Power of Attorney; Collections by the Administration Sample Clauses

Power of Attorney; Collections by the Administration. The Borrower hereby appoints the Administration as the Borrower's attorney-in-fact, with power of substitution, which appointment is irrevocable and coupled with an interest, to do each of the following in the name of the Borrower or in the name of the Administration or otherwise, for the use and benefit of the Administration, but at the cost and expense of the Borrower, and with or without notice to the Borrower, upon and after the occurrence of a Default: (i) notify the Account Debtors and insurers to make payments directly to the Administration, and to take control of the cash and non-cash proceeds of any Collateral or insurance; (ii) renew, extend or compromise any of the Collateral or deal with the same as the Administration may deem advisable; (iii) release, exchange, substitute, or surrender all or any part of the Collateral; (iv) remove from the Borrower's place of business all Records relating to or evidencing any of the Collateral without cost or expense to the Administration; (v) make such use of the Borrower's places of business as may be reasonably necessary to administer, control and collect the Collateral; (vi) repair, alter or supply goods, if any, necessary to fulfill in whole or in part the purchase order or similar order of any Account Borrower; (vii) demand, collect, give receipt for, and give renewals, extensions, discharges and releases of any of the Collateral; (viii) institute and prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the Collateral; (ix) settle, renew, extend, compromise, compound, exchange or adjust claims with respect to any of the Collateral or any legal proceedings brought with respect thereto; (x) endorse the name of the Borrower upon any Item of Payment relating to the Collateral or upon any proof of claim in bankruptcy against an Account Debtor; (xi) institute and prosecute legal and equitable proceedings to reclaim any of the goods sold to any Account Debtor obligated on an Account at a time when such Account Debtor was insolvent; and (xii) receive and open all mail addressed to the Borrower and notify the postal authorities to change the address for the delivery of mail to the Borrower to such address as the Administration may designate.
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