Common use of Authorised Person Clause in Contracts

Authorised Person. 53.1 Subject to Clause 53.2, an Authorised Person may: (a) give to the Lender, the Nominee or the Sponsor instructions; (b) receive Notices (excluding a Margin Call) from the Lender, Nominee or Sponsor; and (c) to do anything that the Borrower is entitled to do under the Agreement. 53.2 The Lender, Nominee or the Sponsor may, in its absolute discretion, refuse to accept any instruction from or give any Notice to an Authorised Person instead of the Borrower. 53.3 The Borrower must provide the Lender with the names and specimen signatures of all Authorised Persons. 53.4 The Lender, Nominee and the Sponsor may rely on any instruction given by an Authorised Person and which purports to be given on the Borrower’s behalf without the need to make any enquiry or otherwise verify the authority of that Authorised Person. The Lender, Nominee and the Sponsor are not obliged to notify a Borrower or a Guarantor or any other Person of any instruction received from an Authorised Person. It is the responsibility of the Borrower to ensure that any Authorised Person acts only in accordance with the instructions of the Borrower. The Lender, Nominee and Sponsor accept no liability for the Authorised Person acting without such authority. 53.5 Any change or removal of an Authorised Person is effective only after the Borrower gives written Notice of such change or removal to the Lender. 53.6 All instructions from an Authorised Person must be in writing (including by electronic means), bearing the signature of an Authorised Person unless the Lender in its absolute discretion decides to accept instructions from an Authorised Person other than by way of writing. 53.7 The Borrower is bound by decisions made and any actions taken or any failure to take action by the Lender, Nominee or Sponsor which is done in reliance on instructions received from an Authorised Person or which appear to have been received from an Authorised Person. 53.8 If the Lender, Nominee or the Sponsor gives any Notice to an Authorised Person then the Borrower will be taken to have received such Notice notwithstanding that the Borrower may not actually receive, read or listen to such Notice.