Common use of Financing Statements; Power of Attorney Clause in Contracts

Financing Statements; Power of Attorney. Borrower authorizes Agent at Borrower’s expense to file any financing statements and/or amendments thereto relating to the Collateral (without Borrower’s signature thereon) which Agent deems appropriate that (a) indicate the Collateral (i) as “all assets” of Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Borrower irrevocably appoints Agent as its attorney-in-fact to execute any such financing statements and/or control agreements in Borrower’s name and to perform all other acts, at Borrower’s expense, which Agent deems appropriate to perfect and to continue perfection of the security interest of Agent. Borrower hereby appoints Agent as Borrower’s attorney-in-fact to endorse, present and collect on behalf of Borrower and in Borrower’s name any draft, checks or other documents necessary or desirable to collect any amounts which Borrower may be owed. Agent is hereby granted a license or other right to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and Borrower’s rights under all licenses and all franchise agreements shall inure to Agent’s benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied as provided in the 1999 Security Agreement and this Agreement.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Sri Surgical Express Inc)

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Financing Statements; Power of Attorney. Borrower authorizes Agent Bank at Borrower’s expense to file any financing statements and/or amendments thereto relating to the Collateral (without Borrower’s signature thereon) which Agent Bank deems appropriate that (a) indicate the Collateral (i) as "all assets" of Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. , Borrower irrevocably appoints Agent Bank as its attorney-in-fact to execute any such financing statements and/or control agreements in Borrower’s name and to perform all other acts, at Borrower’s 's expense, which Agent Bank deems appropriate to perfect and to continue perfection of the security interest of AgentBank. Borrower hereby appoints Agent Bank as Borrower’s attorney-in-fact to endorse, present and collect on behalf of Borrower and in Borrower’s name any draft, checks or other documents necessary or desirable to collect any amounts which Borrower may be owedowed following an Event of Default. Agent Bank is hereby granted a license or other right to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and Borrower’s rights under all licenses and all franchise agreements shall inure to AgentBank’s benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied as provided in first to the 1999 Security Agreement reasonable costs, expenses and this Agreementattorneys’ fees and expenses incurred by Bank for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; secondly, to interest due upon any of the Indebtedness; and thirdly, to the principal amount of the Indebtedness. If any deficiency shall arise, Borrower shall remain jointly and severally liable to Bank therefor.

Appears in 1 contract

Samples: Revolving and Term Credit and Security Agreement (Aerosonic Corp /De/)

Financing Statements; Power of Attorney. Each Borrower authorizes Agent Bank at Borrower’s Borrowers' expense to file any financing statements and/or amendments thereto relating to the Collateral (without such Borrower’s 's signature thereon) which Agent Bank deems appropriate that (a) indicate the Collateral (i) as "all assets" of such Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Each Borrower irrevocably appoints Agent Bank as its attorney-in-fact to execute any such financing statements and/or control agreements in such Borrower’s 's name and to perform all other acts, at Borrower’s Borrowers' expense, which Agent Bank deems appropriate to perfect and to continue perfection of the security interest of AgentBank. Each Borrower hereby appoints Agent Bank as such Borrower’s 's attorney-in-fact to endorse, present and collect on behalf of such Borrower and in such Borrower’s 's name any draft, checks or other documents necessary or desirable to collect any amounts which such Borrower may be owed. Agent is hereby granted a license or other right to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and Borrower’s rights under all licenses and all franchise agreements shall inure to Agent’s benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied as provided in applied, after allowing two (2) Business Days for collection, first to the 1999 Security Agreement costs, expenses and this Agreementattorneys' fees and expenses incurred by Bank for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; secondly, to interest due upon any of the Obligations; and thirdly, to the principal amount of the Obligations and to any other Obligations then outstanding. If any deficiency shall arise, Borrowers shall remain jointly and severally liable to Bank therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Emerson Radio Corp)

Financing Statements; Power of Attorney. Borrower authorizes Agent at Borrower’s 's expense to file any financing statements and/or amendments thereto relating to the Collateral (without Borrower’s 's signature thereon) which Agent deems appropriate that (a) indicate the Collateral (i) as "all assets" of Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Borrower irrevocably appoints Agent each of the Lending Parties as its attorney-in-attorney in fact to execute any such financing statements and/or control agreements in Borrower’s 's name and to perform all other acts, at Borrower’s 's expense, which Agent any Lending Party deems appropriate necessary to perfect and to continue perfection of the security interest of Agent. Borrower hereby appoints Agent each of the Lending Parties as Borrower’s attorney-in-'s attorney in fact to endorse, present and collect on behalf of Borrower and in Borrower’s 's name any draft, checks or other documents necessary or desirable to collect any amounts which Borrower may be owed. Agent is During the continuance of an Event of Default, the Lending Parties are hereby granted a license or other right to use, without charge, Borrower’s 's labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and Borrower’s 's rights under all licenses and all franchise agreements shall inure to Agenteach Lending Party’s benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied applied, after allowing two (2) Business Days for collection, first to the reasonable costs, expenses and attorneys' fees and expenses incurred by the Lending Parties for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; second, to interest due upon any of the Obligations; third, to the principal amount of the Obligations and to any other Obligations then outstanding; and fourth to any other Person as provided in required by applicable law. If any deficiency shall arise, Borrower and each Guarantor shall remain jointly and severally liable to the 1999 Security Agreement and this AgreementLending Parties therefor.

Appears in 1 contract

Samples: Second Lien Term Loan and Security Agreement (Innotrac Corp)

Financing Statements; Power of Attorney. Borrower authorizes Agent Bank at Borrower’s 's expense to file any financing statements and/or amendments thereto relating to the Collateral (without Borrower’s 's signature thereon) which Agent Bank deems appropriate that (a) indicate the Collateral (i) as "all assets" of Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Borrower irrevocably appoints Agent Bank as its attorney-in-attorney in fact to execute any such financing statements and/or control agreements in Borrower’s 's name and to perform all other acts, at Borrower’s 's expense, which Agent Bank deems appropriate necessary to perfect and to continue perfection of the security interest of AgentBank. Borrower hereby appoints Agent Bank as Borrower’s attorney-in-'s attorney in fact to endorse, present and collect on behalf of Borrower and in Borrower’s 's name any draft, checks or other documents necessary or desirable to collect any amounts which Borrower may be owed. Agent During the continuance of an Event of Default, Bank is hereby granted a license or other right to use, without charge, Borrower’s 's labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and Borrower’s 's rights under all licenses and all franchise agreements shall inure to Agent’s Bank's benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied applied, after allowing two (2) Business Days for collection, first to the reasonable costs, expenses and attorneys' fees and expenses incurred by Bank for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; second, to interest due upon any of the Obligations; third, to the principal amount of the Obligations and to any other Obligations then outstanding; and fourth to any other Person as provided in the 1999 Security Agreement required by applicable law. If any deficiency shall arise, Borrower and this Agreementeach Guarantor shall remain jointly and severally liable to Bank therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Innotrac Corp)

Financing Statements; Power of Attorney. Borrower authorizes Agent Bank at Borrower’s expense to file any financing statements and/or amendments thereto relating to the Collateral (without Borrower’s Borrowers signature thereon) which Agent Bank deems appropriate that (a) indicate the Collateral (i) as “all assets” of Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Borrower irrevocably appoints Agent Bank as its attorney-in-fact to execute any such financing statements and/or control agreements in Borrower’s name and to perform all other acts, at Borrower’s expense, which Agent Bank deems appropriate to perfect and to continue perfection of the security interest of AgentBank. Borrower hereby appoints Agent Bank as Borrower’s attorney-in-fact to endorse, present and collect on behalf of Borrower and in Borrower’s name any draft, checks or other documents necessary or desirable to collect any amounts which Borrower may be owed. Agent Bank is hereby granted a license or other right to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and Borrower’s rights under all licenses and all franchise agreements shall inure to Agent’s Banks benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied as provided in applied, after allowing two (2) Business Days for collection, first to the 1999 Security Agreement costs, expenses and this Agreementattorneys’ fees and expenses incurred by Bank for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; secondly, to interest due upon any of the Obligations; and thirdly, to the principal amount of the Obligations and to any other Obligations then outstanding. If any deficiency shall arise, Borrower shall remain liable to Bank therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Vitacost.com, Inc.)

Financing Statements; Power of Attorney. Borrower authorizes Agent Bank at Borrower’s expense to file any financing statements and/or amendments thereto relating to the Collateral (without Borrower’s signature thereon) which Agent Bank deems appropriate that (a) indicate the Collateral (i) as “all assets” of Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Borrower irrevocably appoints Agent Bank as its attorney-in-fact to execute any such financing statements and/or control agreements in Borrower’s name and to perform all other acts, at Borrower’s expense, which Agent Bank deems appropriate to perfect and to continue perfection of the security interest of AgentBank. Upon the occurrence of an event or condition which but for notice or the passage of time, or both, would constitute an Event of Default, Borrower hereby appoints Agent Bank as Borrower’s attorney-in-fact to endorse, present and collect on behalf of Borrower and in Borrower’s name any draft, checks or other documents necessary or desirable to collect any amounts which Borrower may be owed. Agent Bank is hereby granted a license or other right to use, without charge, upon the occurrence of an event or condition which but for notice or the passage of time, or both, would constitute an Event of Default, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and Borrower’s rights under all licenses and all franchise agreements shall inure to AgentBank’s benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied as provided in applied, after allowing five (5) Business Days for collection, first to the 1999 Security Agreement reasonable costs, expenses and this Agreementattorneys’ fees and expenses incurred by Bank for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; secondly, to interest due upon any of the Indebtedness; and thirdly, to the principal amount of the Indebtedness. If any deficiency shall arise, Borrower shall remain jointly and severally liable to Bank therefor.

Appears in 1 contract

Samples: And Security Agreement (Home Diagnostics Inc)

Financing Statements; Power of Attorney. Each Borrower authorizes Agent Bank at Borrower’s Borrowers' expense to file any financing statements and/or amendments thereto relating to the Collateral (without such Borrower’s 's signature thereon) which Agent Bank deems appropriate that (a) indicate the Collateral (i) as "all assets" of such Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Each Borrower irrevocably appoints Agent Bank as its attorney-in-fact to execute any such financing statements and/or control agreements in such Borrower’s 's name and to perform all other acts, at Borrower’s Borrowers' expense, which Agent Bank deems appropriate to perfect and to continue perfection of the security interest of AgentBank. Each Borrower hereby appoints Agent Bank as such Borrower’s 's attorney-in-fact to endorse, present and collect on behalf of such Borrower and in such Borrower’s 's name any draft, checks or other documents necessary or desirable to collect any amounts which such Borrower may be owed. Agent Bank is hereby granted a license or other right to use, without charge, each Borrower’s 's labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and each Borrower’s 's rights under all licenses and all franchise agreements shall inure to Agent’s Bank's benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied as provided in applied, after allowing two (2) Business Days for collection, first to the 1999 Security Agreement reasonable costs, expenses and this Agreementattorneys' fees and expenses incurred by Bank for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; secondly, to interest due upon any of the Obligations; and thirdly, to the principal amount of the Obligations and to any other Obligations then outstanding. If any deficiency shall arise, each Borrower and Guarantor shall remain jointly and severally liable to Bank therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (Proxymed Inc /Ft Lauderdale/)

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Financing Statements; Power of Attorney. Borrower authorizes Agent Bank at Borrower’s expense to file any financing statements and/or amendments thereto relating to the Collateral (without Borrower’s signature thereon) which Agent Bank deems appropriate that (a) indicate the Collateral (i) as “all assets” of Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Borrower irrevocably appoints Agent Bank as its attorney-in-fact to execute any such financing statements and/or control agreements in Borrower’s name and to perform all other acts, at Borrower’s expense, which Agent Bank deems appropriate to perfect and to continue perfection of the security interest of AgentBank. Borrower hereby appoints Agent Bank as Borrower’s attorney-in-fact to endorse, present and collect on behalf of Borrower and in Borrower’s name any draft, checks or other documents necessary or desirable to collect any amounts which Borrower may be owed. Agent Bank is hereby granted a license or other right to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and Borrower’s rights under all licenses and all franchise agreements shall inure to AgentBank’s benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied as provided in applied, after allowing two (2) Business Days for collection, first to the 1999 Security Agreement reasonable costs, expenses and this Agreement.attorneys’ fees and expenses incurred by Bank for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; secondly, to interest due upon any of the Obligations; and thirdly, to the principal amount of the Obligations and to any other

Appears in 1 contract

Samples: Loan and Security Agreement (Ic Isaacs & Co Inc)

Financing Statements; Power of Attorney. Each Borrower authorizes Agent Bank at Borrower’s Borrowers’ expense to file any financing statements and/or amendments thereto relating to the Collateral (without any Borrower’s signature thereon) which Agent Bank deems appropriate that (a) indicate the Collateral (i) as “all assets” of such Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Each Borrower irrevocably appoints Agent Bank as its attorney-in-fact to execute any such financing statements and/or control agreements in such Borrower’s name and to perform all other acts, at Borrower’s Borrowers’ expense, which Agent Bank deems appropriate to perfect and to continue perfection of the security interest of AgentBank. Each Borrower hereby appoints Agent Bank as such Borrower’s attorney-in-fact to endorse, present and collect on behalf of such Borrower and in such Borrower’s name any draft, checks or other documents necessary or desirable to collect any amounts which such Borrower may be owed. Agent Bank is hereby granted a license or other right to use, without charge, such Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and such Borrower’s rights under all licenses and all franchise agreements shall inure to AgentBank’s benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied as provided in applied, after allowing two (2) Business Days for collection, first to the 1999 Security Agreement reasonable costs, expenses and this Agreementattorneys’ fees and expenses incurred by Bank for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; secondly, to interest due upon any of the Indebtedness; and thirdly, to the principal amount of the Indebtedness. If any deficiency shall arise, Borrower and each Guarantor shall remain jointly and severally liable to Bank therefor.

Appears in 1 contract

Samples: Loan and Security Agreement (JPS Industries Inc)

Financing Statements; Power of Attorney. Borrower authorizes Agent at Borrower’s expense No financing statement (other than any filed or approved by Bank) covering any Collateral is on file in any public filing office. On request of Bank, Debtor will execute one or more financing statements in form satisfactory to Bank and will pay all costs and expenses of filing the same or of filing this Security Agreement in all public filing offices, where filing is deemed by Bank to be desirable. Bank is authorized to file any financing statements and/or amendments thereto relating to Collateral without Debtor's signature where authorized by law. Debtor hereby constitutes and appoints Bank the true and lawful attorney of Debtor with full power of substitution to take any and all appropriate action and to execute any and all documents or instruments that may be necessary or desirable to accomplish the purpose and carry out the terms of this Security Agreement, including, without limitation, to ask, demand, collect, receive, receipt for, xxx for, compound and give acquittance for any and all amounts which may be or become due and payable under the Assigned Deposits; to execute any and all withdrawal requests, receipts or other orders for the payment of money drawn on the Assigned Deposits and to endorse the name of Bank on all instruments given in payment or in partial payment therefor; and to complete, execute, and deliver Control Agreement(s) by Bank, Debtor and Third Party(ies) required in connection herewith (individually and collectively the "Control Agreement"), instructions to Third Party(ies) regarding, among other things, control and disposition of any Collateral, and endorsements desirable for transfer or delivery of any Collateral, registration of any Collateral (without Borrower’s signature thereon) which Agent deems appropriate that (a) indicate the Collateral (i) as “under applicable laws, retitling any Collateral, receipt, endorsement and/or collection of all assets” checks and other orders for payment of Borrower or words money payable to Debtor with respect to Collateral. The foregoing power of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 attorney is coupled with an interest and shall be irrevocable until all of the CodeObligations have been paid in full. Neither Bank nor anyone acting on its behalf shall be liable for acts, omissions, errors in judgment, or (ii) by specific Collateral category, and (b) provide any other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. Borrower irrevocably appoints Agent mistakes in fact in such capacity as its attorney-in-fact to execute any such financing statements and/or control agreements in Borrower’s name and to perform fact. Debtor ratifies all other acts, at Borrower’s expense, which Agent deems appropriate to perfect and to continue perfection acts of the security interest of Agent. Borrower hereby appoints Agent Bank as Borrower’s attorney-in-fact fact. Debtor agrees to endorsetake such other actions, present at Debtor's expense, as might be requested for the perfection, continuation and collect on behalf assignment, in whole or in part, of Borrower the security interests granted herein and in Borrower’s name any draftto assure Bank's intended priority position. If certificates, checks passbooks, or other documents necessary documentation or desirable evidence is/are issued or outstanding as to collect any amounts which Borrower may be owed. Agent is hereby granted a license or other right to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property of a similar nature, as it pertains to the Collateral, in advertising Debtor will cause the security interests of Bank to be properly protected, including perfection by notation thereon or delivery thereof to Bank. Upon Bank's request, Debtor will, at its own expense: (i) do all things determined by Bank to be desirable to register such Collateral or qualify for sale and selling any Collateralan exemption from registration, under the provisions of all applicable securities laws, and Borrower’s rights under (ii) otherwise do or cause to be done all licenses other acts and all franchise agreements shall inure things as may be necessary to Agent’s benefit. The proceeds realized from make the sale or other disposition of any the Collateral may be applied as provided valid, binding and in the 1999 Security Agreement and this Agreementcompliance with applicable law.

Appears in 1 contract

Samples: Security Agreement (Millennium Cell Inc)

Financing Statements; Power of Attorney. Borrower authorizes Agent Lender at Borrower’s expense to file any financing statements and/or amendments thereto relating to the Collateral (without Borrower’s signature thereon) which Agent Lender deems appropriate that (a) indicate the Collateral (i) as “all assets” of Borrower or words of similar effect, if appropriate, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Code, or (ii) by specific Collateral category, and (b) provide any other information required by Part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment. , Borrower irrevocably appoints Agent Lender as its attorney-in-fact to execute any such financing statements and/or control agreements in Borrower’s name and to perform all other acts, at Borrower’s 's expense, which Agent Lender deems appropriate to perfect and to continue perfection of the security interest of AgentLender. Borrower hereby appoints Agent Lender as Borrower’s attorney-in-fact to endorse, present and collect on behalf of Borrower and in Borrower’s name any draft, checks or other documents necessary or desirable to collect any amounts which Borrower may be owed. Agent Lender is hereby granted a license or other right to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks and advertising matter, or any Property property of a similar nature, as it pertains to the Collateral, in advertising for sale and selling any Collateral, and Borrower’s rights under all licenses and all franchise agreements shall inure to AgentLender’s benefit. The proceeds realized from the sale or other disposition of any Collateral may be applied as provided in applied, after allowing two (2) Business Days for collection, first to the 1999 Security Agreement reasonable costs, expenses and this Agreementattorneys’ fees and expenses incurred by Lender for collection and for acquisition, completion, protection, removal, storage, sale and delivering of the Collateral; secondly, to interest due upon any of the Indebtedness; and thirdly, to the principal amount of the Indebtedness. If any deficiency shall arise, Borrower shall remain jointly and severally liable to Lender therefor.

Appears in 1 contract

Samples: Credit and Security Agreement (Innovaro, Inc.)

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