Common use of Powers of the Secured Party Clause in Contracts

Powers of the Secured Party. (a) The Company hereby irrevocably designates and appoints the Lender as its attorney-in-fact, with full power of substitution, for the purposes of carrying out the provisions of this Agreement and taking any action and executing any instrument, including,without limitation, any financing statement or continuation statement, and taking any other action to maintain the validity, perfection, priority and enforcement of the security interest intended to be created hereunder, that the Lender may reasonably deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. (b) Without limiting the generality of Section 5(a) hereof, the Company hereby irrevocably authorizes and empowers the Lender, upon the occurrence and during the continuation of any Event of Default, at the expense of the Company, either in the Lender's own name or in the name of the Company, at any time and from time to time: 8 10 (i) to ask, demand, receive, issue a receipt for, give acquittance for, settle and compromise any and all monies which may be or become due or payable or remain unpaid at any time or times to the Company, and any and all other property which may be or become deliverable at any time or times to the Company, under or with respect to the Collateral;