Common use of SECURED Clause in Contracts

SECURED. PARTY APPOINTED ATTORNEY-IN-FACT. Grantor hereby irrevocably appoints the Secured Party as Grantor's attorney-in-fact, with full authority in the place and stead of Grantor, (A) to do all acts and things (including without limitation, the execution, filing and/or recording of all financing statements and other documents) necessary or advisable to perfect and continue perfected the security interests created by this Agreement and to preserve, maintain, and protect the Pledged Collateral, including, without limitation, the authority to pay, purchase, contest, and compromise any lien or right of others which, in the reasonable judgment of Secured Party, appears to be prior or superior to Secured Party's security interests; (B) to do any and every act which Grantor is obligated to do under this Agreement; and (C) to endorse and transfer the Pledged Collateral upon foreclosure by the Secured Party; PROVIDED, HOWEVER, that Secured Party shall ----------------- be under no obligation whatsoever to take any of the foregoing actions, and Secured Party shall have no liability or responsibility for any act (other than Secured Party's own gross negligence or willful misconduct) or omission taken with respect thereto. Grantor hereby agrees to repay immediately upon demand all reasonable costs and expenses incurred or expended by Secured Party in exercising any right or taking any action under this Agreement, together with interest at a rate per annum equal at all times to the Prime Rate as defined in the Loan Documents.

SECURED. PARTY APPOINTED ATTORNEY-IN-FACT. Grantor hereby irrevocably appoints the Secured Party as Grantor's attorney-in-fact, with full authority in the place and stead of Grantor,, and in the name of Grantor, or otherwise, from time to time, in Secured Party's sole and absolute discretion to do any of the following acts or things: (Aa) to do all acts and things (including without limitation, the execution, filing and/or recording of and to execute all financing statements and other documents) documents necessary or advisable to perfect and continue perfected the security interests created by this Agreement and to preserve, maintain, maintain and protect the Pledged Collateral, including, without limitation, the authority to pay, purchase, contest, and compromise any lien or right of others which, in the reasonable judgment of Secured Party, appears to be prior or superior to Secured Party's security interests; (Bb) to do any and every act which Grantor is obligated to do under this Agreement; (c) to prepare, sign, file and record, in Grantor's name, any financing statement covering the Pledged Collateral; and (Cd) to endorse and transfer the Pledged Collateral upon foreclosure by the Secured Party; PROVIDED, HOWEVER, that Secured Party shall ----------------- be under no obligation whatsoever to take any of the foregoing actions, and Secured Party shall have no liability or responsibility for any act (other than Secured Party's its own gross negligence or willful misconduct) or omission taken with respect thereto. Grantor hereby agrees to repay immediately upon demand all reasonable costs and expenses incurred or expended by Secured Party in exercising any right or taking any action under this Agreement, together with interest at a rate per annum equal at all times to the Prime Rate as defined provided for in the Loan DocumentsAgreement.