Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the Accounts, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill of lading relating to any of the Accounts, drafts against Account Debtors, assignments and verifications of Accounts; (B) demand payment of the Accounts; (C) enforce payment of the Accounts by legal proceedings or otherwise; (D) exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts and any other Collateral; (E) settle, adjust, compromise, extend or renew the Accounts; (F) settle, adjust or compromise any legal proceedings brought to collect Accounts; (G) prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account Debtor; (H) prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Accounts; and (I) do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 3 contracts
Sources: Credit and Security Agreement (Ramaco Resources, Inc.), Credit Agreement (Ramaco Resources, Inc.), Credit and Security Agreement (Ramaco Resources, Inc.)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to send verifications of Receivables to any Customer and to sign such Loan Party’s name on all documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same. Furthermore, each Loan Party hereby constitutes Agent or Agent’s designee as such Loan Party’s attorney with power (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to demand payment of the AccountsReceivables; (Civ) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dv) to exercise all of the such Loan Parties’ Party’s rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Evi) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fvii) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gviii) to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hix) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ix) to do all other acts and things necessary to carry out this Agreement; provided, however, such power shall not be exercised with respect to clauses (i) through (ix) unless an Event of Default has occurred and is continuing. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 2 contracts
Sources: Revolving Credit, Term Loan and Security Agreement (Stream Global Services, Inc.), Revolving Credit, Term Loan and Security Agreement (Stream Global Services, Inc.)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivable; provided however, that if no Event of Default is continuing, it shall only conduct such verifications in the name of such Loan Party; (Biii) to send verifications of Receivables to any Customer; (iv) to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent in its Permitted Discretion to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) to demand payment of the AccountsReceivables; (Cvi) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvii) to exercise all of the such Loan Parties’ Party’s rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Eviii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fix) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gx) to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, including financing statements under the Uniform Commercial Code or the PPSA, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement; provided, however, that Agent shall not take any action described in clauses (v) through (xi) above unless an Event of Default has occurred and is continuing. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence or willful misconduct (as determined by a court of competent jurisdiction in a final judgment which is no longer appealable); this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence and during the continuation of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 2 contracts
Sources: Revolving Credit, Term Loan and Security Agreement (Twist Beauty S.a r.l. & Partners S.C.A.), Revolving Credit, Term Loan and Security Agreement (Twist Beauty S.a r.l. & Partners S.C.A.)
Power of Agent to Act on Loan Parties’ Behalf. The Subject to the terms of the Factoring Agreement (as applicable with respect to the Eligible Factored Receivables), Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Subject to the terms of the Factoring Agreement (as applicable with respect to the Eligible Factored Receivables), each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to send verifications of Receivables to any Customer; (iv) to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) to demand payment of the AccountsReceivables; (Cvi) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvii) to exercise all of the such Loan Parties’ Party’s rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Eviii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fix) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gx) to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement. Agent shall not exercise the power of attorney under clauses (v), (vi), (vii), (viii), (ix) or (x) unless an Event of Default has occurred and is continuing. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Subject to the terms of the Factoring Agreement (as applicable with respect to the Eligible Factored Receivables), Agent shall have the right at any time following the occurrence of when an Event of Default or Defaulthas occurred which is then continuing, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 2 contracts
Sources: Financing Agreement (Rafaella Apparel Group,inc.), Financing Agreement (Rafaella Apparel Group,inc.)
Power of Agent to Act on Loan Parties’ Behalf. The After the occurrence and during the continuance of an Event of Default, Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsAccounts and other Receivables of each Loan Party, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to send verifications of Accounts and other Receivables of each such Loan Party to any Customer or Person; (Aii) endorse at any time, to sign such Loan Party’s name upon on all documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same, if such Loan Party shall have failed to promptly execute and deliver any notes, acceptances, checks, drafts, money orders such documents or other evidences of payment or Collateral, and instruments following Agent’s request therefor pursuant to Section 4.02(c); (Biii) send verifications of Accounts to any Account Debtor; and (ii) upon after the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill of lading relating to any of the Accounts, drafts against Account Debtors, assignments and verifications of Accounts; (B) demand payment of the AccountsAccounts and other Receivables of each such Loan Party; (Civ) after the occurrence and during the continuance of an Event of Default, to enforce payment of the Accounts and other Receivables of each such Loan Party by legal proceedings or otherwise; (Dv) after the occurrence and during the continuance of an Event of Default, to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Accounts, Receivables and any other Collateral; (Evi) after the occurrence and during the continuance of an Event of Default, to settle, adjust, compromise, extend or renew the AccountsAccounts and other Receivables of each such Loan Party; (Fvii) after the occurrence and during the continuance of an Event of Default, to settle, adjust or compromise any legal proceedings brought to collect AccountsAccounts and other Receivables of each such Loan Party; (Gviii) after the occurrence and during the continuance of an Event of Default, to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Customer or any other Person obligated with respect to an Account Debtoror other Receivable of each such Loan Party; (Hix) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsAccounts and other Receivables of each such Loan Party; and (Ix) after the occurrence and during the continuance of an Event of Default, to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence, as determined pursuant to a final, non-appealable order of a court of competent jurisdiction; this power being coupled with an interest is irrevocable while any at all times until all of the Obligations remain unpaidhave been Paid in Full. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 2 contracts
Sources: Loan and Security Agreement (Forbes Energy Services Ltd.), Loan and Security Agreement (Forbes Energy Services Ltd.)
Power of Agent to Act on Loan Parties’ Behalf. The At any time following the occurrence and during the continuance of an Event of Default, Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s 's designee as such Loan Party’s 's attorney with power power, to be exercised only following the occurrence of any Event of Default (except in the case of clauses (ii), (iii) and (iv) below), (i) at any time, to (A) endorse such Loan Party’s 's name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s 's name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to send verifications of Receivables to any Customer; (iv) to sign such Loan Party's name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent's interest in the Collateral and to file same; (v) to demand payment of the AccountsReceivables; (Cvi) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvii) to exercise all of the Loan Parties’ ' rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Eviii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fix) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gx) to prepare, file and sign such Loan Party’s 's name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign such Loan Party’s 's name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 2 contracts
Sources: Loan and Security Agreement (Bucyrus International Inc), Loan and Security Agreement (Bucyrus International Inc)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any timetime after the occurrence and during the continuance of a Default or an Event of Default, to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to at any time after the occurrence of an Event of Default or Default (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill b▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to send verifications of Receivables to any Customer; (iv) to demand payment of the AccountsReceivables; (Cv) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvi) to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Evii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fviii) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gix) to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hx) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixi) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done with gross negligence or willful misconduct; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Lesco Inc/Oh)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsAccounts and other Receivables of each Loan Party, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any timeupon the occurrence and during the continuance of a Cash Dominion Event, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral; (ii) upon the occurrence and during the continuance of a Cash Dominion Event, to sign such Loan Party’s name on any invoice or ▇▇▇▇ of lading relating to any of the Accounts and other Receivables of each such Loan Party, drafts against Customers, assignments and verifications of Accounts and other Receivables of each such Loan Party; (Biii) at any time, to send verifications of Accounts and other Receivables of each such Loan Party to any Account DebtorCustomer or Person, subject to Section 4.14(e); (iv) at any time, to sign such Loan Party’s name on all documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same, if such Loan Party shall have failed to promptly execute and deliver any such documents or instruments following Agent’s request therefor pursuant to Section 4.2(c); (iiv) upon after the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill of lading relating to any of the Accounts, drafts against Account Debtors, assignments and verifications of Accounts; (B) demand payment of the AccountsAccounts and other Receivables of each such Loan Party; (Cvi) after the occurrence and during the continuance of an Event of Default, to enforce payment of the Accounts and other Receivables of each such Loan Party by legal proceedings or otherwise; (Dvii) after the occurrence and during the continuance of an Event of Default, to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Accounts, Receivables and any other Collateral; (Eviii) after the occurrence and during the continuance of an Event of Default, to settle, adjust, compromise, extend or renew the AccountsAccounts and other Receivables of each such Loan Party; (Fix) after the occurrence and during the continuance of an Event of Default, to settle, adjust or compromise any legal proceedings brought to collect AccountsAccounts and other Receivables of each such Loan Party; (Gx) after the occurrence and during the continuance of an Event of Default, to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Customer or any other Person obligated with respect to an Account Debtoror other Receivable of each such Loan Party; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsAccounts and other Receivables of each such Loan Party; and (Ixii) after the occurrence and during the continuance of an Event of Default, to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence, as determined pursuant to a final, non-appealable order of a court of competent jurisdiction; this power being coupled with an interest is irrevocable while any at all times until all of the Obligations remain unpaidhave been Paid in Full. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Loan and Security Agreement (Forbes Energy International, LLC)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsAccounts and other Receivables of each Loan Party, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time8): upon the occurrence and during the continuance of an Event of Default, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and ; (B) send verifications of Accounts to any Account Debtor; and (ii9) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsAccounts and other Receivables of each such Loan Party, drafts against Account DebtorsCustomers, assignments and verifications of AccountsAccounts and other Receivables of each such Loan Party; (B10) at any time, to send verifications of Accounts and other Receivables of each such Loan Party to any Customer or Person; (11) at any time, to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (12) after the occurrence and during the continuance of an Event of Default, to demand payment of the AccountsAccounts and other Receivables of each such Loan Party; (C13) after the occurrence and during the continuance of an Event of Default, to enforce payment of the Accounts and other Receivables of each such Loan Party by legal proceedings or otherwise; (D14) after the occurrence and during the continuance of an Event of Default, to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Accounts, Receivables and any other Collateral; (E) settle, adjust, compromise, extend or renew the Accounts; (F) settle, adjust or compromise any legal proceedings brought to collect Accounts; (G) prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account Debtor; (H) prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Accounts; and (I) do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.other
Appears in 1 contract
Sources: Loan and Security Agreement (American Outdoor Brands, Inc.)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any timetime after the occurrence and during the continuance of a Default or an Event of Default, to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to at any time after the occurrence and during the continuance of an Event of Default or Default (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill b▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to send verifications of Receivables to any Customer; (iv) to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) to demand payment of the AccountsReceivables; (Cvi) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvii) to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Eviii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fix) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gx) to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence or willful misconduct; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence of an Event of Default or DefaultDefault which is continuing, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Allegheny Technologies Inc)
Power of Agent to Act on Loan Parties’ Behalf. The Subject to the terms of the Factoring Agreement (as applicable with respect to the Eligible Factored Receivables), Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Subject to the terms of the Factoring Agreement (as applicable with respect to the Eligible Factored Receivables), each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to send verifications of Receivables to any Customer, (iv) to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) to demand payment of the AccountsReceivables; (Cvi) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvii) to exercise all of the such Loan Parties’ Party’s rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Eviii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fix) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gx) to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement. Agent shall not exercise the power of attorney under clauses (v), (vi), (vii), (viii), (ix) or (x) unless an Event of Default has occurred and is continuing. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Subject to the terms of the Factoring Agreement (as applicable with respect to the Eligible Factored Receivables), Agent shall have the right at any time following the occurrence of when an Event of Default or Defaulthas occurred which is then continuing, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Loan Agreement (Verrazano,inc.)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the Accounts, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the Accounts, drafts against Account Debtors, assignments and verifications of Accounts; (B) demand payment of the Accounts; (C) enforce payment of the Accounts by legal proceedings or otherwise; (D) exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts and any other Collateral; (E) settle, adjust, compromise, extend or renew the Accounts; (F) settle, adjust or compromise any legal proceedings brought to collect Accounts; (G) prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account Debtor; (H) prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Accounts; and (I) do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Credit and Security Agreement (Ramaco Resources, Inc.)
Power of Agent to Act on Loan Parties’ Behalf. The Upon the occurrence and during the continuation of an Event of Default , but in all events subject to the provisions of the Financing Order, Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment non‑payment of any instrument so endorsed. Each Subject to the provisions of the Financing Order, each Loan Party hereby constitutes the Agent or the Agent’s 's designee as such Loan Party’s 's attorney with power to send verifications of Receivables to any Customer and, upon the occurrence and during the continuation of an Event of Default, (i) at any time, to (A) endorse such Loan Party’s 's name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s 's name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to sign such Loan Party's name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent's interest in the Collateral and to file same; (iv) to demand payment of the AccountsReceivables; (Cv) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvi) to exercise all of the such Loan Parties’ Party's rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Evii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fviii) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gix) to prepare, file and sign such Loan Party’s 's name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hx) to prepare, file and sign such Loan Party’s 's name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixi) to do all other acts and things necessary to carry out this Agreement in accordance with and as permitted pursuant to this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross negligence (as determined by a court of competent jurisdiction in a final non‑appealable judgment); this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following time, upon the occurrence and during the continuation of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Debt Agreement (Castle a M & Co)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to send verifications of Receivables to any Customer; (iv) to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) to demand payment of the AccountsReceivables; (Cvi) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvii) to exercise all of the such Loan Parties’ Party’s rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Eviii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fix) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gx) to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment); this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsAccounts and other Receivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsAccounts and other Receivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsAccounts and other Receivables; (Biii) to send verifications of Accounts and other Receivables to any Customer or Person; (iv) to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) after the occurrence of a Default or an Event of Default, to demand payment of the AccountsAccounts and other Receivables; (Cvi) after the occurrence of a Default or an Event of Default, to enforce payment of the Accounts and other Receivables by legal proceedings or otherwise; (Dvii) after the occurrence of a Default or an Event of Default, to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Accounts, Receivables and any other Collateral; (Eviii) after the occurrence of a Default or an Event of Default, to settle, adjust, compromise, extend or renew the AccountsAccounts and other Receivables; (Fix) after the occurrence of a Default or an Event of Default, to settle, adjust or compromise any legal proceedings brought to collect AccountsAccounts and other Receivables; (Gx) after the occurrence of a Default or an Event of Default, to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Customer or any other Person obligated with respect to an Account Debtoror other Receivable; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsAccounts and other Receivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence, as determined pursuant to a final, non-appealable order of a court of competent jurisdiction; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaidunpaid and this Agreement has not been terminated. The Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Loan and Security Agreement (Winnebago Industries Inc)
Power of Agent to Act on Loan Parties’ Behalf. The At any time following the occurrence and during the continuance of an Event of Default, Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power power, to be exercised only following the occurrence of any Event of Default (except in the case of clauses (ii), (iii) and (iv) below), (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill b▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to send verifications of Receivables to any Customer; (iv) to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) to demand payment of the AccountsReceivables; (Cvi) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvii) to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Eviii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fix) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gx) to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Loan and Security Agreement (Bucyrus International Inc)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsAccounts and other Receivables of each Loan Party, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time): upon the occurrence and during the continuance of an Event of Default, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsAccounts and other Receivables of each such Loan Party, drafts against Account DebtorsCustomers, assignments and verifications of AccountsAccounts and other Receivables of each such Loan Party; (Biii) at any time, to send verifications of Accounts and other Receivables of each such Loan Party to any Customer or Person; (iv) at any time, to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) after the occurrence and during the continuance of an Event of Default, to demand payment of the AccountsAccounts and other Receivables of each such Loan Party; (Cvi) after the occurrence and during the continuance of an Event of Default, to enforce payment of the Accounts and other Receivables of each such Loan Party by legal proceedings or otherwise; (Dvii) after the occurrence and during the continuance of an Event of Default, to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Accounts, Receivables and any other Collateral; (Eviii) after the occurrence and during the continuance of an Event of Default, to settle, adjust, compromise, extend or renew the AccountsAccounts and other Receivables of each such Loan Party; (Fix) after the occurrence and during the continuance of an Event of Default, to settle, adjust or compromise any legal proceedings brought to collect AccountsAccounts and other Receivables of each such Loan Party; (Gx) after the occurrence and during the continuance of an Event of Default, to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Customer or any other Person obligated with respect to an Account Debtoror other Receivable of each such Loan Party; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsAccounts and other Receivables of each such Loan Party; and (Ixii) after the occurrence and during the continuance of an Event of Default, to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence, as determined pursuant to a final, non-appealable order of a court of competent jurisdiction; this power being coupled with an interest is irrevocable while any at all times until all of the Obligations remain unpaidhave been Paid in Full. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Loan and Security Agreement (American Outdoor Brands, Inc.)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral; (ii) to sign such Loan Party’s name on any invoice or ▇▇▇▇ of lading relating to any of the Receivables, drafts against Customers, assignments and verifications of Receivables; (Biii) to send verifications of Accounts Receivables to any Account DebtorCustomer; (iv) to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (iiv) to demand, upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill of lading relating to any of the Accounts, drafts against Account Debtors, assignments and verifications of Accounts; (B) demand payment of the AccountsReceivables; (Cvi) enforce to enforce, upon the occurrence and during the continuance of an Event of Default, payment of the Accounts Receivables by legal proceedings or otherwise; (Dvii) exercise to exercise, upon the occurrence and during the continuance of an Event of Default, all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Eviii) to settle, adjust, compromise, extend or renew renew, upon the Accountsoccurrence and during the continuance of an Event of Default, the Receivables; (Fix) to settle, adjust or compromise compromise, upon the occurrence and during the continuance of an Event of Default, any legal proceedings brought to collect AccountsReceivables; (Gx) to prepare, file and sign sign, upon the occurrence and during the continuance of an Event of Default, such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign sign, upon the occurrence and during the continuance of an Event of Default, such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the Accounts, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the Accounts, drafts against Account Debtors, assignments and verifications of Accounts; (B) demand payment of the Accounts; (C) enforce payment of the Accounts by legal proceedings or otherwise; (D) exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts and any other Collateral; (E) settle, adjust, compromise, extend or renew the Accounts; (F) settle, adjust or compromise any legal proceedings brought to collect Accounts; (G) prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account Debtor; (H) prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Accounts; and (I) do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Credit and Security Agreement (Ramaco Resources, Inc.)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsAccounts and other Receivables of each Loan Party, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time): upon the occurrence and during the continuance of an Event of Default, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill of lading relating to any of the AccountsAccounts and other Receivables of each such Loan Party, drafts against Account DebtorsCustomers, assignments and verifications of AccountsAccounts and other Receivables of each such Loan Party; (Biii) at any time, to send verifications of Accounts and other Receivables of each such Loan Party to any Customer or Person; (iv) at any time, to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) after the occurrence and during the continuance of an Event of Default, to demand payment of the AccountsAccounts and other Receivables of each such Loan Party; (Cvi) after the occurrence and during the continuance of an Event of Default, to enforce payment of the Accounts and other Receivables of each such Loan Party by legal proceedings or otherwise; (Dvii) after the occurrence and during the continuance of an Event of Default, to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Accounts, Receivables and any other Collateral; (Eviii) after the occurrence and during the continuance of an Event of Default, to settle, adjust, compromise, extend or renew the AccountsAccounts and other Receivables of each such Loan Party; (Fix) after the occurrence and during the continuance of an Event of Default, to settle, adjust or compromise any legal proceedings brought to collect AccountsAccounts and other Receivables of each such Loan Party; (Gx) after the occurrence and during the continuance of an Event of Default, to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Customer or any other Person obligated with respect to an Account Debtoror other Receivable of each such Loan Party; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsAccounts and other Receivables of each such Loan Party; and (Ixii) after the occurrence and during the continuance of an Event of Default, to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence, as determined pursuant to a final, non-appealable order of a court of competent jurisdiction; this power being coupled with an interest is irrevocable while any at all times until all of the Obligations remain unpaidhave been Paid in Full. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Loan and Security Agreement (American Outdoor Brands, Inc.)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsAccounts and other Receivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon following the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsAccounts and other Receivables, drafts against Account Debtors, assignments Customers and assignments; (iii) to send verifications of AccountsAccounts and other Receivables to any Customer or Person and to sign such Loan Party’s name on any verifications of Accounts or other Receivables; (Biv) to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) after the occurrence and during the continuance of an Event of Default, to demand payment of the AccountsAccounts and other Receivables; (Cvi) after the occurrence and during the continuance of an Event of Default, to enforce payment of the Accounts and other Receivables by legal proceedings or otherwise; (Dvii) after the occurrence and during the continuance of an Event of Default, to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts and any other Collateral; (Eviii) after the occurrence and during the continuance of an Event of Default, to settle, adjust, compromise, extend or renew the AccountsAccounts and other Receivables; (Fix) after the occurrence and during the continuance of an Event of Default, to settle, adjust or compromise any legal proceedings brought to collect AccountsAccounts and other Receivables; (Gx) after the occurrence and during the continuance of an Event of Default, to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Accounts; and (Ixii) after the occurrence and during the continuance of an Event of Default, to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence, as determined pursuant to a final, non-appealable order of a court of competent jurisdiction; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaidunpaid and this Agreement has not been terminated. The Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Loan and Security Agreement (Velocity Express Corp)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any timetime after the occurrence and during the continuance of an Event of Default, to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to at any time after the occurrence and during the continuance of an Event of Default (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to send verifications of Receivables to any Customer; (iv) to demand payment of the AccountsReceivables; (Cv) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvi) to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Evii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fviii) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gix) to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hx) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixi) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done with gross (not mere) negligence or willful misconduct; this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (Radnor Holdings Corp)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any timetime after the occurrence of an Event of Default or Default which is continuing, to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsReceivables, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s 's designee as such Loan Party’s 's attorney with power to at any time after the occurrence of an Event of Default or Default which is continuing (i) at any time, to (A) endorse such Loan Party’s 's name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s 's name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsReceivables, drafts against Account DebtorsCustomers, assignments and verifications of AccountsReceivables; (Biii) to send verifications of Receivables to any Customer; (iv) to sign such Loan Party's name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent's interest in the Collateral and to file same; (v) to demand payment of the AccountsReceivables; (Cvi) to enforce payment of the Accounts Receivables by legal proceedings or otherwise; (Dvii) to exercise all of the such Loan Parties’ Party's rights and remedies with respect to the collection of the Accounts Receivables and any other Collateral; (Eviii) to settle, adjust, compromise, extend or renew the AccountsReceivables; (Fix) to settle, adjust or compromise any legal proceedings brought to collect AccountsReceivables; (Gx) to prepare, file and sign such Loan Party’s 's name on a proof of claim in bankruptcy or similar document against any Account DebtorCustomer; (Hxi) to prepare, file and sign such Loan Party’s 's name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsReceivables; and (Ixii) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence (as determined by a court of competent jurisdiction in a final non-appealable judgment); this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. The Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Sources: Revolving Credit and Security Agreement (General Finance CORP)
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the Accounts, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any timeupon the occurrence and during the continuance of an Event of Default, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsAccounts and other Receivables of each such Loan Party, drafts against Account DebtorsCustomers, assignments and verifications of AccountsAccounts and other Receivables of each such Loan Party; (Biii) at any time (subject to the terms of Section 4.14(e) above), to send verifications of Accounts and other Receivables of each such Loan Party to any Customer or Person; (iv) at any time, to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) after the occurrence and during the continuance of an Event of Default, to demand payment of the AccountsAccounts and other Receivables of each such Loan Party; (Cvi) after the occurrence and during the continuance of an Event of Default, to enforce payment of the Accounts and other Receivables of each such Loan Party by legal proceedings or otherwise; (Dvii) after the occurrence and during the continuance of an Event of Default, to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Accounts, Receivables and any other Collateral; (Eviii) after the occurrence and during the continuance of an Event of Default, to settle, adjust, compromise, extend or renew the AccountsAccounts and other Receivables of each such Loan Party; (Fix) after the occurrence and during the continuance of an Event of Default, to settle, adjust or compromise any legal proceedings brought to collect AccountsAccounts and other Receivables of each such Loan Party; (Gx) after the occurrence and during the continuance of an Event of Default, to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Customer or any other Person obligated with respect to an Account Debtoror other Receivable of each such Loan Party; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsAccounts and other Receivables of each such Loan Party; and (Ixii) after the occurrence and during the continuance of an Event of Default, to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence or willful misconduct, as determined pursuant to a final, non-appealable order of a court of competent jurisdiction; this power being coupled with an interest is irrevocable while any at all times until all of the Obligations remain unpaidhave been Paid in Full. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract
Power of Agent to Act on Loan Parties’ Behalf. The Agent shall have the right, at any time, right to receive, endorse, assign and/or deliver in the name of the Agent or any Loan Party any and all checks, drafts and other instruments for the payment of money relating to the AccountsAccounts and other Receivables of each Loan Party, and each Loan Party hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Loan Party hereby constitutes the Agent or the Agent’s designee as such Loan Party’s attorney with power to (i) at any time, to (A) endorse such Loan Party’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral, and (B) send verifications of Accounts to any Account Debtor; and (ii) upon the occurrence and during the continuance of an Event of Default, to (A) sign such Loan Party’s name on any invoice or bill ▇▇▇▇ of lading relating to any of the AccountsAccounts and other Receivables of each such Loan Party, drafts against Account DebtorsCustomers, assignments and verifications of AccountsAccounts and other Receivables of each such Loan Party; (Biii) at any time, to send verifications of Accounts and other Receivables of each such Loan Party to any Customer or Person; (iv) at any time, to sign such Loan Party’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; (v) after the occurrence and during the continuance of an Event of Default, to demand payment of the AccountsAccounts and other Receivables of each such Loan Party; (Cvi) after the occurrence and during the continuance of an Event of Default, to enforce payment of the Accounts and other Receivables of each such Loan Party by legal proceedings or otherwise; (Dvii) after the occurrence and during the continuance of an Event of Default, to exercise all of the Loan Parties’ rights and remedies with respect to the collection of the Accounts Accounts, Receivables and any other Collateral; (Eviii) after the occurrence and during the continuance of an Event of Default, to settle, adjust, compromise, extend or renew the AccountsAccounts and other Receivables of each such Loan Party; (Fix) after the occurrence and during the continuance of an Event of Default, to settle, adjust or compromise any legal proceedings brought to collect AccountsAccounts and other Receivables of each such Loan Party; (Gx) after the occurrence and during the continuance of an Event of Default, to prepare, file and sign such Loan Party’s name on a proof of claim in bankruptcy or similar document against any Customer or any other Person obligated with respect to an Account Debtoror other Receivable of each such Loan Party; (Hxi) to prepare, file and sign such Loan Party’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the AccountsAccounts and other Receivables of each such Loan Party; and (Ixii) after the occurrence and during the continuance of an Event of Default, to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence, as determined pursuant to a final, non-appealable order of a court of competent jurisdiction; this power being coupled with an interest is irrevocable while any at all times until all of the Obligations remain unpaidhave been Paid in Full. The Agent shall have the right at any time following the occurrence and during the continuance of an Event of Default or Default, to change the address for delivery of mail addressed to any Loan Party to such address as the Agent may designate and to receive, open and dispose of all mail addressed to any Loan Party.
Appears in 1 contract