Common use of Authorized Action by Collateral Agent Clause in Contracts

Authorized Action by Collateral Agent. (a) Guarantor hereby appoints Collateral Agent as Guarantor's attorney-in-fact, with full authority in the place and stead of Guarantor and in the name of Guarantor or otherwise, from time to time in Collateral Agent's discretion and to the full extent permitted by law to take any action and to execute any instrument which Collateral Agent may deem reasonably necessary or advisable to accomplish the purposes of this Security Agreement in accordance with the terms and provisions hereof, including without limitation, to receive, endorse and collect all instruments made payable to Guarantor representing any dividend, interest payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same. (b) This power of attorney is a power coupled with an interest and shall be irrevocable. The powers conferred on Collateral Agent hereunder are solely to protect the Collateral Agent and Lenders' interests in the Collateral and shall not impose any duty upon Collateral Agent to exercise any such powers. Collateral Agent shall be accountable only for amounts that he actually receives as a result of the exercise of such powers and in no event shall Collateral Agent or any of his employees or agents be responsible to Guarantor for any act or failure to act, except for gross negligence or willful misconduct.

Authorized Action by Collateral Agent. (a) Guarantor Each of Borrower and ACC hereby appoints appoint Collateral Agent as Guarantor's attorney-in-factfact for each of Borrower and ACC, with full authority in the place and stead of Guarantor Borrower and ACC and in the name of Guarantor Borrower and ACC or otherwise, from time to time in Collateral Agent's ’s discretion and to the full extent permitted by law to take any action and to execute any instrument which Collateral Agent may deem reasonably necessary or advisable to accomplish the purposes of this Security Agreement in accordance with the terms and provisions hereof, including without limitation, to receive, endorse and collect all instruments made payable to Guarantor Borrower or ACC representing any dividend, interest payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same. (b) This power of attorney is a power coupled with an interest and shall be irrevocable. The powers conferred on Collateral Agent hereunder are solely to protect the Collateral Agent and Lenders' ’ interests in the Collateral and shall not impose any duty upon Collateral Agent to exercise any such powers. Collateral Agent shall be accountable only for amounts that he actually receives as a result of the exercise of such powers and in no event shall Collateral Agent or any of his employees or agents be responsible to Guarantor Borrower or ACC for any act or failure to act, except for gross negligence or willful misconduct.

Authorized Action by Collateral Agent. (a) Guarantor Pledgor hereby appoints Collateral Agent as GuarantorPledgor's attorney-in-fact, with full authority in the place and stead of Guarantor Pledgor and in the name of Guarantor Pledgor or otherwise, from time to time in Collateral Agent's discretion and to the full extent permitted by law to take any action and to execute any instrument which Collateral Agent may deem reasonably necessary or advisable to accomplish the purposes of this Security Pledge Agreement in accordance with the terms and provisions hereof, including without limitation, to receive, endorse and collect all instruments made payable to Guarantor Pledgor representing any dividend, interest payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same. (b) This power of attorney is a power coupled with an interest and shall be irrevocable. The powers conferred on Collateral Agent hereunder are solely to protect the Collateral Agent and Lenders' interests in the Collateral and shall not impose any duty upon Collateral Agent to exercise any such powers. Collateral Agent shall be accountable only for amounts that he actually receives as a result of the exercise of such powers and in no event shall Collateral Agent or any of his employees or agents be responsible to Guarantor Pledgor for any act or failure to act, except for gross negligence or willful misconduct.