Common use of Authorization and Action Clause in Contracts

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 9 contracts

Samples: Credit and Security Agreement (Blue Owl Technology Income Corp.), Credit and Security Agreement (Diameter Credit Co), Credit and Security Agreement (SLR Private Credit BDC II LLC)

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Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Each Lender hereby acknowledges that Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is by reason of this Agreement assumed a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of any Lender. In performing its functions and duties under this Agreement Agreement, Agent shall act solely as agent of Lenders and shall not assume, or be deemed to have assumed, any other Facility Document and the transactions contemplated hereby obligation toward, or therebyrelationship of agency or trust with or for, any Borrower. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including without limitation enforcement and collection of the Notes), no Agent may, but shall not be required to to, exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders, whenever such instruction shall be requested by Agent or required hereunder, or a greater or lesser number of Lenders (orif so required hereunder, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders; provided, the Administrative Agent); provided that such Agent shall not be required fully justified in failing or refusing to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense any liability or which is contrary to this Agreement, the other Facility Loan Documents or Applicable Lawapplicable law, or would be, in its judgment, contrary unless Agent is indemnified to its duties satisfaction by the other Lenders against any and all liability and expense which it may incur by reason of taking or continuing to take any such action. If Agent seeks the consent or approval of the Majority Lenders (or a greater or lesser number of Lenders as required in this Agreement), with respect to any action hereunder, under Agent shall send notice thereof to each Lender and shall notify each Lender at any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide time that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions Majority Lenders (or by refusing such greater or lesser number of Lenders) have instructed Agent to provide instruction) to the Administrative Agent withhold its consent act or exercise its discretion in an unreasonable mannerrefrain from acting pursuant hereto.

Appears in 7 contracts

Samples: Loan and Security Agreement (Mfri Inc), Loan and Security Agreement (Wabash National Corp /De), Loan and Security Agreement (Mfri Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 7 contracts

Samples: Credit and Security Agreement (Saratoga Investment Corp.), Credit and Security Agreement (Saratoga Investment Corp.), Credit and Security Agreement (Saratoga Investment Corp.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Each Lender hereby acknowledges that Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is by reason of this Agreement assumed a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of any Lender. In performing its functions and duties under this Agreement Agreement, Agent shall act solely as agent of Lenders and shall not assume, or be deemed to have assumed, any other Facility Document and the transactions contemplated hereby obligation toward, or therebyrelationship of agency or trust with or for, Borrower. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including without limitation enforcement and collection of the Notes), no Agent may, but shall not be required to to, exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders, whenever such instruction shall be requested by Agent or required hereunder, or a greater or lesser number of Lenders (orif so required hereunder, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders; provided, the Administrative Agent); provided that such Agent shall not be required fully justified in failing or refusing to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense any liability or which is contrary to this Agreement, the other Facility Loan Documents or Applicable Lawapplicable law, or would be, in its judgment, contrary unless Agent is indemnified to its duties satisfaction by the other Lenders against any and all liability and expense which it may incur by reason of taking or continuing to take any such action. If Agent seeks the consent or approval of the Majority Lenders (or a greater or lesser number of Lenders as required in this Agreement), with respect to any action hereunder, under Agent shall send notice thereof to each Lender and shall notify each Lender at any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide time that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions Majority Lenders (or by refusing such greater or lesser number of Lenders) have instructed Agent to provide instruction) to the Administrative Agent withhold its consent act or exercise its discretion in an unreasonable mannerrefrain from acting pursuant hereto.

Appears in 6 contracts

Samples: Loan and Security Agreement (Pw Eagle Inc), Loan and Security Agreement (Rewards Network Inc), Loan and Security Agreement (Truserv Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 6 contracts

Samples: Revolving Credit and Security Agreement (Goldman Sachs Private Credit Corp.), Credit and Security Agreement (Oxford Square Capital Corp.), Credit and Security Agreement (Business Development Corp of America)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Facility Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent)Lenders; provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 4 contracts

Samples: Credit and Security Agreement (TPG Specialty Lending, Inc.), Revolving Credit and Security Agreement (TPG Specialty Lending, Inc.), Credit and Security Agreement (WhiteHorse Finance, LLC)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereofhereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (oror such other number or percentage of the Lenders as shall be necessary, with respect to the Collateral Agent, or as the Administrative AgentAgent shall believe in good faith to be necessary, under the circumstances as provided herein), and such instructions shall be binding upon all Lenders and all holders of Notes; provided provided, however, that such the Administrative Agent shall not be required to take any action which exposes such Agentthat, in its judgmentopinion, exposes the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this AgreementAgreement or applicable law. The Administrative Agent agrees to give to each Lender prompt notice of each notice given to it by Mondelēz International or any other Borrower as required by the terms of this Agreement or at the request of Mondelēz International or such other Borrower, and any notice provided pursuant to Section 5.01(c)(iv), but otherwise no Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Mondelēz International or its Subsidiaries or Affiliates that is communicated to or obtained by the Person serving as an Agent or any of its Affiliates in any capacity. Notwithstanding any provision to the contrary contained elsewhere herein, no Agent shall have any duties or responsibilities, except those expressly set forth herein, nor shall any Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against any Agent. Without limiting the generality of the foregoing sentence, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise use of the Administrative Agent’s reasonable discretion, term “agent” herein with reference to any Agent is not intended to connote any fiduciary or provide to a similar effect, it shall not in its instructions other implied (or by refusing express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to provide instruction) to the Administrative Agent withhold its consent create or exercise its discretion in reflect only an unreasonable manneradministrative relationship between independent contracting parties.

Appears in 4 contracts

Samples: Credit Agreement (Mondelez International, Inc.), Credit Agreement (Mondelez International, Inc.), Credit Agreement (Mondelez International, Inc.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner. If the Collateral Agent has been requested or directed by the Administrative Agent or the Required Lenders to take any action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any Facility Document shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take any action that could in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral Agent shall not have any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement or any Facility Document or Related Document unless and until directed by the Required Lenders (or the Administrative Agent on their behalf). Neither the Collateral Agent nor any officer, agent or representative thereof shall be personally liable for any action taken by any such person in accordance with any notice given by the Required Lenders (or the Administrative Agent on their behalf) pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such person, the Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice, except where the Responsible Officer of the Collateral Agent has actual knowledge (without any duty of inquiry or investigation on its part) that such Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice. If any dispute or disagreement shall arise as to the allocation of any sum of money received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader. If in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, it may request written instructions from the Administrative Agent or the Required Lenders as to the course of action desired by it. If the Collateral Agent does not receive such instructions within two Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such two-Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.

Appears in 4 contracts

Samples: Revolving Credit and Security Agreement (Monroe Capital Income Plus Corp), Credit and Security Agreement (Monroe Capital Income Plus Corp), Credit and Security Agreement (Monroe Capital Income Plus Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Facility Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or Documents, nor any fiduciary relationship with or duty to any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent)Controlling Lenders; provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 4 contracts

Samples: Credit and Security Agreement (TCW Direct Lending VIII LLC), Credit and Security Agreement (TCW Direct Lending VII LLC), Credit and Security Agreement (TCW Direct Lending VII LLC)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Each Lender hereby acknowledges that Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is by reason of this Agreement assumed a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of any Lender. In performing its functions and duties under this Agreement Agreement, Agent shall act solely as agent of Lenders and shall not assume, or be deemed to have assumed, any other Facility Document and the transactions contemplated hereby obligation toward, or therebyrelationship of agency or trust with or for, Borrowers. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including without limitation enforcement and collection of the Notes), no Agent may, but shall not be required to to, exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders, whenever such instruction shall be requested by Agent or required hereunder, or a greater or lesser number of Lenders (orif so required hereunder, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders; provided, the Administrative Agent); provided that such Agent shall not be required fully justified in failing or refusing to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense any liability or which is contrary to this Agreement, the other Facility Loan Documents or Applicable Lawapplicable law, or would be, in its judgment, contrary unless Agent is indemnified to its duties satisfaction by the other Lenders against any and all liability and expense which it may incur by reason of taking or continuing to take any such action. If Agent seeks the consent or approval of the Majority Lenders (or a greater or lesser number of Lenders as required in this Agreement), with respect to any action hereunder, under Agent shall send notice thereof to each Lender and shall notify each Lender at any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide time that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions Majority Lenders (or by refusing such greater or lesser number of Lenders) have instructed Agent to provide instruction) to the Administrative Agent withhold its consent act or exercise its discretion in an unreasonable mannerrefrain from acting pursuant hereto.

Appears in 4 contracts

Samples: Loan and Security Agreement (Cambium Learning Group, Inc.), Financing and Security Agreement (Henry Co), Loan and Security Agreement (Pw Eagle Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner. If the Collateral Agent has been requested or directed by the Required Lenders to take any action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any Facility Document shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take any action that could in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral Agent shall not have any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement or any Facility Document or Related Document unless and until directed by the Required Lenders (or the Administrative Agent on their behalf). Neither the Collateral Agent nor any officer, agent or representative thereof shall be personally liable for any action taken by any such person in accordance with any notice given by the Required Lenders (or the Administrative Agent on their behalf) pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such person, the Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice, except where the Responsible Officer of the Collateral Agent has actual knowledge (without any duty of inquiry or investigation on its part) that such Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice. If any dispute or disagreement shall arise as to the allocation of any sum of money received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader. If in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, it may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within two (2) Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such two-Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.

Appears in 4 contracts

Samples: Revolving Credit and Security Agreement (PennantPark Floating Rate Capital Ltd.), Revolving Credit and Security Agreement (PennantPark Floating Rate Capital Ltd.), Revolving Credit and Security Agreement (PennantPark Floating Rate Capital Ltd.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Transaction Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Transaction Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such the Administrative Agent shall be read into this Agreement or any other Facility Transaction Document to which such the Administrative Agent is a party (if any) as duties on its part to be performed or observed. No The Administrative Agent shall not have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Transaction Documents, no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent)Lenders; provided that such the Administrative Agent shall not be required to take any action which exposes such the Administrative Agent, in its judgment, to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Transaction Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Transaction Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Transaction Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 3 contracts

Samples: Loan Agreement (SmileDirectClub, Inc.), Loan and Security Agreement (SmileDirectClub, Inc.), Loan Agreement (SmileDirectClub, Inc.)

Authorization and Action. (a) Each Lender (and, in the case and Issuing Bank hereby appoints Bank of the Collateral Agent, America to act on its behalf as the Administrative Agent) hereby irrevocably appoints Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent and the Collateral Agent to take such action as agent actions on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Administrative Agent shall not have any duties or responsibilities, obligations except those expressly set forth herein or and in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenantsLoan Documents. Without limiting the generality of the foregoing, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if anyi) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of any Notes), the other Facility Documents, no Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (oror such other number or percentage of the Lenders as shall be necessary, with respect to the Collateral Agent, or as the Administrative AgentAgent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.01 and 7.02), and such instructions shall be binding upon all Lenders and all holders of Notes; provided that such the Administrative Agent shall not be required to take any action which exposes such Agent, in its judgmentopinion or in the opinion of its counsel, may expose the Administrative Agent to personal liability, cost or expense liability or which is contrary to this AgreementAgreement or applicable law, (ii) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing and (iii) except as expressly set forth herein and in the other Loan Documents, the other Facility Documents Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any of the Borrowers or Applicable Law, any of their Affiliates that is communicated to or would be, in obtained by the Person serving as the Administrative Agent or any of its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that Affiliates in any instance in which capacity. The Administrative Agent agrees to give to each Lender prompt notice of each notice given to it by any Borrower pursuant to the Facility Documents provide that terms of this Agreement and, promptly, copies of each item furnished to the Administrative Agent’s consent may not be unreasonably withheld, provide Agent pursuant to Section 6.01(i). The provisions of this Article are solely for the exercise benefit of the Administrative Agent’s reasonable discretion, or provide to the Lenders and the Issuing Banks, and neither the Company nor any other Borrower shall have rights as a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerthird party beneficiary of any of such provisions.

Appears in 3 contracts

Samples: Credit Agreement (Marriott International Inc /Md/), Credit Agreement (Marriott International Inc /Md/), Credit Agreement (Marriott International Inc /Md/)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such the Administrative Agent shall be read into this Agreement or any other Facility Document to which such the Administrative Agent is a party (if any) as duties on its part to be performed or observed. No The Administrative Agent shall not have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent)Lenders; provided that such the Administrative Agent shall not be required to take any action which exposes such the Administrative Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 3 contracts

Samples: Credit and Security Agreement (BILL Holdings, Inc.), Credit and Security Agreement (Bill.com Holdings, Inc.), Revolving Credit and Security Agreement (Upstart Holdings, Inc.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Class Investor hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Transaction Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. The Class Conduits and/or the Majority Investors may direct the Administrative Agent to take any such incidental action hereunder, subject however, with respect to such actions which are incidental to the terms hereof. No actions specifically delegated to the Administrative Agent hereunder, the Administrative Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any actionsuch incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions direction of the Required Lenders (orMajority Investors; provided, with respect to the Collateral Agenthowever, the that Administrative Agent); provided that such Agent shall not be required to take any action which exposes hereunder if the taking of such Agentaction, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise reasonable determination of the Administrative Agent’s reasonable discretion, shall be in violation of any applicable law, rule or provide regulation or contrary to a similar effect, it any provision of this Agreement or shall not in its instructions (or by refusing to provide instruction) to expose the Administrative Agent withhold to liability hereunder or otherwise. In furtherance, and without limiting the generality, of the foregoing, each Class Investor hereby appoints the Administrative Agent as its agent to execute and deliver all further instruments and documents, and take all further action that the Administrative Agent may deem necessary or appropriate or that a Class Investor may reasonably request in order to perfect, protect or more fully evidence the interests transferred or to be transferred from time to time by the Transferor hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution by the Administrative Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Receivables now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated herein above. Upon the occurrence and during the continuance of any Termination Event or Potential Termination Event, the Administrative Agent shall take no action hereunder (other than ministerial actions or such actions as are specifically provided for herein) without the prior consent of the Majority Investors (which consent shall not be unreasonably withheld or exercise its discretion in an unreasonable manner.delayed). “

Appears in 3 contracts

Samples: Transfer and Administration Agreement (Tech Data Corp), Transfer and Administration Agreement (Tech Data Corp), Transfer and Administration Agreement (Tech Data Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral AgentLenders (for purposes of this Article, references to the Administrative AgentLenders shall also mean the LC Issuing Bank) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or any other Loan Document (including, without limitation, enforcement or collection of the other Facility DocumentsBorrowings), no the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders, and such instructions shall be binding upon all Lenders and all holders of Notes (or, with respect to the Collateral Agent, the Administrative Agentif any); provided provided, however, that such the Agent shall not be required to take any action which exposes such Agentwhich, in its judgmentopinion or the opinion of its counsel, may expose the Agent to personal liability, cost or expense liability or which is contrary to this Agreement or applicable law. The Agent agrees to give to each Lender prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement, . The Agent shall be deemed to have exercised reasonable care in the administration and enforcement of this Agreement and the other Facility Loan Documents or Applicable Law, or would be, if it undertakes such administration and enforcement in its judgment, contrary a manner substantially equal to its duties hereunder, under any other Facility Document or under Applicable Lawthat which Wachovia accords credit facilities similar to the credit facility hereunder for which it is the sole lender. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide The provisions of this Article are solely for the exercise benefit of the Administrative Agent’s reasonable discretionAgent and the Lenders except as otherwise expressly provided herein, or provide to and the Borrower shall have no rights as a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerthird party beneficiary of any of such provisions.

Appears in 3 contracts

Samples: Credit Agreement (Interstate Power & Light Co), Credit Agreement (Interstate Power & Light Co), Five Year Credit Agreement (Interstate Power & Light Co)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Each Lender hereby acknowledges that Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is by reason of this Agreement assumed a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of any Lender. In performing its functions and duties under this Agreement Agreement, Agent shall act solely as agent of Lenders and shall not assume, or be deemed to have assumed, any other Facility Document and the transactions contemplated hereby obligation toward, or therebyrelationship of agency or trust with or for, Co-Borrowers. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including without limitation enforcement and collection of the Notes), no Agent may, but shall not be required to to, exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders, whenever such instruction shall be requested by Agent or required hereunder, or a greater or lesser number of Lenders (orif so required hereunder, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders; provided, the Administrative Agent); provided that such Agent shall not be required fully justified in failing or refusing to take any action which exposes such Agent to any liability (for which Agent, in the reasonable exercise of its judgmentdiscretion, to personal liability, cost or expense believes it is not adequately indemnified against) or which is contrary to this Agreement, the other Facility Loan Documents or Applicable Lawapplicable law, or would be, in its judgment, contrary unless Agent is indemnified to its duties satisfaction by the other Lenders against any and all liability and expense which it may incur by reason of taking or continuing to take any such action. If Agent seeks the consent or approval of the Majority Lenders (or a greater or lesser number of Lenders as required in this Agreement), with respect to any action hereunder, under Agent shall send notice thereof to each Lender and shall notify each Lender at any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide time that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions Majority Lenders (or by refusing such greater or lesser number of Lenders) have instructed Agent to provide instruction) to the Administrative Agent withhold its consent act or exercise its discretion in an unreasonable mannerrefrain from acting pursuant hereto.

Appears in 3 contracts

Samples: Loan and Security Agreement (Pw Eagle Inc), Loan and Security Agreement (Pw Eagle Inc), Loan and Security Agreement (Pw Eagle Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Agent shall have any no duties or responsibilities, responsibilities except those expressly set forth herein or in this Agreement. The duties of the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into mechanical and administrative in nature; the Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement or the other Loan Documents, expressed or implied, is intended to or shall be so construed as to impose upon the Agent any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities obligations in respect of this Agreement or any the other Facility Document and the transactions contemplated hereby or therebyLoan Documents except as expressly set forth herein. As to any matters not expressly provided for by this Agreement Agreement, including enforcement or collection of the other Facility DocumentsLoans and Drafts, no the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingrefraining) upon the written instructions of the Required Lenders (orMajority Lenders, with respect to and such instructions shall be binding upon all the Collateral AgentLenders, the Administrative Agent); provided that such the Agent shall not be required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost or expense liability or which is contrary to this Agreementthe Loan Documents or applicable law and provided, further, that without the consent of all Lenders, the other Facility Documents Agent shall not change or Applicable Lawmodify any Lender's Commitment, the definition of "Majority Lenders", the timing or would berates of interest payments, the timing or amounts of principal payments due in respect of Loans and Drafts, and provided, further, that the terms of Article 4 shall not be amended without the consent of Seafirst, and provided, further, that the terms of Sections 2.3 and 2.10(a), and this Article 10 shall not be amended without the prior written consent of the Agent (acting for its own account). In the absence of instructions from the Majority Lenders, the Agent shall have authority (but no obligation), in its judgmentsole discretion, contrary to its duties hereundertake or not to take any action, under unless this Agreement specifically requires the consent of the Lenders or the consent of the Majority Lenders and any other Facility Document such action or under Applicable Lawfailure to act shall be binding on all the Lenders. Each Lender agrees that and each holder of any Note shall execute and deliver such additional instruments, including powers of attorney in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise favor of the Administrative Agent’s reasonable discretion, as may be necessary or provide desirable to a similar effect, it shall not in its instructions (or by refusing enable the Agent to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerpowers hereunder.

Appears in 3 contracts

Samples: Credit Agreement (United Grocers Inc /Or/), Credit Agreement (United Grocers Inc /Or/), Credit Agreement (United Grocers Inc /Or/)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent, the Collateral Agent and the Collateral Agent Administrator to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents Documents, as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 2 contracts

Samples: Credit and Security Agreement (OFS Capital Corp), Credit and Security Agreement (OFS Capital Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such the Administrative Agent shall be read into this Agreement or any other Facility Document to which such the Administrative Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent)Majority Lenders; provided that such the Administrative Agent shall not be required to take any action which exposes such the Administrative Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 2 contracts

Samples: Revolving Credit and Security Agreement (Compass, Inc.), Revolving Credit and Security Agreement (Compass, Inc.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Bank hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent Issuing Bank to take such action as agent in such capacity on its such Bank's behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Agent or the Issuing Bank by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the Notes or of amounts owing under the other Facility Loan Documents), no neither the Agent nor the Issuing Bank shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orMajority Banks, with respect to and such instructions shall be binding upon all Banks and any other holders of Notes; provided, however, that neither the Collateral Agent, Agent nor the Administrative Agent); provided that such Agent Issuing Bank shall not be required to take any action which exposes such Agent, in its judgment, it to personal liability, cost or expense liability or which is contrary to this Agreement, the Loan Documents or applicable law. Each of the Agent and the Issuing Bank is hereby expressly authorized on behalf of the other Facility Documents members of the Bank Group, without hereby limiting any implied authority, (a) to receive on behalf of each of the other members of the Bank Group any payment of principal of or Applicable Law, or would be, in its judgment, contrary to its duties interest on the Loans outstanding hereunder, under any Letters of Credit and all other amounts accrued hereunder paid to such Persons, and promptly to distribute to each other member of the Bank Group its proper share of all payments so received; (b) to give notice within a reasonable time on behalf of each other member of the Bank Group to the Borrower of any Default or Event of Default specified in this Agreement of which the Agent has actual knowledge as provided in Section 8.09; (c) to distribute to the other members of the Bank Group copies of all notices, agreements and other material as provided for in this Agreement as received by such Person; and (d) to distribute to the Borrower any and all requests, demands and approvals received by such Person from any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise member of the Administrative Agent’s reasonable discretionBank Group. Nothing herein contained shall be construed to constitute the Agent or the Issuing Bank as a trustee for any holder of the Notes or of a participation therein, nor to impose on the Agent any duties or provide to a similar effect, it shall not obligations other than those expressly provided for in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerLoan Documents.

Appears in 2 contracts

Samples: Credit Agreement (Abraxas Petroleum Corp), Credit Agreement (Marine Drilling Companies Inc)

Authorization and Action. (a) Each Lender Party (and, in the case its capacity as a Lender and on behalf of the Collateral Agent, the Administrative Agentitself and its Affiliates as potential Hedge Banks) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orLenders, with respect to the Collateral Agentand such instructions shall be binding upon all Lender Parties and all holders of Notes; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law, including without limitation, for the avoidance of doubt, any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, the other Facility Documents no Person identified as a co-syndication agent, documentation agent, senior manager, co-lead arranger or Applicable Law, or would bebook-running manager, in its judgmentsuch Person’s capacity as such, contrary shall have any obligations or duties to its duties hereunderany Loan Party, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold or any other Lender Party under any of such Loan Documents. In its consent or exercise its discretion in an unreasonable mannercapacity as the Lender Parties’ contractual representative, the Administrative Agent is a “representative” of the Lender Parties as used within the meaning of “Secured Party” under Section 9-102 of the Uniform Commercial Code.

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

Authorization and Action. (a) Each Lender Party (and, in the case of the Collateral Agentits capacities as a Lender, the Administrative AgentSwing Line Bank (if applicable) and as an Issuing Bank (if applicable)) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (oror such greater number of Lenders as may be required pursuant to this Agreement, with respect to the Collateral Agentand such instructions shall be binding upon all Lender Parties and all holders of Notes; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, the other Facility Documents no Person identified as a syndication agent, documentation agent, senior manager, joint lead arranger or Applicable Law, or would bejoint book running manager, in its judgmentsuch Person’s capacity as such, contrary shall have any obligations or duties to its duties hereunderany Loan Party, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold or any Lender Party under any of such Loan Documents. In its consent or exercise its discretion in an unreasonable mannercapacity as the Lender Parties’ contractual representative, the Administrative Agent is a “representative” of the Lender Parties as used within the meaning of “Secured Party” under Section 9-102 of the Uniform Commercial Code.

Appears in 2 contracts

Samples: Credit Agreement (Hersha Hospitality Trust), Credit Agreement (Hersha Hospitality Trust)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Facility Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or Documents, nor any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent)Controlling Lenders; provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 2 contracts

Samples: Credit and Security Agreement (BlackRock Private Credit Fund), Credit and Security Agreement (BlackRock Private Credit Fund)

Authorization and Action. (a) Each Lender (and, in Investor hereby appoints and authorizes each of its Managing Agent and the case of the Collateral Agent, the Administrative Agent) respectively, and each Managing Agent hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent Agent, to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Transaction Documents and each other document furnished pursuant hereto as are delegated to such Managing Agent or the Agent, respectively, by the terms hereof and or thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or (including, without limitation, enforcement of the Transaction Documents and such other Facility Documentsdocuments), no neither the Agent nor any Managing Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions or requests of the Required Lenders (orManaging Agents, with respect to in the Collateral case of the Agent, or such Managing Agent's Investor, in the Administrative case of such Managing Agent), and such instructions and requests shall be binding upon all parties hereto and all Assignees; provided provided, however, that such neither the Agent nor any Managing Agent shall not be required to take any action which exposes the Agent or such Agent, in its judgment, Managing Agent to personal liability, cost or expense liability or which is contrary to this AgreementAgreement or any other Transaction Document, or any other document furnished pursuant hereto or applicable law. Each of the Agent and each Managing Agent agrees to give to each other and to each Investor prompt notice of each notice given to it pursuant to the terms of this Agreement or any other Transaction Document or any other document furnished pursuant hereto, and in the case of each notice by the Seller to the Agent of each requested Purchase pursuant to Section 2.02(a), the Agent agrees to use its reasonable best efforts to give notice of such Purchase to each Managing Agent on the same day as such notice by the Seller. The Agent hereby agrees to deliver promptly to each Managing Agent each report, document, notice or other Facility written communication required to be delivered by or on behalf of the Seller or the Collection Agent or any Originator to the Agent on behalf of the Investors and the Managing Agents by the terms and conditions of this Agreement and the other Transaction Documents or Applicable Law(it being understood that the Agent shall have no obligation to deliver, or would because to be delivered, in its judgmentto any Managing Agent any such report, contrary document, notice or other written communication if the Seller or the Collection Agent or any Originator required to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretiondeliver, or provide have delivered on its behalf, such report, document, notice or other written communication fails to a similar effect, it shall not in its instructions (make or by refusing to provide instruction) cause such delivery to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerAgent).

Appears in 2 contracts

Samples: Trade Receivables Purchase and Sale Agreement (Polyone Corp), Purchase and Sale Agreement (Polyone Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints GLAS to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents, as applicable, for the benefit of the Secured Parties, and hereby irrevocably appoints GLAS to act on its behalf as the Collateral Trustee under the other Credit Documents, as applicable, for the benefit of the Secured Parties, and each such Lender irrevocably authorizes the Administrative Agent and the Collateral Agent Trustee to take such action as agent on its behalf behalf, including execution of the other Credit Documents, and to exercise such powers and discretion under this Agreement andand the other Credit Documents, to the extent as applicable, the other Facility Documents as are delegated to such the Administrative Agent and the Collateral Trustee by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Credit Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes or Loans), no the Administrative Agent and the Collateral Trustee shall not be required to exercise any discretion or take any actionaction and no implied covenants or obligations shall be read into this Agreement or any other Credit Document, as applicable, against the Administrative Agent or the Collateral Trustee, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Requisite Lenders (or, with respect to if required hereby, all Lenders), and such instructions shall be binding upon all Lenders and all holders of Notes; provided, however, that in no event shall the Administrative Agent or the Collateral AgentTrustee be required, and no provision in this Agreement or any other Credit Document shall be deemed to require the Administrative Agent); provided that such Agent shall not be required or the Collateral Trustee, to take any action which that exposes such Agent, in its judgment, it to personal liability, cost liability or expense or which that is contrary to this Agreement, Agreement or any other Credit Document or applicable law and no provision in this Agreement or any other Credit Document shall require the other Facility Documents Administrative Agent or Applicable Law, the Collateral Trustee to expend or would be, risk its own funds or otherwise incur financial liability in its judgment, contrary to the performance of its duties hereunder, hereunder or under any other Facility Credit Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Without any further consent of the Lenders, the Administrative Agent’s reasonable discretionAgent and the Collateral Trustee shall be authorized to negotiate, execute and deliver on behalf of the Secured Parties any Intercreditor Agreement or provide to a similar effect, it shall not in its instructions any amendment (or by refusing to provide instructionamendment and restatement) to the Administrative Agent withhold its consent or exercise its discretion Collateral Documents that are, in an unreasonable mannereach case, consistent with the terms of this Agreement.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Concordia International Corp.), Credit and Guaranty Agreement (Concordia International Corp.)

Authorization and Action. (a) Each Lender (and, in the case and Issuing Bank hereby appoints Bank of the Collateral Agent, America to act on its behalf as the Administrative Agent) hereby irrevocably appoints Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent and the Collateral Agent to take such action as agent actions on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Administrative Agent shall not have any duties or responsibilities, obligations except those expressly set forth herein or and in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenantsLoan Documents. Without limiting the generality of the foregoing, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if anyi) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of any Notes), the other Facility Documents, no Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (oror such other number or percentage of the Lenders as shall be necessary, with respect to the Collateral Agent, or as the Administrative AgentAgent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.01 and 7.02), and such instructions shall be binding upon all Lenders and all holders of Notes; provided that such the Administrative Agent shall not be required to take any action which exposes such Agent, in its judgmentopinion or in the opinion of its counsel, may expose the Administrative Agent to personal liability, cost or expense liability or which is contrary to this AgreementAgreement or applicable law, (ii) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing and (iii) except as expressly set forth herein and in the other Loan Documents, the other Facility Documents Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any of the FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 111 Borrowers or Applicable Law, any of their Affiliates that is communicated to or would be, in obtained by the Person serving as the Administrative Agent or any of its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that Affiliates in any instance in which capacity. The Administrative Agent agrees to give to each Lender prompt notice of each notice given to it by any Borrower pursuant to the Facility Documents provide that terms of this Agreement and, promptly, copies of each item furnished to the Administrative Agent’s consent may not be unreasonably withheld, provide Agent pursuant to Section 6.01(i). The provisions of this Article are solely for the exercise benefit of the Administrative Agent’s reasonable discretion, or provide to the Lenders and the Issuing Banks, and neither the Company nor any other Borrower shall have rights as a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerthird party beneficiary of any of such provisions.

Appears in 2 contracts

Samples: Credit Agreement (Marriott International Inc /Md/), Credit Agreement (Marriott International Inc /Md/)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) The Buyer and each other Owner hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action act as its agent on its behalf and to exercise such powers under this Agreement and, and the other Transaction Documents with such powers and discretion as are specifically delegated to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof of this Agreement and thereofthe other Transaction Documents, together with such other powers as are reasonably incidental thereto. The Agent (which term as used in this sentence and in Section 9.5 and the first sentence of Section 9.6 hereof shall include its affiliates and its own and its affiliates' officers, subject to the terms hereof. No Agent directors, employees, and agents): (a) shall not have any duties or responsibilities, responsibilities except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement and shall not be a trustee or fiduciary for the Buyer or any other Facility Document Owner; (b) shall not be responsible to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement the Buyer or any other Facility Owner for any recital, statement, representation or warranty (whether written or oral) made in or in connection with any Transaction Document and the transactions contemplated hereby or thereby. As any certificate or other document referred to any matters not expressly or provided for in, or received by this Agreement any of them under, any Transaction Document, or for the value, validity, effectiveness, genuineness, enforceability, or sufficiency of any Transaction Document, or any other document referred to or provided for therein or for any failure by any of the Transferor, CAC, CompuCredit or any other Person to perform any of its obligations thereunder; (c) shall not be responsible for or have any duty to ascertain, inquire into, or verify the performance or observance of any covenants or agreements by any of the Transferor, CAC or the other Facility Documents, no Agent shall be required to exercise Servicer or the satisfaction of any discretion or take any action, but shall be required to act condition or to refrain from acting inspect the property (including the books and shall be fully protected in so acting or refraining from actingrecords) upon the written instructions of any of the Required Lenders Transferor, CAC or the Servicer or any of their Subsidiaries or Affiliates; (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent d) shall not be required to take initiate or conduct any litigation or collection proceedings under any Transaction Document; and (e) shall not be responsible for any action which exposes such Agenttaken or omitted to be taken by it under or in connection with any Transaction Document, in except for its judgment, to personal liability, cost own gross negligence or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Lawwillful misconduct. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent The Agent may employ agents and attorneys-in-fact and shall not be unreasonably withheld, provide responsible for the exercise negligence or misconduct of the Administrative Agent’s any such agents or attorneys-in-fact selected by it with reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannercare.

Appears in 2 contracts

Samples: Transfer and Administration Agreement (Compucredit Corp), Transfer and Administration Agreement (Compucredit Corp)

Authorization and Action. Each Purchaser hereby designates and appoints (ai) Each Lender BNS to act as Agent hereunder and under each other Transaction Document, and (andii) the Managing Agent in its Purchase Group to act as its Managing Agent hereunder and under each other Transaction Document, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and such Purchaser’s Managing Agent, as the Collateral Agent case may be, to take such action actions as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to the Agent or such Managing Agent by the terms hereof of this Agreement and thereof, the other Transaction Documents together with such powers as are reasonably incidental thereto, subject to . Neither the terms hereof. No Agent nor the Managing Agents shall have any duties or responsibilities, except those expressly set forth herein or in the any other Facility Documents to which it is a party Transaction Document, or any fiduciary relationship with any Secured Party Purchaser, and no implied covenants, functions, responsibilities, duties or duties, obligations or liabilities on the part of such the Agent or the Managing Agents shall be read into this Agreement or any other Facility Transaction Document to which such or otherwise exist for the Agent is a party or the Managing Agents. In performing their functions and duties hereunder and under the other Transaction Documents, (if anyi) as duties on its part to be performed or observed. No the Agent shall have or be construed to have act solely as agent for the Purchasers, (ii) each Managing Agent shall act solely as managing agent for the Conduit and Financial Institutions in its Purchase Group, and (iii) neither the Agent nor any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Managing Agent shall be required deemed to exercise have assumed any discretion obligation or take relationship of trust or agency with or for any actionSeller Party or any of such Seller Party’s successors or assigns, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon except as expressly provided herein. Neither the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent nor any Managing Agent shall not be required to take any action which that exposes the Agent or such Agent, in its judgment, Managing Agent to personal liability, cost liability or expense or which that is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Transaction Document or under Applicable Lawapplicable law. The appointment and authority of the Agent and the Managing Agents hereunder shall terminate upon the indefeasible payment in full of all Aggregate Unpaids. Each Lender agrees that in any instance in which Purchaser hereby authorizes the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise Agent to execute each of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it Uniform Commercial Code financing statements on behalf of such Purchaser (the terms of which shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerbe binding on such Purchaser).

Appears in 2 contracts

Samples: Receivables Purchase Agreement (Johnsondiversey Holdings Inc), Receivables Purchase Agreement (Johnsondiversey Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Each Lender hereby acknowledges that Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is by reason of this Agreement assumed a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of any Lender. In performing its functions and duties under this Agreement Agreement, Agent shall act solely as agent of Lenders and shall not assume, or be deemed to have assumed, any other Facility Document and the transactions contemplated hereby obligation toward, or therebyrelationship of agency or trust with or for, any Borrower. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including without limitation enforcement and collection of the Revolving Notes), no Agent may, but shall not be required to to, exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders, whenever such instruction shall be requested by Agent or required hereunder, or a greater or lesser number of Lenders (orif so required hereunder, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders; provided, the Administrative Agent); provided that such Agent shall not be required fully justified in failing or refusing to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense any liability or which is contrary to this Agreement, the other Facility Loan Documents or Applicable Lawapplicable law, or would be, in its judgment, contrary unless Agent is indemnified to its duties satisfaction by the other Lenders against any and all liability and expense which it may incur by reason of taking or continuing to take any such action. If Agent seeks the consent or approval of the Majority Lenders (or a greater or lesser number of Lenders as required in this Agreement), with respect to any action hereunder, under Agent shall send notice thereof to each Lender and shall notify each Lender at any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide time that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions Majority Lenders (or by refusing such greater or lesser number of Lenders) have instructed Agent to provide instruction) to the Administrative Agent withhold its consent act or exercise its discretion in an unreasonable mannerrefrain from acting pursuant hereto.

Appears in 2 contracts

Samples: Loan and Security Agreement (Kinetek Inc), Loan and Security Agreement (Kinetek Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agentits capacities as a Lender and Issuing Bank (as applicable)) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Agent by the terms hereof and thereofhereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders, and such instructions shall be binding upon all Lenders (orand all holders of Notes; PROVIDED, with respect to HOWEVER, that the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law. The Agent shall be fully justified in failing or refusing to take any action under this Agreement and the other Loan Documents unless it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action except for its own gross negligence or willful misconduct. The Agent agrees to give to each Lender prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement, provided that the Agent shall have no liability for the failure or delay in giving such notices. The Agent may execute any of its duties under this Agreement and the other Facility Loan Documents by or Applicable Law, through agents or would be, in its judgment, contrary attorneys-in-fact and shall be entitled to its duties hereunder, under any other Facility Document or under Applicable Lawadvice of counsel concerning all matters pertaining to such duties. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may The Agent shall not be unreasonably withheld, provide responsible for the exercise negligence or misconduct of any agent or attorneys-in-fact selected by the Administrative Agent’s reasonable discretion, Agent in the absence of gross negligence or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerwillful misconduct.

Appears in 2 contracts

Samples: Five Year Credit Agreement (Office Depot Inc), Credit Agreement (Office Depot Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereofhereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (oror such other number or percentage of the Lenders as shall be necessary, with respect to the Collateral Agent, or as the Administrative AgentAgent shall believe in good faith to be necessary, under the circumstances as provided herein), and such instructions shall be binding upon all Lenders and all holders of Notes; provided provided, however, that such the Administrative Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this AgreementAgreement or applicable law. The Administrative Agent agrees to give to each Lender prompt notice of each notice given to it by Mondelēz International or any other Borrower as required by the terms of this Agreement or at the request of Mondelēz International or such other Borrower, and any notice provided pursuant to Section 5.01(c)(iv), but otherwise no Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Mondelēz International or its Subsidiaries or affiliates that is communicated to or obtained by the Person serving as an Agent or any of its affiliates in any capacity. Notwithstanding any provision to the contrary contained elsewhere herein, no Agent shall have any duties or responsibilities, except those expressly set forth herein, nor shall any Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against any Agent. Without limiting the generality of the foregoing sentence, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise use of the Administrative Agent’s reasonable discretion, term “agent” herein with reference to any Agent is not intended to connote any fiduciary or provide to a similar effect, it shall not in its instructions other implied (or by refusing express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to provide instruction) to the Administrative Agent withhold its consent create or exercise its discretion in reflect only an unreasonable manneradministrative relationship between independent contracting parties.

Appears in 2 contracts

Samples: Day Revolving Credit Agreement (Mondelez International, Inc.), Credit Agreement (Mondelez International, Inc.)

Authorization and Action. (a) Each Lender and each L/C Issuer (and, in the case its capacity as such and on behalf of the Collateral Agent, the Administrative Agentitself and its Affiliates as potential Lender Counterparties (if applicable)) hereby irrevocably appoints and authorizes WFB to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents, as applicable, for the benefit of the Secured Parties, and hereby irrevocably appoints WFB to act on its behalf as the Collateral Agent hereunder and under the other Credit Documents, as applicable, for the benefit of the Secured Parties, and each such Lender and each such L/C Issuer irrevocably authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Credit Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Credit Documents (including, without limitation, enforcement or collection of the other Facility DocumentsLoans), no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Requisite Lenders (or, with respect to the Collateral Agentif required hereby, the Administrative Agentall Lenders), and such instructions shall be binding upon all Lenders, all L/C Issuers and all Lender Counterparties; provided provided, however, that such no Agent shall not be required to take any action which that exposes such Agent, in its judgment, Agent to personal liability, cost liability or expense or which that is contrary to this AgreementAgreement or applicable law. Without any further consent of the Lenders, the other Facility Documents L/C Issuers or Applicable Lawany Lender Counterparty, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not Agent and the Collateral Agent shall be unreasonably withheldauthorized to negotiate, provide for the exercise execute and deliver on behalf of the Administrative Agent’s reasonable discretion, Secured Parties any Intercreditor Agreement or provide to a similar effect, it shall not in its instructions any amendment (or by refusing to provide instructionamendment and restatement) to the Administrative Agent withhold its consent or exercise its discretion Collateral Documents that is, in an unreasonable mannereach case, consistent with the terms of this Agreement.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Lannett Co Inc), Credit and Guaranty Agreement (Lannett Co Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any no duties or responsibilities, responsibilities except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, this Agreement. The duties or obligations or liabilities on the part of such Agent shall be read into mechanical and administrative in nature; Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement or the other Loan Documents, expressed or implied, is intended to or shall be so construed as to impose upon Agent any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities obligations in respect of this Agreement or any the other Facility Document and the transactions contemplated hereby or therebyLoan Documents except as expressly set forth herein. As to any matters not expressly provided for by this Agreement Agreement, including enforcement or collection of the other Facility DocumentsLoan, no Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingrefraining) upon the written instructions of the Required Lenders (orMajority Lenders, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense liability or which is contrary to this Agreementthe Loan Documents or applicable law and provided, further, that without the consent of all Lenders, Agent shall not change or modify the Commitment, any Lender's Pro Rata Share, Funded Pro Rata Share, Adjusted Pro Rata Share, or Funded Adjusted Pro Rata Share of the Commitment, the other Facility Documents definition of "Majority Lenders," the timing or Applicable Lawrates of interest payments, the timing or would beamount of facility fees, the timing or amounts of principal payments due in respect of the Loan, and provided, further, that the terms of Section 2.3 and this Article 10 shall not be amended without the prior written consent of Agent (acting for its own account). In the absence of instructions from the Majority Lenders, Agent shall have authority (but no obligation), in its judgmentsole discretion, contrary to its duties hereundertake or not to take any action, under unless this Agreement specifically requires the consent of Lenders or the consent of the Majority Lenders and any other Facility Document such action or under Applicable Lawfailure to act shall be binding on all Lenders and holders of the Notes. Each Lender agrees that shall execute and deliver such additional instruments, including powers of attorney in any instance in which the Facility Documents provide that the Administrative favor of Agent’s consent , as may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, necessary or provide desirable to a similar effect, it shall not in its instructions (or by refusing enable Agent to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerpowers hereunder.

Appears in 2 contracts

Samples: Loan Agreement (Shurgard Storage Centers Inc), Loan Agreement (Shurgard Storage Centers Inc)

Authorization and Action. (a) Each Lender Party (and, in the case its capacities as a Lender and as an Issuing Bank (if applicable) and on behalf of the Collateral Agent, the Administrative Agentitself and its Affiliates as potential Hedge Banks) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (oror such greater number of Lenders as may be required pursuant to this Agreement, with respect to the Collateral Agentand such instructions shall be binding upon all Lender Parties and all holders of Notes; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, the other Facility Documents no Person identified as a syndication agent, documentation agent, senior manager, joint lead arranger or Applicable Law, or would bejoint book running manager, in its judgmentsuch Person’s capacity as such, contrary shall have any obligations or duties to its duties hereunderany Loan Party, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold or any Lender Party under any of such Loan Documents. In its consent or exercise its discretion in an unreasonable mannercapacity as the Lender Parties’ contractual representative, the Administrative Agent is a “representative” of the Lender Parties as used within the meaning of “Secured Party” under Section 9‑102 of the Uniform Commercial Code.

Appears in 2 contracts

Samples: Credit Agreement (Easterly Government Properties, Inc.), Credit Agreement (Easterly Government Properties, Inc.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 2 contracts

Samples: Credit Agreement (HPS Corporate Lending Fund), Credit and Security Agreement (HPS Corporate Lending Fund)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereofhereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (oror such other number or percentage of the Lenders as shall be necessary, with respect to the Collateral Agent, or as the Administrative AgentAgent shall believe in good faith to be necessary, under the circumstances as provided herein), and such instructions shall be binding upon all Lenders and all holders of Notes; provided provided, however, that such the Administrative Agent shall not be required to take any action which exposes such Agentthat, in its judgmentopinion, exposes the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this AgreementAgreement or applicable law. The Administrative Agent agrees to give to each Lender prompt notice of each notice given to it by the Borrower as required by the terms of this Agreement or at the request of the Borrower, and any notice provided pursuant to Section 5.01(c)(iv), but otherwise no Agent shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or its Subsidiaries or Affiliates that is communicated to or obtained by the Person serving as an Agent or any of its Affiliates in any capacity. Notwithstanding any provision to the contrary contained elsewhere herein, no Agent shall have any duties or responsibilities, except those expressly set forth herein, nor shall any Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or otherwise exist against any Agent. Without limiting the generality of the foregoing sentence, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise use of the Administrative Agent’s reasonable discretion, term “agent” herein with reference to any Agent is not intended to connote any fiduciary or provide to a similar effect, it shall not in its instructions other implied (or by refusing express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to provide instruction) to the Administrative Agent withhold its consent create or exercise its discretion in reflect only an unreasonable manneradministrative relationship between independent contracting parties.

Appears in 2 contracts

Samples: Term Credit Agreement (Mondelez International, Inc.), Term Credit Agreement (Mondelez International, Inc.)

Authorization and Action. Each Purchaser hereby designates and appoints (ai) Each Lender BTMU to act as its agent hereunder and under each other Transaction Document, and (andii) the Managing Agent in its Purchaser Group to act as its Managing Agent hereunder and under each other Transaction Document, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and such Purchaser’s Managing Agent, as the Collateral Agent case may be, to take such action actions as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to the Agent or such Managing Agent by the terms hereof of this Agreement and thereof, the other Transaction Documents together with such powers as are reasonably incidental thereto, subject to . Neither the terms hereof. No Agent shall nor the Managing Agents have any duties or responsibilities, except those expressly set forth herein or in the any other Facility Documents to which it is a party Transaction Document, or any fiduciary relationship with any Secured Party Purchaser, and no implied covenants, functions, responsibilities, duties or duties, obligations or liabilities on the part of such the Agent or the Managing Agents shall be read into this Agreement or any other Facility Transaction Document to which such or otherwise exist for the Agent is a party or the Managing Agents. In performing their respective functions and duties hereunder and under the other Transaction Documents, (if anyi) as duties on its part to be performed or observed. No the Agent shall have or be construed to have act solely as agent for the Purchasers (ii) each Managing Agent shall act solely as managing agent for the Conduit and Financial Institutions in its Purchaser Group and (iii) neither the Agent nor any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Managing Agent shall be required deemed to exercise have assumed any discretion obligation or take relationship of trust or agency with or for any actionSeller Party or any of such Seller Party’s successors or assigns, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon except as expressly provided herein. Neither the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent nor any Managing Agent shall not be required to take any action which that exposes the Agent or such Agent, in its judgment, Managing Agent to personal liability, cost liability or expense or which that is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Transaction Document or under Applicable Lawapplicable law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise The appointment and authority of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it Agent and the Managing Agents hereunder shall not terminate upon the indefeasible payment in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerfull of all Aggregate Unpaids.

Appears in 2 contracts

Samples: Receivables Purchase Agreement (Timken Co), Assignment Agreement (Timken Co)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any no duties or responsibilities, responsibilities except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, this Agreement. The duties or obligations or liabilities on the part of such Agent shall be read into mechanical and administrative in nature; Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement or the other Loan Documents, expressed or implied, is intended to or shall be so construed as to impose upon Agent any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities obligations in respect of this Agreement or any the other Facility Document and the transactions contemplated hereby or therebyLoan Documents except as expressly set forth herein. As to any matters not expressly provided for by this Agreement Agreement, including enforcement or collection of the other Facility DocumentsLoan, no Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingrefraining) upon the written instructions of the Required Lenders (orMajority Lenders, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense liability or which is contrary to the Loan Documents or applicable law and provided, further, that without the consent of all Lenders, Agent shall not: (i) change or modify the Commitment, any Lender’s Pro Rata Share, or Funded Pro Rata Share of the Commitment, the definition of “Available Amount” (or any component used in calculating Available Amount including any defined term contained in the definition of Available Amount with respect to the use of such defined term therein), the definition of “Majority Lenders,” the terms of this Section 10.1, the timing or rates of interest payments, the timing or amount of facility fees, the timing or amounts of principal payments due in respect of the Loan, any forgiveness of all or any portion of Revolving Loans or extension of the maturity date thereof, any provision in this Agreement requiring approval by a certain percentage of Lenders; or (ii) discharge any Guarantor (except in connection with the sale or other disposition of such Guarantor expressly permitted by this Agreement); or (iii) waive any Event of Default under Section 9.1(m) hereof; and provided, further, that the other Facility Documents or Applicable Lawterms of Section 2.3 and this Article 10 shall not be amended without the prior written consent of Agent (acting for its own account). In the absence of instructions from the Majority Lenders, or would beAgent shall have authority (but no obligation), in its judgmentsole discretion, contrary to its duties hereundertake or not to take any action, under unless this Agreement specifically requires the consent of Lenders or the consent of the Majority Lenders and any other Facility Document such action or under Applicable Lawfailure to act shall be binding on all Lenders and holders of the Notes. Each Lender agrees that shall execute and deliver such additional instruments, including powers of attorney in any instance in which the Facility Documents provide that the Administrative favor of Agent’s consent , as may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, necessary or provide desirable to a similar effect, it shall not in its instructions (or by refusing enable Agent to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerpowers hereunder.

Appears in 1 contract

Samples: Loan Agreement (Shurgard Storage Centers Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent None of the Agents or the Collateral Administrator shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent or the Collateral Administrator shall be read into this Agreement or any other Facility Document to which such Agent or the Collateral Administrator is a party (if any) as duties on its part to be performed or observed. No Agent None of the Agents or the Collateral Administrator shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent none of the Agents or the Collateral Administrator shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal or the Collateral Administrator liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that an Agent’s or the Administrative AgentCollateral Administrator’s consent may not be unreasonably withheld, provide for the exercise of such Agent’s or the Administrative AgentCollateral Administrator’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner.. 145

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Fidelity Private Credit Fund)

Authorization and Action. (a) Each Lender (and, in of CRC and the case of the Collateral Agent, the Administrative Agent) CRC Related Parties hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Citicorp North America, Inc. as its Managing Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Program Documents as are delegated to such the Managing Agent for CRC and the CRC Related Parties by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject . Each of PRFC and the PRFC Related Parties hereby irrevocably appoints and authorizes Bank One as its Managing Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Program Documents as are delegated to the Managing Agent for PRFC and the PRFC Related Parties by the terms hereofhereof and thereof, together with such powers as are reasonably incidental thereto. No Managing Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Program Documents, or any fiduciary relationship with any Secured Party Lender or Secondary Lender, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such any Managing Agent shall be read into this Agreement or any other Facility Program Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have otherwise exist for any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyManaging Agent. As to any matters not expressly provided for by this Agreement or the other Facility Program Documents, no Managing Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required related Lenders (oror Secondary Lenders; provided, with respect to the Collateral Agenthowever, the Administrative Agent); provided that such no Managing Agent shall not be required to take any action which exposes such Agent, in its judgment, Managing Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Program Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender and each Secondary Lender agrees that in any instance in which the Facility Program Documents provide that the Administrative related Managing Agent’s 's consent may not be unreasonably withheld, provide for the exercise of the Administrative related Managing Agent’s 's reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative its related Managing Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 1 contract

Samples: Credit and Security Agreement (Van Kampen Senior Income Trust)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility USActive 53861575.5 -121- Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 1 contract

Samples: Credit and Security Agreement (Blackstone / GSO Secured Lending Fund)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Agent shall have any no duties or responsibilities, responsibilities except those expressly set forth herein or in this Agreement. The duties of the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into mechanical and administrative in nature; the Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement or the other Loan Documents, expressed or implied, is intended to or shall be so construed as to impose upon the Agent any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities obligations in respect of this Agreement or any the other Facility Document and the transactions contemplated hereby or therebyLoan Documents except as expressly set forth herein. As to any matters not expressly provided for by this Agreement Agreement, including enforcement or collection of the other Facility DocumentsLoans, no the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingrefraining) upon the written instructions of the Required Majority Lenders, and such instructions shall be binding upon all Lenders (or, with respect to the Collateral Agent, the Administrative Agent); and any holders of any Note provided that such the Agent shall not be required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost or expense liability or which is contrary to this Agreementthe Loan Documents or applicable law and provided, further, that without the consent of all Lenders, the other Facility Agent shall not release any collateral securing the Borrower's obligations under the Loan Documents or Applicable Lawchange or modify the Total Commitment (other than changes made pursuant to Section 2.03), any Lender's Commitment (other than changes made pursuant to Section 2.03), the definition of "Majority Lenders", the conditions precedent set forth in Article III, the timing or would berates of interest payments, the timing or amount of fees or the timing or amounts of principal payments due in respect of Loans, and provided, further, that the terms of Section 2.05, Section 2.11(c) and this Article VIII shall not be amended without the prior written consent of the Agent (acting for its own account). In the absence of instructions from the Majority Lenders, the Agent shall have authority (but no obligation), in its judgmentsole discretion, contrary to its duties hereundertake or not to take any action, under unless this Agreement specifically requires the consent of the Lenders or the consent of the Majority Lenders and any other Facility Document such action or under Applicable Lawfailure to act shall be binding on all the Lenders and on all holders of the Notes. Each Lender agrees that and each holder of any Note shall execute and deliver such additional instruments, including powers of attorney in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise favor of the Administrative Agent’s reasonable discretion, as may be necessary or provide desirable to a similar effect, it shall not in its instructions (or by refusing enable the Agent to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerpowers hereunder.

Appears in 1 contract

Samples: Revolving Credit Agreement (Hollywood Entertainment Corp)

Authorization and Action. (a) Each Lender Party (and, in the case of the Collateral Agentits capacities as a Lender, the Administrative AgentSwing Line Bank (if applicable) and as an Issuing Bank (if applicable)) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or122 or such greater number of Lenders as may be required pursuant to this Agreement, with respect to the Collateral Agentand such instructions shall be binding upon all Lender Parties and all holders of Notes; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, the other Facility Documents no Person identified as a syndication agent, documentation agent, senior manager, joint lead arranger or Applicable Law, or would bejoint book running manager, in its judgmentsuch Person’s capacity as such, contrary shall have any obligations or duties to its duties hereunderany Loan Party, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold or any Lender Party under any of such Loan Documents. In its consent or exercise its discretion in an unreasonable mannercapacity as the Lender Parties’ contractual representative, the Administrative Agent is a “representative” of the Lender Parties as used within the meaning of “Secured Party” under Section 9-102 of the Uniform Commercial Code.

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

Authorization and Action. (a) Each Lender Party (and, in the case its capacity as a Lender and on behalf of the Collateral Agent, the Administrative Agentitself and its Affiliates as potential Hedge Banks) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orLenders, with respect to the Collateral Agentand such instructions shall be binding upon all Lender Parties and all holders of Notes; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law, including without limitation, for the avoidance of doubt, any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, the other Facility Documents no Person identified as a co-syndication agent, documentation agent, senior manager, co-lead arranger or Applicable Law, or would bebook-running manager, in its judgmentsuch Person’s capacity as such, contrary shall have any obligations or duties to its duties hereunderany Loan Party, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold or any other Lender Party under any of such Loan Documents. In its consent or exercise its discretion in an unreasonable manner.capacity as the Lender Parties’ contractual representative, the Administrative Agent is a “representative” of the Lender Parties as used within the meaning of “Secured Party” under Section 9-102 of the Uniform Commercial Code. 109

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agentwith respect to clause (ii) only, the Administrative Agenteach Participant) hereby irrevocably appoints and authorizes (i) the Administrative Agent and the Collateral Agent to take such action as administrative agent on its behalf and to exercise such powers under this Agreement and, to the extent applicableAgreement, the Notes and the other Facility Loan Documents as are delegated by such Lender to it as Agent by the terms hereof and thereof and (ii) the Collateral Agent to take such action as collateral agent on its behalf and to exercise such powers under the Security Documents as are delegated by such Xxxxxx and such Participant to it as Collateral Agent by the terms hereof and thereof, together together, in each case, with such powers as are reasonably incidental thereto, subject to thereto (the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated Collateral Agent are referred to in this Article VIII individually as a “Facility Agent” and collectively, as the “Facility Agents”), and each Facility Agent hereby or therebyaccepts such authorization and appointment. As to any matters not expressly provided for by this Agreement Agreement, the Notes, the Security Documents or any other Loan Document or provided for with specific reference to this Section 8.1(including, without limitation, enforcement or collection of the other Notes), neither Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingaction) upon the written instructions of the Required Requisite Lenders (orand such instructions shall be binding upon all Lenders; provided, with respect to the Collateral Agenthowever, the Administrative Agent); provided that such neither Facility Agent shall not be required to take any action which exposes such Agent, in its judgment, Facility Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Security Documents, any Participation Agreement, any Note or applicable law. As to any provision of this Agreement, the Security Documents or Applicable Lawany other Loan Document under which action may be taken or approval given by the Requisite Lenders, the action taken or would beapproval given by the Requisite Lenders shall be binding upon all Lenders and Participants to the same extent and with the same effect as if each Lender and each Participant had joined therein. Each Facility Agent shall be entitled to rely upon any note, notice, consent, certificate, affidavit, letter, telegram, teletype message, facsimile transmission, statement, order, other document or other instrument or writing believed by it to be genuine and correct and to have been signed or sent by the proper person or persons and, in respect of legal matters, upon the opinion of counsel selected by such Facility Agent. The Agent may deem and treat the payee of each Note as the owner thereof for all purposes hereof unless and until a written notice of the assignment or transfer thereof shall have been filed with the Agent. Any request, authority or consent of any Person who at the time of making such request or giving such authority or consent is the holder of a Note shall be conclusive and binding on any subsequent holder, transferee or assignee of such Note. Subject to the proviso contained in Section 8.7(b), neither Facility Agent shall be required to expend or risk any of its judgment, contrary to own funds or otherwise incur any financial or other liability in the performance of any of its duties hereunder. Upon any delivery of any instructions to the Collateral Agent by the Requisite Lenders pursuant to this Agreement, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide Agent shall certify to the Collateral Agent that the Administrative Agent’s consent may not be unreasonably withheld, provide for Lenders delivering such instructions constitute the exercise Requisite Lenders under this Agreement. Without limiting the generality of the Administrative Agent’s reasonable discretionforegoing, or provide each Lender and Participant hereby authorizes and directs the Collateral Agent to a similar effectenter into the Security Documents on its behalf, it shall not in its instructions (or by refusing and acknowledges and agrees to provide instruction) all of the terms and conditions thereof and agrees to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerbe bound thereby.

Appears in 1 contract

Samples: Loan Agreement

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide USActive 54953942.1755479929.4-138- for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 1 contract

Samples: Credit and Security Agreement (Ares Capital Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes ------------------------ the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Agent shall have any no duties or responsibilities, responsibilities except those expressly set forth herein or in this Agreement. The duties of the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into mechanical and administrative in nature, except as provided in Section 2.04. The Agent shall hold all payments and prepayments of principal and interest on the Loans and Note and any payments made pursuant to this Agreement (except pursuant to Section 2.07) or the Pledge Agreement in trust for the Lenders. The Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender, and nothing in this Agreement or any the other Facility Document Loan Documents, expressed or implied, is intended to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have impose upon the Agent any other duties or responsibilities obligations in respect of this Agreement or any the other Facility Document and the transactions contemplated hereby Loan Documents except as expressly set forth herein or therebytherein. As to any matters not expressly provided for by this Agreement Agreement, including enforcement or collection of the other Facility DocumentsLoans, no the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingrefraining) upon the written instructions of the Required Majority Lenders, and such instructions shall be binding upon all Lenders (or, with respect to and any holder of the Collateral Agent, the Administrative Agent)Note; provided that such the Agent -------- shall not be required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost or expense liability or which is contrary to this Agreementthe Loan Documents or applicable law; provided, further, that without the consent of all Lenders, the other Facility Documents Agent shall not -------- ------- increase a Lender's Commitment, change or Applicable Lawmodify the conditions precedent set forth in Article III, the timing or rates of interest payments, the timing or amount of commitment fees, or would bethe timing or amounts of principal payments due in respect of Loans, Section 5.02 or this Section 7.01, or release any Collateral (except as provided under the Loan Documents); and Provided, further, that the -------- ------- terms of this Article VII shall not be amended without the prior written consent of the Agent (acting for its own account). In the absence of instructions from the Majority Lenders, the Agent shall have authority, in its judgmentsole discretion, contrary to its duties hereunder, under take or not to take any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which action unless this Agreement specifically requires the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretionLenders, and any such action or provide failure to a similar effect, it act shall not in its instructions (or by refusing to provide instruction) to be binding on all the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerLenders and on the holder of the Note.

Appears in 1 contract

Samples: Credit Agreement (Asymetrix Learning Systems Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Bank hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent Funds Administrator to take such action as agent in such capacity on its such Bank's behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Agent and the Funds Administrator, as the case may be, by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the Notes or of amounts owing under the other Facility Loan Documents), no the Agent and the Funds Administrator shall not be required to exercise any discretion or take any action, but such Person shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orMajority Banks, with respect to and such instructions shall be binding upon all Banks and any other holders of Notes; provided, however, that the Collateral Agent, Agent and the Administrative Agent); provided that such Agent Funds Administrator shall not be required to take any action which exposes such Agent, in its judgment, Person to personal liability, cost or expense liability or which is contrary to this Agreement, the Loan Documents or applicable law. Each of the Agent and the Funds Administrator is hereby expressly authorized on behalf of the other Facility Documents members of the Bank Group, (a) to receive on behalf of each of the other members of the Bank Group any payment of principal of or Applicable Lawinterest on the Loans outstanding hereunder and all other amounts accrued hereunder paid to such Persons, or would beand promptly to distribute to each other member of the Bank Group its proper share of all payments so received; (b) in the case of the Agent only, to give notice within a reasonable time on behalf of each other member of the Bank Group to the Borrower of any Default of which the Agent has actual knowledge as provided in its judgmentSection 8.09; (c) to distribute to the other members of the Bank Group copies of all notices, contrary agreements and other material as provided for in this Agreement as received by such Person; and (d) to its duties hereunderdistribute to the Borrower any and all requests, under demands and approvals received by such Person from any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise member of the Administrative Agent’s reasonable discretionBank Group. Nothing herein contained shall be construed to constitute either the Agent or the Funds Administrator as a trustee for any holder of the Notes or of a participation therein, nor to impose on any such Person any duties or provide to a similar effect, it shall not obligations other than those expressly provided for in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerLoan Documents.

Appears in 1 contract

Samples: Credit Agreement (Kirby Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) The Company and each Bank Investor hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action act as its agent on its behalf and to exercise such powers under this Agreement and, and the other Transaction Documents with such powers and discretion as are specifically delegated to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. The Agent (which term as used in this sentence and in Section 5.5 and the first sentence of Section 5.6 hereof shall include its affiliates and its own and its affiliates' officers, subject to the terms hereof. No Agent directors, employees, and agents): (a) shall not have any duties or responsibilities, responsibilities except those expressly set forth herein in this Agreement and shall not be a trustee or fiduciary for the Company or any Bank Investor; (b) shall not be responsible to the Company or any Bank Investor for any recital, statement, representation, or warranty (whether written or oral) made in or in the other Facility Documents to which it is a party connection with any Transaction Document or any fiduciary relationship with certificate or other document referred to or provided for in, or received by any Secured Party and no implied covenantsof them under, functionsany Transaction Document, responsibilitiesor for the value, duties validity, effectiveness, genuineness, enforceability, or obligations or liabilities on the part sufficiency of such Agent shall be read into this Agreement any Transaction Document, or any other Facility Document document referred to which such or provided for therein or for any failure by any of the Issuer, AmeriCredit, AFC II or the Collection Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and Person to perform any of its obligations thereunder; (c) shall not be responsible for or have any duty to ascertain, inquire into, or verify the transactions contemplated hereby performance or thereby. As to observance of any matters not expressly provided for covenants or agreements by this Agreement any of the Issuer, AmeriCredit, AFC II or the other Facility Documents, no Collection Agent shall be required to exercise or the satisfaction of any discretion or take any action, but shall be required to act condition or to refrain from acting inspect the property (including the books and shall be fully protected in so acting or refraining from actingrecords) upon the written instructions of any of the Required Lenders Issuer, AmeriCredit, AFC II or the Collection Agent or any of their Subsidiaries or affiliates; (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent d) shall not be required to take initiate or conduct any litigation or collection proceedings under any Transaction Document; and (e) shall not be responsible for any action which exposes such Agenttaken or omitted to be taken by it under or in connection with any Transaction Document, in except for its judgment, to personal liability, cost own gross negligence or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Lawwillful misconduct. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent The Agent may employ agents and attorneys-in-fact and shall not be unreasonably withheld, provide responsible for the exercise negligence or misconduct of the Administrative Agent’s any such agents or attorneys-in-fact selected by it with reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannercare.

Appears in 1 contract

Samples: Note Purchase Agreement (Americredit Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby Investor irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Unit Purchase Documents as are delegated to such Agent it by the terms hereof of this Agreement and thereofthe other Unit Purchase Documents, together with such all powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or and the other Facility Unit Purchase Documents, no the Administrative Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingdoing) upon the written joint instructions of the Required Lenders (or, with respect to the Collateral Agent, the Holders which instructions shall be binding upon all Investors. The Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, (i) would expose it to personal liability, cost or expense or which (ii) is contrary to this AgreementAgreement or any applicable law, the other Facility Documents rule, regulation, judgment or Applicable Laworder, (iii) would require it to become registered to do business in any jurisdiction, or (iv) would be, in its judgment, contrary subject it to its duties hereunder, under any other Facility Document or under Applicable Lawtaxation. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide The provisions of this Article are solely for the exercise benefit of the Administrative Agent’s reasonable discretionAgent and the Investors, and neither the Company nor any other Obligor shall have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or provide to a similar effect, it shall not in its instructions any other Unit Purchase Documents (or by refusing to provide instructionany other similar term) with reference to the Administrative Agent withhold is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. Each Investor hereby authorizes and directs the Administrative Agent (i) to enter into the Intercreditor Agreement on its consent behalf, perform the Intercreditor Agreement on its behalf and take any actions thereunder as determined by the Administrative Agent to be necessary or exercise advisable to protect the interest of the Investors, and each Investor agrees to be bound by the terms of the Intercreditor Agreement; and (ii) to enter into any other intercreditor agreement satisfactory to the Administrative Agent on its discretion in an unreasonable mannerbehalf, perform such intercreditor agreement on its behalf and take any actions thereunder as determined by the Administrative Agent to be necessary or advisable to protect the interests of the Investors, and each Investor agrees to be bound by the terms of such intercreditor agreement.

Appears in 1 contract

Samples: Unit Purchase Agreement (USA Synthetic Fuel Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, DBTCA is hereby appointed the Administrative AgentAgent under this Agreement and the other Loan Documents and each Lender Party (in its capacities as a Lender and an Issuing Bank (if applicable)) hereby irrevocably appoints and authorizes the Administrative Agent to act as its agent in accordance with the terms of this Agreement and the Collateral other Loan Documents. The Administrative Agent agrees to act upon the express conditions contained in this Agreement and the other Loan Documents, as applicable. Subject to the express terms of this Agreement, each Lender Party irrevocably authorizes the Administrative Agent to take such action as agent on its such Person's behalf and to exercise such powers hereunder and under this Agreement and, to the extent applicable, the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to . The Administrative Agent have only those duties and responsibilities that are expressly specified in this Agreement and the terms hereofother Loan Documents and it may perform such duties by or through its agents or employees. No Neither Agent shall have any duties or responsibilitieshave, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part by reason of such Agent shall be read into this Agreement or any of the other Facility Document Loan Documents, a fiduciary relationship in respect of any Lender Party; and nothing in this Agreement or any of the other Loan Documents, expressed or implied, is intended to which such or shall be so construed as to impose upon either Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities obligations in respect of this Agreement or any of the other Facility Document and Loan Documents except as expressly set forth herein or therein. To the transactions contemplated hereby extent that the consent of the Lender Parties, or thereby. As to any matters of them, is not expressly provided for by required pursuant to this Agreement or Agreement, then the other Facility Documents, no Administrative Agent shall be required permitted to exercise any discretion take such actions as it deems necessary or take any action, but shall be required appropriate to act or to refrain from acting (fulfill it duties under this Agreement and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the other Loan Documents. The Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. The provisions of this Article VII are solely for the benefit of the Secured Parties, and no Loan Party or any other Person shall have any rights as a third party beneficiary of any of the provisions hereof. In performing its functions and duties under this Agreement and the other Facility Documents or Applicable LawLoan Documents, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent shall act solely as an agent of the Lender Parties and the Administrative Agent does not assume and shall not be deemed to have assumed any obligation towards or exercise its discretion in an unreasonable mannerrelationship of agency or trust with or for the Borrower or any other Loan Party.

Appears in 1 contract

Samples: Credit Agreement (Boca Resorts Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral AgentCapMAC, the Administrative Agent, Triple-A and the Surety (collectively with their respective successors and assigns, the "Secured Creditors") hereby irrevocably designates and appoints CapMAC as "Collateral Agent" under this Credit Agreement and each of the other Facility Documents, and authorizes the Administrative Agent and the Collateral Agent to take such action actions as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Collateral Agent by the terms hereof and thereofof the Facility Documents, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or Documents. In addition, the Collateral Agent shall not have any fiduciary relationship with any Secured Party Person, and no implied covenants, functions, responsibilities, duties or duties, obligations or liabilities on the part of such the Collateral Agent shall be read into the Facility Documents or otherwise exist for the Collateral Agent. The provisions of this Agreement Article XII govern the relationship between the Collateral Agent and the Secured Creditors and are solely for the benefit of the Collateral Agent and the Secured Creditors, and none of the Borrower, the Servicer, or any other Facility Document to which such Agent is a party Ag Services (if anycollectively, the "Other Parties") as duties on its part to be performed or observed. No Agent shall have any rights as a third-party beneficiary or be construed to have otherwise under any other duties or responsibilities in respect of the provisions of this Agreement or any other Facility Document Article XII. In performing its functions and duties under the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no the Collateral Agent shall be required to exercise any discretion or take any action, but act solely as agent for the Secured Creditors and does not assume nor shall be required deemed to act have assumed any obligation or to refrain from acting (and shall be fully protected in so acting relationship of trust or refraining from acting) upon the written instructions agency with or for any of the Required Lenders (or, with respect to the Other Parties or any of their respective successors or assigns. The Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, the Collateral Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other terms of any of the Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, applicable law. The appointment and authority of the Collateral Agent under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that shall terminate on the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerCollection Date.

Appears in 1 contract

Samples: Loan Agreement (Ag Services of America Inc)

Authorization and Action. (a) Each Lender Party (and, in the case of the Collateral Agentits capacities as a Lender, the Administrative AgentSwing Line Bank (if applicable) and as an Issuing Bank (if applicable)) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (oror such greater number of Lenders as may be required pursuant to this Agreement, with respect to the Collateral Agentand such instructions shall be binding upon all Lender Parties and all holders of Notes; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, the other Facility Documents no Person identified as a syndication agent, documentation agent, senior manager, joint lead arranger or Applicable Law, or would bejoint book running manager, in its judgmentsuch Person’s capacity as such, contrary shall have any obligations or duties to its duties hereunderany Loan Party, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold or any Lender Party under any of such Loan Documents. In its consent or exercise its discretion in an unreasonable manner.capacity as the Lender Parties’ contractual representative, the Administrative Agent is

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

Authorization and Action. (a) Each Issuing Bank and each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral each Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Issuing Bank and each Lender hereby acknowledges that no Agent shall have any duties or responsibilitieshave, except those expressly set forth herein or in the other Facility Documents to which it is by reason of this Agreement, assumed a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of any Lender. In performing its functions and duties under this Agreement Agreement, each Agent shall act solely as agent of Lenders and Issuing Bank and shall not assume, or be deemed to have assumed, any other Facility Document and the transactions contemplated hereby obligation toward, or therebyrelationship of agency or trust with or for, any Borrower. As to any matters not expressly provided for by this Agreement or and the other Facility Loan Documents, no each Agent may, but shall not be required to to, exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders, whenever such instruction shall be requested by an Agent or required hereunder, or a greater or lesser number of Lenders (orif so required hereunder, with respect to the Collateral Agent, the Administrative Agent)and such instructions shall be binding upon all Lenders; provided that such each Agent shall not be required fully justified in failing or refusing to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense any liability or which is contrary to this Agreement, the other Facility Loan Documents or Applicable Lawapplicable law, or would be, in its judgment, contrary unless each applicable Agent is indemnified to its duties satisfaction by the other Lenders against any and all liability and expense which it may incur by reason of taking or continuing to take any such action. If any Agent seeks the consent or approval of Majority Lenders (or a greater or lesser number of Lenders as required in this Agreement), with respect to any action hereunder, under such Agent shall send notice thereof to each Lender and shall notify each Lender at any other Facility Document or under Applicable Law. Each Lender agrees time that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions Majority Lenders (or by refusing such greater or lesser number of Lenders) have instructed such Agent to provide instruction) to the Administrative Agent withhold its consent act or exercise its discretion in an unreasonable mannerrefrain from acting pursuant hereto.

Appears in 1 contract

Samples: Loan and Security Agreement (Borden Chemical Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Bank hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent Funds Administrator to take such action as agent in such capacity on its such Bank’s behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Agent and the Funds Administrator, as the case may be, by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the Notes or of amounts owing under the other Facility Loan Documents), no the Agent and the Funds Administrator shall not be required to exercise any discretion or take any action, but such Person shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orMajority Banks, with respect to and such instructions shall be binding upon all Banks and any other holders of Notes; provided, however, that the Collateral Agent, Agent and the Administrative Agent); provided that such Agent Funds Administrator shall not be required to take any action which exposes such Agent, in its judgment, Person to personal liability, cost or expense liability or which is contrary to this Agreement, the Loan Documents or applicable law. Each of the Agent and the Funds Administrator is hereby expressly authorized on behalf of the other Facility Documents members of the Bank Group, (a) to receive on behalf of each of the other members of the Bank Group any payment of principal of or Applicable Lawinterest on the Loans outstanding hereunder and all other amounts accrued hereunder paid to such Persons, or would beand promptly to distribute to each other member of the Bank Group its proper share of all payments so received; (b) in the case of the Agent only, to give notice within a reasonable time on behalf of each other member of the Bank Group to the Borrower of any Default of which the Agent has actual knowledge as provided in its judgmentSection 8.09; (c) to distribute to the other members of the Bank Group copies of all notices, contrary agreements and other material as provided for in this Agreement as received by such Person; and (d) to its duties hereunderdistribute to the Borrower any and all requests, under demands and approvals received by such Person from any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise member of the Administrative Agent’s reasonable discretionBank Group. Nothing herein contained shall be construed to constitute either the Agent or the Funds Administrator as a trustee for any holder of the Notes or of a participation therein, nor to impose on any such Person any duties or provide to a similar effect, it shall not obligations other than those expressly provided for in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerLoan Documents.

Appears in 1 contract

Samples: Credit Agreement (Kirby Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner. If the Collateral Agent has been requested or directed by the Required Lenders to take any action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any Facility Document shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take any action that could in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral Agent shall not have any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement or any Facility Document or Related Document unless and until directed by the Required Lenders (or the Administrative Agent on their behalf). Neither the Collateral Agent nor any officer, agent or representative thereof shall be personally liable for any action taken by any such person in accordance with any notice given by the Required Lenders (or the Administrative Agent on their behalf) pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such person, the Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice, except where the Responsible Officer of the Collateral Agent has actual knowledge (without any duty of inquiry or investigation on its part) that such Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice. If any dispute or disagreement shall arise as to the allocation of any sum of money received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader. If in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, it may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within two (2) Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such two-Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. The Collateral Agent, the Collateral Administrator, the Backup Collateral Manager and the Custodian shall be under no obligation to (i) monitor, determine or verify the unavailability or cessation of LIBOR, LIBO Screen Rate, Daily Simple SOFR, Daily Simple RFR, SOFR, Term SOFR, Benchmark, Benchmark Replacement (or other applicable interest rate), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of (except as expressly provided herein), any Benchmark Transition Event or any amendment or change required to be made to the applicable interest rate, (ii) select, determine or designate any LIBOR, LIBO Screen Rate, Daily Simple SOFR, Daily Simple RFR, SOFR, Term SOFR, Benchmark, Benchmark Replacement or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) select, determine or designate any Benchmark Replacement Adjustment or other modifier to any replacement or successor index, or (iv) determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. The Collateral Agent, the Collateral Administrator, the Backup Collateral Manager and the Custodian shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of LIBOR, LIBO Screen Rate, Daily Simple SOFR, Daily Simple RFR, SOFR, Term SOFR, Benchmark, Benchmark Replacement (or other applicable interest rate) and absence of a designated replacement Interest Rate, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Administrative Agent or any Lender, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (PennantPark Floating Rate Capital Ltd.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as administrative agent on its behalf and to exercise such powers under this Agreement and, to and the extent applicable, the other Facility Documents Note as are delegated by such Lender to such it as Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated Agent hereby or therebyaccepts such authorization and appointment. As to any matters not expressly provided for by this Agreement and the Note or provided for with specific reference to this Section 9.1 (including, without limitation, enforcement or collection of the other Facility DocumentsNote), no the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingaction) upon the written instructions of the Required Lenders (Board or, with respect to if the Collateral AgentBoard Guarantee is no longer in full force and effect, the Administrative Agent)Requisite Lenders and such instructions shall be binding upon all Lenders; provided provided, however, that such the Agent shall not be required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Documents Board Guarantee, any Counter-Guarantee, any Counter-Guarantor Letter of Credit or Applicable Lawthe Note or applicable law. As to any provisions of this Agreement under which action may be taken or approval given by the Requisite Lenders or the Board or both, or would as the case may be, the action taken or approval given by the Requisite Lenders or the Board or both, as the case may be, shall be binding upon all Lenders to the same extent and with the same effect as if each Lender had joined therein. The Agent shall be entitled to rely upon any note, notice, consent, certificate, affidavit, letter, telegram, teletype message, facsimile transmission, statement, order or other document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons and, in its judgmentrespect of legal matters, contrary to its duties hereunder, under any other Facility Document or under Applicable Lawupon the opinion of counsel selected by the Agent. Each Lender agrees that in any instance in which The Agent may deem and treat the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise payee of the Administrative Note as the owner thereof for all purposes hereof unless and until a written notice of the assignment or transfer thereof shall have been filed with the Agent’s reasonable discretion. Any request, authority or provide to a similar effectconsent of any Person who at the time of making such request or giving such authority or consent is the holder of the Note shall be conclusive and binding on any subsequent holder, it shall not in its instructions (transferee or by refusing to provide instruction) to assignee of the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerNote.

Appears in 1 contract

Samples: Loan Agreement (America West Holdings Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby Noteholder irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Note Purchase Documents as are delegated to such Agent it by the terms hereof of this Agreement and thereofthe other Note Purchase Documents, together with such all powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or and the other Facility Note Purchase Documents, no the Administrative Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingdoing) upon the written joint instructions of the Required Lenders (or, with respect to the Collateral Agent, the Holders which instructions shall be binding upon all Noteholders. The Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, (i) would expose it to personal liability, cost or expense or which (ii) is contrary to this AgreementAgreement or any applicable law, the other Facility Documents rule, regulation, judgment or Applicable Laworder, (iii) would require it to become registered to do business in any jurisdiction, or (iv) would be, in its judgment, contrary subject it to its duties hereunder, under any other Facility Document or under Applicable Lawtaxation. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide The provisions of this Article are solely for the exercise benefit of the Administrative Agent’s reasonable discretionAgent and the Noteholders, and neither the Company nor any other Obligor shall have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term "agent" herein or provide to a similar effect, it shall not in its instructions any other Note Purchase Documents (or by refusing to provide instructionany other similar term) with reference to the Administrative Agent withhold its consent is not intended to connote any fiduciary or exercise its discretion in other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an unreasonable manneradministrative relationship between contracting parties. The Administrative Agent is hereby authorized and directed by the Noteholders to enter into any intercreditor agreement (including the Intercreditor Agreement) on their behalf with the Investors and/or the Second Lien Agent with respect to the first ranking priority of the Liens created pursuant to the Security Documents and the application of proceeds of the Collateral, and each Noteholder hereby approves and agrees to be bound by any such intercreditor agreement (including the Intercreditor Agreement).

Appears in 1 contract

Samples: Note Purchase Agreement (USA Synthetic Fuel Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Secured Parties hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Transaction Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Transaction Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such the Administrative Agent shall be read into this Agreement or any other Facility Transaction Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and otherwise exist for the transactions contemplated hereby or therebyAdministrative Agent. As to any matters not expressly provided for by this Agreement or the other Facility Transaction Documents, no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orMajority Banks; provided, with respect to the Collateral Agenthowever, that the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Transaction Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender Secured Party agrees that in any instance in which the Facility Transaction Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 1 contract

Samples: Credit and Security Agreement (Morgan Stanley Prime Income Trust)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Administrative Agent shall distribute a copy of all material modifications, amendments, extensions, consolidations, restatements, alterations, changes or revisions to any one or more of the Facility Documents (including, without limitation, waiver or consents entered into, executed or delivered by the Administrative Agent), to each of the Lenders. The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such the Administrative Agent shall be read into this Agreement or any other Facility Document to which such the Administrative Agent is a party (if any) as duties on its part to be performed or observed. No The Administrative Agent shall not have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent)Lenders; provided that such the Administrative Agent shall not be required to take any action which exposes such the Administrative Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner. Notwithstanding any other provision of this Agreement to the contrary, the Administrative Agent will request direction of the Required Lenders and take the direction of the Required Lenders prior to any action or inaction in all matters concerning the Facility Documents.

Appears in 1 contract

Samples: Credit and Security Agreement (Sezzle Inc.)

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Authorization and Action. (a) Each Lender Party (and, in the case of the Collateral Agentits capacities as a Lender, the Administrative AgentSwing Line Bank (if applicable), the Issuing Bank (if applicable) and a potential Hedge Bank) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto. The Administrative Agent, subject to the terms hereof. No Agent its Affiliates and its or its Affiliates directors, officers, agents and employees shall not have any duties or responsibilities, responsibilities except that those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement and shall not be 66 62 a trustee or fiduciary for any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyLender Party. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orLenders, with respect to the Collateral Agentand such instructions shall be binding upon all Lender Parties and all holders of Notes; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement, any Loan Document or applicable law or unless the other Facility Documents or Applicable Law, or would be, in its judgment, contrary Administrative Agent shall first be indemnified to its duties hereunder, under satisfaction by the Lender Parties against any other Facility Document or under Applicable Lawand all liability and expense which may be incurred by the Administrative Agent by reason of taking any such action. Each Lender Party (in its capacities as a Lender, the Swing Line Bank (if applicable), the Issuing Bank (if applicable) and a potential Hedge Bank) hereby agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to Agents other than the Administrative Agent withhold its consent shall have no duties under this Agreement or exercise its discretion in an unreasonable mannerapplicable law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrowers pursuant to the terms of this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Amdocs LTD)

Authorization and Action. (a) Each Lender Party (and, in the case of the Collateral Agentits capacities as a Lender, the Administrative AgentSwing Line Bank (if applicable) and as an Issuing Bank (if applicable) and on behalf of itself and its Affiliates as potential Hedge Banks) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orLenders, with respect to the Collateral Agentand such instructions shall be binding upon all Lender Parties and all holders of Notes; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law, including without limitation, for the avoidance of doubt, any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, the other Facility Documents no Person identified as a co-syndication agent, documentation agent, senior manager, sole lead arranger or Applicable Law, or would bebook-running manager, in its judgmentsuch Person’s capacity as such, contrary shall have any obligations or duties to its duties hereunderany Loan Party, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold or any other Lender Party under any of such Loan Documents. In its consent or exercise its discretion in an unreasonable mannercapacity as the Lender Parties’ contractual representative, the Administrative Agent is a “representative” of the Lender Parties as used within the meaning of “Secured Party” under Section 9-102 of the Uniform Commercial Code.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel OP, LP)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.. 106

Appears in 1 contract

Samples: Credit and Security Agreement (CION Investment Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Bank hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent in such capacity on its such Bank’s behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such Agent the Agent, by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the Notes or of amounts owing under the other Facility Loan Documents), no the Agent shall not be required to exercise any discretion or take any action, but such Person shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orMajority Banks, with respect to and such instructions shall be binding upon all Banks and any other holders of Notes; provided, however, that the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the Loan Documents or applicable law. The Agent is hereby expressly authorized on behalf of the other Facility Documents members of the Bank Group, (a) to receive on behalf of each of the other members of the Bank Group any payment of principal of or Applicable Lawinterest on the Loans outstanding hereunder and all other amounts accrued hereunder paid to the Agent, or would beand promptly to distribute to each other member of the Bank Group its proper share of all payments so received; (b) to give notice within a reasonable time on behalf of each other member of the Bank Group to the Borrower of any Default of which the Agent has actual knowledge as provided in Section 8.08; (c) to distribute to the other members of the Bank Group copies of all notices, agreements and other material as provided for in its judgmentthis Agreement as received by the Agent; and (d) to distribute to the Borrower any and all requests, contrary to its duties hereunder, under demands and approvals received by the Agent from any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise member of the Administrative Agent’s reasonable discretionBank Group. Nothing herein contained shall be construed to constitute the Agent as a trustee for any holder of the Notes or of a participation therein, nor to impose on the Agent any duties or provide to a similar effect, it shall not obligations other than those expressly provided for in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerLoan Documents.

Appears in 1 contract

Samples: Credit Agreement (Kirby Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s 's consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s 's reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner. If the Collateral Agent has been requested or directed by the Required Lenders to take any action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any Facility Document shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take any action that could in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral Agent shall not have any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement or any Facility Document or Related Document unless and until directed by the Required Lenders (or the Administrative Agent on their behalf). Neither the Collateral Agent nor any officer, agent or representative thereof shall be personally liable for any action taken by any such person in accordance with any notice given by the Required Lenders (or the Administrative Agent on their behalf) pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such person, the Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice, except where the Responsible Officer of the Collateral Agent has actual knowledge (without any duty of inquiry or investigation on its part) that such Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice. If any dispute or disagreement shall arise as to the allocation of any sum of money received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader. If in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, it may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within two (2) Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such two-Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.

Appears in 1 contract

Samples: Credit and Security Agreement (PennantPark Floating Rate Capital Ltd.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) The Company and each Bank Investor hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action act as its agent on its behalf and to exercise such powers under this Agreement and, and the other Transaction Documents with such powers and discretion as are specifically delegated to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof of this Agreement and thereofthe other Transaction Documents, together with such other powers as are reasonably incidental thereto. The Agent (which term as used in this sentence and in Section 5.4 and the first sentence of Section 5.3 hereof shall include its affiliates and its own and its affiliates' officers, subject to the terms hereof. No Agent directors, employees, and agents): (a) shall not have any duties or responsibilities, responsibilities except those expressly set forth herein in this Agreement and shall not be a trustee or fiduciary for the Company or any Bank Investor; (b) shall not be responsible to the Company or any Bank Investor for any recital, statement, representation, or warranty (whether written or oral) made in or in the other Facility Documents to which it is a party connection with any Transaction Document or any fiduciary relationship with certificate or other document referred to or provided for in, or received by any Secured Party and no implied covenantsof them under, functionsany Transaction Document, responsibilitiesor for the value, duties validity, effectiveness, genuineness, enforceability, or obligations or liabilities on the part sufficiency of such Agent shall be read into this Agreement any Transaction Document, or any other Facility Document document referred to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have provided for therein or be construed to have for any other duties failure by any of the Issuer, either Seller or responsibilities in respect of this Agreement the Servicer or any other Facility Document and Person to perform any of its obligations thereunder; (c) shall not be responsible for or have any duty to ascertain, inquire into, or verify the transactions contemplated hereby performance or thereby. As to observance of any matters not expressly provided for covenants or agreements by this Agreement any of the Issuer, either Seller or the other Facility Documents, no Agent shall be required to exercise Servicer or the satisfaction of any discretion or take any action, but shall be required to act condition or to refrain from acting inspect the property (including the books and shall be fully protected in so acting or refraining from actingrecords) upon the written instructions of any of the Required Lenders Issuer, either Seller or the Servicer or any of their Subsidiaries or affiliates; (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent d) shall not be required to take initiate or conduct any litigation or collection proceedings under any Transaction Document; and (e) shall not be responsible for any action which exposes such Agenttaken or omitted to be taken by it under or in connection with any Transaction Document, in except for its judgment, to personal liability, cost own gross negligence or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Lawwillful misconduct. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent The Agent may employ agents and attorneys-in-fact and shall not be unreasonably withheld, provide responsible for the exercise negligence or misconduct of the Administrative Agent’s any such agents or attorneys-in-fact selected by it with reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannercare.

Appears in 1 contract

Samples: Note Purchase Agreement (Firstcity Financial Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and irrevocably authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Credit Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Agent by the terms hereof and or thereof, together with such powers as are reasonably incidental thereto. Without limitation of the foregoing, subject each Lender hereby expressly authorizes the Agent to execute, deliver and perform its obligations hereunder and under each of the terms hereofLoan Documents to which the Agent is a party, and to exercise hereunder or thereunder all rights, powers and remedies that the Agent may have hereunder or thereunder. No Each Lender agrees that any action taken by the Agent shall have any duties in accordance with the provisions of this Credit Agreement or responsibilitiesthe Loan Documents, except those expressly and the exercise by the Agent of the powers set forth herein or in the therein, together with such other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenantspowers as are reasonably incidental thereto, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document authorized and the transactions contemplated hereby or therebybinding upon all Lenders. As to any matters not expressly provided for hereunder or by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsObligations), no the Agent shall will not be required to exercise any discretion or take any action, but shall will be required to act or to refrain from acting (and shall will be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders, and such instructions will be binding upon all the Lenders. The duties of the Agent will be mechanical and administrative in nature and the Agent will have no fiduciary relationship in respect of any Lender. If the Agent shall request instructions from any Lenders (or, with respect to the Collateral Agentany act or failure to act in connection with this Credit Agreement, the Administrative Agent); provided that such Credit Facilities or any of the Loan Documents, the Agent shall be entitled to refrain from such act or taking such action unless and until the Agent has received instructions and the Agent will have no liability to any Person or Lender by reason of so refraining. The Agent will not be required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost liability or expense or which is contrary to this Credit Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Security Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerapplicable law.

Appears in 1 contract

Samples: Reimbursement and Security Agreement (Multi Color Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Each Lender hereby acknowledges that Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is by reason of this Agreement assumed a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of any Lender. In performing its functions and duties under this Agreement Agreement, Agent shall act solely as agent of Lenders and shall not assume, or be deemed to have assumed, any other Facility Document and the transactions contemplated hereby obligation toward, or therebyrelationship of agency or trust with or for, any Borrower. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including without limitation enforcement and collection of the Notes), no Agent may, but shall not be required to to, exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders, whenever such instruction shall be requested by Agent or required hereunder, or a greater or lesser number of Lenders (orif so required hereunder, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders; provided, the Administrative Agent); provided that such Agent shall not be required fully justified in failing -------- or refusing to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense any liability or which is contrary to this Agreement, the other Facility Loan Documents or Applicable Lawapplicable law, unless Agent is indemnified to its satisfaction by the other Lenders against any and all liability and expense which it may incur by reason of taking or continuing to take any such action. If Agent seeks the consent or approval of Majority Lenders, Majority Term Loan B Lenders, or would bea greater or lesser number of Lenders as required in this Agreement, in its judgment, contrary with respect to its duties any action hereunder, under Agent shall send notice thereof to each Lender and shall notify each Lender at any other Facility Document or under Applicable Law. Each Lender agrees time that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheldMajority Lenders, provide for the exercise of the Administrative Agent’s reasonable discretionMajority Term Loan B Lenders, or provide such greater or lesser number of Lenders have instructed Agent to a similar effect, it shall not in its instructions (act or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerrefrain from acting pursuant hereto.

Appears in 1 contract

Samples: Loan and Security Agreement (Falcon Products Inc /De/)

Authorization and Action. (a) Each Lender (and, in the case and each subsequent holder of the Collateral Agent, the Administrative Agentany Revolving Credit Notes by its acceptance thereof) hereby irrevocably appoints and authorizes IDB, in its capacity as the Administrative Agent, (i) to receive on behalf of each Lender any payment of principal of or interest on the Revolving Credit Notes outstanding hereunder and all other amounts accrued hereunder paid to the Agent, and, subject to Section 3.01 of this Agreement and the other provisions of this Agreement, to distribute promptly to each Lender its Pro Rata Share of all payments so received, (ii) to distribute to each Lender, if so determined by the Agent, copies of all material notices and agreements received by the Agent and not required to be delivered to each Lender pursuant to the Collateral Agent terms of this Agreement, and (iii) subject to Section 9.03 of this Agreement, to take such action as agent the Agent deems appropriate on its behalf to administer the Letters of Credit and the Loan Documents and to exercise such other powers under this Agreement and, delegated to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof or the Loan Documents (including, without limitation, the power to give or to refuse to give notices, waivers, consents, approvals and thereofinstructions and the power to make or to refuse to make determinations and calculations), together with such powers as are reasonably incidental thereto, subject thereto to carry out the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party purposes hereof and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebythereof. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including, no without limitation, enforcement or collection of the Revolving Credit Notes), the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders, and such instructions of the Required Lenders (orshall be binding upon all Lenders and all holders of Revolving Credit Notes; provided, with respect however, that the L/C Issuer shall not be required to refuse to honor a drawing under any Letter of Credit and the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such which, in the reasonable opinion of the Agent, in its judgment, exposes the Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Documents Agreement or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Loan Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerapplicable law.

Appears in 1 contract

Samples: Credit Agreement (Alon USA Energy, Inc.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are xxxxx delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Each Lender hereby acknowledges that Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is by reason of this Agreement assumed a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of any Lender. In performing its functions and duties under this Agreement Agreement, Agent shall act solely as agent of Lenders and shall not assume, or be deemed to have assumed, any other Facility Document and the transactions contemplated hereby obligation toward, or therebyrelationship of agency or trust with or for, Borrowers. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including without limitation enforcement and collection of the Notes), no Agent may, but shall not be required to to, exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders, whenever such instruction shall be requested by Agent or required hereunder, or a greater or lesser number of Lenders (orif so required hereunder, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders; provided, the Administrative Agent); provided that such Agent shall not be required fully justified in failing or refusing to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense any liability or which is contrary to this Agreement, the other Facility Loan Documents or Applicable Lawapplicable law, or would be, in its judgment, contrary unless Agent is indemnified to its duties satisfaction by the other Lenders against any and all liability and expense which it may incur by reason of taking or continuing to take any such action. If Agent seeks the consent or approval of the Majority Lenders (or a greater or lesser number of Lenders as required in this Agreement), with respect to any action hereunder, under Agent shall send notice thereof to each Lender and shall notify each Lender at any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide time that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions Majority Lenders (or by refusing such greater or lesser number of Lenders) have instructed Agent to provide instruction) to the Administrative Agent withhold its consent act or exercise its discretion in an unreasonable mannerrefrain from acting pursuant hereto.

Appears in 1 contract

Samples: Loan and Security Agreement (D & K Healthcare Resources Inc)

Authorization and Action. Each Purchaser hereby designates and appoints (ai) Each Lender HSBC to act as its Agent hereunder and under each other Transaction Document, and (andii) the Managing Agent in its Purchase Group to act as its Managing Agent hereunder and under each other Transaction Document, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and such Purchaser’s Managing Agent, as the Collateral Agent case may be, to take such action actions as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to the Agent or such Managing Agent by the terms hereof of this Agreement and thereof, the other Transaction Documents together with such powers as are reasonably incidental thereto, subject to . Neither the terms hereof. No Agent nor the Managing Agents shall have any duties or responsibilities, except those expressly set forth herein or in the any other Facility Documents to which it is a party Transaction Document, or any fiduciary relationship with any Secured Party Purchaser, and no implied covenants, functions, responsibilities, duties or duties, obligations or liabilities on the part of such the Agent or the Managing Agents shall be read into this Agreement or any other Facility Transaction Document to which such or otherwise exist for the Agent is a party or the Managing Agents. In performing their functions and duties hereunder and under the other Transaction Documents, (if anyi) as duties on its part to be performed or observed. No the Agent shall have or be construed to have act solely as agent for the Purchasers, (ii) each Managing Agent shall act solely as managing agent for the Conduit Purchasers and Committed Purchasers in its Purchase Group, and (iii) neither the Agent nor any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Managing Agent shall be required deemed to exercise have assumed any discretion obligation or take relationship of trust or agency with or for any action, but shall be required to act Seller Party or to refrain from acting (and shall be fully protected in so acting any of such Seller Party’s successors or refraining from acting) upon assigns. Neither the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent nor any Managing Agent shall not be required to take any action which that exposes the Agent 10 Section 10.5 was added by Amendment No. 1. or such Agent, in its judgment, Managing Agent to personal liability, cost liability or expense or which that is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Transaction Document or under Applicable Lawapplicable law. The appointment and authority of the Agent and the Managing Agents hereunder shall terminate upon the indefeasible payment in full of all Aggregate Unpaids. Each Lender agrees that in any instance in which Purchaser hereby authorizes the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise Agent to file each of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it Uniform Commercial Code financing statements on behalf of such Purchaser (the terms of which shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerbe binding on such Purchaser).

Appears in 1 contract

Samples: Receivables Purchase Agreement (Hanesbrands Inc.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Bank hereby irrevocably appoints and authorizes ------------------------ the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or and the other Facility Loan Documents, no the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orMajority Banks, with respect to and such instructions shall be binding upon all Banks; provided, however, that the Collateral Agent, the Administrative Agent); provided that such Agent shall not be ----------------- required to take any action which exposes such Agent, in its judgment, judgment exposes the Agent to personal liability, cost or expense liability or which is contrary to this AgreementAgreement or applicable law. The Agent agrees to give to each Bank prompt notice of each notice given to it by Borrower or any other Loan Party pursuant to the terms of this Agreement or the other Loan Documents. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, the Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Agent have or be deemed to have any fiduciary relationship with any Bank, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Facility Documents Loan Document or Applicable Law, or would be, in its judgment, contrary to otherwise exist against the Agent. The Agent may execute any of its duties hereunder, under this Agreement or any other Facility Loan Document by or under Applicable Lawthrough agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may The Agent shall not be unreasonably withheld, provide responsible for the exercise negligence or misconduct of the Administrative Agent’s reasonable discretion, any agent or provide to a similar effect, attorney-in-fact that it shall not in its instructions (selects as long as such selection was made without gross negligence or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerwillful misconduct.

Appears in 1 contract

Samples: Credit Agreement (Loehmanns Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such the Administrative Agent shall be read into this Agreement or any other Facility Document to which such the Administrative Agent is a party (if any) as duties on its part to be performed or observed. No The Administrative Agent shall not have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby hereby, regardless of whether a Default or therebyEvent of Default has occurred and is continuing. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to or such other number or percentage of the Collateral Agent, Lenders as shall be necessary under the Administrative Agentcircumstances as provided in Section 15.01); provided that such the Administrative Agent shall not be required to take any action which exposes such the Administrative Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Applicable Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.. Except as expressly set forth in the Facility Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as the Administrative Agent or any of its Affiliates in any capacity. -103- 34881204v6 110062879

Appears in 1 contract

Samples: Credit Agreement (Newtek Business Services Corp.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Purchaser hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Agent shall have any no duties or responsibilities, responsibilities except those expressly set forth in this Agreement. The duties of the Agent shall be mechanical and administrative in nature, it shall not have by reason of this Agreement a fiduciary relationship in respect of any Purchaser and nothing in this Agreement or the other Facility Documents, expressed or implied, is intended to or shall be so construed as to impose upon the Agent any obligations in respect of this Agreement or the other Facility Documents except as expressly set forth herein or in the such other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyDocuments. As to any matters not expressly provided for by this Agreement or Agreement, the other Facility Documents, no Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingrefraining) upon the written instructions of the Required Lenders (orPurchasers, with respect to the Collateral Agentand such instructions shall be binding upon all Purchasers, the Administrative Agent); provided that such the Agent shall not be required to take any action which exposes such Agent, in its judgment, it to personal liability, cost or expense liability or which is contrary to this Agreementany Facility Document or applicable law and provided, further, that without the prior written consent of all Purchasers, the other Facility Documents Agent shall not, nor can the Agent be instructed to, change or Applicable Lawmodify (a) any requirement that any particular action be taken by the Required Purchasers or by all the Purchasers, (b) the definition of "Required Purchasers," (c) the Commitment Amount or would beany Purchasers' Pro Rate Share thereof, (d) the amount of the Commitment Fees or the Upfront Fee, (e) the Commitment Termination Date (except as provided in Section 2.3), (f) the date for payment of any Earned Yield or (g) the amount of the Earned Yield and provided, further, that the terms of Sections 5.1 and 13.2 and this Article shall not be amended without the prior written consent of the Agent (acting for its own account). In the absence of instructions from the Required Purchasers, the Agent shall have authority (but no obligation), in its judgmentsole discretion, contrary to its duties hereundertake or not to take any action, under unless this Agreement specifically requires the consent of all Purchasers or of the Required Purchasers and any other Facility Document such action or under Applicable Lawfailure to act shall be binding on all the Purchasers. Each Lender agrees that Purchaser shall execute and deliver such additional instruments, including powers of attorney in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise favor of the Administrative Agent’s reasonable discretion, as may be necessary or provide desirable to a similar effect, it shall not in its instructions (or by refusing enable the Agent to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerpowers hereunder.

Appears in 1 contract

Samples: Receivables Transfer Agreement (Trendwest Resorts Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyhereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative an Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative such Agent withhold its consent or exercise its discretion in an unreasonable manner. If the Collateral Agent has been requested or directed by the Administrative Agent or the Required Lenders to take any action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any Facility Document shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take any action that could in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral Agent shall not have any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement or any Facility Document or Related Document unless and until directed by the Required Lenders (or the Administrative Agent on their behalf). Neither the Collateral Agent nor any officer, agent or representative thereof shall be personally liable for any action taken by any such person in accordance with any notice given by the Required Lenders (or the Administrative Agent on their behalf) pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such person, the Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice, except where the Responsible Officer of the Collateral Agent has actual knowledge (without any duty of inquiry or investigation on its part) that such Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice. If any dispute or disagreement shall arise as to the allocation of any sum of money received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader. If in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, it may request written instructions from the Administrative Agent or the Required Lenders as to the course of action desired by it. If the Collateral Agent does not receive such instructions within two Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such two-Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. If the Administrative Agent fails to hold at least 20% of the Commitments, the Required Lenders may remove the Administrative Agent and appoint a successor Administrative Agent in accordance with Section 12.05.

Appears in 1 contract

Samples: Credit and Security Agreement (Monroe Capital Income Plus Corp)

Authorization and Action. (a1) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent it by the terms hereof and thereofof this Agreement, together with such the powers as are reasonably incidental thereto, subject to but the terms hereof. No Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party herein, and no implied covenants, functions, responsibilities, duties or duties, obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Credit Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and otherwise exist against the transactions contemplated hereby or therebyAdministrative Agent. As to any matters not expressly provided for by this Agreement or Agreement, the other Facility Documents, no Administrative Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingdoing) upon the written joint instructions of the Required Majority Lenders (orwhich instructions shall be binding upon all Lenders but, with respect to in the Collateral Agentabsence of any such instructions, the Administrative Agent); provided that Agent may (but shall not be obliged to) act as it shall deem fit in the best interests of the Lenders, and any such instructions and any action taken by the Administrative Agent in accordance herewith shall be binding upon each Lender. The Administrative Agent shall not, by reason of this Agreement, be deemed to be a trustee or fiduciary for the benefit of any Lender, the Borrower or any other Person. The Administrative Agent shall not be required to take any action which (i) exposes such Agent, in its judgment, it to personal liability, cost or expense or which ; (ii) is contrary to this Agreement, the other Facility Documents Agreement or Applicable any applicable Law, or ; (iii) would be, in its judgment, contrary require it to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that become registered to do business in any instance jurisdiction; or (iv) would subject it to taxation or additional taxation in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerany jurisdiction.

Appears in 1 contract

Samples: Credit Agreement (Sun Media Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, and each Issuer hereby appoints CNAI as the Administrative Agent) hereby irrevocably appoints Agent hereunder and each Lender and each Issuer authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to the Administrative Agent under such Agent by the terms hereof agreements and thereof, together with to exercise such powers as are reasonably incidental thereto. Without limiting the foregoing, subject each Lender and each Issuer hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations under, each of the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Loan Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Administrative Agent is a party party, to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents and, in the case of the Collateral Documents, to act as agent for the Lenders, Issuers and the other Secured Parties under such Collateral Documents. Each Lender and each Issuer hereby appoints (if anyi) JPMorgan Chase Bank as duties Syndication Agent and (ii) Mxxxxxx Lxxxx Capital Corporation as Documentation Agent, and hereby authorizes each of them to act in their respective capacity on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities behalf of such Lender and such Issuer in respect accordance with the terms of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyother Loan Documents. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including enforcement or collection), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required CREDIT AGREEMENT AMKOR TECHNOLOGY, INC. Requisite Lenders, and such instructions shall be binding upon all Lenders (orand each Issuer; provided, with respect to the Collateral Agenthowever, that the Administrative Agent); provided that such Agent shall not be required to take any action which that (i) the Administrative Agent in good faith believes exposes such Agent, in its judgment, it to personal liability, cost liability unless the Administrative Agent receives an indemnification satisfactory to it from the Lenders and the Issuers with respect to such action or expense or which (ii) is contrary to this Agreement, Agreement or applicable law. The Administrative Agent agrees to give to each Lender and each Issuer prompt notice of each notice given to it by any Loan Party pursuant to the terms of this Agreement or the other Facility Documents or Applicable LawLoan Documents. In performing its functions and duties hereunder and under the other Loan Documents, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold is acting solely on behalf of the Lenders and the Issuers except to the limited extent provided in Section 2.6(b), and its consent duties are entirely administrative in nature. The Administrative Agent does not assume and shall not be deemed to have assumed any obligation other than as expressly set forth herein and in the other Loan Documents or exercise any other relationship as the agent, fiduciary or trustee of or for any Lender, Issuer or holder of any other Obligation. The Administrative Agent may perform any of its discretion duties under any Loan Document by or through its agents or employees. The Lead Arranger shall have no obligations or duties whatsoever in an unreasonable mannersuch capacity under this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity. Notwithstanding anything to the contrary contained in this Agreement, each of the Documentation Agent and the Syndication Agent is a Lender designated as “Documentation Agent” or “Syndication Agent”, as the case may be, for title purposes only and in such capacity shall have no obligations or duties whatsoever under this Agreement or any other Loan Document to any Loan Party, any Lender or any Issuer and shall have no rights separate from its rights as a Lender except as expressly provided in this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Amkor Technology Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any no duties or responsibilities, responsibilities except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, this Agreement. The duties or obligations or liabilities on the part of such Agent shall be read into mechanical and administrative in nature; Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement or the other Loan Documents, expressed or implied, is intended to or shall be so construed as to impose upon Agent any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities obligations in respect of this Agreement or the other Loan Documents except as expressly set forth herein. In any other Facility instance where Agent is required or permitted to consent to or approve any action of Borrowers under this Agreement, such consent or approval shall be deemed to be administrative in nature and may be given or withheld in Agent's sole discretion unless the Loan Document and the transactions contemplated hereby or therebystates otherwise. As to any matters not expressly provided for by this Agreement Agreement, including enforcement or collection of the other Facility DocumentsLoans, no Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingrefraining) upon the written instructions of the Required Lenders (orMajority Lenders, with respect to the Collateral Agentand such instructions shall be binding on all Lenders, the Administrative Agent); provided PROVIDED that such Agent shall not be required to take any action which exposes such Agent, in its judgment, Agent to personal liability, cost or expense liability or which is contrary to this Agreementthe Loan Documents or applicable law. Without the consent of all Lenders, the other Facility Documents Agent shall not: - Change any Lender's Commitment or Applicable Law, the total of all Lenders' Commitments. - Change the definition of Majority Lenders. - Change the timing or would be, rates of interest payments. - Change the timing or amounts of principal payment due in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise respect of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerLoans.

Appears in 1 contract

Samples: Loan Agreement (Northwest Pipe Co)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Investor and Certificateholder hereby irrevocably designates and appoints TSO-Fortiva Notes Holdco LP, as Agent hereunder, and authorizes the Administrative Agent and the Collateral Agent to take such action actions as agent on its behalf behalf, including execution of the other Transaction Documents, and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Agent by the terms hereof and thereof, of this Agreement together with such actions and powers as are reasonably incidental thereto, subject to the terms hereof. No The Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party herein, or any fiduciary relationship with any Secured Party the Investor, and no implied covenants, functions, responsibilities, duties or duties, obligations or liabilities on the part of such the Agent shall be read into this Agreement or any other Facility Document to which such Agent otherwise exist for the Agent, regardless of whether an Event of Default or Early Redemption Event has occurred and is a party (if any) as continuing. In performing its functions and duties on its part to be performed or observed. No hereunder, the Agent shall have or act solely as agent for the Investors and the Certificateholder and does not assume nor shall be construed deemed to have assumed any other duties obligation or responsibilities in respect relationship of trust or agency with or for the Issuer, the Transferor or the Servicer or any of their successors or assigns. The provisions of this Agreement or any other Facility Document and Article are solely for the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions benefit of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that Investors and the Certificateholder, and none of the Issuer, the Transferor or the Servicer shall have any rights as a third party beneficiary of any such provisions. The Agent shall not be required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost or expense liability or which is contrary to this AgreementAgreement or applicable law. Without limiting the generality of the foregoing, (i) the Agent shall not have any duty to take any discretionary action or exercise any discretionary powers; provided that, the other Facility Documents or Applicable Law, or would beAgent shall not be required to take any action that, in its judgmentopinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to its duties hereunderany Transaction Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any applicable law, and (ii) except as expressly set forth in the Transaction Documents, the Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Issuer, the Transferor, the Servicer or any of their respective Affiliates that is communicated to or obtained by the Agent or any of its Affiliates in any capacity. The Agent shall be deemed not to have knowledge of any Event of Default or Early Redemption Event unless and until written notice thereof is given to Agent by the Issuer, the Transferor, the Servicer or an Investor, and the Agent shall not be responsible for or have any duty to ascertain or inquire into (A) any statement, warranty or representation made in or in connection with any Transaction Document, (B) the contents of any certificate, report or other Facility document delivered hereunder or in connection with any Transaction Document, (C) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Transaction Document, (D) the validity, enforceability, effectiveness or genuineness of any Transaction Document or under Applicable Law. Each Lender agrees that any other agreement, instrument or document, (E) the creation, perfection or priority of Liens on the Trust Estate or the existence of the Trust Estate or (F) the satisfaction of any condition set forth in Article III or elsewhere in any instance in which Transaction Document, other than to confirm receipt of items expressly required to be delivered to the Facility Documents provide that the Administrative Agent’s consent may . The Agent shall not be unreasonably withheld, provide liable or responsible for the exercise any act or omission of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerAccount Bank.

Appears in 1 contract

Samples: Purchase Agreement (Atlanticus Holdings Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent Agent, the Collateral Administrator and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party party, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner. If the Collateral Agent has been requested or directed by the Majority Lenders or the Required Lenders, as applicable (or by the Administrative Agent acting at the direction of the Majority Lenders or the Required Lenders), to take any action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any other Facility Document shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take any action that could in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral Agent shall not have any duty or obligation to take any action to exercise or enforce any power, right or 116 remedy available to it under this Agreement or any other Facility Document or any Related Document unless and until directed by the Majority Lenders or the Required Lenders, as applicable (or the Administrative Agent on their behalf). Neither the Collateral Agent nor any officer, agent or representative thereof shall be personally liable for any action taken by any such Person in accordance with any notice given by the Majority Lenders or the Required Lenders, as applicable (or by the Administrative Agent acting at the direction of the Majority Lenders or the Required Lenders), pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such Person, the Majority Lenders or the Required Lenders, as applicable, or Persons purporting to be the Majority Lenders or the Required Lenders, as applicable, are not entitled to give such notice, except where the Responsible Officer of the Collateral Agent has actual knowledge (without any duty of inquiry or investigation on its part) that the Majority Lenders or the Required Lenders, as applicable, or Persons purporting to be the Majority Lenders or the Required Lenders, as applicable, are not entitled to give such notice. The Collateral Agent shall be entitled to conclusively rely upon directions provided by the Administrative Agent as if provided by the requisite Lenders authorized to provide such direction hereunder. If any dispute or disagreement shall arise as to the allocation of any sum of money received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader. If in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, it may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within five Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such five-Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.

Appears in 1 contract

Samples: Credit and Security Agreement (Main Street Capital CORP)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Transaction Documents as are delegated to such the Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsTransaction Documents (including, no without limitation, enforcement or collection of the Term Loan Notes), the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orMajority Lenders, with respect to and such instructions shall be binding upon all Lenders; provided, however, that the Collateral Agent, the Administrative Agent); provided that such Agent shall not be -------- ------- required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost or expense liability or which is contrary to this AgreementAgreement or the other Transaction Documents or applicable law. Subject to the foregoing provisions and to the other provisions of this Article 11, the other Facility Documents Agent shall, on behalf of the Lenders: (a) execute any documents on behalf of the Lenders providing collateral for or Applicable Lawguarantees of the Lender Obligations; (b) hold (or designate a custodian to hold) and apply any collateral for the Lender Obligations, or would beand the proceeds thereof, at any time received by it, in its judgmentaccordance with the provisions of this Agreement and the other Transaction Documents; (c) exercise any and all rights, contrary powers and remedies of the Lenders under this Agreement or any of the other Transaction Documents, including the giving of any consent or waiver or the entering into of any amendment, subject to its duties the provisions of Section 14.1; (d) at the direction of the Lenders, execute, deliver and file UCC financing statements, mortgages, deeds of trust, lease assignments and such other agreements in respect of any collateral for the Lender Obligations, and possess instruments included in the collateral on behalf of the Lenders; and (e) in the event of acceleration of the Borrowers' Indebtedness hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which act at the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise direction of the Administrative Agent’s reasonable discretion, or provide Majority Lenders to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to exercise the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerrights of the Lenders hereunder and under the other Transaction Documents.

Appears in 1 contract

Samples: Loan Agreement (Pacific Aerospace & Electronics Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) Bank hereby irrevocably appoints ABN as Agent and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and perform such duties under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Agent by the terms hereof and or thereof, together with such powers as are reasonably incidental thereto, subject . The duties and obligations of the Agent are strictly limited to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party provided for herein, and no implied covenants, functions, responsibilities, duties or duties, obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and otherwise exist against the transactions contemplated hereby or therebyAgent. As to any matters not expressly provided for by this Agreement the Loan Documents (including enforcement of the Loan Documents or collection of any amounts due thereunder), the other Facility Documents, no Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orMajority Banks, with respect to and such instructions shall be binding upon all Banks; provided, however, that except for action expressly required of the Collateral AgentAgent hereunder, the Administrative Agent); provided Agent shall in all cases be fully justified in failing or refusing to act under any Loan Document unless it shall be indemnified to its satisfaction by the Banks against any and all liability and expense which may be incurred by reason of taking or continuing to take any such action, and that such the Agent shall not in any event be required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Documents any Loan Document or Applicable Lawapplicable law. Nothing in any Loan Document shall, or would beshall be construed to, in constitute the Agent a trustee or fiduciary for any Bank or the Issuing Bank. In performing its judgment, contrary to its functions and duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that Agent shall act solely as the Administrative Agent’s consent may agent of the Banks and does not assume and shall not be unreasonably withheld, provide deemed to have assumed any obligation towards or relationship of agency or trust with or for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerBorrower.

Appears in 1 contract

Samples: Credit Agreement (Watkins Johnson Co)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders, and such instructions shall be binding upon all Lenders (orand all holders of Notes; provided, with respect to the Collateral Agent, however that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, no Person identified as a syndication agent, documentation agent, senior manager, lead arranger or book running manager, in such Person’s capacity as such, shall have any obligations or duties to any Loan Party, the Administrative Agent or any other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, Lender under any of such Loan Documents. The obligations of Administrative Agent hereunder are primarily administrative in nature, and nothing contained in this Agreement or any of the other Facility Document Loan Documents shall be construed to constitute the Administrative Agent as a trustee for any Lender or under Applicable Lawto create an agency or fiduciary relationship. Each Lender agrees that in any instance in which Administrative Agent shall act as the Facility Documents provide contractual representative of the Lenders hereunder and notwithstanding the use of the term ‘Administrative Agent’, it is understood and agreed that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it Agent shall not have any fiduciary duties or responsibilities to any Lender by reason of this Agreement or any other Loan Document and is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in its instructions (or by refusing to provide instruction) to this Agreement and the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerother Loan Documents.

Appears in 1 contract

Samples: Secured Term Loan Agreement (American Campus Communities Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. The Collateral Agent’s services hereunder shall be conducted through its Corporate Trust Services division (including, as applicable, any agents or Affiliates utilized thereby). No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 1 contract

Samples: Credit and Security Agreement (Blackstone Private Credit Fund)

Authorization and Action. (a) Each Subject to Section 7.01(b), until all amounts owed to the Initial Lender (andin respect of its Note(s) are paid in full in cash, in the case of the Collateral Agent, the Administrative Agent) each Lender hereby irrevocably appoints and authorizes MGIC to act as the Administrative Agent and the Collateral Agent to take such action as agent Administrative Agent and Collateral Agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent and the Collateral Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, . As to any matters expressly provided for in this Agreement and the other Loan Documents as being subject to the terms hereof. No discretion of the Administrative Agent shall have any duties or responsibilitiesthe Collateral Agent, except those expressly set forth herein or in as the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenantscase may be, functions, responsibilities, duties or obligations or liabilities on the part of such Agent matters shall be read into this Agreement subject to the sole discretion of the Administrative Agent or any other Facility Document to which such Agent is a party (if any) the Collateral Agent, as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document the case may be, and the transactions contemplated hereby or therebytheir respective directors, officers, agents and employees. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents (including, no without limitation, enforcement or collection of the Loan), neither the Administrative Agent nor the Collateral Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orLenders, with respect to and such instructions shall be binding upon all Lenders; provided, however, that neither the Administrative Agent nor the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, the Administrative Agent or the Collateral Agent to personal liability, cost liability or expense or which that is contrary to this Agreement, the other Facility Loan Documents or Applicable Law. During any time that a Key Man Event has occurred with respect to both of the individuals referred to in the definition thereof, or would be(a) the Administrative Agent and the Collateral Agent agree to use reasonable commercial efforts to give to each Lender prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement and the other Loan Documents and (b) the Borrower agrees to simultaneously give each Lender other than the Initial Lender (and, in its judgment, contrary to its duties hereunder, under at any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide time that the Administrative Agent or the Collateral Agent’s consent , as the case may be, is not be unreasonably withheldMGIC or an Affiliate of MGIC, provide for the exercise Initial Lender) a copy of each report or other written information provided by the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) Borrower to the Administrative Agent withhold and/or the Collateral Agent. Except for the contractual duties expressly provided in this Agreement or any other Loan Document, each Lender (by acceptance of its consent Note) acknowledges and agrees that neither the Administrative Agent nor the Collateral Agent nor any Affiliate of any such Person insofar as any such Person is an Affiliate of the Initial Lender (collectively, the “Initial Lender Group”) has any duties, fiduciary or exercise otherwise, to such Lender in connection with the transactions contemplated by the Loan Documents and that each Person in the Initial Lender Group may seek to enforce what it perceives are the obligations of the Borrower hereunder in whatever manner such Person determines is in its discretion in an unreasonable mannerbest interest.

Appears in 1 contract

Samples: Credit Agreement (Mgic Investment Corp)

Authorization and Action. (a) Each Lender (andPurchaser hereby designates and appoints Bank One to act as Agent hereunder and under each other Transaction Document, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral such Purchaser’s Managing Agent to take such action actions as agent the Agent or Managing Agent, as the case may be, on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to the Agent or such Agent Managing Agent, respectively, by the terms hereof of this Agreement and thereof, the other Transaction Documents together with such powers as are reasonably incidental thereto, subject to . Neither the terms hereof. No Agent nor any Managing Agent shall have any duties or responsibilities, except those expressly set forth herein or in the any other Facility Documents to which it is a party Transaction Document, or any fiduciary relationship with any Secured Party Purchaser, and no implied covenants, functions, responsibilities, duties or duties, obligations or liabilities on the part of such the Agent or any Managing Agent shall be read into this Agreement or any other Facility Transaction Document to which or otherwise exist for the Agent or such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyManaging Agent. As to any matters not expressly provided for by this Agreement (including, without limitation, any 40 enforcement or collection activity), neither the other Facility Documents, no Agent nor any Managing Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders Investors. In performing its functions and duties hereunder and under the other Transaction Documents, (or, with respect to i) the Collateral Agent, the Administrative Agent); provided that such Agent shall not act solely as agent for the Purchasers, (ii) each Managing Agent shall act solely as agent for the Conduits and Investors in its related Purchase Group and (iii) neither the Agent nor any Managing Agent shall assume or be deemed to have assumed any obligation or relationship of trust or agency with or for the Seller, or any of its successors or assigns, or any Swap Counterparty, or any of its successors or assigns. Neither the Agent nor any Managing Agent shall be required to take any action which exposes the Agent or such Agent, in its judgment, Managing Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Transaction Document or under Applicable Lawapplicable law. The appointment and authority of the Agent hereunder shall terminate upon the indefeasible payment in full of all Aggregate Unpaids and all Interest Rate Swap Obligations owing to Bank One, as Swap Counterparty. The appointment and authority of any Managing Agent hereunder shall terminate upon the indefeasible payment in full of all Aggregate Unpaids owing to all members of such Managing Agent’s Purchase Group. Each Lender agrees that in any instance in which Purchaser hereby authorizes the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise Agent to execute and/or file each of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it Uniform Commercial Code financing statements on behalf of such Purchaser (the terms of which shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerbe binding on such Purchaser).

Appears in 1 contract

Samples: Receivables Purchase Agreement (Bon Ton Stores Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No ‎No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or nor any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Barings Private Credit Corp)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or nor any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Majority Lenders (or, with respect to the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

Appears in 1 contract

Samples: Credit and Security Agreement (Barings Private Credit Corp)

Authorization and Action. (a) Each Lender Party (andin its capacities as a Lender, in the case a Swing Line Bank (if applicable), and as an Issuing Bank (if applicable) and on behalf of the Collateral Agent, the Administrative Agentitself and its Affiliates as potential Hedge Banks) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes, no the Advances and the Obligations), the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orLenders, with respect to the Collateral Agentand such instructions shall be binding upon all Lender Parties; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, it to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender Party prompt notice of each notice given to it by any Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, the other Facility Documents no Person identified as a syndication agent, documentation agent, senior managing agent, joint lead arranger or Applicable Law, or would bejoint book running manager, in its judgmentsuch Person’s capacity as such, contrary shall have any obligations or duties to its duties hereunderany Loan Party, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerany other Secured Party under any of such Loan Documents. Each initial Lender hereby authorizes the Administrative Agent to execute and deliver the Post-Closing Letter Agreement on behalf of such Lender.

Appears in 1 contract

Samples: Global Senior Credit Agreement (Digital Realty Trust, L.P.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Agent by the terms hereof and thereofhereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Agent shall have any no duties or responsibilities, responsibilities except those expressly set forth herein or in this Agreement. The duties of the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into mechanical and administrative in nature; the Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender; and nothing in this Agreement or the other Loan Documents, expressed or implied, is intended to or shall be so construed as to impose upon the Agent any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities obligations in respect of this Agreement or any the other Facility Document and the transactions contemplated hereby or therebyLoan Documents except as expressly set forth herein. As to any matters not expressly provided for by this Agreement Agreement, including enforcement or collection of the other Facility DocumentsLoans, no the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingrefraining) upon the written instructions of the Required Majority Lenders, and such instructions shall be binding upon all Lenders (orand any holders of any Committed Loan Note or Bid Loan Note, with respect to PROVIDED that the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, the Agent to personal liability, cost or expense liability or which is contrary to this Agreementthe Loan Documents or applicable law and PROVIDED, FURTHER, that without the consent of all Lenders, the other Facility Documents Agent shall not change or Applicable Lawmodify the Total Commitment, any Lender's Commitment, the definition of "Majority Lenders", the conditions precedent set forth in Article III, the timing or rates of interest payments, the timing or amount of facility fees, the timing or amounts of principal payments due in respect of Loans, or would bethe terms of the prohibition against any merger by Borrower or any Subsidiary pursuant to Section 6.02, and PROVIDED, FURTHER, that the terms of Section 2.07, Section 2.14(b) and this Article VIII shall not be amended without the prior written consent of the Agent (acting for its own account). In the absence of instructions from the Majority Lenders, the Agent shall have authority (but no obligation), in its judgmentsole discretion, contrary to its duties hereundertake or not to take any action, under unless this Agreement specifically requires the consent of the Lenders or the consent of the Majority Lenders and any other Facility Document such action or under Applicable Lawfailure to act shall be binding on all the Lenders and on all holders of the Committed Loan Notes and Bid Loan Notes. Each Lender agrees that and each holder of any Committed Loan Note or Bid Loan Note shall execute and deliver such additional instruments, including powers of attorney in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise favor of the Administrative Agent’s reasonable discretion, as may be necessary or provide desirable to a similar effect, it shall not in its instructions (or by refusing enable the Agent to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerpowers hereunder.

Appears in 1 contract

Samples: Extended Revolving Credit Agreement

Authorization and Action. (a) Each Lender (and, in and the case of the Collateral Agent, the Administrative Agent) Board hereby irrevocably appoints and authorizes each of the Administrative Agent and the Collateral Agent to take such action as administrative agent and collateral agent, respectively, on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated by such Lender to such it as Agent or Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to and each of the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated Collateral Agent hereby or therebyaccepts such authorization and appointment. As to any matters not expressly provided for by this Agreement or and the other Facility DocumentsLoan Documents or provided for with specific reference to this Section 9.1 (including, no without limitation, enforcement or collection of any Note), neither the Agent nor the Collateral Agent shall be required to exercise any discretion or take any action, but each of the Agent and the Collateral Agent shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingaction) upon the written instructions of the Required Lenders (Board or, with respect to if the Board Guaranty is no longer in full force and effect, the Requisite Lenders, and such instructions shall be binding upon all Lenders and the Board; provided, however, that neither the Agent nor the Collateral Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, either the Agent or the Collateral Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the Board Guaranty, any other Facility Documents Loan Document or Applicable Lawapplicable law. As to any provisions of this Agreement or any other Loan Document under which action may be taken or approval given by less than all of the Lenders or the Board or both, or would as the case may be, in its judgmentthe action taken or approval given by the required Lenders or the Board or both, contrary as the case may be, shall be binding upon all Lenders and the Board to its duties hereunder, under any other Facility Document or under Applicable Lawthe same extent and with the same effect as if each Lender and the Board had joined therein. Each Lender agrees that of the Agent and the Collateral Agent shall be entitled to rely upon any note, notice, consent, certificate, affidavit, letter, telegram, teletype message, facsimile transmission, statement, order or other document, instrument or writing believed by it to be genuine and correct and to have been signed or sent by the proper person or persons and, in respect of legal matters, upon the opinion of counsel selected by the Agent or the Collateral Agent. Each of the Agent and the Collateral Agent may deem and treat the payee of the Notes as the owner thereof for all purposes hereof unless and until a written notice of the assignment or transfer thereof shall have been filed with the Agent and the Collateral Agent. Any request, authority or consent of any instance in which Person who at the Facility Documents provide time of making such request or giving such authority or consent is the holder of the Loan shall be conclusive and binding on any subsequent holder, transferee or assignee of the Loan. Upon any delivery of any instructions to the Collateral Agent by the Requisite Lenders pursuant to this Agreement, the Agent shall certify to the Collateral Agent that the Administrative Agent’s consent may not be unreasonably withheld, provide for Lenders delivering such instructions constitute the exercise of Requisite Lenders under the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerAgreement.

Appears in 1 contract

Samples: Loan Agreement (Us Airways Inc)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agentwith respect to clause (ii) only, the Administrative Agenteach Participant) hereby irrevocably appoints and authorizes (i) the Administrative Agent and the Collateral Agent to take such action as administrative agent on its behalf and to exercise such powers under this Agreement and, to the extent applicableAgreement, the Notes and the other Facility Loan Documents as are delegated by such Lender to it as Agent by the terms hereof and thereof and (ii) the Collateral Agent to take such action as collateral agent on its behalf and to exercise such powers under the Security Documents as are delegated by such Lender and such Participant to it as Collateral Agent by the terms hereof and thereof, together together, in each case, with such powers as are reasonably incidental thereto, subject to thereto (the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated Collateral Agent are referred to in this Article VIII individually as a “Facility Agent” and collectively, as the “Facility Agents”), and each Facility Agent hereby or therebyaccepts such authorization and appointment. As to any matters not expressly provided for by this Agreement Agreement, the Notes, the Security Documents or any other Loan Document or provided for with specific reference to this Section 8.1(including, without limitation, enforcement or collection of the other Notes), neither Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from actingaction) upon the written instructions of the Required Requisite Lenders (orand such instructions shall be binding upon all Lenders; provided, with respect to the Collateral Agenthowever, the Administrative Agent); provided that such neither Facility Agent shall not be required to take any action which exposes such Agent, in its judgment, Facility Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Security Documents, any Participation Agreement, any Note or applicable law. As to any provision of this Agreement, the Security Documents or Applicable Lawany other Loan Document under which action may be taken or approval given by the Requisite Lenders, the action taken or would beapproval given by the Requisite Lenders shall be binding upon all Lenders and Participants to the same extent and with the same effect as if each Lender and each Participant had joined therein. Each Facility Agent shall be entitled to rely upon any note, notice, consent, certificate, affidavit, letter, telegram, teletype message, facsimile transmission, statement, order, other document or other instrument or writing believed by it to be genuine and correct and to have been signed or sent by the proper person or persons and, in respect of legal matters, upon the opinion of counsel selected by such Facility Agent. The Agent may deem and treat the payee of each Note as the owner thereof for all purposes hereof unless and until a written notice of the assignment or transfer thereof shall have been filed with the Agent. Any request, authority or consent of any Person who at the time of making such request or giving such authority or consent is the holder of a Note shall be conclusive and binding on any subsequent holder, transferee or assignee of such Note. Subject to the proviso contained in Section 8.7(b), neither Facility Agent shall be required to expend or risk any of its judgment, contrary to own funds or otherwise incur any financial or other liability in the performance of any of its duties hereunder. Upon any delivery of any instructions to the Collateral Agent by the Requisite Lenders pursuant to this Agreement, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide Agent shall certify to the Collateral Agent that the Administrative Agent’s consent may not be unreasonably withheld, provide for Lenders delivering such instructions constitute the exercise Requisite Lenders under this Agreement. Without limiting the generality of the Administrative Agent’s reasonable discretionforegoing, or provide each Lender and Participant hereby authorizes and directs the Collateral Agent to a similar effectenter into the Security Documents on its behalf, it shall not in its instructions (or by refusing and acknowledges and agrees to provide instruction) all of the terms and conditions thereof and agrees to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerbe bound thereby.

Appears in 1 contract

Samples: Loan Agreement

Authorization and Action. (a) Each Lender and each L/C Issuer (and, in the case its capacity as such and on behalf of the Collateral Agent, the Administrative Agentitself and its Affiliates as potential Lender Counterparties (if applicable)) hereby irrevocably appoints and authorizes MSSF to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents, as applicable, for the benefit of the Secured Parties, and hereby irrevocably appoints MSSF to act on its behalf as the Collateral Agent hereunder and under the other Credit Documents, as applicable, for the benefit of the Secured Parties, and each such Lender and each such L/C Issuer irrevocably authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Credit Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Credit Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes or Loans), no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Requisite Lenders (or, with respect to the Collateral Agentif required hereby, the Administrative Agentall Lenders), and such instructions shall be binding upon all Lenders, all L/C Issuers, all Lender Counterparties and all holders of Notes; provided provided, however, that such no Agent shall not be required to take any action which that exposes such Agent, in its judgment, Agent to personal liability, cost liability or expense or which that is contrary to this AgreementAgreement or applicable law. Without any further consent of the Lenders, the other Facility Documents L/C Issuers or Applicable Lawany Lender Counterparty, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not Agent and the Collateral Agent shall be unreasonably withheldauthorized to negotiate, provide for the exercise execute and deliver on behalf of the Administrative Agent’s reasonable discretion, Secured Parties any Intercreditor Agreement or provide to a similar effect, it shall not in its instructions any amendment (or by refusing to provide instructionamendment and restatement) to the Administrative Agent withhold its consent or exercise its discretion Collateral Documents that is, in an unreasonable mannereach case, consistent with the terms of this Agreement.

Appears in 1 contract

Samples: Pledge and Security Agreement (Lannett Co Inc)

Authorization and Action. (a) Each Lender (and, in the case its capacities as a Lender and a Swing Line Bank (if applicable) and on behalf of the Collateral Agent, the Administrative Agentitself and its Affiliates as potential Hedge Banks) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Loan Documents (including, without limitation, enforcement or collection of the other Facility DocumentsAdvances), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (orLenders, with respect to the Collateral Agentand such instructions shall be binding upon all Lenders; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that exposes such Agent, in its judgment, it to personal liability, cost liability or expense or which that is contrary to this Agreement or applicable law. The Administrative Agent agrees to give to each Lender prompt notice of each notice given to it by each Borrower pursuant to the terms of this Agreement. Notwithstanding anything to the contrary in any Loan Document, the other Facility Documents no Person identified as a syndication agent, documentation agent, senior manager, coordinating bank, arranger or Applicable Law, or would bejoint book running manager, in its judgmentsuch Person’s capacity as such, contrary shall have any obligations or duties to its duties hereunderany Loan Party, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerany other Lender Party under any of such Loan Documents. Each initial Lender hereby authorizes the Administrative Agent to execute and deliver the Post-Closing Letter Agreement on behalf of such Lender.

Appears in 1 contract

Samples: Revolving Credit Agreement (Digital Realty Trust, L.P.)

Authorization and Action. (a) Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such the Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No The Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party Documents, or any fiduciary relationship with any Secured Party Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such the Administrative Agent shall be read into this Agreement or any other Facility Document to which such the Administrative Agent is a party (if any) as duties on its part to be performed or observed. No The Administrative Agent shall not have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby hereby, regardless of whether a Default or therebyEvent of Default has occurred and is continuing. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to or such other number or percentage of the Collateral Agent, Lenders as shall be necessary under the Administrative Agentcircumstances as provided in Section 15.01); provided that such the Administrative Agent shall not be required to take any action which exposes such the Administrative Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Applicable Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or or, by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner. Except as expressly set forth in the Facility Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as the Administrative Agent or any of its Affiliates in any capacity. If the Administrative Agent has been requested or directed by the Required Lenders to take any action pursuant to any provision of this Agreement or any other Facility Document, the Administrative Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any Facility Document shall otherwise be construed to require the Administrative Agent to expend or risk its own funds or to take any action that could in its judgment cause it to incur any cost, expense or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, cost, expense or liability. For the avoidance of doubt, the Administrative Agent shall not have any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement or any Facility Document or Loan Document unless and until directed by the Required Lenders. Neither the Administrative Agent nor any officer, agent or representative thereof shall be personally liable for any action taken by any such person in accordance with any notice given by the Required Lenders (or the Administrative Agent on their behalf) pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such person, the Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice, except where the Responsible Officer of the Administrative Agent has actual knowledge (without any duty of inquiry or investigation on its part) that such Required Lenders or persons purporting to be the Required Lenders are not entitled to give such notice. If any dispute or disagreement shall arise as to the allocation of any sum of money received by the Administrative Agent hereunder or under any Facility Document, the Administrative Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader.

Appears in 1 contract

Samples: Credit and Security Agreement (Newtek Business Services Corp.)

Authorization and Action. (a) Each Lender and each L/C Issuer (and, in the case its capacity as such and on behalf of the Collateral Agent, the Administrative Agentitself and its Affiliates as potential Lender Counterparties (if applicable)) hereby irrevocably appoints and authorizes MSSFAD to act on its behalf as the Administrative Agent hereunder and under the other Credit Documents, as applicable, for the benefit of the Secured Parties, and hereby irrevocably appoints MSSFAD to act on its behalf as the Collateral Agent hereunder and under the other Credit Documents, as applicable, for the benefit of the Secured Parties, and each such Lender and each such L/C Issuer irrevocably authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement and, to the extent applicable, and the other Facility Credit Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement the Credit Documents (including, without limitation, enforcement or collection of the other Facility DocumentsNotes or Loans), no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Requisite Lenders (or, with respect to the Collateral Agentif required hereby, the Administrative Agentall Lenders), and such instructions shall be binding upon all Lenders, all L/C Issuers, all Lender Counterparties and all holders of Notes; provided provided, however, that such no Agent shall not be required to take any action which exposes such Agentthat exposes, in its judgmentopinion or the opinion of its counsel, may expose such Agent to personal liability, cost liability or expense or which that is contrary to this AgreementAgreementany Credit Document or applicable law., including for the other Facility Documents avoidance of doubt, any action that may be in violation of the automatic stay or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, similar provision under any other Facility Document Debtor Relief Law or under Applicable that may affect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law. Each Lender agrees ; provided, further, that in if any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effectAgent so requests, it shall not in first be indemnified and provided with adequate security to its instructions sole satisfaction (including reasonable advances as may be requested by such Agent) by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or by refusing continuing to provide instruction) take any such directed action; provided, further, that such Agent may seek clarification or further direction from the Required Lenders prior to the Administrative Agent withhold its consent taking any such directed action and may refrain from acting until such clarification or exercise its discretion in an unreasonable mannerfurther direction has been provided.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Lannett Co Inc)

Authorization and Action. (a) Each Lender (andi) The Company, in the case of the Collateral Agent, the Administrative Agent) Sheffield and each Bank Investor hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Transaction Documents as are delegated to such the Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance, subject and without limiting the generality, of the foregoing, the Company, Sheffield and each Bank Investor hereby appoints the Agent as its agent to execute and deliver all further instruments and documents, and take all further action that the Agent may deem necessary or appropriate or that the Company, Sheffield or a Bank Investor may reasonably request in order to perfect, protect or more fully evidence the interests transferred or to be transferred from time to time by the Transferor hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution by the Agent as secured party/assignee of such financing or continuation statements, or amendments thereto or assignments thereof, relative to all or any of the Receivables now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. The Majority Investors may direct the Agent to take any such incidental action hereunder. With respect to other actions which are incidental to the terms hereof. No actions specifically delegated to the Agent hereunder, the Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any actionsuch incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions direction of the Required Lenders (orMajority Investors; provided, with respect to the Collateral Agenthowever, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes hereunder if the taking of such action, in the reasonable determination of the Agent, shall be in its judgmentviolation of any applicable law, to personal liability, cost rule or expense regulation or which is contrary to any provision of this AgreementAgreement or shall expose the Agent to liability hereunder or otherwise. Upon the occurrence and during the continuance of any Termination Event or Potential Termination Event, the Agent shall take no action hereunder (other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.than

Appears in 1 contract

Samples: Transfer and Administration Agreement (Worldcom Inc /Ga/)

Authorization and Action. (a) Each Lender (andPurchaser hereby designates and appoints Bank One to act as Class A Agent hereunder and under each other Series Document, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Class A Agent and the Collateral such Purchaser's Managing Agent to take such action actions as agent the Class A Agent or Managing Agent, as the case may be, on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to the Class A Agent or such Agent Managing Agent, respectively, by the terms hereof of this Agreement and thereof, the other Series Documents together with such powers as are reasonably incidental thereto, subject to . Neither the terms hereof. No Class A Agent nor any Managing Agent shall have any duties or responsibilities, except those expressly set forth herein or in the any other Facility Documents to which it is a party Series Document, or any fiduciary relationship with any Secured Party Purchaser, and no implied covenants, functions, responsibilities, duties or duties, obligations or liabilities on the part of such the Class A Agent or any Managing Agent shall be read into this Agreement or any other Facility Series Document to which or otherwise exist for the Class A Agent or such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or therebyManaging Agent. As to any matters not expressly provided for by this Agreement (including, without limitation, any enforcement or collection activity), neither the other Facility Documents, no Class A Agent nor any Managing Agent shall be required to exercise any discretion or take any action, but the Class A Agent shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders Committed Purchasers. In performing its functions and duties hereunder and under the other Series Documents, (or, with respect to i) the Collateral Agent, the Administrative Agent); provided that such Class A Agent shall not act solely as agent for the Purchasers, (ii) each Managing Agent shall act solely as agent for the Conduit Purchasers and Committed Purchasers in its related Purchase Group and (iii) neither the Class A Agent nor any Managing Agent shall assume or be deemed to have assumed any obligation or relationship of trust or agency with or for the Transferor, or any of its successors or assigns, or any Swap Counterparty, or any of its successors or assigns. Neither the Class A Agent nor any Managing Agent shall be required to take any action which exposes the Class A Agent or such Agent, in its judgment, Managing Agent to personal liability, cost or expense liability or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Series Document or under Applicable Lawapplicable law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent’s consent may not be unreasonably withheld, provide for the exercise The appointment and authority of the Administrative Class A Agent hereunder shall terminate upon payment in full of all amounts to be paid under the Indenture Supplement or this Agreement. The appointment and authority of any Managing Agent hereunder shall terminate upon the indefeasible payment in full of all amounts owing to all members of such Managing Agent’s reasonable discretion, 's Purchase Group under the Indenture Supplement or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable mannerthis Agreement.

Appears in 1 contract

Samples: Note Purchase Agreement (Bon Ton Stores Inc)

Authorization and Action. (a) Each Lender (andLender, in on behalf of itself and any of its Affiliates that are Secured Parties and the case of the Collateral Agent, the Administrative Agent) Issuing Bank hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the administrative agent and collateral agent under the Loan Documents and each Lender and the Issuing Bank authorizes the Administrative Agent and the Collateral Agent to take such action actions as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, and the other Facility Loan Documents as are delegated to the Administrative Agent under such Agent by the terms hereof agreements and thereof, together with to exercise such powers as are reasonably incidental thereto. In addition, subject to the terms hereofextent required under the laws of any jurisdiction other than within the United States, each Lender and the Issuing Bank hereby grants to the Administrative Agent any required powers of attorney to execute and enforce any Collateral Document governed by the laws of such jurisdiction on such Xxxxxx’s or such Issuing Bank’s behalf. No Without limiting the foregoing, each Lender and the Issuing Bank hereby authorizes the Administrative Agent shall have any duties or responsibilitiesto execute and deliver, except those expressly set forth herein or in and to perform its obligations under, each of the other Facility Loan Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Administrative Agent is a party party, and to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents. (if anyb) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or herein and in the other Facility DocumentsLoan Documents (including enforcement or collection), no the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (oror such other number or percentage of the Lenders as shall be necessary, with respect pursuant to the Collateral Agentterms in the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding upon each Lender and the Issuing Bank; provided, however, that the Administrative Agent); provided that such Agent shall not be required to take any action which that (i) the Administrative Agent in good faith believes exposes it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the Issuing Bank with respect to such Agent, in its judgment, to personal liability, cost action or expense or which (ii) is contrary to this AgreementAgreement or any other Loan Document or applicable law, including any action that may be in violation of the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, automatic stay under any other Facility Document requirement of law relating to bankruptcy, insolvency or under Applicable Law. Each reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender agrees that in violation of any instance in which the Facility Documents provide requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further, that the Administrative Agent’s consent Agent may not be unreasonably withheld, provide for seek clarification or direction from the exercise of the Administrative Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.124

Appears in 1 contract

Samples: Credit Agreement (Winnebago Industries Inc)

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