EXTENT LEGALLY PERMITTED, EXCEPT AS TO RIGHTS
EXPRESSLY PROVIDED HEREIN, HEREBY EXPRESSLY WAIVES FOR ITSELF AND ON BEHALF OF
EACH AND EVERY PERSON, EXCEPT DECREE OR JUDGMENT CREDITORS OF SUCH GRANTOR
ACQUIRING ANY INTEREST IN OR TITLE TO THE COLLATERAL OR ANY PART THEREOF
SUBSEQUENT TO THE DATE OF THIS AGREEMENT, ALL BENEFIT AND ADVANTAGE OF ANY SUCH
LAW OR LAWS, AND COVENANTS THAT IT WILL NOT INVOKE OR UTILIZE ANY SUCH LAW OR
LAWS OR OTHERWISE HINDER, DELAY OR IMPEDE THE EXECUTION OF ANY POWER HEREIN
GRANTED AND DELEGATED TO LENDER, BUT WILL SUFFER AND PERMIT THE EXECUTION OF
EVERY SUCH POWER AS THOUGH NO SUCH POWER, LAW OR LAWS HAD BEEN MADE OR ENACTED.
10.3
LENDER TO HOLD IN TRUST.
UPON THE OCCURRENCE AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, EACH GRANTOR WILL, UPON RECEIPT BY IT OF ANY
REVENUE, INCOME, PROFITS OR OTHER SUMS IN WHICH A SECURITY INTEREST IS GRANTED
HEREUNDER, PAYABLE PURSUANT TO ANY AGREEMENT OR OTHERWISE, OR OF ANY CHECK,
DRAFT, NOTE, TRADE ACCEPTANCE OR OTHER INSTRUMENT EVIDENCING AN OBLIGATION TO
PAY ANY SUCH SUM, HOLD THE SUM OR INSTRUMENT IN TRUST FOR LENDER, SEGREGATE SUCH
SUM OR INSTRUMENT FROM ITS OWN ASSETS AND FORTHWITH, WITHOUT ANY NOTICE, DEMAND
OR OTHER ACTION WHATSOEVER (ALL NOTICES, DEMANDS, OR OTHER ACTIONS ON THE PART
OF THE LENDER BEING EXPRESSLY WAIVED), ENDORSE, TRANSFER AND DELIVER ANY SUCH
SUMS OR INSTRUMENTS OR BOTH, TO LENDER TO BE APPLIED TO THE REPAYMENT OF THE
LOANS IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT.
10.4
EFFECT OF SALE.
ANY SALE, WHETHER UNDER ANY POWER OF SALE HEREBY
GIVEN OR BY VIRTUE OF JUDICIAL PROCEEDINGS, SHALL OPERATE TO DIVEST ALL RIGHT,
TITLE, INTEREST, CLAIM AND DEMAND WHATSOEVER, EITHER AT LAW OR IN EQUITY, OF
GRANTORS IN AND TO THE PROPERTY SOLD, AND SHALL BE A PERPETUAL BAR, BOTH AT LAW
AND IN EQUITY, AGAINST GRANTORS, THEIR SUCCESSORS AND ASSIGNS, AND AGAINST ANY
AND ALL PERSONS CLAIMING THE PROPERTY SOLD OR ANY PART THEREOF UNDER, BY OR
THROUGH GRANTORS, THEIR SUCCESSORS OR ASSIGNS.
10.5
POWER OF ATTORNEY IN RESPECT OF THE COLLATERAL.
EACH GRANTOR DOES
HEREBY IRREVOCABLY APPOINT LENDER (WHICH APPOINTMENT IS COUPLED WITH AN
INTEREST) ON THE OCCURRENCE AND CONTINUANCE OF AN EVENT OF DEFAULT, THE TRUE AND
LAWFUL ATTORNEY IN FACT OF SUCH GRANTOR WITH FULL POWER OF SUBSTITUTION, FOR IT
AND IN ITS NAME: (A) TO ASK, DEMAND, COLLECT, RECEIVE, RECEIPT FOR,
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sue for, compound and give acquittance for any and all rents, issues, profits,
avails, distributions, income, payment draws and other sums in which a security
interest is granted under Section 5 with full power to settle, adjust or
compromise any claim thereunder as fully as if Lender were a "Grantor" itself,
(b) to receive payment of and to endorse the name of a Grantor to any items of
Collateral (including checks, drafts and other orders for the payment of money)
that come into Lender's possession or under Lender's control, (c) to make all