Common use of Concerning the Receiver Clause in Contracts

Concerning the Receiver. (1) Any receiver appointed by the Subscriber will be vested with the rights and remedies that could have been exercised by the Subscriber in respect of Nano or the Collateral and such other powers and discretions as are granted in the instrument of appointment and any instrument or instruments supplemental thereto. The identity of the receiver, any replacement thereof and any remuneration thereof will be within the sole and unfettered discretion of the Subscriber. (2) Any receiver appointed by the Subscriber will act as agent for the Subscriber for the purposes of taking possession of the Collateral, but otherwise and for all other purposes (except as provided below) as agent for Nano. The receiver may sell, lease or otherwise dispose of Collateral as agent for Nano or as agent for the Subscriber as the Subscriber may determine in his discretion. ▇▇▇▇ agrees to ratify and confirm all actions of the receiver acting as agent for ▇▇▇▇, and to release and indemnify the receiver in respect of all such actions. (3) The Subscriber in appointing or refraining from appointing any receiver will not incur liability to the receiver, Nano or otherwise and will not be responsible for any misconduct or negligence of such receiver.