Common use of Concerning the Receiver Clause in Contracts

Concerning the Receiver. (1) Any receiver appointed by the Lender shall be vested with the rights and remedies which could have been exercised by the Lender in respect of the Corporation 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 shall be within the sole and unfettered discretion of the Lender. (2) Any receiver appointed by the Lender shall act as agent for the Lender for the purposes of taking possession of the Collateral, but otherwise and for all other purposes (except as provided below), as agent for the Corporation. The receiver may sell, lease, or otherwise dispose of Collateral as agent for the Corporation or as agent for the Lender as the Lender may determine in its discretion. The Corporation agrees to ratify and confirm all actions of the receiver acting as agent for the Corporation, and to release and indemnify the receiver in respect of all such actions. (3) The Lender, in appointing or refraining from appointing any receiver shall not incur liability to the receiver, the Corporation or otherwise and shall not be responsible for any misconduct or negligence of such receiver.

Concerning the Receiver. (1) Any receiver appointed by the Lender Corporation shall be vested with the rights and remedies which could have been exercised by the Lender Corporation in respect of the Corporation Debtor 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 shall be within the sole and unfettered discretion of the LenderCorporation. (2) Any receiver appointed by the Lender Corporation shall act as agent for the Lender Corporation for the purposes of taking possession of the Collateral, but otherwise and for all other purposes (except as provided below), as agent for the CorporationDebtor. The receiver may sell, lease, or otherwise dispose of Collateral as agent for the Corporation Debtor or as agent for the Lender Corporation as the Lender Corporation may determine in its discretion. The Corporation Debtor agrees to ratify and confirm all actions of the receiver acting as agent for the CorporationDebtor, and to release and indemnify the receiver in respect of all such actions. (3) The LenderCorporation, in appointing or refraining from appointing any receiver receiver, shall not incur liability to the receiver, the Corporation Debtor or otherwise and shall not be responsible for any misconduct or negligence of such receiver.