Authorized Action by Lender. Company hereby irrevocably appoints Lender, or any Person that Lender may designate, as its attorney-in-fact (which appointment is coupled with an interest), at Company’s expense, and agrees that Lender may perform (but Lender shall not be obligated to and shall incur no liability to Company or any third party for failure so to do) any act which Company is obligated by the Note or this Security Agreement to perform, and to exercise such rights and powers as Company might exercise with respect to the Collateral, including the right to (a) collect by legal proceedings or otherwise and endorse, receive and receipt for all dividends, interest, payments, proceeds and other sums and property now or hereafter payable on or on account of the Collateral; (b) enter into any extension, reorganization, deposit, merger, consolidation or other agreement pertaining to, or deposit, surrender, accept, hold or apply other property in exchange for the Collateral; (c) make any compromise or settlement, and take any action it deems advisable, with respect to the Collateral; (d) pay any indebtedness of Company relating to the Collateral; (e) insure, process and preserve the Collateral; and (f) file UCC financing statements and execute other documents, instruments and agreements required hereunder; provided, however, that Lender shall not exercise any such powers granted pursuant to subsections (a) through (d) prior to the occurrence of an Event of Default and shall only exercise such powers during the continuance of an Event of Default. Company agrees to reimburse Lender upon demand for any reasonable costs and expenses, including attorneys’ fees, Lender may incur while acting as Company’s attorney-in-fact hereunder, all of which costs and expenses are included in the Obligations. It is further agreed and understood between the parties hereto that such care as Lender gives to the safekeeping of its own property of like kind shall constitute reasonable care of the Collateral when in Lender’s possession; provided, however, that Lender shall not be required to make any presentment, demand or protest, or give any notice and need not take any action to preserve any rights against any prior party or any other person in connection with the Obligations or with respect to the Collateral.
Authorized Action by Lender. In the event any principal of the Note is not paid when due, Debtor hereby designates and appoints Lender as attorney-in-fact of Debtor irrevocably and with power of substitution, with authority to execute and deliver for and on behalf of Debtor any and all instruments, documents, agreements and other writings necessary or advisable for the exercise on behalf of Debtor of any rights, benefits or options created or existing under or pursuant to this Security Agreement; provided, that Lender shall deliver to the Debtor a copy of any such instruments, documents, agreements and other writings. This power of attorney being coupled with an interest is irrevocable while any of the Obligations shall remain unpaid. It is further agreed and understood between the parties hereto that such care as Lender gives to the safekeeping of its own property of like kind shall constitute reasonable care of the Collateral when in Lender’s control.
Authorized Action by Lender. (a) The Company hereby irrevocably appoints the Lender as its attorney-in-fact to do (but the Lender shall not be obligated to and shall incur no liability to the Company or any third party for failure so to do) at any time and from time to time following the occurrence of an Event of Default, any act which the Company is obligated by this Security Agreement to do, and to exercise such rights and powers as the Company might exercise with respect to the Collateral, including, without limitation, the right to (i) collect by legal proceedings or otherwise and endorse, receive and receipt for all dividends, interest, payments, proceeds and other sums and property now or hereafter payable on or on account of the Collateral; (ii) enter into any extension, reorganization, deposit, merger, consolidation or other agreement pertaining to, or deposit, surrender, accept, hold or apply other property in exchange for the Collateral; (iii) insure, process and preserve the Collateral; (iv) transfer the Collateral to the Lender's own or its nominee's name; and (v) make any compromise or settlement, and take any other action it deems advisable with respect to the Collateral. Notwithstanding anything contained herein, in no event shall the Lender be required to make any presentment, demand or protest, or give any notice and the Lender need not take any action to preserve any rights against any prior party or any other person in connection with the Obligations or with respect to the Collateral.
Authorized Action by Lender. (a) Lender may, in its sole discretion, pay any amount or do any act required of Grantor hereunder or requested by Lender to preserve, defend, protect, maintain, record or enforce Grantor's obligations contained herein, the Obligations, the Collateral, or the right, title and interest granted Lender by this Security Agreement, and which Grantor fails to do or pay, and any such payment shall be deemed an advance by Lender to Grantor and shall be payable on demand together with interest at the highest rate then payable on the Obligations.
Authorized Action by Lender. 4 6 (a) Lender may, in its sole discretion, pay any amount or do any act required of Grantor hereunder or requested by Lender to preserve, defend, protect, maintain, record or enforce Grantor's obligations contained herein, the Obligations, the Collateral, or the right, title and interest granted Lender by this Security Agreement, and which Grantor fails to do or pay, and any such payment shall be deemed an advance by Lender to Grantor and shall be payable on demand together with interest at the highest rate then payable on the Obligations. Lender will promptly notify Grantor of any payment by Lender referred to in this Section 5(a).
Authorized Action by Lender. (a) Lender may, in its sole discretion, pay any amount or do any act required of USPL IP hereunder or requested by Lender to preserve, defend, protect, maintain, record or enforce USPL IP's obligations contained herein, the Obligations, the Collateral, or the right, title and interest granted Lender by this Security Agreement, and which USPL IP fails to do or pay, and any such payment shall be deemed an advance by Lender to USPL IP and shall be payable on demand together with interest at the highest rate then payable on the Obligations.
Authorized Action by Lender. After the occurrence of an Event of Default or if the Company is in breach of Section 5(b) hereof, the Company hereby agrees that, at any time, without presentment, notice or demand, and without affecting or impairing in any way the rights of the Lender with respect to the Collateral, the obligations of the Company hereunder or the Obligations, the Lender may, but shall not be obligated to and shall incur no liability to the Company or any third party for failure to, take any action which the Company is obligated by this Security Agreement to do. The Company hereby grants to the Lender an exclusive, irrevocable power of attorney, with full power and authority in the place and stead of the Company to take all such action permitted under this Section 6.
Authorized Action by Lender. (a) Lender may, in its sole discretion, pay any amount or do any act required of Borrower hereunder or requested by Lender to preserve, defend, protect, maintain, record or enforce Borrower's obligations contained herein, the Obligations, the Collateral, or the right, title and interest granted Lender by this Security Agreement, and which Borrower fails to do or pay, and any such payment shall be deemed an advance by Lender to Borrower and shall be payable on demand together with interest at the highest rate then payable on the Obligations.
Authorized Action by Lender required to make any presentment, demand or protest, or give any notice, and Lender need not take any action to preserve any rights against any prior party or any other Person in connection with the Obligations or with respect to the Collateral, and (ii) at any time, whether or not an Event of Default has occurred or is continuing, to execute any and all documents which Borrower is required to execute under this Agreement including, but not limited to, the endorsement (in blank or to Lender) of the promissory note evidencing any Mortgage Loan warehoused with Lender hereunder and the assignment (in blank or to Lender) of the mortgage (or deed of trust or deed to secure debt) and/or any security agreements securing any such Mortgage Loan.
Authorized Action by Lender. Company hereby irrevocably appoints Lender as its attorney-in-fact to do (but Lender shall not be obligated to and shall incur no liability to Company or any third party for failure so to do) at any one time and from time to time any act which Company is obligated by this Agreement to do, and to exercise such rights and powers as Company might exercise with respect to the Collateral, including without limitation, the right to:
