APPOINTMENT OF SECURED PARTIES AS ATTORNEY-IN-FACT Clause Samples

APPOINTMENT OF SECURED PARTIES AS ATTORNEY-IN-FACT. Borrower irrevocably designates, makes, constitutes and appoints each Secured Party (and all persons reasonably designated by any Secured Party), with full power of substitution, as Borrower’s true and lawful attorney-in-fact (and not agent-in-fact) and each Secured Party, or such Secured Party’s agent, may, without notice to Borrower, and at such time or times thereafter as such Secured Party or said agent, in its discretion, may determine, in Borrower’s or such Secured Party’s name, at no duty or obligation on such Secured Party, do the following: (a) All acts and things necessary to fulfill Borrower’s administrative duties pursuant to this Agreement and the other Loan Documents; (b) Upon the occurrence of any Default or Event of Default, all acts and things necessary to fulfill Borrower’s obligations under this Agreement and the Loan Documents, except as otherwise set forth herein, at the cost and expense of Borrower; and (c) In addition to, but not in limitation of the foregoing, at any time or times upon the occurrence of an Event of Default, each Secured Party shall have the right: (i) to enter upon Borrower’s premises and to receive and open all mail directed to Borrower and remove all payments to Borrower on the Receivables; (ii) in the name of Borrower, to notify the Post Office authorities to change the address for the delivery of mail addressed to Borrower to such address as such Secured Party may designate; (iii) demand, collect, receive for and give renewals, extensions, discharges and releases of any Receivable; (iv) institute and prosecute legal and equitable proceedings to realize upon the Receivables; (v) settle, compromise, compound or adjust claims in respect of any Receivable or any legal proceedings brought in respect thereof; (vi) generally, sell in whole or in part for cash, credit or property to others or to itself at any public or private sale, assign, make any agreement with respect to or otherwise deal with any of the Receivables as fully and completely as though such Secured Party were the absolute owner thereof for all purposes, except to the extent limited by any applicable Laws and subject to any requirements of notice to Borrower or other persons under applicable Laws; (vii) take possession and control in any manner and in any place of any cash or non-cash items of payment or proceeds of Receivables; (viii) endorse the name of Borrower upon any notes, acceptances, checks, drafts, money orders, chattel paper or other evidence...