Common use of Authority of the Administrative Agent Clause in Contracts

Authority of the Administrative Agent. (a) The Administrative Agent enters into this Guarantee in its capacity as agent for the Secured Parties from time to time. The rights and obligations of the Administrative Agent under this Guarantee at any time are the rights and obligations of the Secured Parties at that time. Each of the Secured Parties has (subject to the terms of the Credit Documents and the Existing Notes Indenture) a several entitlement to each such right, and a several liability in respect of each such obligation, in the proportions described in the Credit Documents and the Existing Notes Indenture. The rights, remedies and discretions of the Secured Parties, or any of them, under this Guarantee may be exercised by the Administrative Agent. No party to this Guarantee is obliged to inquire whether an exercise by the Administrative Agent of any such right, remedy or discretion is within the Administrative Agent’s authority as agent for the Secured Parties. (b) Each party to this Guarantee acknowledges and agrees that any changes in the identity of the persons from time to time comprising the Secured Parties gives rise to an equivalent change in the Secured Parties, without any further act. Upon such an occurrence, the persons then comprising the Secured Parties are vested with the rights, remedies and discretions and assume the obligations of the Secured Parties under this Guarantee.

Authority of the Administrative Agent. (a) The Administrative Agent enters into this Guarantee Agreement in its capacity as non-fiduciary agent for the Secured Guaranteed Parties from time to time. The rights and obligations of the Administrative Agent under this Guarantee Agreement at any time are the rights and obligations of the Secured Guaranteed Parties at that time. Each of the Secured Guaranteed Parties has (subject to the terms of the Bridge Credit Documents Agreement and the Existing Notes Indentureother Loan Documents) a several entitlement to each such right, and a several liability in respect of each such obligation, in the proportions described in the Bridge Credit Documents Agreement and the Existing Notes Indentureother Loan Documents. The rights, remedies and discretions of the Secured Guaranteed Parties, or any of them, under this Guarantee Agreement may be exercised by the Administrative Agent. No party to this Guarantee Agreement is obliged to inquire whether an exercise by the Administrative Agent of any such right, remedy or discretion is within the Administrative Agent’s authority as agent for the Secured Guaranteed Parties. (b) Each party to this Guarantee Agreement acknowledges and agrees that any changes in the identity of the persons from time to time comprising the Secured Guaranteed Parties gives rise to an equivalent change in the Secured Guaranteed Parties, without any further act. Upon such an occurrence, the persons then comprising the Secured Guaranteed Parties are vested with the rights, remedies and discretions and assume the obligations of the Secured Guaranteed Parties under this GuaranteeAgreement.

Authority of the Administrative Agent. (a) The Administrative Agent enters into this Guarantee Agreement in its capacity as non-fiduciary agent for the Secured Guaranteed Parties from time to time. The rights and obligations of the Administrative Agent under this Guarantee Agreement at any time are the rights and obligations of the Secured Guaranteed Parties at that time. Each of the Secured Guaranteed Parties has (subject to the terms of the Revolving Credit Documents Agreement and the Existing Notes Indentureother Loan Documents) a several entitlement to each such right, and a several liability in respect of each such obligation, in the proportions described in the Revolving Credit Documents Agreement and the Existing Notes Indentureother Loan Documents. The rights, remedies and discretions of the Secured Guaranteed Parties, or any of them, under this Guarantee Agreement may be exercised by the Administrative Agent. No party to this Guarantee Agreement is obliged to inquire whether an exercise by the Administrative Agent of any such right, remedy or discretion is within the Administrative Agent’s authority as agent for the Secured Guaranteed Parties. (b) Each party to this Guarantee Agreement acknowledges and agrees that any changes in the identity of the persons from time to time comprising the Secured Guaranteed Parties gives rise to an equivalent change in the Secured Guaranteed Parties, without any further act. Upon such an occurrence, the persons then comprising the Secured Guaranteed Parties are vested with the rights, remedies and discretions and assume the obligations of the Secured Guaranteed Parties under this GuaranteeAgreement.