Common use of Miscellaneous Rights of the Administrative Agent Clause in Contracts

Miscellaneous Rights of the Administrative Agent. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent shall have the right: (i) to declare all of the monetary Obligations to be immediately due and payable, whereupon all such Obligations shall become immediately due and payable without presentment, demand, notice of dishonor, protest or further notice of any kind, all of which are hereby expressly waived by the Grantor, anything contained herein to the contrary notwithstanding; (ii) to exercise any one or more of the rights and remedies exercisable by the Administrative Agent under any other provisions of this Security Agreement, or any other related agreement, or exercisable by a secured party under the UCC or under any other applicable law; and (iii) to exercise, in the name of the Grantor or in the name of the Administrative Agent, such rights and powers with respect to the Collateral as the Grantor might exercise, including, the right to: (a) 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 or any part thereof; (b) insure, process, and preserve the Collateral; (c) transfer the Collateral or any part thereof to the name of the Administrative Agent or to the name of the Administrative Agent's nominee; (d) receive, open, and dispose of mail addressed to the Grantor relating to the Collateral or any part thereof; (e) collect and endorse, receive, and give receipts for all dividends, interest, rent, payments, proceeds, and other sums and property now or hereafter payable on or on account of the Collateral or any part thereof or on account of its sale or lease; (f) initiate, pursue, compromise, settle or withdraw any claims, suits or proceedings pertaining to the Collateral or any part thereof or to any interest, rent or other payment on or on account of the Collateral or any part thereof or on account of its sale or lease; (g) take possession of and endorse in the name of the Grantor or in the name of the Administrative Agent, for the account of the Grantor, any bills of exchange, checks, drafts, money orders, notes or any other chattel paper, documents or instruments constituting all or any part of the Collateral or received as interest, rent or other payment on or on account of the Collateral or any part thereof or on account of its sale or lease; (h) appoint another (who may be an employee, officer or other representative of the Administrative Agent) to do any of the foregoing on behalf of the Administrative Agent; (i) execute (in the name, place and stead of the Grantor) endorsements, assignments and other instruments of conveyance or transfer with respect to all or any of the Collateral; and (j) take any other action which the Administrative Agent deems necessary or desirable to protect or realize upon its security interest in the Collateral or any part thereof, and the Grantor hereby irrevocably appoints the Administrative Agent as the Grantor's attorney-in-fact to take any such action, including the execution and delivery of any and all documents or instruments related to the Collateral or any part thereof in the Grantor's name, and said appointment shall create in the Administrative Agent a power coupled with an interest which shall be irrevocable.

Miscellaneous Rights of the Administrative Agent. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent shall have the right: (i) to declare all of the monetary Obligations to be immediately due and payable, whereupon all such Obligations shall become immediately due and payable without presentment, demand, notice of dishonor, protest or further notice of any kind, all of which are hereby expressly waived by the each Grantor, anything contained herein to the contrary notwithstanding; (ii) to exercise any one or more of the rights and remedies exercisable by the Administrative Agent under any other provisions of this Security Agreement, or any other related agreement, or exercisable by a secured party under the UCC or under any other applicable law; and (iii) to exercise, in the name of the any Grantor or in the name of the Administrative Agent, such rights and powers with respect to the Collateral as the such Grantor might exercise, including, the right to: (a) 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 or any part thereof; (b) insure, process, and preserve the Collateral; (c) transfer the Collateral or any part thereof to the name of the Administrative Agent or to the name of the Administrative Agent's ’s nominee; (d) receive, open, and dispose of mail addressed to the such Grantor relating to the Collateral or any part thereof; (e) collect and endorse, receive, and give receipts for all dividends, interest, rent, payments, proceeds, and other sums and property now or hereafter payable on or on account of the Collateral or any part thereof or on account of its sale or lease; (f) initiate, pursue, compromise, settle or withdraw any claims, suits or proceedings pertaining to the Collateral or any part thereof or to any interest, rent or other payment on or on account of the Collateral or any part thereof or on account of its sale or lease; (g) take possession of and endorse in the name of the such Grantor or in the name of the Administrative Agent, for the account of the such Grantor, any bills of exchange, checks, drafts, money orders, notes or any other chattel paper, documents or instruments constituting all or any part of the Collateral or received as interest, rent or other payment on or on account of the Collateral or any part thereof or on account of its sale or lease; (h) appoint another (who may be an employee, officer or other representative of the Administrative Agent) to do any of the foregoing on behalf of the Administrative Agent; (i) execute (in the name, place and stead of the such Grantor) endorsements, assignments and other instruments of conveyance or transfer with respect to all or any of the Collateral; and (j) take any other action which the Administrative Agent deems necessary or desirable to protect or realize upon its security interest in the Collateral or any part thereof, and the each Grantor hereby irrevocably appoints the Administrative Agent as the such Grantor's ’s attorney-in-fact to take any such action, including the execution and delivery of any and all documents or instruments related to the Collateral or any part thereof in the such Grantor's ’s name, and said appointment shall create in the Administrative Agent a power coupled with an interest which shall be irrevocable.

Miscellaneous Rights of the Administrative Agent. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent shall have the right: (i) to declare all of the monetary Obligations to be immediately due and payable, whereupon all such Obligations shall become immediately due and payable without presentment, demand, notice of dishonor, protest or further notice of any kind, all of which are hereby expressly waived by the Grantor, anything contained herein to the contrary notwithstanding; (ii) to exercise any one or more of the rights and remedies exercisable by the Administrative Agent under any other provisions of this Security Agreement, or any other related agreement, or exercisable by a secured party under the UCC or under any other applicable law; and (iii) to exercise, in the name of the Grantor or in the name of the Administrative Agent, such rights and powers with respect to the Collateral as the Grantor might exercise, including, the right to: (a) 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 or any part thereof; (b) insure, process, and preserve the Collateral; (c) transfer the Collateral or any part thereof to the name of the Administrative Agent or to the name of the Administrative Agent's nominee; (d) receive, open, and dispose of mail addressed to the Grantor relating to the Collateral or any part thereof; (e) collect and endorse, receive, and give receipts for all dividends, interest, rent, payments, proceeds, and other sums and property now or hereafter payable on or on account of the Collateral or any part thereof or on account of its sale or lease; (f) initiate, pursue, compromise, settle or withdraw any claims, suits or proceedings pertaining to the Collateral or any part thereof or to any interest, rent or other payment on or on account of the Collateral or any part thereof or on account of its sale or lease; (g) take possession of and endorse in the name of the Grantor or in the name of the Administrative Agent, for the account of the Grantor, any bills of exchange, checks, drafts, money orders, notes or any other chattel paper, documents or instruments constituting all or any part of the Collateral or received as interest, rent or other payment on or on account of the Collateral or any part thereof or on account of its sale or lease; (h) appoint another (who may be an employee, officer or other representative of the Administrative Agent) to do any of the foregoing on behalf of the Administrative Agent; (i) execute (in the name, place and stead of the Grantor) endorsements, assignments and other instruments of conveyance or transfer with respect to all or any of the Collateral; and (j) take any other action which the Administrative Agent deems necessary or desirable to protect or realize upon its security interest in the Collateral or any part thereof, and the Grantor hereby irrevocably appoints the Administrative Agent as the Grantor's attorney-attorney- in-fact to take any such action, including the execution and delivery of any and all documents or instruments related to the Collateral or any part thereof in the Grantor's name, and said appointment shall create in the Administrative Agent a power coupled with an interest which shall be irrevocable.