Common use of Buyer Acknowledgments Clause in Contracts

Buyer Acknowledgments. The Buyer acknowledges and agrees that the Financier may, upon the occurrence of a Finance Event of Default of which the Buyer receives notice in accordance with clause 1.10 (“Finance Event of Default”), and for so long as that notice is not revoked by the Financier by notice given by it to the Buyer, directly exercise the rights, remedies and powers of the Seller under the Contract subject to clause 3.3(d) (“Buyer consents, acknowledgments and confirmations”). For the avoidance of doubt and without limiting clause 3.3(b) (“Buyer consents, acknowledgments and confirmations”), it is acknowledged and agreed that the taking of any steps by the Financier to enforce any Security Document will not (of itself) be relied upon by the Buyer as giving rise to a right of Termination of the Contract. Consequences of enforcement If the Financier appoints a Controller over the Contract or otherwise appoints an Enforcing Party pursuant to the Security Documents (following the occurrence of a Finance Event of Default of which the Buyer receives notice in accordance with clause 1.10 (“Finance Event of Default”)): subject to clause 3.3(d) (“Buyer consents, acknowledgments and confirmations”), the Seller must continue to comply with its obligations in accordance with the Contract; the Buyer must continue to duly and punctually perform and observe its duties and obligations under the Contract (in accordance with its terms); the Contract will remain in full force and effect; unless the Enforcing Party has notified the Buyer in writing that it agrees to assume a liability or obligation of the Seller under the Contract, the Enforcing Party will not be liable to the Buyer in respect of any events, acts or omissions which have occurred or should have occurred, or for any liability of the Seller to the Buyer in relation to the Contract in respect of any event, act or omission; and the Financier must notify the Buyer, stating that it is a notice under this paragraph (e), of the enforcement or exercise of any of its rights, powers or remedies under any Security Document (including by appointing a Controller or other Enforcing Party) promptly after it has enforced or exercised such rights, powers or remedies (however, the parties acknowledge and agree that any failure by the Financier to provide the notice contemplated in this paragraph (e) does not invalidate any purported enforcement or exercise of any such rights, powers or remedies by the Financier).

Buyer Acknowledgments. The Buyer acknowledges and agrees that the Financier may, upon the occurrence of a Finance Event of Default of which the Buyer receives notice in accordance with clause 1.10 2.10 (“Finance Event of Default”), and for so long as that notice is not revoked by the Financier by notice given by it to the Buyer, directly exercise the rights, remedies and powers of the Seller under the Contract subject to clause 3.3(d4.3(d) (“Buyer consents, acknowledgments and confirmations”). For the avoidance of doubt and without limiting clause 3.3(b4.3(b) (“Buyer consents, acknowledgments and confirmations”), it is acknowledged and agreed that the taking of any steps by the Financier to enforce any Security Document will not (of itself) be relied upon by the Buyer as giving rise to a right of Termination of the Contract. Consequences of enforcement If the Financier appoints a Controller over the Contract or otherwise appoints an Enforcing Party pursuant to the Security Documents (following the occurrence of a Finance Event of Default of which the Buyer receives notice in accordance with clause 1.10 2.10 (“Finance Event of Default”)): subject to clause 3.3(d4.3(d) (“Buyer consents, acknowledgments and confirmations”), the Seller must continue to comply with its obligations in accordance with the Contract; the Buyer must continue to duly and punctually perform and observe its duties and obligations under the Contract (in accordance with its terms); the Contract will remain in full force and effect; unless the Enforcing Party has notified the Buyer in writing that it agrees to assume a liability or obligation of the Seller under the Contract, the Enforcing Party will not be liable to the Buyer in respect of any events, acts or omissions which have occurred or should have occurred, or for any liability of the Seller to the Buyer in relation to the Contract in respect of any event, act or omission; and the Financier must notify the Buyer, stating that it is a notice under this paragraph (e), of the enforcement or exercise of any of its rights, powers or remedies under any Security Document (including by appointing a Controller or other Enforcing Party) promptly after it has enforced or exercised such rights, powers or remedies (however, the parties acknowledge and agree that any failure by the Financier to provide the notice contemplated in this paragraph (e) does not invalidate any purported enforcement or exercise of any such rights, powers or remedies by the Financier).