Common use of Authority of Lender Clause in Contracts

Authority of Lender. Credit Parties and Guarantors hereby authorize Lender, without notice or demand and without affecting its liability hereunder, from time to time to: (i) amend, alter, restate, replace, modify, renew, extend, accelerate or otherwise change the time for payment or the terms of the Obligations with Borrowers, including increasing or decreasing the Interest Rate thereon or the principal amount thereof; (ii) accept partial payments on the Obligations from Borrowers or Guarantors; (iii) accept new or additional documents, instruments or agreements relative to the Obligations; (iv) take and hold security or additional guaranties for the payment of the Obligations, and amend, alter, exchange, substitute, transfer, enforce, waive, subordinate, terminate, modify and release in any manner any such security or guaranties; (v) apply such security and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (vi) release or substitute any Guarantor; (vii) settle, release on terms satisfactory to Lender (or by operation of law or otherwise), compound, compromise, collect or otherwise liquidate any indebtedness or security in any manner, consent to the transfer of security and bid and purchase at any sale, without affecting or impairing the Obligations of Borrowers or Credit Parties or Guarantors hereunder; or (viii) enforce any other right or remedy granted to Lender under this Agreement or under any of the other Loan Documents or under any Guaranty Agreement. No action which Lender shall take or fail to take in connection with this Agreement or any of the Loan Documents, or any of them, or any security for the Obligations or other undertakings of Borrowers, nor any course of dealing with Borrowers or Credit Parties or Guarantors, or any course of dealing with any other person or legal entity, shall release Borrower's Obligations or Credit Party's or Guarantor's responsibilities hereunder, shall affect this Agreement or the other Loan Documents in any way, or afford Borrowers or Credit Parties or Guarantors any recourse against Lender. Without limiting the generality of the foregoing, Borrowers agree that this Agreement shall extend and be applicable to each new or replacement Note delivered by Borrowers pursuant thereto without notice to or further consent from Credit Parties or Guarantors.

Authority of Lender. Credit Parties and Guarantors hereby authorize authorizes Lender, without notice or demand and without affecting its liability hereunder, from time to time to: (i) amend, alter, restate, replace, modify, renew, extend, accelerate or otherwise change the time for payment or the terms of the Obligations with Borrowers, including increasing or decreasing the Interest Rate thereon or the principal amount thereof; (ii) accept partial payments on the Obligations from Borrowers or Guarantors; (iii) accept new or additional documents, instruments or agreements relative to the Obligations; (iv) take and hold security or additional guaranties for the payment of the Obligations, and amend, alter, exchange, substitute, transfer, enforce, waive, subordinate, terminate, modify and release in any manner any such security or guaranties; (v) apply such security and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (vi) release or substitute any GuarantorGuarantors; (vii) settle, release on terms satisfactory to Lender (or by operation of law or otherwise), compound, compromise, collect or otherwise liquidate any indebtedness or security in any manner, consent to the transfer of security and bid and purchase at any sale, without affecting or impairing the Obligations of Borrowers or Credit Parties or Guarantors hereunder; or (viii) enforce any other right or remedy granted to Lender under this Agreement or under any of the other Loan Documents or under any Guaranty AgreementGuaranty. No action which Lender shall take or fail to take in connection with this Agreement or any of the Loan Documents, or any of them, or any security for the Obligations or other undertakings of Borrowers, nor any course of dealing with Borrowers or Credit Parties or GuarantorsParties, or any course of dealing with any other person or legal entity, shall release Borrower's Obligations or Credit Party's or Guarantor's responsibilities responsibility hereunder, shall affect this Agreement or the other Loan Documents in any way, or afford Borrowers or Credit Parties or Guarantors any recourse against Lender. Without limiting the generality of the foregoing, Borrowers agree agrees that this Agreement shall extend and be applicable to each new or replacement Note note delivered by Borrowers pursuant thereto without notice to or further consent from Credit Parties or GuarantorsParties.

Authority of Lender. Credit Parties Lender shall have and Guarantors be entitled to exercise all such powers hereunder as are specifically delegated to Lender by the terms hereof, together with such powers as are reasonably incidental thereto. Lender may execute any of its duties hereunder by or through sub-agents or employees and shall be entitled to retain counsel and to act in reliance upon the advice of such counsel concerning all matters pertaining to said duties. Lender and any affiliate, director, officer, or employee of Lender shall not be liable for any action taken or omitted to be taken by them or any of them hereunder or in connection herewith, except for their own gross negligence or willful misconduct; nor shall Lender be responsible for the validity, effectiveness, or sufficiency hereof or of any document or security furnished pursuant hereto or in connection herewith. Lender shall be entitled to rely on any communication, instrument, or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons. Pledgor hereby authorize agrees to reimburse Lender, without notice or demand and without affecting its liability hereunderon demand, from time to time to: (i) amend, alter, restate, replace, modify, renew, extend, accelerate or otherwise change the time for payment or the terms of the Obligations with Borrowers, including increasing or decreasing the Interest Rate thereon or the principal amount thereof; (ii) accept partial payments on the Obligations from Borrowers or Guarantors; (iii) accept new or additional documents, instruments or agreements relative to the Obligations; (iv) take and hold security or additional guaranties for the payment of the Obligations, and amend, alter, exchange, substitute, transfer, enforce, waive, subordinate, terminate, modify and release in any manner any such security or guaranties; (v) apply such security and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (vi) release or substitute any Guarantor; (vii) settle, release on terms satisfactory to Lender (or all reasonable expenses incurred by operation of law or otherwise), compound, compromise, collect or otherwise liquidate any indebtedness or security in any manner, consent to the transfer of security and bid and purchase at any sale, without affecting or impairing the Obligations of Borrowers or Credit Parties or Guarantors hereunder; or (viii) enforce any other right or remedy granted to Lender under this Agreement or under any of the other Loan Documents or under any Guaranty Agreement. No action which Lender shall take or fail to take it in connection with the administration and enforcement of this Pledge Agreement and agrees to indemnify and hold harmless Lender from and against any and all liability incurred by it hereunder or in connection herewith, unless such liability shall be due to willful misconduct or gross negligence on the part of Lender. Other than the exercise of reasonable care in the physical custody of the Pledged Collateral while held by Lender, Lender shall have no responsibility for or obligation or duty with respect to all or any part of the Loan Documents, Pledged Collateral or any matter or proceeding arising out of themor relating thereto, including, without limitation, any obligation or duty to collect any sums due in respect thereof or to protect or preserve any rights against prior parties or any security other rights pertaining thereto, it being understood and agreed that Pledgor shall be responsible generally for the Obligations or other undertakings preservation of Borrowers, nor any course of dealing with Borrowers or Credit Parties or Guarantors, or any course of dealing with any other person or legal entity, shall release Borrower's Obligations or Credit Party's or Guarantor's responsibilities hereunder, shall affect this Agreement or all rights in the other Loan Documents in any way, or afford Borrowers or Credit Parties or Guarantors any recourse against LenderPledged Collateral. Without limiting the generality of the foregoing, Borrowers agree that this Agreement Lender shall extend be conclusively deemed to have exercised reasonable care in the custody of the Pledged Collateral if Lender takes such action, for purposes of preserving rights in the Pledged Collateral, as Pledgor may reasonably request in writing, but no failure or omission or delay by Lender in complying with any such request by Pledgor, and no refusal by Lender to comply with any such request by Pledgor, shall be applicable deemed to each new or replacement Note delivered by Borrowers pursuant thereto without notice be a failure to or further consent from Credit Parties or Guarantorsexercise reasonable care.

Authority of Lender. Each Credit Parties and Guarantors hereby authorize Party authorizes Lender, without notice or demand and without affecting its liability hereunder, from time to time to: (i) amend, alter, restate, replace, modify, renew, extend, accelerate or otherwise change the time for payment or the terms of the Obligations with BorrowersBorrower, including increasing increase or decreasing decrease the Interest Rate rate of interest thereon or the principal amount thereof; (ii) accept partial payments on the Obligations from Borrowers Borrower or Guarantorsany Guarantor; (iii) accept new or additional documents, instruments or agreements relative to the Obligations; (iv) take and hold security or additional guaranties for the payment of the Obligations, and amend, alter, exchange, substitute, transfer, enforce, waive, subordinate, terminate, modify and release in any manner any such security or guaranties; (v) apply such security and direct the order or manner of sale thereof as Lender in its sole discretion may determine; (vi) release or substitute any Guarantorone or more of any Guarantors; (vii) settle, release on terms satisfactory to Lender (or by operation of law or otherwise), compound, compromise, collect or otherwise liquidate any indebtedness or security in any manner, consent to the transfer of security and bid and purchase at any sale, without affecting or impairing the Obligations of Borrowers Borrower or any Credit Parties or Guarantors Party hereunder; or (viii) enforce any other right or remedy granted to Lender under this Agreement or under any of the other New Loan Documents or under any Guaranty AgreementGuaranty. No such action which Lender shall take or fail to take in connection with this Agreement or any of the New Loan Documents, or any of them, or any security for the Obligations or other undertakings of BorrowersBorrower, nor any course of dealing with Borrowers Borrower or any Credit Parties or GuarantorsParty, or any course of dealing with any other person or legal entity, shall release any Borrower's ’s Obligations or any Credit Party's or Guarantor's responsibilities ’s responsibility hereunder, shall affect this Agreement or the other New Loan Documents in any way, or afford Borrowers Borrower or any Credit Parties or Guarantors Party any recourse against Lender. Without limiting the generality of the foregoing, Borrowers agree Borrower agrees that this Agreement shall extend and be applicable to each new or replacement Note note delivered by Borrowers Borrower pursuant thereto without notice to or further consent from any Credit Parties or GuarantorsParty.