The FA Act Sample Clauses
The FA Act clause defines the application and relevance of the Financial Administration Act (FA Act) within the context of the agreement. It typically clarifies how the provisions of the FA Act interact with the contractual obligations of the parties, such as compliance requirements or limitations imposed by the Act. For example, it may specify that certain payments or actions are subject to the FA Act’s approval processes or financial controls. The core function of this clause is to ensure that the agreement operates in accordance with statutory financial regulations, thereby preventing conflicts with governing financial legislation and ensuring legal compliance.
The FA Act. Each Obligor hereby agrees and accepts, to the extent permitted by law, that this Clause 1.3 (The FA Act) shall constitute a waiver of the provisions of the FA Act, and further agrees and accepts, to the extent permitted by law, that the provisions of the FA Act shall not apply to this Agreement or to the relationship between the Finance Parties and each Obligor.
The FA Act. (a) Notwithstanding anything to the contrary in this Agreement, the Parties agree and acknowledge that, to the extent permitted by law, any non-mandatory provisions of the FA Act shall not apply to this Agreement or any of the other Finance Documents.
(b) Any information provided by the Obligors to comply with section 13 (1) of the Norwegian Anti-Money Laundering Act of 1 June 2018 no. 23, cf. section 3-12 (2) of the FA Act shall be deemed to form part of this Agreement.
(c) The references to the FA Act Section 67 in Clause 21.4 (Waiver of defences and compliance with the FA Act) shall be replaced with a reference to the FA Act Sections 6-2 – 6-13.
(d) A new paragraph (a) shall be added to Clause 21.4 (Waiver of defences and compliance with the FA Act) to read as follows:
(a) any failure to comply with Sections 6-2 – 6-14 of the Fa Act;"
(e) Clause 36.1 (Communication in writing) of the Original Facility Agreement shall be amended to read as follows:
The FA Act. Each Obligor hereby agrees and accepts, to the extent permitted by law, that this Clause 1.4 (The FA Act) shall constitute a waiver of the provisions of the FA Act, and further agrees and accepts, to the extent permitted by law, that the provisions of the FA Act shall not apply to this Agreement or to the relationship between the Finance Parties and each Obligor. 10127241/1
2.1 The Facility Subject to the terms of this Agreement, the Lenders agree to make available to the Borrower a term loan facility in an aggregate up to the Total Commitments allocated as set out in Schedule 1 (The Original Lenders and Commitments).
2.2 Finance Parties' rights and obligations
a) The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.
b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of the Loan or any other amount owed by an Obligor which relates to a Finance Party’s participation in the Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.
c) A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents.
2.3 Obligors' agent
a) Each Obligor (other than the Ultimate Parent) by its execution of this Agreement irrevocably appoints the Ultimate Parent to act on its behalf as its agent in relation to the Finance Documents and irrevocably by way of security authorises:
(i) the Ultimate Parent on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions, to make such agreements, to execute such deeds (under hand), and to effect the relevant amendments, supplements and vari...
The FA Act. The Pledgor hereby agrees, accepts and acknowledges:
(a) if and to the extent the FA Act is applicable to this Agreement, to waive all rights under the provisions of the FA Act not being mandatory provisions, including (but not limited to), the provisions of sections 62–74 (both sections inclusive) of the FA Act; and
(b) that it has received and noted the following information pursuant to the provisions of the FA Act section 61 (2):
(i) relevant information regarding all Note Documents established as security under the Indenture and that the security created under this Agreement is in addition to and is not in any way prejudiced by any present or future guarantee, collateral, lien or other security interest held by the Collateral Agent or any of the Secured Creditors; and
(ii) that no Event of Default has occurred as of the date hereof.