) Have Upon the occurrence and during continuation of an Event of Default have access to any lockbox or postal boxes into which Borrower's Borrowers' mail is deposited and receive, open and dispose of all mail addressed to any Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (aSections 14.4(a) THROUGH through (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein); (g) Take Upon the occurrence and during continuation of an Event of Default take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accounts; (h) After Upon the occurrence and during continuation of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accounts, by legal proceedings or otherwise, and for such purpose Bank may: (1i) Demand payment of any accounts or direct any account debtors to make payment of accounts directly to Bank; (2ii) Receive and collect all monies due or to become due to any Borrower; (3iii) Exercise all of Borrower's Borrowers' rights and remedies with respect to the collection of accounts; (4iv) Settle, adjust, compromise, extend, renew, discharge or release the accounts; (5v) Sell or assign the accounts on such terms, for such amount and at such times as Bank deems advisable; (6vi) Prepare, file and sign Borrower's Borrowers' name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtor; (7vii) Prepare, file and sign Borrower's Borrowers' name or names on any Notice of Lien, Claim of Mechanic's Lien, Assignment or Satisfaction of Lien or Mechanic's Lien or similar document in connection with the Collateral; (8) viii) Endorse the name of any Borrower upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's possession; (9ix) Sign the name of any Borrower to verifications of accounts and notices thereof sent by account debtors to BorrowerBorrowers; or (10x) Take all other actions necessary or desirable to protect Borrower's Borrowers' or Bank's interest in the accounts. Borrower ratifies Borrowers ratify and approves approve all acts of said attorneys and agrees that said attorneys shall not be liable for any acts of commission cornmission or omission, nor for any error of judgment or mistake of fact or law, except willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower agrees Borrowers agree to assist the Bank in the collection and enforcement of its accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accounts.

Appears in 1 contract

Samples: Loan and Security Agreement (National Media Corp)

Actions with Respect to Accounts. Borrower Each Obligor hereby irrevocably makes, constitutes constitutes, and appoints Bank the Collateral Agent (and any of Bank's the Collateral Agent’s designated officers, employees or agents) as its true and lawful attorney-in-fact, with full power of substitution, with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or the name names of Bankthe Collateral Agent, as Bank the Collateral Agent may determine, without notice to Borrower the Obligors and at Borrower's the Obligors’ expense: (ai) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (bii) Notify After the occurrence of an Event of Default, notify all account debtors Account Debtors that Borrower's accounts the Obligors’ Accounts have been assigned to Bank the Collateral Agent and that Bank the Collateral Agent has a security interest Lien therein; (ciii) Direct After the occurrence of an Event of Default, direct all account debtors Account Debtors to make payment of all Borrower's accounts Obligors’ Accounts directly to Bank the Collateral Agent and forward invoices directly to such account debtorsAccount Debtors; (div) Take After the occurrence of an Event of Default, take control in any manner of any cash or non-cash items of payment or proceeds of such accountsAccounts; (ev) Notify After the United States occurrence of an Event of Default, notify the U.S. Postal Service to change the address for delivery of mail addressed to Borrower each Obligor to such address as Bank the Collateral Agent may designate; (fvi) Have After the occurrence of an Event of Default, have access to any lockbox or postal boxes into which Borrower's any Obligor’s mail is deposited and receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein)such Obligor; (gvii) Take After the occurrence of an Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accountsAccounts; (hviii) After the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accountsAccounts, by legal proceedings or otherwise, and for such purpose Bank the Collateral Agent may: (1A) Demand payment of any accounts Accounts or direct any account debtors Account Debtors to make payment of accounts Accounts directly to Bankthe Collateral Agent; (2B) Receive and collect all monies due or to become due to Borrowerany Obligor; (3C) Exercise all of Borrower's any Obligor’s rights and remedies with respect to the collection of accountsAccounts; (4D) Settle, adjust, compromise, extend, renew, discharge or release the accountsAccounts; (5E) Sell or assign the accounts Accounts on such terms, for such amount and at such times as Bank the Collateral Agent deems advisable; (6F) Prepare, file and sign Borrower's any Obligor’s name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtorAccount Debtor; (7G) Prepare, file and sign Borrower's any Obligor’s name or names on any Notice of Lien, Claim of Mechanic's ’s Lien, Assignment or Satisfaction of Lien or Mechanic's ’s Lien or similar document in connection with the Collateral; (8) H) Endorse the name of Borrower any Obligor upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts Accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's the Lenders’, Administrative Agent’s or Collateral Agent’s possession; (9I) Sign the name of Borrower any Obligor to verifications of accounts Accounts and notices thereof sent by account debtors Account Debtors to Borrowersuch Obligor; or (10J) Take all other actions necessary or desirable to protect Borrower's any Obligor’s or Bank's the Collateral Agent’s interest in the accountsAccounts. Borrower Each Obligor ratifies and approves all acts of said attorneys and agrees that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except such attorneys’ gross negligence or willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower Each Obligor agrees to assist the Bank Collateral Agent in the collection and enforcement of its accounts their Accounts and not to hinder, delay or impede the Bank Collateral Agent in its collection or enforcement of said accountsAccounts.

Appears in 1 contract

Samples: Loan and Security Agreement (Access to Money, Inc.)

Actions with Respect to Accounts. Borrower Each Obligor hereby irrevocably makes, constitutes constitutes, and appoints Bank (and any of Bank's ’s designated officers, employees or agents) as its true and lawful attorney-in-fact, with full power of substitution, with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or the name of Bank, as Bank may determine, without notice to Borrower Obligors and at Borrower's Obligors’ expense: (ai) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (bii) Notify After the occurrence of an Event of Default, notify all account debtors Account Debtors that Borrower's accounts the Obligors’ Accounts have been assigned to Bank and that Bank has a security interest Lien therein; (ciii) Direct After the occurrence of an Event of Default, direct all account debtors Account Debtors to make payment of all Borrower's accounts Obligors’ Accounts directly to Bank and forward invoices directly to such account debtorsAccount Debtors; (div) Take After the occurrence of an Event of Default, take control in any manner of any cash or non-cash items of payment or proceeds of such accountsAccounts; (ev) Notify After the United States occurrence of an Event of Default, notify the U.S. Postal Service to change the address for delivery of mail addressed to Borrower each Obligor to such address as Bank may designate; (fvi) Have After the occurrence of an Event of Default, have access to any lockbox or postal boxes into which Borrower's any Obligor’s mail is deposited and receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein)such Obligor; (gvii) Take After the occurrence of an Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accountsAccounts; (hviii) After the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accountsAccounts, by legal proceedings or otherwise, and for such purpose Bank may: (1A) Demand payment of any accounts Accounts or direct any account debtors Account Debtors to make payment of accounts Accounts directly to Bank; (2B) Receive and collect all monies due or to become due to Borrowerany Obligor; (3C) Exercise all of Borrower's any Obligor’s rights and remedies with respect to the collection of accountsAccounts; (4D) Settle, adjust, compromise, extend, renew, discharge or release the accountsAccounts; (5E) Sell or assign the accounts Accounts on such terms, for such amount and at such times as Bank deems advisable; (6F) Prepare, file and sign Borrower's any Obligor’s name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtorAccount Debtor; (7G) Prepare, file and sign Borrower's any Obligor’s name or names on any Notice of Lien, Claim of Mechanic's ’s Lien, Assignment or Satisfaction of Lien or Mechanic's ’s Lien or similar document in connection with the Collateral; (8) H) Endorse the name of Borrower any Obligor upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts Accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's ’s possession; (9I) Sign the name of Borrower any Obligor to verifications of accounts Accounts and notices thereof sent by account debtors Account Debtors to Borrowersuch Obligor; or (10J) Take all other actions necessary or desirable to protect Borrower's any Obligor’s or Bank's ’s interest in the accountsAccounts. Borrower Each Obligor ratifies and approves all acts of said attorneys and agrees that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except such attorneys’ gross negligence or willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower Each Obligor agrees to assist the Bank in the collection and enforcement of its accounts their Accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accountsAccounts.

Appears in 1 contract

Samples: Loan and Security Agreement (Access to Money, Inc.)

Actions with Respect to Accounts. Borrower hereby irrevocably makes, constitutes and appoints Bank (and any of Bank's designated officers, employees or agents) as its true and lawful attorney-in-fact, with full power of substitution, with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or the name of Bank, as Bank may determine, without notice to Borrower and at Borrower's expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify all account debtors that Borrower's accounts have been assigned to Bank and that Bank has a security interest therein; (c) Direct all account debtors to make payment of all Borrower's accounts directly to Bank and forward invoices directly to such account debtors; (d) Take control in any manner of any cash or non-cash items of payment or proceeds of such accounts; (e) Notify the United States Postal Service to change the address for delivery of mail addressed to Borrower to such address as Bank may designate; provided that Bank agrees to promptly deliver to Borrower all mail other than proceeds of collateral received by Bank as a result of any such change of Borrower's address; (f) Have access to any lockbox or postal boxes into which Borrower's mail is deposited and receive, open and dispose of all mail addressed to Borrower relating to the Collateral (any sums received pursuant to the exercise of the rights provided in SECTIONS Sections 13.4 (a) THROUGH through (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein); (g) Take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accounts; (h) After the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by Bank, enforce Enforce payment of and collect any accounts, by legal proceedings or otherwise, and for such purpose Bank may: (1i) Demand payment of any accounts or direct any account debtors to make payment of accounts directly to Bank; (2ii) Receive and collect all monies due or to become due to Borrower; (3iii) Exercise all of Borrower's rights and remedies with respect to the collection of accounts; (4iv) Settle, adjust, compromise, extend, renew, discharge or release the accounts; (5v) Sell or assign the accounts on such terms, for such amount and at such times as Bank deems advisable; (6vi) Prepare, file and sign Borrower's name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtor; (7vii) Prepare, file and sign Borrower's name or names on any Notice of Lien, Claim of Mechanic's Lien, Assignment or Satisfaction of Lien or Mechanic's Lien or similar document in connection with the Collateral; (8) viii) Endorse the name of Borrower upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest relating to the Collateral that may come into Bank's possession; (9ix) Sign the name of Borrower to verifications of accounts and notices thereof sent by account debtors to Borrower; or (10x) Take all other actions necessary or desirable to protect Borrower's or Bank's interest in the accounts. Borrower ratifies and approves all acts of said attorneys and agrees agree that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower agrees to assist the Bank in the collection and enforcement of its accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accountsaccounts until the Bank Indebtedness is paid in full and Bank has no further funding commitment under or in respect of the Line.

Appears in 1 contract

Samples: Loan and Security Agreement (Consolidated Stainless Inc)

Actions with Respect to Accounts. Borrower Each Obligor hereby irrevocably makes, constitutes constitutes, and appoints Bank (and any of Bank's ’s designated officers, employees or agents) as its true and lawful attorney-in-factattorney‑in‑fact, with full power of substitution, with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or the name of Bank, as Bank may determine, without notice to Borrower such Obligor and at Borrower's Obligors’ expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify Upon the occurrence and during the continuation of an Event of Default, notify all account debtors Account Debtors that Borrower's accounts Obligors’ Accounts have been assigned to Bank and that Bank has a security interest Lien therein; (c) Direct Upon the occurrence and during the continuation of an Event of Default, direct all account debtors Account Debtors to make payment of all Borrower's accounts Obligors’ Accounts directly to Bank and forward invoices directly to such account debtorsAccount Debtors; (d) Take Upon the occurrence and during the continuation of an Event of Default, take control in any manner of any cash or non-cash non‑cash items of payment or proceeds of such accountsAccounts; (e) Notify Upon the United States occurrence and during the continuation of an Event of Default, notify the U.S. Postal Service to change the address for delivery of mail addressed to Borrower any Obligor to such address as Bank may designate; (f) Have Upon the occurrence and during the continuation of an Event of Default, have access to any lockbox or postal boxes into which Borrower's any Obligor’s mail is deposited and receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein)Obligor; (g) Take Upon the occurrence and during the continuation of an Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accountsAccounts; (h) After Upon the occurrence and during the continuation of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accountsAccounts, by legal proceedings or otherwise, and for such purpose Bank may: (1i) Demand payment of any accounts Accounts or direct any account debtors Account Debtors to make payment of accounts Accounts directly to Bank; (2ii) Receive and collect all monies due or to become due to Borrowerany Obligor; (3iii) Exercise all of Borrower's any Obligor’s rights and remedies with respect to the collection of accountsAccounts; (4iv) Settle, adjust, compromise, extend, renew, discharge or release the accountsAccounts; (5v) Sell or assign the accounts Accounts on such terms, for such amount and at such times as Bank deems advisable; (6vi) Prepare, file and sign Borrower's any Obligor’s name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtorAccount Debtor; (7vii) Prepare, file and sign Borrower's any Obligor’s name or names on any Notice of Lien, Claim of Mechanic's ’s Lien, Assignment or Satisfaction of Lien or Mechanic's ’s Lien or similar document in connection with the Collateral; (8) viii) Endorse the name of Borrower any Obligor upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts Accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's ’s possession; (9ix) Sign the name of Borrower any Obligor to verifications of accounts Accounts and notices thereof sent by account debtors Account Debtors to Borrowersuch Obligor; or (10x) Take all other actions necessary or desirable to protect Borrower's any Obligor’s or Bank's ’s interest in the accountsAccounts. Borrower ratifies Obligors ratify and approves approve all acts of said attorneys and agrees agree that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except such attorneys’ gross negligence or willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower agrees Obligors agree to assist the Bank in the collection and enforcement of its accounts their Accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accountsAccounts.

Appears in 1 contract

Samples: Loan and Security Agreement (Intest Corp)

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Actions with Respect to Accounts. Borrower Each Obligor hereby irrevocably makes, constitutes constitutes, and appoints Bank (and any of Bank's ’s designated officers, employees or agents) as its true and lawful attorney-in-fact, with full power of substitution, with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or the name of Bank, as Bank may determine, without notice to Borrower such Obligor and at Borrower's Obligors’ expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify Upon the occurrence and during the continuation of an Event of Default, notify all account debtors Account Debtors that Borrower's accounts Obligors’ Accounts have been assigned to Bank and that Bank has a security interest Lien therein; (c) Direct Upon the occurrence and during the continuation of an Event of Default, direct all account debtors Account Debtors to make payment of all Borrower's accounts Obligors’ Accounts directly to Bank and forward invoices directly to such account debtorsAccount Debtors; (d) Take Upon the occurrence and during the continuation of an Event of Default, take control in any manner of any cash or non-cash items of payment or proceeds of such accountsAccounts; (e) Notify Upon the United States occurrence and during the continuation of an Event of Default, notify the U.S. Postal Service to change the address for delivery of mail addressed to Borrower any Obligor to such address as Bank may designate; (f) Have Upon the occurrence and during the continuation of an Event of Default, have access to any lockbox or postal boxes into which Borrower's any Obligor’s mail is deposited and receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein)Obligor; (g) Take Upon the occurrence and during the continuation of an Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accountsAccounts; (h) After Upon the occurrence and during the continuation of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accountsAccounts, by legal proceedings or otherwise, and for such purpose Bank may: (1i) Demand payment of any accounts Accounts or direct any account debtors Account Debtors to make payment of accounts Accounts directly to Bank; (2ii) Receive and collect all monies due or to become due to Borrowerany Obligor; (3iii) Exercise all of Borrower's any Obligor’s rights and remedies with respect to the collection of accountsAccounts; (4iv) Settle, adjust, compromise, extend, renew, discharge or release the accountsAccounts; (5v) Sell or assign the accounts Accounts on such terms, for such amount and at such times as Bank deems advisable; (6vi) Prepare, file and sign Borrower's any Obligor’s name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtorAccount Debtor; (7vii) Prepare, file and sign Borrower's any Obligor’s name or names on any Notice of Lien, Claim of Mechanic's ’s Lien, Assignment or Satisfaction of Lien or Mechanic's ’s Lien or similar document in connection with the Collateral; (8) viii) Endorse the name of Borrower any Obligor upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts Accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's ’s possession; (9ix) Sign the name of Borrower any Obligor to verifications of accounts Accounts and notices thereof sent by account debtors Account Debtors to Borrowersuch Obligor; or (10x) Take all other actions necessary or desirable to protect Borrower's any Obligor’s or Bank's ’s interest in the accountsAccounts. Borrower ratifies Obligors ratify and approves approve all acts of said attorneys and agrees agree that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except such attorneys’ gross negligence or willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower agrees Obligors agree to assist the Bank in the collection and enforcement of its accounts their Accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accountsAccounts.

Appears in 1 contract

Samples: Loan and Security Agreement (Intest Corp)

Actions with Respect to Accounts. Each Borrower hereby irrevocably makes, constitutes and appoints Bank (and any of Bank's designated officers, employees or agents) as its true and lawful attorney-in-fact, with full power of substitution, with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or the name of Bank, as Bank may determine, without notice to such Borrower and at such Borrower's expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify After the occurrence of an uncured Event of Default, notify all account debtors that Borrower's accounts have been assigned to Bank and that Bank has a security interest therein; (c) Direct After the occurrence of an uncured Event of Default, direct all account debtors to make payment of all such Borrower's accounts directly to Bank and forward invoices directly to such account debtors; (d) Take After the occurrence of an uncured Event of Default, take control in any manner of any cash or non-cash items of payment or proceeds of such accounts; (e) Notify After the occurrence of an uncured Event of Default, notify the United States Postal Service to change the address for delivery of mail addressed to such Borrower to such address as Bank may designate; (f) Have After the occurrence of an uncured Event of Default, have access to any lockbox or postal boxes into which such Borrower's mail is deposited and receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein)such Borrower; (g) Take After the occurrence of an uncured Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accounts; (h) After the occurrence of an uncured Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accounts, by legal proceedings or otherwise, and for such purpose Bank may: (1i) Demand payment of any accounts or direct any account debtors to make payment of accounts directly to Bank; (2ii) Receive and collect all monies due or to become due to such Borrower; (3iii) Exercise all of such Borrower's rights and remedies with respect to the collection of accounts; (4iv) Settle, adjust, compromise, extend, renew, discharge or release the accounts; (5v) Sell or assign the accounts on such terms, for such amount and at such times as Bank deems advisableadvisable but subject to and in a manner consistent with SECTION 13.3 hereof; (6vi) Prepare, file and sign such Borrower's name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtor; (7vii) Prepare, file and sign such Borrower's name or names on any Notice of Lien, Claim of Mechanic's Lien, Assignment or Satisfaction of Lien or Mechanic's Lien or similar document in connection with the Collateral; (8) viii) Endorse the name of such Borrower upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest interest, in each case relating to the accounts or the goods the sale of which gave rise thereto, that may come into Bank's possession; (9ix) Sign the name of such Borrower to verifications of accounts and notices thereof sent by account debtors to such Borrower; or (10x) Take all other actions necessary or desirable to protect such Borrower's or Bank's interest in the accounts. Each Borrower ratifies and approves all acts of said attorneys and agrees that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except willful misconductmisconduct or gross negligence. This power, being coupled with an interest, is irrevocable. Each Borrower agrees to assist the Bank in the collection and enforcement of its accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accounts.

Appears in 1 contract

Samples: Loan and Security Agreement (United States Lime & Minerals Inc)

Actions with Respect to Accounts. Borrower Obligor hereby irrevocably makes, constitutes and appoints Bank (and any of Bank's designated officers, employees or agents) as its Obligor's true and lawful attorney-in-fact, with full power of substitution, with power to sign its Obligor's name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its Obligor's name or the name of Bank, as Bank may determinedetermine in its reasonable discretion, without notice to Borrower Obligor and at BorrowerObligor's expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify Upon the occurrence of an Event of Default, notify all account debtors that BorrowerObligor's accounts have been assigned to Bank and that Bank has a security interest therein;: (c) Direct Upon the occurrence of an Event of Default, direct all account debtors to make payment of all BorrowerObligor's accounts directly to Bank and forward invoices directly to such account debtors; (d) Take Upon the occurrence of an Event of Default, take control in any manner of any cash or non-cash noncash items of payment or proceeds of such accounts; (e) Notify Upon the occurrence of an Event of Default, notify the United States Postal Service to change the address for delivery of mail addressed to Borrower Obligor to such address as Bank may designate; (f) Have Upon the occurrence of an Event of Default, have access to any lockbox or postal boxes into which BorrowerObligor's mail is deposited and receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein)Obligor; (g) Take Upon the occurrence of an Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accounts; (h) After Upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accounts, by legal proceedings or otherwise, and for such purpose Bank may: (1) Demand payment of any accounts or direct any account debtors to make payment of accounts directly to Bank; (2) Receive and collect all monies due or to become due to BorrowerObligor; (3) Exercise all of BorrowerObligor's rights and remedies with respect to the collection of accounts; (4) Settle, adjust, compromise, extend, renew, discharge or release the accounts; (5) Sell or assign the accounts on such terms, for such amount and at such times as Bank deems advisable;: (6) Prepare, file and sign BorrowerObligor's name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtor; (7) Prepare, file and sign BorrowerObligor's name or names on any Notice of Lien, Claim of Mechanic's Lien, Assignment or Satisfaction of Lien or Mechanic's Lien or similar document in connection with the Collateral; (8) Endorse the name of Borrower Obligor upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's possession; (9) Sign the name of Borrower Obligor to verifications of accounts and notices thereof sent by account debtors to BorrowerObligor; or (10) Take all other actions necessary or desirable desirable, as determined by Bank in its reasonable discretion, to protect BorrowerObligor's or Bank's interest in the accounts. Borrower Obligor ratifies and approves all acts of said attorneys and agrees that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except willful misconductmisconduct or gross negligence. This power, being coupled with an interest, is irrevocable. Borrower Obligor agrees to assist the Bank in the collection and enforcement of its accounts and not to hinder, delay or impede the Bank in on its collection or enforcement of said accounts.

Appears in 1 contract

Samples: Loan Agreement (Liberty Technologies Inc)

Actions with Respect to Accounts. Borrower The Obligors hereby -------------------------------- irrevocably makesmake, constitutes constitute, and appoints appoint Bank (and any of Bank's designated officers, employees or agents) as its their true and lawful attorney-in-fact, with full power of substitution, with power to sign its their name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its their name or the name of Bank, as Bank may determine, without notice to Borrower any Obligor and at Borrower's the Obligors' expense: (a) Verify the validity and amount of or any other matter relating to the Collateral by mail, telephone, telecopy or otherwise; (b) Notify all account debtors Account Debtors that Borrower's accounts the Obligors' Accounts have been assigned to Bank (for the pro rata benefit of Bank's) and that Bank has a security interest Lien therein; (c) Direct all account debtors Account Debtors to make payment of all Borrower's accounts the Obligors' Accounts directly to Bank and forward invoices directly to such account debtorsAccount Debtors; (d) Take control in any manner of any cash or non-cash items of payment or proceeds of such accountsAccounts; (e) Notify After the United States occurrence of an Event of Default, notify the U.S. Postal Service to change the address for delivery of mail addressed to Borrower any Obligor to such address as Bank may designate;: (f) Have After the occurrence of an Event of Default, have access to any lockbox or postal boxes into which Borrowerany Obligor's mail is deposited and receive, open and dispose of all mail addressed to Borrower any Obligor (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above the Loan Documents may, at Bank's option, be deposited in the cash collateral account provided for hereinCash Collateral Account); (g) Take After the occurrence of an Event of Default, take control in any manner of any rejected, returned, stopped in transit or repossessed goods relating to any accountsAccounts; (h) After the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accountsAccounts, by legal proceedings or otherwise, and for such purpose Bank may: (1i) Demand payment of any accounts Accounts or direct any account debtors Account Debtors to make payment of accounts Accounts directly to Bank; (2ii) Receive and collect all monies due or to become due to Borrowerany Obligor; (3iii) Exercise all of Borrowerany Obligor's rights and remedies with respect to the collection of accounts;Accounts, (4iv) Settle, adjust, compromise, extend, renew, discharge or release the accountsAccounts; (5v) Sell or assign the accounts Accounts on such terms, for such amount and at such times as Bank deems advisable; (6vi) Prepare, file and sign Borrowerany Obligor's name or names on any Proof of Claim or similar document in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law as to any account debtorAccount Debtor; (7vii) Prepare, file and sign Borrowerany Obligor's name or names on any Notice of Lien, Claim of Mechanic's Lien, Assignment or Satisfaction of Lien or Mechanic's Lien or similar document in connection with the Collateral; (8) viii) Endorse the name of Borrower any Obligor upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading or similar documents or agreements relating to the accounts Accounts or goods pertaining thereto or upon any checks or other media of payment or evidences of a security interest that may come into Bank's possession; (9ix) Sign the name of Borrower any Obligor to verifications of accounts Accounts and notices thereof sent by account debtors Account Debtors to Borrowersuch Obligor; or (10x) Take all other actions necessary or desirable to protect Borrowerany Obligor's or Bank's interest in the accountsAccounts. Borrower ratifies The Obligors ratify and approves approve all acts of said attorneys and agrees agree that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except such attorneys' gross negligence or willful misconduct. This power, being coupled with an interest, is irrevocable. Borrower agrees The Obligors agree to assist the Bank in the collection and enforcement of its accounts their Accounts and not to hinder, delay or impede the Bank in its collection or enforcement of said accountsAccounts.

Appears in 1 contract

Samples: Loan and Security Agreement (Drugmax Com Inc)

Actions with Respect to Accounts. Borrower hereby Upon the occurrence and during the continuance of an Event of Default,, each Grantor shall be deemed to have irrevocably makes, constitutes and appoints Bank automatically appointed the Administrative Agent (and any of Bank's the Administrative Agent’s designated officers, employees or agents) as its true and lawful attorney-in-fact, with full power of substitution, fact with power to sign its name and to take any of the following actions upon the occurrence of an Event of Default and at any time thereafter until such time as it has been waived in writing by the Bankactions, in its name or in the name of Bankthe Administrative Agent, as Bank the Administrative Agent may determine, determine (except as expressly limited in this Section 5) without notice to Borrower such Grantor and at Borrower's such Grantor’s expense: (a) Verify the validity and amount of of, or any other matter relating to to, the Collateral by mail, telephone, telecopy telegraph or otherwise; (b) Notify Upon the occurrence and during the continuance of an Event of Default, notify all account debtors that Borrower's accounts the Accounts have been assigned to Bank the Administrative Agent and that Bank has the Lenders have a security interest thereinin the Accounts; (c) Direct Upon the occurrence and during the continuance of an Event of Default, direct all account debtors to make payment of all Borrower's accounts Accounts directly to Bank and forward invoices directly to such account debtorsthe Administrative Agent; (d) Take Upon the occurrence and during the continuance of an Event of Default, take control in any manner of any cash or non-cash items of payment or proceeds of such accountsAccounts; (e) Notify Upon the occurrence and during the continuance of an Event of Default, in any case and for any reason, notify the United States Postal Service to change the address addresses for delivery of mail addressed to Borrower the Grantor to such address as Bank the Administrative Agent may designate; (f) Have access to Upon the occurrence and during the continuance of an Event of Default, in any lockbox or postal boxes into which Borrower's mail is deposited case and for any reason, receive, open and dispose of all mail addressed to Borrower (any sums received pursuant to the exercise of the rights provided in SECTIONS 13.4 (a) THROUGH (f) above may, at Bank's option, be deposited in the cash collateral account provided for herein)such Grantor; (g) Take Upon the occurrence and during the continuance of an Event of Default, take control in any manner of any rejected, returned, stopped in stopped-in-transit or repossessed goods relating to any accountsAccounts; (h) After Upon the occurrence and during the continuance of an Event of Default and at any time thereafter until such time as it has been waived in writing by BankDefault, enforce payment of and collect any accountsAccounts, by legal proceedings or otherwise, and for such purpose Bank the Administrative Agent may: (1i) Demand payment of any accounts Accounts or direct any account debtors to make payment of accounts Accounts directly to Bankthe Administrative Agent; (2ii) Receive and collect all monies due or to become due to Borrowersuch Grantor; (3iii) Exercise all of Borrower's such Grantor’s rights and remedies with respect to the collection of accountsAccounts; (4iv) Settle, adjust, compromise, extend, renew, discharge or release the accountsAccounts; (5v) Sell or assign the accounts Accounts on such terms, for such amount amounts and at such times as Bank the Administrative Agent deems advisable; (6vi) Prepare, file and sign Borrower's such Grantor’s name or names on any Proof of Claim or similar document documents in any proceeding filed under federal or state bankruptcy, insolvency, reorganization or other similar law Law as to any account debtor; (7vii) Prepare, file and sign Borrower's such Grantor’s name or names on any Notice of Lien, Claim of Mechanic's ’s Lien, Assignment or Satisfaction of Lien or Mechanic's Lien ’s Lien, or similar document in connection with the Collateral; (8) viii) Endorse the name of Borrower such Grantor upon any chattel papers, documents, instruments, invoices, freight bills, bills of lading lading, or similar documents or agreements relating to the accounts Accounts or goods pertaining thereto to Accounts or upon any checks or other media medium of payment or evidences evidence of a security interest that may come into Bank's the Administrative Agent’s possession; (9ix) Sign the name of Borrower such Grantor to verifications of accounts Accounts and notices thereof of Accounts sent by account debtors to Borrowersuch Grantor; or (10x) Take all other actions necessary or desirable to protect Borrower's or Bank's interest such Grantor’s interest(s) in the accountsAccounts. Borrower Each Grantor ratifies and approves all acts of said attorneys and agrees that said attorneys shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except willful misconduct. This power, being coupled with an interest, is irrevocableirrevocable until the Obligations are paid in full and the Grantors shall have performed all of their obligations under this Security Agreement. Borrower Each Grantor further agrees to use its best efforts to assist the Bank Administrative Agent in the collection and enforcement of its accounts the Accounts and will not to hinder, delay or impede the Bank Administrative Agent in any manner in its collection or and enforcement of said accountsthe Accounts.

Appears in 1 contract

Samples: Credit Agreement (Allegheny Technologies Inc)

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