Common use of Bank Appointed Attorney-in-Fact Clause in Contracts

Bank Appointed Attorney-in-Fact. The Company hereby ---------------------------------- constitutes and appoints the Bank as the attorney-in-fact of the Company with full power of substitution either in the Bank's name or in the name of the Company to do any of the following: (a) to perform any obligation of the Company hereunder in the Company's name or otherwise; (b) to ask for, demand, sue fox, collect, receive, receipt and give acquittance for any and all moneys due or to become due under and by virtue of any Pledged Bonds; (c) to prepare, execute, file, record or deliver notices, assignments, financing statements, continuation statements or like papers to perfect, preserve or release the Bank's security interest in the Pledged Bonds or any of the documents, instruments, certificates and agreements described in Section 8; (d) to endorse checks, drafts, orders and other instruments for the payment of money payable to the Company, representing any interest or other distribution payable in respect of the Pledged Bonds or any part thereof or on account thereof and to give full discharge for the same; (e) to exercise all rights, powers and remedies which the Company would have, but for this Pledge Agreement, under the Pledged Bonds; and (f) to carry out the provisions of this Pledge Agreement and to take any action and execute any instrument which the Bank may deem necessary or advisable to accomplish the purposes hereof, and to do all acts and things and execute all documents in the name of the Company or otherwise, deemed by the Bank as necessary, proper and convenient in connection with the preservation, perfection or enforcement of its rights hereunder. Nothing herein contained shall be construed as requiring or obligating the Bank to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by it, or to present or file any claim or notice, or to take any action with respect to the Pledged Bonds or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby, and no action taken by the Bank or omitted to be taken with respect to the Pledged Bonds or any part thereof shall give rise to any defense, counterclaim or offset in favor of the Company or to any claim or action against the Bank. The power of attorney granted herein is irrevocable and coupled with an interest.

Bank Appointed Attorney-in-Fact. The Company Bank is hereby ---------------------------------- constitutes and appoints the Bank as appointed the attorney-in-fact of the Company, and of each Company Subsidiary which becomes a party to this Agreement, after the occurrence and during the continuance of an Event of Default hereunder, with full power of substitution either in substitution, for the Bank's name or in purpose of carrying out the name provisions hereof, and of the Company to do any Subsidiary Loans and Notes of the following: (a) to perform any obligation of the Company hereunder in the Company's name or otherwise; (b) to ask forparties hereto, demand, sue fox, collect, receive, receipt and give acquittance for any and all moneys due or to become due under and by virtue of any Pledged Bonds; (c) to prepare, execute, file, record or deliver notices, assignments, financing statements, continuation statements or like papers to perfect, preserve or release the Bank's security interest in the Pledged Bonds or any of the documents, instruments, certificates and agreements described in Section 8; (d) to endorse checks, drafts, orders and other instruments for the payment of money payable to the Company, representing any interest or other distribution payable in respect of the Pledged Bonds or any part thereof or on account thereof and to give full discharge for the same; (e) to exercise all rights, powers and remedies which the Company would have, but for this Pledge Agreement, under the Pledged Bonds; and (f) to carry out the provisions of this Pledge Agreement and to take taking any action and execute executing any instrument instruments which the Bank may deem necessary or advisable to accomplish the purposes hereofhereof or thereof, after the occurrence and to do all acts and things and execute all documents in during the name continuance of the Company or otherwisean Event of Default hereunder, deemed by the Bank which appointment as necessary, proper and convenient in connection with the preservation, perfection or enforcement of its rights hereunder. Nothing herein contained shall be construed as requiring or obligating the Bank to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by it, or to present or file any claim or notice, or to take any action with respect to the Pledged Bonds or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby, and no action taken by the Bank or omitted to be taken with respect to the Pledged Bonds or any part thereof shall give rise to any defense, counterclaim or offset in favor of the Company or to any claim or action against the Bank. The power of attorney granted herein attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Bank shall have the right and power to give notices of its security interest in the Collateral to any Person, either in the name of the Company, in the name of the Company Subsidiary, or in its own name, after the occurrence and during the continuance of an Event of Default hereunder to endorse all Pledged Mortgage Loans payable to the order of the Company or the Company Subsidiary, or, after the occurrence and during the continuance of an Event of Default hereunder, to receive, endorse and collect all checks made payable to the order of the Company or the Company Subsidiary, representing any payment on account of the principal of or interest on, or the proceeds of sale of, any of the Pledged Mortgage Loans and to give full discharge for the same and execute any and all instruments in writing whatever kind and nature, if they be necessary, and be necessary and deemed proper by Bank to effectively assure its appropriate lien position in the Collateral and in the Pledged Mortgage Loans.

Bank Appointed Attorney-in-Fact. The Effective upon the occurrence and continuation of an Event of Default or an Unmatured Event of Default, the Company hereby ---------------------------------- irrevocably appoints and constitutes and appoints the Bank as the Company's attorney-in-fact of the Company fact, with full power of substitution either in substitution, to: (a) submit any Pledged Loan and related documents to a purchaser under a Firm Commitment or Standby Commitment; and (b) for the Bank's name or purpose of carrying out the provisions of this Security Agreement, take any action and execute and endorse in the name of the Company Company, without recourse to do any of the following: (a) to perform any obligation of the Company hereunder in the Company's name or otherwise; (b) to ask for, demand, sue fox, collect, receive, receipt and give acquittance for any and all moneys due or to become due under and by virtue of any Pledged Bonds; (c) to prepare, execute, file, record or deliver notices, assignments, financing statements, continuation statements or like papers to perfect, preserve or release the Bank's security interest in the Pledged Bonds or any of the documents, instruments, certificates and agreements described in Section 8; (d) to endorse checks, drafts, orders and other instruments for the payment of money payable to the Company, representing any interest or other distribution payable in respect of the Pledged Bonds or any part thereof or on account thereof and to give full discharge for the same; (e) to exercise all rights, powers and remedies which the Company would have, but for this Pledge Agreement, under the Pledged Bonds; and (f) to carry out the provisions of this Pledge Agreement and to take any action and execute any instrument or document which the Bank may deem necessary or advisable to accomplish the purposes purpose hereof. This appointment is coupled with an interest. Without limiting the generality of the foregoing, the Bank shall have the right and power to receive, endorse, and collect checks and other orders for the payment of money made payable to do all acts and things and execute all documents in the name of the Company or otherwise, deemed by the Bank as necessary, proper and convenient in connection with the preservation, perfection or enforcement of its rights hereunder. Nothing herein contained shall be construed as requiring or obligating the Bank to make any commitment or to make any inquiry as to the nature or sufficiency of representing any payment received by itor reimbursement made under, pursuant to, or to present or file any claim or notice, or to take any action with respect to the Pledged Bonds Collateral or any part thereof and to give full discharge for the same. The authority of the Bank to act pursuant to the foregoing appointment shall lapse if, prior to acceleration of the Secured Obligations, the Company shall have fully cured, to the satisfaction of the Bank, the Event of Default or Unmatured Event of Default. Whether or not an Event of Default or an Unmatured Event of Default shall have occurred or be continuing, the moneys due Company hereby authorizes the Bank in its discretion at any time and from time to time to complete, sign or endorse, as necessary, any note, assignment or real estate mortgage or deed of trust which heretofore was, or hereafter at any time may be, executed and delivered in blank by the Company to become due in respect thereof or any property covered therebythe Bank, and no action taken as further evidence of authorization granted by the Bank or omitted to be taken with respect Company to the Pledged Bonds or any part thereof shall give rise to any defenseBank under this Section, counterclaim or offset in favor of the Company or to any claim or action against shall execute a Power of Attorney substantially in the Bank. The power form of attorney granted herein is irrevocable EXHIBIT C attached hereto and coupled with an interestmade a part hereof by this reference.