Administrative Agent's Obligations Clause Samples
The "Administrative Agent's Obligations" clause defines the specific duties and responsibilities assigned to the administrative agent in a financial or lending agreement. Typically, this clause outlines the agent's role in managing communications between lenders and borrowers, processing payments, and ensuring compliance with the terms of the agreement. By clearly delineating the agent's obligations, the clause helps prevent misunderstandings and ensures efficient administration of the agreement.
Administrative Agent's Obligations. (a) Administrative Agent makes no representation or warranty, and assumes no responsibility with respect to the validity, legality, sufficiency or enforceability of any Application or any document relative thereto or to the collectibility thereunder. Administrative Agent assumes no responsibility for the financial condition of the Borrower and its Subsidiaries or for the performance of any obligation of the Borrower. Administrative Agent may use its discretion with respect to exercising or refraining from exercising any rights, or taking or refraining from taking any action which may be vested in it or which it may be entitled to take or assert with respect to any Letter of Credit or any Application.
(b) Except as set forth in subsection (c) below, Administrative Agent shall be under no liability to any Lender, with respect to anything the Administrative Agent may do or refrain from doing in the exercise of its judgment, the sole liability and responsibility of Administrative Agent being to handle each Lender's share on as favorable a basis as Administrative Agent handles its own share and to promptly remit to each Lender its share of any sums received by Administrative Agent under any Application. Administrative Agent shall have no duties or responsibilities except those expressly set forth herein and those duties and liabilities shall be subject to the limitations and qualifications set forth herein.
(c) Neither Administrative Agent nor any of its directors, officers, or employees shall be liable for any action taken or omitted (whether or not such action taken or omitted is expressly set forth herein) under or in connection herewith or any other instrument or document in connection herewith, except for gross negligence or willful misconduct, and no Lender waives its right to institute legal action against Administrative Agent for wrongful payment of any Letter of Credit due to Administrative Agent's gross negligence or willful misconduct. Administrative Agent shall incur no liability to any Lender, the Borrower or any Affiliate of the Borrower or Lender in acting upon any notice, document, order, consent, certificate, warrant or other instrument reasonably believed by Administrative Agent to be genuine or authentic and to be signed by the proper party.
Administrative Agent's Obligations. The Lease Trust shall cause the Administrative Agent to comply with the terms and provisions of the Basic Documents to which the Administrative Agent is a party.
Administrative Agent's Obligations. (a) Administrative Agent and the Issuing Bank each makes no representation or warranty, and assumes no responsibility with respect to the validity, legality, sufficiency or enforceability of any Application or any document relative thereto or to the collectibility thereunder. Administrative Agent and the Issuing Bank each assumes no responsibility for the financial condition of the Borrower and its Subsidiaries or for the performance of any obligation of the Borrower. Administrative Agent and the Issuing Bank each may use its discretion with respect to exercising or refraining from exercising any rights, or taking or refraining from taking any action which may be vested in it or which it may be entitled to take or assert with respect to any Letter of Credit or any Application.
(b) Administrative Agent and Issuing Bank each shall be under no liability to any Lender with respect to anything Administrative Agent or Issuing Bank may do or refrain from doing in the exercise of its judgment, the sole liability and responsibility of Administrative Agent or Issuing Bank being to handle each Lender's share on as favorable a basis as Administrative Agent or Issuing Bank handles its own share and to promptly remit to each Lender its share of any sums received by Administrative Agent under Article III or any Application. Administrative Agent and Issuing Bank shall have no duties or responsibilities except those expressly set forth herein, and those duties and liabilities shall be subject to the limitations and qualifications set forth herein.
Administrative Agent's Obligations. Under the Revolving Facility with Respect to Canadian Prime Rate Loans, U.S.
Administrative Agent's Obligations