Common use of Secured Partys Appointment as Attorney in Fact Clause in Contracts

Secured Partys Appointment as Attorney in Fact. The Debtor hereby irrevocably constitutes and appoints, from and after the occurrence of a default by the Debtor in its obligations under this Agreement, the Secured Party and any officer or agent thereof, with full power of substitution, as the Debtor’s true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Debtor and in the name of the Debtor or in the Secured Party’s own name, from time to time in the Secured Party’s discretion, for the purpose of carrying out the terms of this agreement, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this agreement and, without limiting the generality of the foregoing, hereby grants to the Secured Party the power and right, on behalf of the Debtor, without notice to or assent by Debtor to execute, file and record all such financing statements, certificates of title and other certificates of registration and operation and similar documents and instruments as the Secured Party may deem necessary or desirable to protect, perfect and validate the Secured Party’s security interest. The Debtor hereby ratifies all that such attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable so long as any amount of principal or accrued interest under the Note remains unpaid. The powers conferred upon the Secured Party hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon the Secured Party to exercise any such powers. The Secured Party shall be accountable only for amounts that the Secured Party actually receives as a result of the exercise of such powers and neither the Secured Party nor any of its partners, officers, directors, employees or agents shall be responsible to the Debtor for any act or failure to act, except for the Secured Party’s own gross negligence or willful misconduct.

Secured Partys Appointment as Attorney in Fact. The Debtor Borrower hereby irrevocably constitutes and appoints, from and after the occurrence of a default by the Debtor Borrower in its obligations under this Agreementthe Obligations, the Secured Party and any officer or agent Secured Party thereof, with full power of substitution, as the DebtorBorrower’s true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Debtor Borrower and in the name of the Debtor Borrower or in the Secured Party’s own name, from time to time in the Secured Party’s discretion, for the purpose of carrying out the terms of this agreementAgreement, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this agreement and, without limiting the generality of the foregoing, hereby grants grant to the Secured Party the power and right, on behalf of the DebtorBorrower, without notice to or assent by Debtor the Borrower to execute, file and record all such financing statements, certificates of title and other certificates of registration and operation and similar documents and instruments as the Secured Party may deem necessary or desirable to protect, perfect and validate the Secured Party’s security interest. The Debtor Borrower hereby ratifies all that such attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable so long as any amount of principal or accrued interest under the Note Notes remains unpaid. The powers conferred upon the Secured Party hereunder are solely to protect its the interests of the Secured Party in the Collateral and shall not impose any duty upon the Secured Party to exercise any such powers. The Secured Party shall be accountable only for amounts that the Secured Party actually receives as a result of the exercise of such powers and neither the Secured Party nor any of its partners, officers, directors, employees or agents shall be responsible to the Debtor Borrower for any act or failure to act, except for the Secured Party’s own gross negligence or willful misconduct.

Secured Partys Appointment as Attorney in Fact. The Debtor Effective upon the occurrence and continuance of an Event of Default, the Company hereby irrevocably constitutes and appoints, from and after the occurrence of a default by the Debtor in its obligations under this Agreement, appoints the Secured Party and any officer or agent thereofof the Secured Party, with full power of substitution, as the Debtor’s true and lawful attorneyCompany's attorneys-in-fact fact, with full irrevocable power and authority in the place and stead of the Debtor Company and in the name of the Debtor Company or in the Secured Party’s own name, otherwise from time to time in the Secured Party’s Security Agreement's discretion, for the purpose of carrying out the terms of this agreement, to take any and all appropriate action and to execute any and deliver all documents and bills of sale, assignments or other instruments that may be necessary or desirable to accomplish the purposes of this agreement and, without limiting the generality of the foregoing, hereby grants to the Secured Party the power and right, on behalf of the Debtor, without notice to or assent by Debtor to execute, file and record all such financing statements, certificates of title and other certificates of registration and operation and similar documents and instruments as which the Secured Party may deem necessary or desirable advisable to protecteffectuate any sale, perfect transfer, assignment or delivery in exercise of any or all of the remedies hereunder whether pursuant to foreclosure or power of sale or otherwise, and validate to take any other action to accomplish the purposes of this Security Agreement, to ask, demand, collect, xxx for, recover, compound, receive and give acquittance and receipt for monies due and to become due under or in connection with the Collateral, to receive, endorse, and collect any drafts or other instruments, documents and chattel paper in connection therewith, to file any claims or take any action or institute any proceedings which the Secured Party’s security interest. The Debtor Party may deem to be necessary or desirable for the collection thereof, the Company hereby ratifies ratifying and confirming all that such attorneys attorney or any substitute shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable irrevocable. Nevertheless, if so long as any amount of principal or accrued interest under the Note remains unpaid. The powers conferred upon requested by the Secured Party hereunder are solely or any purchaser, the Company shall ratify and confirm any such sale, assignment, transfer or delivery by executing and delivering to protect its interests in the Collateral and shall not impose any duty upon the Secured Party or such purchaser all bills of sale, assignments, releases and other proper instruments to exercise effect such ratification and confirmation as may be designated in any such powers. The Secured Party shall be accountable only for amounts that the Secured Party actually receives as a result of the exercise of such powers and neither the Secured Party nor any of its partners, officers, directors, employees or agents shall be responsible to the Debtor for any act or failure to act, except for the Secured Party’s own gross negligence or willful misconductrequest.

Secured Partys Appointment as Attorney in Fact. The Debtor hereby irrevocably constitutes and appoints, from and after the occurrence of a default by the Debtor in its obligations under this Agreement, the Secured Party and any officer or agent thereof, with full power of substitution, as the Debtor’s true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Debtor and in the name of the Debtor or in the Secured Party’s own name, from time to time in the Secured Party’s discretion, for the purpose of carrying out the terms of this agreement, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this agreement and, without limiting the generality of the foregoing, hereby grants to the Secured Party the power and right, on behalf of the Debtor, without notice to or assent by Debtor to execute, file and record all such financing statements, certificates of title and other certificates of registration and operation and similar documents and instruments as the Secured Party may deem necessary or desirable to protect, perfect and validate the Secured Party’s security interest. The Debtor hereby ratifies all that such attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with an interest and shall be irrevocable so long as any amount of principal or accrued interest under the Note remains unpaidirrevocable. The powers conferred upon the Secured Party hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon the Secured Party to exercise any such powers. The Secured Party shall be accountable only for amounts that the Secured Party actually receives as a result of the exercise of such powers and neither the Secured Party nor any of its partners, officers, directors, employees or agents shall be responsible to the Debtor for any act or failure to act, except for the Secured Party’s own gross negligence or willful misconduct.