Common use of Authorized Action by Collateral Agent Clause in Contracts

Authorized Action by Collateral Agent. The Company hereby irrevocably appoints the Collateral Agent as its attorney-in-fact to do (but the Collateral Agent shall not be obligated to and shall incur no liability to the Company or any third party for failure so to do) from time to time while a Default exists, at the written request and direction of the Required Lenders, any act which the Company is obligated by this Security Agreement to do, and to exercise such rights and powers as the Company might exercise with respect to the Collateral, including, without limitation, the right to (a) collect by legal proceedings or otherwise and endorse, receive and receipt for all dividends, interest, payments, proceeds and other sums and property now or hereafter payable on or on account of the Collateral; (b) insure, process, service and preserve the Collateral; (c) transfer the Collateral to the Collateral Agent's own or its nominee's name; and (d) make any compromise or settlement, and take any other action it deems advisable with respect to the Collateral. Notwithstanding anything contained herein, in no event shall the Collateral Agent be required to make any presentment, demand or protest, or give any notice, and the Collateral Agent need not take any action to preserve any rights against any prior party or any other person in connection with the Secured Obligations or with respect to the Collateral.

Authorized Action by Collateral Agent. The Company Borrower hereby irrevocably appoints the Collateral Agent as its attorney-in-fact to do (but the Collateral Agent shall not be obligated to and shall incur no liability to the Company Borrower or any third party for failure so to do) at any time and from time to time while a Default exists, at the written request and direction of the Required Lenders, given after the occurrence of a Default and, except in the case of clause (b) of this sentence, after acceleration of the Obligations (which request and direction must be in writing if so requested by the Collateral Agent), any act which the Company Borrower is obligated by this Security Agreement to do, and to exercise such rights and powers as the Company Borrower might exercise with respect to the Collateral, including, without limitation, the right to (a) collect by legal proceedings or otherwise and endorse, receive and receipt for all dividends, interest, payments, proceeds and other sums and property now or hereafter payable on or on account of the Collateral; (b) insure, process, service and preserve the Collateral; (c) transfer the Collateral to the Collateral Agent's own or its nominee's name; and (d) make any compromise or settlement, and take any other action it deems advisable with respect to the Collateral. Notwithstanding anything contained herein, in no event shall the Collateral Agent be required to make any presentment, demand or protest, or give any notice, notice and the Collateral Agent need not take any action to preserve any rights against any prior party or any other person in connection with the Secured Obligations or with respect to the Collateral.

Authorized Action by Collateral Agent. The Company hereby irrevocably appoints the Collateral Agent as its attorney-attorney- in-fact to do (but the Collateral Agent shall not be obligated to and shall incur no liability to the Company or any third party for failure so to do) at any time and from time to time while a following the occurrence of an Event of Default exists, at the written request and direction, given after the occurrence of an Event of Default, of the Majority Lenders (which request and direction of must be in writing if so requested by the Required LendersCollateral Agent), any act which the Company is obligated by this Security Agreement to do, and to exercise such rights and powers as the Company might exercise with respect to the Collateral, including, without limitation, the right to (a) collect by legal proceedings or otherwise and endorse, receive and receipt for all dividends, interest, payments, proceeds and other sums and property now or hereafter payable on or on account of the Collateral; (b) enter into any extension, reorganization, deposit, merger, consolidation or other agreement pertaining to, or deposit, surrender, accept, hold or apply other property in exchange for the Collateral; (c) insure, process, service process and preserve the Collateral; (cd) transfer the Collateral to the Collateral Agent's own or its nominee's name; and (de) make any compromise or settlement, and take any other action it deems advisable with respect to the Collateral. Notwithstanding anything contained herein, in no event shall the Collateral Agent be required to make any presentment, demand or protest, or give any notice, notice and the Collateral Agent need not take any action to preserve any rights against any prior party or any other person in connection with the Secured Obligations or with respect to the Collateral.