Common use of Powers of Receiver Clause in Contracts

Powers of Receiver. Any Receiver appointed as aforesaid shall have the power without legal process: 5.5.1 to take possession of the Collateral or any part thereof wherever the same may be found; 5.5.2 to carry on the business of the Company or any part thereof in the name of the Company or of the Receiver; and 5.5.3 to exercise on behalf of the Bank all of the rights and remedies herein granted to the Bank, and without in any way limiting the foregoing the Receiver shall have all the powers of a receiver appointed by a court of competent jurisdiction. Any Receiver shall, so far as concerns responsibility for his acts, be deemed the agent of the Company, and the Bank shall not be in any way responsible for any misconduct or negligence on the part of any Receiver or any loss resulting therefrom.

Powers of Receiver. Any Receiver appointed as aforesaid shall have the power without legal process: 5.5.1 to take possession of the Collateral or any part thereof wherever the same may be found; 5.5.2 to carry on the business of the Company or any part thereof in the name of the Company or of the Receiver; and 5.5.3 to exercise on behalf of the Bank Lender all of the rights and remedies herein granted to the BankLender, and without in any way limiting the foregoing the Receiver shall have all the powers of a receiver appointed by a court of competent jurisdiction. Any Receiver shall, so far as concerns responsibility for his acts, be deemed the agent of the Company, and the Bank Lender shall not be in any way responsible for any misconduct or negligence on the part of any Receiver or any loss resulting therefrom.