Common use of AUTOMATIC AUTHORIZATION Clause in Contracts

AUTOMATIC AUTHORIZATION. In the absence of a Joint Written Direction to the contrary from Parent and the Securityholder Representative, the Escrow Agent is hereby directed to invest and reinvest proceeds and other available moneys in the U.S. Bank Money Market Account. The U.S. Bank Money Market Account is a permitted investment under the operative documents and this authorization is the permanent direction for investment of the moneys until notified in writing of alternate instructions. Each of the following person(s) is a Parent Appointed Person authorized to execute documents and direct the Escrow Agent as to all matters, including fund transfers, address changes and contact information changes, on Parent’s behalf (only one signature required):