Grant of Authority for Certain Continued Operations Sample Clauses

Grant of Authority for Certain Continued Operations. The Buyer grants ----------------------------------------------------- to the Corporation, through its President, the limited right to operate the Corporation for certain essential post Effective Date duties and responsibilities. This grant of authority shall extend to the operation of the Corporation's Toronto office and switches, only for as long as necessary to conduct the orderly transfer of such operations to the Buyer. Notwithstanding the foregoing, this grant of authority is further intended to permit the conclusion of certain post Effective Date matters, including, by a way of illustration, filing of tax returns, distribution of cash payments of the Purchase Price by Buyer to the Selling Shareholders and, to the extent required, the holding of Class A special shares of Pacific TelCom [Canada] Inc., in trust to accommodate the exercise of any remaining outstanding options held by option holders of the Corporation, and the exercise of rights accorded to the Corporation's holders of Class A special shares of the Corporation. No provision of this Section 4.4 shall be interpreted to limit the financial responsibility of the Buyer set forth in Section 4.3.
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Grant of Authority for Certain Continued Operations. The Buyer grants ----------------------------------------------------- to the Corporation, through its President, the limited right to operate the Corporation for certain essential post Effective Date duties and responsibilities. This grant of authority to operate Toronto switches shall continue until April 30, 2000, without further and additional operating expenses by the Buyer other than the Deposit herein. From the Effective Date until April 30, 2000, the Corporation shall continue to be responsible for its routine expenses, overhead and ordinary expenses of operation, as specifically set forth in Exhibit D. The Corporation will apply its own sources of business revenues toward the timely payment of such routine expenses, until April 30, 2000. This grant of authority is intended to permit the conclusion of post Effective Date matters, including, by a way of illustration, filing of tax returns, distribution of cash payments of the Purchase Price by Buyer to the Selling Shareholders and the holding of common shares of the Buyer in trust to accommodate the exercise of outstanding options of employees and certain special service providers of the Corporation, and the exercise of Class A special shares. Notwithstanding the foregoing, Buyer shall be financially responsible for the expenses of capital investment for the Corporation's Toronto switches and for all attendant charges to that switch from the Effective Date, forward. Further, subsequent to April 30, 2000, notwithstanding the Corporation's limited grant of authority to operate certain functions, Buyer shall assume expenses of capital investment for the Corporation's operations thereafter, pending the conditions set forth regarding "Finality" in Section 4.1.
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Related to Grant of Authority for Certain Continued Operations

  • Termination of Authority Immediately upon the Executive terminating or being terminated from his employment with the Company for any reason, notwithstanding anything else appearing in this Agreement or otherwise, the Executive will stop serving the functions of his terminated or expired position(s) and shall be without any of the authority or responsibility for such position(s).

  • Grant of Authority As of the Effective Date, GlobalSign hereby grants to Subscriber the authority for the term set forth in Section 7 to use the enclosed Digital Certificate to create Digital Signatures or to use the Digital Certificate in conjunction with Private Key or Public Key operations.

  • Representation of Authority Each individual executing this Agreement on behalf of a party hereto hereby represents and warrants that he or she is, on the date he or she signs this Agreement, duly authorized by all necessary and appropriate action to execute this Agreement on behalf of such party and does so with full legal authority.

  • Confirmation of Authority; Execution of Releases Without in any manner limiting Agent’s authority to act without any specific or further authorization or consent by Lenders or Documentation Agent (as set forth in Section 11.1(h)(i) and (ii)), each Lender agrees to confirm in writing, upon request by Agent, the authority to release any property covered by this Agreement or the Loan Documents conferred upon Agent under Section 11.1(h)(ii). So long as no Event of Default exists, upon receipt by Agent of confirmation from the requisite percentage of the Lenders of its authority to release any particular item or types of Property covered by this Agreement or the other Loan Documents, and upon at least five (5) Business Days’ prior written request by Borrower Funds Administrator, Agent shall (and hereby is irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to Agent, for the benefit of the Lender Parties, herein or pursuant hereto upon such Collateral; provided, however, that (A) Agent shall not be required to execute any such document on terms which, in Agent’s opinion, would expose Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty (other than that such Collateral is free and clear, on the date of such delivery, of any and all Liens arising from such Person’s own acts), and (B) such release shall not in any manner discharge, affect or impair the Obligations or any Liens upon (or obligations of the Credit Parties or any Subsidiary of any Credit Party in respect of all interests retained by the Credit Parties or any Subsidiary of any Credit Party, including, without limitation, the proceeds of any sale, all of which shall continue to constitute part of the Property covered by this Agreement or the other Loan Documents).

  • Delegation of Authority The General Partner may delegate any or all of its powers, rights and obligations hereunder, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve.