Common use of Security Trustee Appointed Attorney-in-Fact Clause in Contracts

Security Trustee Appointed Attorney-in-Fact. (a) Each Pledgor hereby irrevocably appoints (which appointment is coupled with an interest) the Security Trustee (acting through its employees, attorneys, and/or agents) as such Pledgor’s attorney-in-fact, with full power of substitution and with full authority in the place and stead of Pledgor and in its name or otherwise, from time to time in the Security Trustee’s discretion, to sign, execute, seal and deliver and otherwise perfect any further security document or notice reasonably required to secure the Secured Obligations or to perfect the security intended to be created hereunder over the Pledged Collateral or any part thereof or, on or after the Enforcement Date, to take any action and to execute any instrument which the Security Trustee may deem reasonably necessary or advisable to accomplish the purposes of this Pledge Agreement; provided, that the Security Trustee shall be under no obligation to take any action hereunder and, absent gross negligence and wilful misconduct, the Security Trustee shall have no liability or responsibility for any action taken or omission with respect thereto. (b) Each Pledgor hereby consents, acknowledges and agrees, as of the date hereof, that the Security Trustee shall be appointed to succeed the Existing Security Trustee in relation to the Existing Pledged Collateral.