ORIGINAL BORROWER'S AUTHORITY Clause Samples
The "Original Borrower's Authority" clause establishes that the individual or entity identified as the original borrower has the legal power to enter into and perform the obligations set out in the agreement. This typically involves confirming that the borrower has obtained all necessary internal approvals and possesses the capacity to borrow funds or incur liabilities under the contract. By including this clause, the agreement ensures that the lender can rely on the borrower's authority, reducing the risk of future disputes over the borrower's legal ability to be bound by the contract.
ORIGINAL BORROWER'S AUTHORITY. Each of the Obligors (other than the Principal Company) irrevocably authorises the Principal Company to designate any of its subsidiaries as an Additional Borrower pursuant to Clause 2.9 (Nomination of Additional Borrowers) and irrevocably authorises the Principal Company to execute on its behalf any Supplemental Agreement in relation thereto.
ORIGINAL BORROWER'S AUTHORITY. Each of the Obligors (other then the Guarantor) irrevocably authorises the Guarantor to designate any of its subsidiaries as an Additional Borrower pursuant to Clause 3.1 (DELIVERY OF ACCESSION AGREEMENTS) and irrevocably authorises the Guarantor to execute on its behalf any Accession Agreement in relation thereto.