Common use of Additional Powers Clause in Contracts

Additional Powers. 7.1. Lender shall have the right at any time in its reasonable business discretion, upon the occurrence of an Event of Default and the expiration of any applicable cure period: (a) to notify Account Debtors that Borrower's Accounts have been assigned to and are payable to Lender; and (b) to collect any and all Accounts directly in its own name and charge all of its collection costs and expenses including, but not limited to, its legal expenses to the Borrower's account as part of the Obligations. In the event collection of the Borrower's Accounts or the liquidation of the Borrower's inventory or other Collateral falls upon Lender consequent to the occurrence of an Event of Default and the expiration of any applicable cure period, the Borrower shall pay Lender 15% of the amount collected by Lender. 7.2. Borrower hereby appoints Lender or Lender's designee as Borrower's attorney-in-fact, at Borrower's own cost and expense, to exercise at any time all or any of the following powers which, being coupled with an interest, shall be irrevocable until all Obligations have been paid in full: (a) upon the occurrence of an Event of Default and the expiration of any applicable cure period, to redirect, receive, open and dispose of all mail addressed to Borrower and to notify postal authorities to change the address for delivery thereof to such address as Lender may designate; (b) to execute and file in Borrower's name financing statements and amendments under the UCC; (c) to receive, take, endorse, assign, deliver, accept and deposit, in Lender's or Borrower's name, any and all checks, notes, drafts, acceptances, money orders, remittances or other evidences of payment of money or Collateral which may come into Lender's possession; (d) to sign Borrower's name on any drafts against Account Debtors, assignments and verifications of Accounts; (e) to transmit to Account Debtors notice of Lender's interest therein and to request from such Account Debtors at any time, in Lender's or Borrower's name or that of Lender's designee, information concerning the Accounts and the amounts owing thereon; (f) upon the occurrence of an Event of Default and the expiration of any applicable cure period, to notify Account Debtors to make payment directly to Lender; (g) to take or bring, in Lender's or Borrower's name, and in Lender's sole and absolute discretion all steps, actions, suits or proceedings deemed necessary or desirable by Lender to effect collection of the Collateral; and (h) to do all other acts and things necessary to carry out this Agreement. Borrower hereby releases Lender and Lender's officers, employees and designees, from all liability arising from any act or acts under this Agreement or in furtherance thereof, whether by omission or commission, and whether based upon any error of judgment or mistake of law or fact.

Additional Powers. 7.1. Lender shall have the right at any time in its reasonable business discretion, upon the occurrence of an Event of Default and the expiration of any applicable cure period: (a) to notify Account Debtors that Borrower's Accounts have been assigned to and are payable to Lender; and (b) to collect any and all Accounts directly in its own name and charge all of its collection costs and expenses including, but not limited to, its legal expenses to the Borrower's account as part of the Obligations. In the event collection of the Borrower's Accounts or the liquidation of the Borrower's inventory or other Collateral falls upon Lender consequent to the occurrence of an Event of Default and the expiration of any applicable cure period, the Borrower shall pay Lender 15% of the amount collected by Lender. 7.2. Borrower hereby appoints Lender AFL or LenderAFL's designee as Borrower's attorney-in-fact, at Borrower's own cost and expense, to exercise at any time all or any of the following powers which, being coupled with an interest, shall be irrevocable until all Obligations have been paid in full: (a) upon the occurrence of an Event of Default and the expiration of any applicable cure period, to redirect, receive, open and dispose of all mail addressed to Borrower and to notify postal authorities to change the address for delivery thereof to such address as Lender may designate; (b) to execute and file in Borrower's name financing statements and amendments under the UCC; (c) to receive, take, endorse, assign, deliver, accept and deposit, in Lender's or Borrower's name, any and all checks, notes, drafts, acceptances, money orders, remittances or other evidences of payment of money or Collateral which may come into Lender's possession; (db) to sign Borrower's name on any invoice or bill of lading relating to any of the Collateral; (c) to sign Borrower's name ▇▇ ▇ny drafts against Account Debtors, assignments and verifications of Accounts; (ed) to transmit to Account Debtors notice of LenderAFL's interest therein and to request from such Account Debtors at any time, in LenderAFL's or Borrower's name or that of LenderAFL's designee, information concerning the Accounts and the amounts owing thereon; (fe) upon the occurrence of an Event of Default and the expiration of any applicable cure period, to notify Account Debtors to make payment directly to LenderAFL; (gf) to take or bring, in LenderAFL's or Borrower's name, and in LenderAFL's sole and absolute discretion all steps, actions, suits or proceedings deemed necessary or desirable by Lender AFL to effect collection of the CollateralCollateral (after such action is taken, AFL shall promptly give Borrower notice of such action); and (hg) to do all other acts and things necessary to carry out this Agreement. Borrower hereby releases Lender AFL and LenderAFL's officers, employees and designees, from all liability arising from any act or acts under this Agreement or in furtherance thereof, whether by omission or commission, and whether based upon any error of judgment or mistake of law or factfact except for willful misconduct or gross negligence.

Additional Powers. 7.1. Lender shall have the right at any time in its reasonable business discretion, upon the occurrence of an Event of Default and the expiration of any applicable cure period: (a) to notify Account Debtors that Borrower's ’s Accounts have been assigned to and are payable to Lender; and (b) to collect any and all Accounts directly in its own name and charge all of its collection costs and expenses including, but not limited to, its legal expenses to the Borrower's ’s account as part of the Obligations. In the event collection of the Borrower's Accounts or the liquidation of the Borrower's inventory or other Collateral falls upon Lender consequent to the occurrence of an Event of Default and the expiration of any applicable cure period, the Borrower shall pay Lender 15% of the amount collected by Lender. 7.2. Borrower hereby appoints Lender or Lender's ’s designee as Borrower's ’s attorney-in-fact, at Borrower's ’s own cost and expense, to exercise at any time all or any of the following powers which, being coupled with an interest, shall be irrevocable until all Obligations have been paid in full: : (a) upon the occurrence of an Event of Default and the expiration of any applicable cure period, to redirect, receive, open and dispose of all mail addressed to Borrower and to notify postal authorities to change the address for delivery thereof to such address as Lender may designate; (b) to execute and file in Borrower's ’s name financing statements and amendments under the UCC; (c) to receive, take, endorse, assign, deliver, accept and deposit, in Lender's ’s or Borrower's ’s name, any and all checks, notes, drafts, acceptances, money orders, remittances or other evidences of payment of money or Collateral which may come into Lender's ’s possession; (d) to sign Borrower's ’s name on any drafts against Account Debtors, assignments and verifications of Accounts; (e) to transmit to Account Debtors notice of Lender's ’s interest therein and to request from such Account Debtors at any time, in Lender's ’s or Borrower's ’s name or that of Lender's ’s designee, information concerning the Accounts and the amounts owing thereon; (f) upon the occurrence of an Event of Default and the expiration of any applicable cure period, to notify Account Debtors to make payment directly to Lender; (g) to take or bring, in Lender's ’s or Borrower's ’s name, and in Lender's sole and absolute discretion ’s reasonable business discretion, all steps, actions, suits or proceedings deemed necessary or desirable by Lender to effect collection of the Collateral; and (h) to do all other acts and things necessary to carry out this Agreement. Borrower hereby releases Lender and Lender's ’s officers, employees and designees, from all liability arising from any act or acts under this Agreement or in furtherance thereof, whether by omission or commission, and whether based upon any error of judgment or mistake of law or fact.

Additional Powers. 7.1. Lender FINOVA shall have the right at any time in its reasonable business sole and absolute discretion, upon the occurrence of an Event of Default and the expiration of any applicable cure period: (a) to notify Account Debtors that Borrower's Accounts have been assigned to and are payable to LenderFINOVA; and (b) to collect any and all Accounts directly in its own name and charge all of its collection costs and expenses including, but not limited to, its legal expenses to the Borrower's account as part of the Obligations. In the event collection of the Borrower's Accounts or the liquidation of the Borrower's inventory or other Collateral falls upon Lender consequent to the occurrence of an Event of Default and the expiration of any applicable cure period, the Borrower shall pay Lender 15% of the amount collected by Lender. 7.2. Borrower hereby appoints Lender FINOVA or LenderFINOVA's designee as Borrower's attorney-in-fact, at Borrower's own cost and expense, to exercise at any time all or any of the following powers which, being coupled with an interest, shall be irrevocable until all Obligations have been paid in full: : (a) upon the occurrence of FINOVA alleging an Event of Default and the expiration of any applicable cure periodDefault, to redirect, receive, open and dispose of all mail addressed to Borrower and to notify postal authorities to change the address for delivery thereof to such address as Lender FINOVA may designate; (b) to execute and file in Borrower's name financing statements and amendments under the UCC; (c) to receive, take, endorse, assign, deliver, accept and deposit, in LenderFINOVA's or Borrower's name, any and all checks, notes, drafts, acceptances, money orders, remittances or other evidences of payment of money or Collateral which may come into LenderFINOVA's possession; (d) to sign Borrower's name on any drafts against Account Debtors, assignments and verifications of Accounts; (e) upon FINOVA alleging an Event of Default, to transmit to Account Debtors notice of LenderFINOVA's interest therein and to request from such Account Debtors at any time, in LenderFINOVA's or Borrower's name or that of LenderFINOVA's designee, information concerning the Accounts and the amounts owing thereon; (f) upon the occurrence of FINOVA alleging an Event of Default and the expiration of any applicable cure period, to notify Account Debtors to make payment directly to LenderFINOVA; (g) upon FINOVA alleging an Event of Default, to take or bring, in LenderFINOVA's or Borrower's name, and in LenderFINOVA's sole and absolute discretion all steps, actions, suits or proceedings deemed necessary or desirable by Lender FINOVA to effect collection of the Collateral; and (h) to do all other acts and things necessary to carry out this Agreement. Borrower hereby releases Lender FINOVA and LenderFINOVA's officers, employees and designees, from all liability (other than acts of gross negligence or wanton misconduct) arising from any act or acts under this Agreement or in furtherance thereof, whether by omission or commission, and whether based upon any error of judgment or mistake of law or fact.

Additional Powers. 7.1. Lender 7.1 FINOVA shall have the right at any time in its reasonable business sole and absolute discretion, upon the occurrence of an Event of Default and the expiration of any applicable cure period: (a) to notify Account Debtors that Borrower's Accounts have been assigned to and are payable to LenderFINOVA; and (b) to collect any and all Accounts directly in its own name and charge all of its collection costs and expenses including, but not limited to, its legal expenses to the Borrower's account as part of the Obligations. In the event collection of the Borrower's Accounts or the liquidation of the Borrower's inventory or other Collateral falls upon Lender consequent to the occurrence of an Event of Default and the expiration of any applicable cure period, the Borrower shall pay Lender 15% of the amount collected by Lender. 7.2. 7.2 Borrower hereby appoints Lender FINOVA or LenderFINOVA's designee as Borrower's attorney-in-fact, at Borrower's own cost and expense, to exercise at any time all or any of the following powers which, being coupled with an interest, shall be irrevocable until all Obligations have been paid in full: : (a) upon the occurrence of FINOVA alleging an Event of Default and the expiration of any applicable cure period, hereunder to redirect, receive, open and dispose of all mail addressed to Borrower and to notify postal authorities to change the address for delivery thereof to such address as Lender FINOVA may designate; (b) to execute and file in Borrower's name financing statements and amendments under the UCC; (c) to receive, take, endorse, assign, deliver, accept and deposit, in LenderFINOVA's or Borrower's name, any and all checks, notes, drafts, acceptances, money orders, remittances or other evidences of payment of money or Collateral which may come into LenderFINOVA's possession; (d) to sign Borrower's name on any drafts against Account Debtors, assignments and verifications of Accounts; (e) to transmit to Account Debtors notice of LenderFINOVA's interest therein and to request from such Account Debtors at any time, in LenderFINOVA's or Borrower's name or that of LenderFINOVA's designee, information concerning the Accounts and the amounts owing thereon; (f) upon the occurrence of FINOVA alleging an Event of Default and the expiration of any applicable cure period, hereunder to notify Account Debtors to make payment directly to LenderFINOVA; (g) to take or bring, in LenderFINOVA's or Borrower's name, and in LenderFINOVA's sole and absolute discretion all steps, actions, suits or proceedings deemed necessary or desirable by Lender FINOVA to effect collection of the Collateral; and (h) to do all other acts and things necessary to carry out this Agreement. Borrower hereby releases Lender FINOVA and LenderFINOVA's officers, employees and designees, from all liability arising from any act or acts under this Agreement or in furtherance thereof, whether by omission or commission, and whether based upon any error of judgment or mistake of law or fact.