Collateral Agent’s Calculations. In making the determinations and allocations required by Section 5.07, the Collateral Agent may conclusively rely upon information supplied by the Administrative Agent or any Secured Hedging Counterparty as to the amounts of unpaid principal and interest and other amounts outstanding with respect to any Obligations, and the Collateral Agent shall have no liability to any of the Secured Parties for actions taken in reliance on such information; provided that nothing in this sentence shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied. In addition, for purposes of making the allocations required by Section 5.07 with respect to any amount that is denominated in any currency other than Dollars, the Collateral Agent shall, on the applicable Distribution Date, convert such amount into an amount of Dollars based upon the relevant Spot Selling Rate. All distributions made by the Collateral Agent pursuant to Section 5.07 shall be (subject to any decree of any court of competent jurisdiction) final (absent manifest error), and the Collateral Agent shall have no duty to inquire as to the application by the Administrative Agent of any amounts distributed to it for distribution to any Lenders.
Appears in 2 contracts
Samples: Security Agreement (Solutia Inc), Security Agreement (Solutia Inc)
Collateral Agent’s Calculations. In making the determinations and allocations required by Section 5.07, the Collateral Agent may conclusively rely upon information supplied by the Administrative Agent or any Secured Hedging Counterparty as to the amounts of unpaid principal and interest and other amounts outstanding with respect to any Obligations, and the Collateral Agent shall have no liability to any of the Secured Parties for actions taken in reliance on such information; provided that nothing in this sentence shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied. In addition, for purposes of making the allocations required by Section 5.07 with respect to any amount that is denominated in any currency other than Dollars, the Collateral Agent shall, on the applicable Distribution Date, convert such amount into an amount of Dollars based upon the relevant Spot Selling Rate. All distributions made by the Collateral Agent pursuant to Section 5.07 shall be (subject to any decree of any court of competent jurisdiction) final (absent manifest error), and the Collateral Agent shall have no duty to inquire as to the application by the Administrative Agent of any amounts distributed to it for distribution to any Lenders.
Appears in 2 contracts
Samples: Security Agreement (Solutia Inc), Security Agreement (Solutia Inc)
Collateral Agent’s Calculations. In making the determinations and allocations required by Section 5.075.02, the Collateral Agent may conclusively rely upon information supplied by the Administrative Agent or any Secured Hedging Counterparty as to the amounts of unpaid principal and interest and other amounts outstanding with respect to any Obligations, and the Collateral Agent shall have no liability to any of the Secured Parties for actions taken in reliance on such information; provided that nothing in this sentence shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied. In addition, for purposes of making the allocations required by Section 5.07 5.02 with respect to any amount that is denominated in any currency other than Dollars, the Collateral Agent shall, on the applicable Distribution Date, convert such amount into an amount of Dollars based upon the relevant Spot Selling RateExchange Rate as of a recent date specified by the Collateral Agent in its reasonable discretion. All distributions made by the Collateral Agent pursuant to Section 5.07 5.02 shall be (subject to any decree of any court of competent jurisdiction) final (absent manifest error), and the Collateral Agent shall have no duty to inquire as to the application by the Administrative Agent of any amounts distributed to it for distribution to any Lenders.
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