Common use of Rights to Appoint Receiver Clause in Contracts

Rights to Appoint Receiver. Without limiting and in addition to any other rights, options and remedies Secured Party and the Lenders have hereunder or under the Loan Documents, the UCC, at law or in equity, upon the occurrence and during the continuation of an Event of Default, Secured Party shall have the right to apply for and have a receiver appointed by a court of competent jurisdiction in any action taken by Secured Party to enforce its rights and remedies in order to manage, protect and preserve the Collateral and continue the operation of the business of any Credit Party in which such Collateral represents an ownership interest and/or Pledgor and to collect all revenues and profits thereof and apply the same to the payment of all expenses and other charges of such receivership including the compensation of the receiver and to the payments as aforesaid until a sale or other disposition of such Collateral shall be finally made and consummated.