Common use of Designation of Lead Borrower as Borrowers’ Agent Clause in Contracts

Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent and attorney-in-fact to (i) obtain Credit Extensions, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents. As the disclosed principal for its agent, each Borrower shall be obligated to each Secured Party on account of Credit Extensions so made to it as if made directly by the applicable Person to such Borrower, notwithstanding the manner by which such Credit Extensions are recorded on the books and records of the Lead Borrower and of any other Borrower. In addition, each Loan Party other than the Borrowers hereby irrevocably designates and appoints the Lead Borrower as such Loan Party’s agent to represent such Loan Party in all respects under this Agreement and the other Loan Documents. Such appointment shall remain in full force and effect unless and until Administrative Agent shall have received prior written notice signed by each Borrower and each other Loan Party that such appointment has been revoked and that another Borrower has been appointed Lead Borrower.

Appears in 3 contracts

Samples: Credit Agreement (Novanta Inc), Credit Agreement (Novanta Inc), Credit Agreement (Novanta Inc)

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Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent and attorney-in-fact to (i) obtain Credit Extensions, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents. As the disclosed principal for its agent, each Borrower shall be obligated to each Secured Credit Party on account of Credit Extensions so made to it as if made directly by the applicable Person Credit Party to such Borrower, notwithstanding the manner by which such Credit Extensions are recorded on the books and records of the Lead Borrower and of any other Borrower. In addition, each Loan Party other than the Borrowers hereby irrevocably designates and appoints the Lead Borrower as such Loan Party’s agent to represent such Loan Party in all respects under this Agreement and the other Loan Documents. Such appointment (b) Each Borrower recognizes that credit available to it hereunder is in excess of and on better terms than it otherwise could obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all other Borrowers. Consequently, each Borrower hereby assumes and agrees to discharge all Obligations of each of the other Borrowers. (c) The Lead Borrower shall remain in full force and effect unless and until Administrative act as a conduit for each Borrower (including itself, as a “Borrower”) on whose behalf the Lead Borrower has requested a Credit Extension. Neither the Agent nor any other Credit Party shall have received prior written notice signed by each Borrower and each other Loan Party that any obligation to see to the application of such appointment has been revoked and that another Borrower has been appointed Lead Borrower.proceeds therefrom. ARTICLE IV

Appears in 3 contracts

Samples: Credit Agreement (Chico's Fas, Inc.), Credit Agreement (Chico's Fas, Inc.), Credit Agreement (Lovesac Co)

Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent to obtain Revolving Credit Loans and attorney-in-fact to (i) obtain Credit ExtensionsLetters of Credit, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents. As the disclosed principal for its agent, each Borrower shall be obligated to the Administrative Agent and each Secured Party Lender on account of Revolving Credit Extensions Loans so made to it and Letters of Credit so issued as if made directly by the applicable Person Lenders to such Borrower, notwithstanding the manner by which such Revolving Credit Extensions Loans and Letters of Credit are recorded on the books and records of the Lead Borrower and of any other Borrower. In additionEach Borrower represents to the Credit Parties that it is an integral part of a consolidated enterprise, and that each Loan Party will receive direct and indirect benefits from the availability of the joint credit facility provided for herein, and from the ability to access the collective credit resources of the consolidated enterprise which the Loan Parties comprise. Each Borrower recognizes that credit available to it hereunder is in excess of and on better terms than it otherwise could obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all other than Borrowers. Consequently, each Borrower hereby assumes and agrees to discharge all Obligations of each of the other Borrowers hereby irrevocably designates as if the Borrower which is so assuming and appoints agreeing were each of the other Borrowers. The Lead Borrower shall act as a conduit for each Borrower (including itself, as a Borrower) on whose behalf the Lead Borrower as such Loan Party’s agent to represent such Loan has requested a Revolving Credit Loan. None of the Agents nor any other Credit Party in all respects under this Agreement and the other Loan Documents. Such appointment shall remain in full force and effect unless and until Administrative Agent shall have received prior written notice signed by each Borrower and each other Loan Party that any obligation to see to the application of such appointment has been revoked and that another Borrower has been appointed Lead Borrowerproceeds.

Appears in 1 contract

Samples: Credit Agreement (Burlington Stores, Inc.)

Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent and attorney-in-fact to (i) obtain Credit Extensions, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents. As the disclosed principal for its agent, each Borrower shall be obligated to each Secured Party on account of Credit Extensions so made to it as if made directly by the applicable Person to such Borrower, notwithstanding the manner by which such Credit Extensions are recorded on the books and records of the Lead Borrower and of 110 110 any other Borrower. In addition, each Loan Party other than the Borrowers hereby irrevocably designates and appoints the Lead Borrower as such Loan Party’s agent to represent such Loan Party in all respects under this Agreement and the other Loan Documents. Such appointment shall remain in full force and effect unless and until Administrative Agent shall have received prior written notice signed by each Borrower and each other Loan Party that such appointment has been revoked and that another Borrower has been appointed Lead Borrower.

Appears in 1 contract

Samples: Credit Agreement (Novanta Inc)

Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent and attorney-in-fact to (i) obtain Credit Extensions, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents. As the disclosed principal for its agent, each Borrower shall be obligated to each Secured Party on account of Credit Extensions so made to it as if made directly by the applicable Person to such Borrower, notwithstanding the manner by which such Credit Extensions are recorded on the books and records of the Lead Borrower and of any other Borrower. In addition, each Loan Party other than the Borrowers hereby irrevocably designates and appoints the Lead Borrower as such Loan Party’s agent to represent such Loan Party in all respects under this Agreement and the other Loan Documents. Such appointment shall remain in full force and effect unless and until Administrative Agent shall have received prior written notice signed by each Borrower and each other Loan Party that such appointment has been revoked and that another Borrower has been appointed Lead Borrower.

Appears in 1 contract

Samples: Credit Agreement (Gsi Group Inc)

Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent and attorney-in-fact to (i) obtain Credit Extensions, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents. As the disclosed principal for its agent, each Borrower shall be obligated to each Secured Party on account of Credit Extensions so made to it as if made directly by the applicable Person to such Borrower, notwithstanding the manner by which such Credit Extensions are recorded on the books and records of the Lead Borrower and of any other Borrower. In addition, each Loan Party other than the Borrowers hereby irrevocably designates and appoints the Lead Borrower 108 as such Loan Party’s agent to represent such Loan Party in all respects under this Agreement and the other Loan Documents. Such appointment shall remain in full force and effect unless and until Administrative Agent shall have received prior written notice signed by each Borrower and each other Loan Party that such appointment has been revoked and that another Borrower has been appointed Lead Borrower.

Appears in 1 contract

Samples: Credit Agreement (Novanta Inc)

Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such that Borrower’s 's agent to obtain loans and attorney-in-fact to (i) obtain Credit Extensionsadvances under the Revolving Credit, the proceeds of which shall be available to each Borrower for such those uses as are permitted under this Agreementthose set forth in Section 2:2-1(d), (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents2:2-1(d), 2:2-1(d)(i), 2:2-1(d)(ii). As the disclosed principal for its agent, each Borrower shall be obligated to the Agent and each Secured Party Revolving Credit Lender on account of Credit Extensions loans and advances so made to it under the Revolving Credit as if made directly by the applicable Person Revolving Credit Lenders to such that Borrower, notwithstanding the manner by which such Credit Extensions loans and advances are recorded on the books and records of the Lead Borrower and of any other Borrower. In addition(b) Each Borrower recognizes that credit available to it under the Revolving Credit is in excess of and on better terms than it otherwise could obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all other Borrowers. Consequently, each Loan Party Borrower hereby assumes and agrees to discharge all Liabilities of each of the other than Borrowers as if that Borrower so assuming and agreeing was each of the Borrowers hereby irrevocably designates and appoints other Borrowers. (c) The Lead Borrower shall act as a conduit for each Borrower (including itself, as a "Borrower") on whose behalf the Lead Borrower has requested a Revolving Credit Loan. (d) The proceeds of each loan and advance provided under the Revolving Credit which is requested by the Lead Borrower shall be deposited into the Operating Account or as otherwise indicated by the Lead Borrower. The Lead Borrower shall cause the transfer of the proceeds thereof to the (those) Borrower(s) on whose behalf such Loan Party’s agent to represent such Loan Party in all respects under this Agreement loan and advance was obtained. Neither the other Loan Documents. Such appointment shall remain in full force and effect unless and until Administrative Agent nor any Revolving Credit Lender shall have received prior written notice signed by each Borrower and each other Loan Party that any obligation to see to the application of such appointment has been revoked and that another Borrower has been appointed Lead Borrowerproceeds.

Appears in 1 contract

Samples: Security Agreement (Homebase Inc)

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Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such that Borrower’s 's agent to obtain loans and attorney-in-fact to (i) obtain Credit Extensionsadvances under the Revolving Credit, the proceeds of which shall be available to each Borrower for such those uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documentsthose set forth in Section 2:2-1(d). As the disclosed principal for its agent, each Borrower shall be obligated to the Agent and each Secured Party Revolving Credit Lender on account of Credit Extensions loans and advances so made to it under the Revolving Credit as if made directly by the applicable Person Revolving Credit Lenders to such that Borrower, notwithstanding the manner by which such Credit Extensions loans and advances are recorded on the books and records of the Lead Borrower and of any Borrower. (b) Each Borrower recognizes that credit available to it under the Revolving Credit is in excess of and on better terms than it otherwise could obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all other Borrowers. Consequently, each Borrower hereby assumes and agrees to discharge all Liabilities of all other Borrowers as if the Borrower so assuming were each other Borrower. In addition(c) The Lead Borrower shall act as a conduit for each Borrower (including itself, each Loan Party other than the Borrowers hereby irrevocably designates and appoints as a "Borrower") on whose behalf the Lead Borrower has requested a Revolving Credit Loan. (d) The proceeds of each loan and advance provided under the Revolving Credit which is requested by the Lead Borrower shall be deposited into the Operating Account or as otherwise indicated by the Lead Borrower. The Lead Borrower shall cause the transfer of the proceeds thereof to the (those) Borrower(s) on whose behalf such Loan Party’s agent to represent such Loan Party in all respects under this Agreement loan and advance was obtained. Neither the other Loan Documents. Such appointment shall remain in full force and effect unless and until Administrative Agent nor any Revolving Credit Lender shall have received prior written notice signed by each Borrower and each other Loan Party that any obligation to see to the application of such appointment has been revoked and that another Borrower has been appointed Lead Borrowerproceeds.

Appears in 1 contract

Samples: Phar Mor Inc

Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent and attorney-in-fact to (i) obtain Credit Extensions, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents. As the disclosed principal for its agent, each Borrower shall be obligated to each Secured Credit Party on account of Credit Extensions so made to it as if made directly by the applicable Person Credit Party to such Borrower, notwithstanding the manner by which such Credit Extensions are recorded on the books and records of the Lead Borrower and of any other Borrower. In addition, each Loan Party other than the Borrowers hereby irrevocably designates and appoints the Lead Borrower as such Loan Party’s agent to represent such Loan Party in all respects under this Agreement and the other Loan Documents. Such appointment (b) Each Borrower recognizes that credit available to it hereunder is in excess of and on better terms than it otherwise could obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all other Borrowers. Consequently, each Borrower hereby assumes and agrees to discharge all Obligations of each of the other Borrowers. (c) The Lead Borrower shall remain in full force and effect unless and until Administrative Agent act as a conduit for each Borrower (including itself, as a “Borrower”) on whose behalf the Lead Borrower has requested a Credit Extension. Neither the Lender nor any other Credit Party shall have received prior written notice signed by each Borrower and each other Loan Party that any obligation to see to the application of such appointment has been revoked and that another Borrower has been appointed Lead Borrower.proceeds therefrom. ARTICLE IV

Appears in 1 contract

Samples: Credit Agreement (Christopher & Banks Corp)

Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such that Borrower’s agent to obtain Loans and attorney-in-fact to (i) obtain Letters of Credit Extensionshereunder, the proceeds of which shall be available to each Borrower for such those uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documentsthose set forth herein. As the disclosed principal for its agent, each Borrower shall be obligated to the Agents and each Secured Party Lender on account of Credit Extensions Loans so made to it and Letters of Credit so issued hereunder as if made directly by the applicable Person Lenders to such that Borrower, notwithstanding the manner by which such Loans and Letters of Credit Extensions are recorded on the books and records of the Lead Borrower and of any Borrower. (b) Each Borrower recognizes that credit available to it hereunder is in excess of and on better terms than it otherwise could obtain on and for its own account and that one of the reasons therefor is its joining in the credit facility contemplated herein with all other Borrowers. Consequently, each Borrower hereby assumes and agrees to discharge all Obligations of all other Borrowers as if the Borrower so assuming were each other Borrower. In addition(c) The Lead Borrower shall act as a conduit for each Borrower (including itself, each Loan Party other than the Borrowers hereby irrevocably designates and appoints as a “Borrower”) on whose behalf the Lead Borrower as such Loan Party’s agent to represent such Loan Party in all respects under this Agreement and the other Loan Documents. Such appointment shall remain in full force and effect unless and until Administrative Agent shall have received prior written notice signed by each Borrower and each other Loan Party that such appointment has been revoked and that another Borrower has been appointed Lead Borrowerrequested a Loan.

Appears in 1 contract

Samples: Credit Agreement (Footstar Inc)

Designation of Lead Borrower as Borrowers’ Agent. (a) Each Borrower hereby irrevocably designates and appoints the Lead Borrower as such Borrower’s agent to receive notices on behalf of any Borrower, and attorney-in-fact on a nonexclusive basis, without prohibiting any Borrower to (i) act on its own account, to obtain Credit ExtensionsLoans and Letters of Credit, the proceeds of which shall be available to each Borrower for such uses as are permitted under this Agreement, (ii) to provide Administrative Agent with all other notices with respect to Loans and Letters of Credit obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and (iii) to take such action as the Lead Borrower deems appropriate on their behalf to obtain Loans and Letters of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement and the other Loan Documents. As the disclosed principal for its agent, each Borrower shall be obligated to the Administrative Agent and each Secured Party Lender on account of Credit Extensions Loans so made to it and Letters of Credit so issued as if made directly by the applicable Person Lenders to such Borrower, notwithstanding the manner by which such Loans and Letters of Credit Extensions are recorded on the books and records of the Lead Borrower and of any other Borrower. In addition(b) The Lead Borrower shall act as a conduit for each Borrower (including itself, each Loan Party other than the Borrowers hereby irrevocably designates and appoints as a Borrower) on whose behalf the Lead Borrower as has requested a Loan. None of the Administrative Agent nor any Lender or Issuer shall have any obligation to see to the application of such Loan Party’s agent proceeds. (c) The authority of the Lead Borrower to represent such Loan Party in all respects under this Agreement request Loans and Letters of Credit on behalf of, and to bind, the other Loan Documents. Such appointment Borrowers, shall remain in full force and effect continue unless and until the Administrative Agent shall have received prior actually receives written notice of: (i) the termination of such authority, and (ii) the subsequent appointment of a successor Lead Borrower, which notice is signed by the respective Authorized Officer of each Borrower; and (iii) written notice from such successive Lead Borrower and each other Loan Party that accepting such appointment has been revoked and acknowledging that from and after the date of such appointment, the newly appointed Lead Borrower shall be bound by the terms hereof, and that another Borrower has been as used herein, the term “Lead Borrower” shall mean and include the newly appointed Lead Borrower. SECTION 2.

Appears in 1 contract

Samples: Intercreditor Collateral Agreement (Triton International LTD)

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