Common use of Receiver’s Powers Clause in Contracts

Receiver’s Powers. (1) Any receiver appointed by the Canadian Agent is vested with the rights and remedies which could have been exercised by the Canadian Agent in respect of the Grantor or the Collateral and such other powers and discretions as are granted in the instrument of appointment and any supplemental instruments. The identity of the receiver, its replacement and its remuneration are within the sole and unfettered discretion of the Canadian Agent. (2) Any receiver appointed by the Canadian Agent will act as agent for the Canadian Agent for the purposes of taking possession of the Collateral, but otherwise and for all other purposes (except as provided below), as agent for the Grantor. The receiver may sell, lease, or otherwise dispose of Collateral as agent for the Grantor or as agent for the Canadian Agent as the Canadian Agent may determine in its discretion. The Grantor agrees to ratify and confirm all actions of the receiver acting as agent for the Grantor, and to release and indemnify the receiver in respect of all such actions save and except for any wilful misconduct or gross negligence of such receiver. (3) The Canadian Agent, in appointing or refraining from appointing any receiver, does not incur liability to the receiver, the Grantor or otherwise and is not responsible for any wilful misconduct or gross negligence of such receiver.

Receiver’s Powers. (1) Any receiver appointed by the Canadian Collateral Agent is shall be vested with the rights and remedies which could have been exercised by the Canadian Collateral Agent in respect of the Grantor Obligor or the Collateral and such other powers and discretions as are granted in the instrument of appointment and any supplemental instruments. The identity of the receiver, its replacement and its remuneration are shall be within the sole and unfettered discretion of the Canadian Collateral Agent. (2) Any receiver appointed by the Canadian Collateral Agent will shall act as agent for the Canadian Collateral Agent for the purposes of taking possession of the Collateral, but otherwise and for all other purposes (except as provided below), as agent for the GrantorObligor. The receiver may sell, lease, or otherwise dispose of Collateral as agent for the Grantor Obligor or as agent for the Canadian Collateral Agent as the Canadian Collateral Agent may determine in its discretion. The Grantor Obligor agrees to ratify and confirm all actions of the receiver acting as agent for the GrantorObligor, and to release and indemnify the receiver in respect of all such actions save and except for any wilful misconduct or gross negligence of such receiveractions. (3) The Canadian Collateral Agent, in appointing or refraining from appointing any receiver, does shall not incur liability to the receiver, the Grantor Obligor or otherwise and is shall not be responsible for any wilful misconduct or gross negligence of such receiver.