Common use of Additional Authorizations Clause in Contracts

Additional Authorizations. Grantor irrevocably authorizes Lenders, with full power of substitution, to do any of the following, either in Lenders’ own names or in the name of Grantor, or otherwise, which in the discretion of Lenders may seem necessary or advisable: (a) to demand, collect, receive, receipt for, xxx and recover all Income and Proceeds and other sums of money and other property which may now or hereafter become due, owing or payable from the Obligors in accordance with the terms of the Collateral; (b) to execute, sign and endorse any and all instruments, receipts, checks, drafts and warrants issued in payment for the Collateral; (c) to settle or compromise any and all claims arising under the Collateral, and execute and deliver any release and acquittance therefor; (d) to file any claim or claims or to take any action or institute or take part in any proceedings; and (e) to execute and deliver to the Obligors, at the time and in the manner specified by the Collateral, any necessary instruments or documents. It is understood and agreed that any exercise of this authorization by Lenders shall be on behalf of Lenders and not on behalf of Grantor. Lenders are not an agent or fiduciary of Grantor. However, in exercising the authorization granted hereby, Lenders shall exercise reasonable caution and prudence and Lenders shall keep full and accurate record of all actions, receipts and disbursements.

Additional Authorizations. Grantor Grantors irrevocably authorizes Lendersauthorize Lender, with full power of substitution, to do any of the following, either in Lenders’ Lender’s own names name or in the name of GrantorGrantors, or otherwise, which in the discretion of Lenders Lender may seem necessary or advisable: (a) to demand, collect, receive, receipt for, xxx and recover all Income and Proceeds and other sums of money and other property which may now or hereafter become due, owing or payable from the Obligors in accordance with the terms of the Collateral; (b) to execute, sign and endorse any and all instruments, receipts, checks, drafts and warrants issued in payment for the Collateral; (c) to settle or compromise any and all claims arising under the Collateral, and execute and deliver any release and acquittance therefor; (d) to file any claim or claims or to take any action or institute or take part in any proceedings; and (e) to execute and deliver to the Obligors, at the time and in the manner specified by the Collateral, any necessary instruments or documents. It is understood and agreed that any exercise of this authorization by Lenders Lender shall be on behalf of Lenders Lender and not on behalf of GrantorGrantors. Lenders are Lender is not an agent or fiduciary of GrantorGrantors. However, in exercising the authorization granted hereby, Lenders Lender shall exercise reasonable caution and prudence and Lenders Lender shall keep full and accurate record of all actions, receipts and disbursements.