Common use of Authority of Collateral Agent Clause in Contracts

Authority of Collateral Agent. Each Subscriber hereby irrevocably appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of the Security Agreement and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Security Agreement, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its affiliates in each of the Security Agreement. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any of the Security Agreement, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in the Security Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the Security Agreement or otherwise exist against the Collateral Agent. Each Subscriber acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any Subscriber. Each Subscriber represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

Appears in 2 contracts

Samples: Subscription Agreement (Codesmart Holdings, Inc.), Subscription Agreement (First Independence Corp.)

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Authority of Collateral Agent. Each Subscriber Buyer hereby irrevocably appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of the General Security Agreement and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the General Security Agreement, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its affiliates in each of the General Security Agreement. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any of the General Security Agreement, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in the General Security Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the General Security Agreement or otherwise exist against the Collateral Agent. Each Subscriber Buyer acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any SubscriberBuyer. Each Subscriber Buyer represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber Buyer also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers Buyers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company Pubco or the Companies which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates. Upon the closings of the sale of the Notes to the Buyers and the Bridge Loan, the Company shall cause to be executed and delivered to each Buyer a counterpart of a collateral agent agreement (the “Collateral Agent Agreement”).

Appears in 1 contract

Samples: Securities Purchase Agreement (Placer Del Mar, Ltd.)

Authority of Collateral Agent. Each Subscriber Buyer hereby irrevocably appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of the Security Agreement and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Security Agreement, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its affiliates in each of the Security Agreement. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any of the Security Agreement, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in the Security Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the Security Agreement or otherwise exist against the Collateral Agent. Each Subscriber Buyer acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any SubscriberBuyer. Each Subscriber Buyer represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber Buyer also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers Buyers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

Appears in 1 contract

Samples: Securities Purchase Agreement (Thompson Designs Inc)

Authority of Collateral Agent. Each Subscriber Buyer hereby irrevocably appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of the Company Security Agreement, the DataCom Pledge Agreement and the DataCom Security Agreement (collectively, the “Collateral Agreements”) and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Security AgreementCollateral Agreements, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its affiliates in each of the Security AgreementCollateral Agreements. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any of the Security AgreementCollateral Agreements, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in the Security AgreementCollateral Agreements, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the Security Agreement Collateral Agreements or otherwise exist against the Collateral Agent. Each Subscriber Buyer acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the CompanyCompany or DataCom, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any SubscriberBuyer. Each Subscriber Buyer represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and DataCom and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber Buyer also represents that it will, independently and without reliance upon any Collateral Agent Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the CompanyCompany and DataCom. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers Buyers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

Appears in 1 contract

Samples: Securities Purchase Agreement (Cahaba Pharmaceuticals, Inc.)

Authority of Collateral Agent. Each Subscriber hereby irrevocably appoints, designates Grantor acknowledges that the rights and authorizes responsibilities of the Collateral Agent under this Agreement with respect to take any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the other Secured Parties, be governed by the Indenture and by such action on its behalf other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Grantors, the Collateral Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. The Collateral Agent has been appointed to act as Collateral Agent hereunder by the Note Holders. The provisions of the Security Agreement and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Security Agreement, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided Indenture relating to the Collateral Agent Related Persons (as defined below) and its affiliates in each or the Trustee, if applicable, including, without limitation, the provisions relating to resignation or removal of the Security Agreement. Notwithstanding any provision to Collateral Agent and the contrary contained elsewhere in this Agreement or in any protections, rights, indemnities, powers and duties and immunities of the Security AgreementCollateral Agent are incorporated herein by this reference and shall survive any termination of the Indenture or removal or resignation of the Collateral Agent or Trustee, if applicable. In connection with exercising any right or discretionary duty hereunder (including, without limitation, the exercise of any rights following the occurrence of an Event of Default), the Collateral Agent shall be entitled to request and rely upon the direction of Note Holders of a majority in aggregate outstanding amount of the Notes to direct the Collateral Agent in connection thereto. The Collateral Agent shall not have any duties liability for taking any action at such direction or responsibilities, except those expressly set forth in for its failure to take any action pending the Security receipt of such direction. The Collateral Agent shall not be responsible for and makes no representation as to the validity or adequacy of this Agreement, and no implied covenantsit shall not be responsible for any statement or recital in this Agreement. Neither the Collateral Agent nor any of its affiliates, functionsdirectors, responsibilitiesofficers, duties, obligations agents or liabilities employees shall be read responsible for or have any duty to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with this Agreement Agreement; (ii) the performance or observance of any of the Security Agreement covenants or otherwise exist against agreements of a Grantor herein; or (iii) the receipt of items required to be delivered to the Collateral Agent. Each Subscriber acknowledges that none of In no event shall the Collateral Agent Related Persons has made be required to execute and deliver any representation landlord lien waiver, estoppel or warranty to itcollateral access letter, and or any account control agreement or any instruction or direction letter delivered in connection with such document that no act by the Collateral Agent hereinafter takendetermines adversely affects it or otherwise subjects it to personal liability, including without limitation agreements to indemnify any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any Subscriber. Each Subscriber represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliatescontractual counterparty.

Appears in 1 contract

Samples: Second Lien Security Agreement (EnVen Energy Corp)

Authority of Collateral Agent. Each Subscriber Buyer hereby irrevocably appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of the Company Security Agreement, the Prism Pledge Agreement and the Prism Security Agreement (collectively, the “Collateral Agreements”) and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Security AgreementCollateral Agreements, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its affiliates in each of the Security AgreementCollateral Agreements. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any of the Security AgreementCollateral Agreements, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in the Security AgreementCollateral Agreements, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the Security Agreement Collateral Agreements or otherwise exist against the Collateral Agent. Each Subscriber Buyer acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the CompanyCompany or Prism, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any SubscriberBuyer. Each Subscriber Buyer represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and Prism and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber Buyer also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the CompanyCompany and Prism. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers Buyers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

Appears in 1 contract

Samples: Securities Purchase Agreement (Max Cash Media Inc)

Authority of Collateral Agent. Each Subscriber Buyer hereby irrevocably appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of the Company Security Agreement, the Newco Pledge Agreement and the Newco Security Agreement (collectively, the “Collateral Agreements”) and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Security AgreementCollateral Agreements, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its affiliates in each of the Security AgreementCollateral Agreements. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any of the Security AgreementCollateral Agreements, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in the Security AgreementCollateral Agreements, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the Security Agreement Collateral Agreements or otherwise exist against the Collateral Agent. Each Subscriber Buyer acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the CompanyCompany or Newco, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any SubscriberBuyer. Each Subscriber Buyer represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and Newco and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber Buyer also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the CompanyCompany and Newco. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers Buyers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

Appears in 1 contract

Samples: Securities Purchase Agreement (Boldface Group, Inc.)

Authority of Collateral Agent. Each Subscriber hereby irrevocably appoints, designates The Pledgor acknowledges that the rights and authorizes responsibilities of the Collateral Agent under this Agreement with respect to take such any action on its behalf under the provisions of the Security Agreement and to exercise such powers and perform such duties as are expressly delegated to it taken by the terms of the Security Agreement, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its affiliates in each or the exercise or non-exercise by the Collateral Agent of the Security Agreement. Notwithstanding any provision to the contrary contained elsewhere in option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement or in any of shall, as between the Security AgreementCollateral Agent and the other Secured Parties, be governed by such agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Pledgor, the Collateral Agent shall not have any duties be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or responsibilities, except those expressly set forth in the Security Agreementrefrain from acting, and no implied covenants, functions, responsibilities, duties, obligations the Pledgor shall not be under any obligation or liabilities entitlement to make any inquiry respecting such authority and shall be read into this Agreement or any entitled to rely on and presume such authority for all purposes. In furtherance of the Security Agreement or otherwise exist against power of attorney granted to the Collateral Agent. Each Subscriber acknowledges that none Agent in Section 7.1 above, the Pledgor hereby grants to the Collateral Agent (or the Independent Third Party as its substitute as contemplated by Section 6.2(g)) an irrevocable proxy to vote the Ownership Collateral and power or attorney to exercise all other rights of the Collateral Agent Related Persons has made under Article VI and to exercise all other rights, powers, privileges and remedies to which a holder of the Ownership Collateral would be entitled (including giving or withholding written consents of holders of Pledged Ownership Interests, calling special meetings of holders of Pledged Ownership Interests and voting at such meetings), which proxy and power or attorney shall be effective, upon delivery of the notice specified in Section 6.2(f) and without the necessity of any representation further action (including any transfer of any Ownership Collateral on the record books or warranty to itregister of members of the issuer thereof) by any other Person (including the issuer of the Ownership Collateral or any officer or agent thereof), upon the occurrence and during the continuation of an Event of Default, and that no act by which proxy and power or attorney shall only terminate upon the Collateral Agent hereinafter taken, including any review occurrence of the affairs earlier to occur of the Company, shall be deemed to constitute any representation waiver or warranty by any Collateral Agent-Related Person to any Subscriber. Each Subscriber represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness cure of the Company applicable Event of Default and made its own decision to enter into the termination of this Agreement and to invest in the Notes. Each Subscriber also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness release of the Company. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliatessecurity interests created hereby.

Appears in 1 contract

Samples: Avh Pledge Agreement

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Authority of Collateral Agent. Each Subscriber hereby irrevocably appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of the Security Agreement and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Security Agreement, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its their affiliates in each of the Security Agreement. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any of the Security Agreement, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in the Security Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the Security Agreement or otherwise exist against the Collateral AgentAgent in its capacity as such. Each Subscriber acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by any Collateral Agent-Agent Related Person to any Subscriber. Each Subscriber represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Agent Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of of, and investigation into into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Agreement and to invest in the NotesUnit. Each Subscriber also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly herein required by the Security Agreement or this Agreement to be furnished to the Subscribers Subscriber by the Collateral Agent, the Collateral Agent in its capacity as such shall not have any duty or responsibility to provide any Buyer Subscriber with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunderhereunder or under the Security Agreement, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

Appears in 1 contract

Samples: Subscription Agreement (Enumeral Biomedical Holdings, Inc.)

Authority of Collateral Agent. Each Subscriber Buyer hereby irrevocably appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of the Security Agreement and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Security Agreement, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its their affiliates in each of the Security Agreement. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any of the Security Agreement, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in the Security Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the Security Agreement or otherwise exist against the Collateral AgentAgent in its capacity as such. Each Subscriber Buyer acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by any Collateral Agent-Agent Related Person to any SubscriberBuyer. Each Subscriber Buyer represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Agent Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of of, and investigation into into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Agreement and to invest in the NotesNote. Each Subscriber Buyer also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly herein required by the Security Agreement or this Agreement to be furnished to the Subscribers Buyer by the Collateral Agent, the Collateral Agent in its capacity as such shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunderhereunder or under the Security Agreement, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

Appears in 1 contract

Samples: Subscription Agreement (Enumeral Biomedical Holdings, Inc.)

Authority of Collateral Agent. Each Subscriber hereby irrevocably appoints, designates and authorizes the The Collateral Agent to take such action on its behalf under the provisions of the Security Agreement shall have and be entitled to exercise such all powers and perform such duties as hereunder that are expressly delegated specifically granted to it Collateral Agent by the terms of the Security Agreementhereof, together with such powers as are reasonably incidental thereto, . The Collateral Agent may perform any of its duties hereunder or in connection with the Collateral by or through agents or employees and grants shall be entitled to retain counsel and affirms to act in reliance upon the immunities and indemnities provided to advice of counsel concerning all such matters. Neither the Collateral Agent Related Persons (as defined below) nor any director, officer, employee, attorney or agent of the Collateral Agent shall be responsible for the validity, effectiveness or sufficiency hereof or of any document or security furnished pursuant hereto. The Collateral Agent and its affiliates in each directors, officers, employees, attorneys and agents shall be entitled to rely on any communication, instrument or document reasonably believed by it or them to be genuine and correct and to have been signed or sent by the proper person or persons. Each Assignor acknowledges that the rights and responsibilities of the Security Agreement. Notwithstanding any provision to the contrary contained elsewhere in Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or in the exercise or non-exercise by the Collateral Agent of any option, right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Security Collateral Agent, the Trustee and the Holders, be governed by this Agreement, the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Assignors, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in be conclusively presumed to be acting as agent for the Security Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the Security Agreement or otherwise exist against the Collateral Agent. Each Subscriber acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any Subscriber. Each Subscriber represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement Trustee and the Note Documents, Holders with full and valid authority so to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers by the Collateral Agent, the Collateral Agent shall not have any duty act or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliatesrefrain from acting, and the officers, directors, employees, agents and attorneys-in-fact of Assignors shall not be obligated or entitled to make any inquiry respecting such persons and affiliatesauthority.

Appears in 1 contract

Samples: Security Agreement (Sterling Chemical Inc)

Authority of Collateral Agent. Each Subscriber hereby irrevocably appoints, designates and authorizes the The Collateral Agent to take such action on its behalf under the provisions of the Security Agreement shall have and be entitled to exercise such all powers and perform such duties as hereunder that are expressly delegated specifically granted to it Collateral Agent by the terms of the Security Agreementhereof, together with such powers as are reasonably incidental thereto, . The Collateral Agent may perform any of its duties hereunder or in connection with the Collateral by or through agents or employees and grants shall be entitled to retain counsel and affirms to act in reliance upon the immunities and indemnities provided to advice of counsel concerning all such matters. Neither the Collateral Agent Related Persons (as defined below) nor any director, officer, employee, attorney or agent of the Collateral Agent shall be responsible for the validity, effectiveness or sufficiency hereof or of any document or security furnished pursuant hereto. The Collateral Agent and its affiliates in each directors, officers, employees, attorneys and agents shall be entitled to rely on any communication, instrument or document reasonably believed by it or them to be genuine and correct and to have been signed or sent by the proper person or persons. Each Assignor acknowledges that the rights and responsibilities of the Security Agreement. Notwithstanding any provision to the contrary contained elsewhere in Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or in the exercise or non-exercise by the Collateral Agent of any option, right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the Holders of the Security AgreementSenior Secured Notes, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and Assignor, the Collateral Agent shall not have any duties be conclusively presumed to be acting as agent for the Holders of the Senior Secured Notes with full and valid authority so to act or responsibilities, except those expressly set forth in the Security Agreementrefrain from acting, and no implied covenants, functions, responsibilities, duties, obligations Assignor shall not be obligated or liabilities shall be read into this Agreement or any of the Security Agreement or otherwise exist against the Collateral Agent. Each Subscriber acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any Subscriber. Each Subscriber represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue entitled to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note Documents, and to make any inquiry respecting such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliatesauthority.

Appears in 1 contract

Samples: Security Agreement (Sterling Chemical Inc)

Authority of Collateral Agent. Each Subscriber Buyer hereby irrevocably appoints, designates and authorizes the Collateral Agent to take such action on its behalf under the provisions of the Security Agreement and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Security Agreement, together with such powers as are reasonably incidental thereto, and grants and affirms the immunities and indemnities provided to the Collateral Agent Related Persons (as defined below) and its affiliates in each of the Security Agreement. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any of the Security Agreement, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in the Security Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the Security Agreement or otherwise exist against the Collateral Agent. Each Subscriber Buyer acknowledges that none of the Collateral Agent Related Persons has made any representation or warranty to it, and that no act by the Collateral Agent hereinafter taken, including any review of the affairs of the Company, shall be deemed to constitute any representation or warranty by any Collateral Agent-Related Person to any SubscriberBuyer. Each Subscriber Buyer represents to the Collateral Agent that it has, independently and without reliance upon any Collateral Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of the Company and made its own decision to enter into this Agreement and to invest in the Notes. Each Subscriber Buyer also represents that it will, independently and without reliance upon any Collateral Agent Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the Note Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Company. Except for notices, reports and other documents expressly herein required to be furnished to the Subscribers Buyers by the Collateral Agent, the Collateral Agent shall not have any duty or responsibility to provide any Buyer with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Company which may come into the possession of any of the Collateral Agent Related Persons. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder, together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons and affiliates.

Appears in 1 contract

Samples: Securities Purchase Agreement (Gelia Group, Corp.)

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