Common use of Appointment and Powers of Secured Party Clause in Contracts

Appointment and Powers of Secured Party. Pledgor hereby irrevocably constitutes and appoints Secured Party and any director, officer or agent thereof, with full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority in the place and stead of Pledgor or in Secured Party's own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this Agreement and any agreement entered into pursuant to the terms hereof (including, without limitation, the Deposit Account Control Agreements) and, without limiting the generality of the foregoing, hereby gives said attorneys the power and right, on behalf of Pledgor, without notice to or assent by Pledgor, to do the following: