Common use of Appointment of Bank as Attorney in Fact Clause in Contracts

Appointment of Bank as Attorney in Fact. Each Borrower hereby constitutes and appoints Bank, or any other Person whom Bank may designate, as such Borrower’s attorney-in-fact (such appointment being coupled with an interest and being irrevocable), at each Borrower’s sole cost and expense, to exercise any one or more rights and powers which each Borrower might exercise on its own behalf to perform its obligations under this Article VIII and to cause Bank’s Lien to attach to the Collateral and be perfected as provided for under this Agreement (and all acts of such attorney-in-fact or designee taken pursuant to this Section are hereby ratified and approved by each Borrower, and said attorney or designee shall not be liable for any acts or omissions nor for any error of judgment or mistake of fact or law); provided, however, that Bank agrees to not exercise such rights and powers with respect to the matters set forth in Section 8.3 unless and until sixty (60) days shall have passed after the occurrence of a Trigger Event, and Borrowers shall have failed to satisfy their obligations under Section 8.3 hereof.

Appointment of Bank as Attorney in Fact. Each Borrower hereby constitutes and appoints Bank, or any other Person whom Bank may designate, as such Borrower’s attorney-in-fact (such appointment being coupled with an interest and being irrevocable), at each Borrower’s sole cost and expense, to exercise any one or more rights and powers which each Borrower might exercise on its own behalf to perform its obligations under this Article VIII and to cause Bank’s Lien to attach to the Collateral and be perfected as provided for under this Agreement (and all acts of such attorney-in-fact or designee taken pursuant to this Section are hereby ratified and approved by each Borrower, and said attorney or designee shall not be liable for any acts or omissions nor for any error of judgment or mistake of fact or law); provided, however, that Bank agrees to not exercise such rights and powers with respect to the matters set forth in Section 8.3 unless and until sixty (60) days shall have passed after the occurrence of a Trigger Event, and Borrowers Borrower shall have failed to satisfy their its obligations under Section 8.3 hereof.