Authorization and Reliance Sample Clauses
The 'Authorization and Reliance' clause establishes that each party entering into the agreement has the necessary authority to do so and that the other party can rely on this representation. In practice, this means that individuals signing on behalf of a company or organization confirm they have been properly empowered to bind their entity, and the counterparty does not need to independently verify this authority. This clause ensures that both parties can proceed with confidence, reducing the risk of disputes over whether the agreement is validly executed and enforceable.
Authorization and Reliance. GMAC understands that a copy of this Limited Guaranty shall be delivered to the Trustee in connection with the execution of Amendment No. 1 to the Servicing Agreement and GMAC hereby authorizes the Company and the Trustee to rely on the covenants and agreements set forth herein.
Authorization and Reliance. Disclosing Party represents and warrants that it has the authority to disclose Confidential Information to the Receiving Party. Disclosing Party believes in good faith that the Confidential Information to be provided by it hereunder will not be materially misleading, but the Disclosing Party makes no other representation or warranties, express or implied, as to the quality, accuracy, completeness or reliability of the information so disclosed. Disclosing Party, its directors, officers and employees shall have no liability whatsoever with respect to the use of or reliance upon the Confidential Information by the Receiving Party.
Authorization and Reliance. [____] understands that a copy of this Limited Guaranty shall be delivered to the Trustee in connection with the execution of Amendment No. 1 to the Servicing Agreement and [____] hereby authorizes the Company and the Trustee to rely on the covenants and agreements set forth herein.
Authorization and Reliance. ResCap understands that a copy of this Limited Guaranty shall be delivered to the Trustee in connection with the execution of Amendment No. __ to the Servicing Agreement and ResCap hereby authorizes the Depositor and the Trustee to rely on the covenants and agreements set forth herein.
Authorization and Reliance. Notwithstanding Section 6.1(a), in the event that the Sellers Representative, with the advice of counsel, is of the opinion that it requires further authorization or advice from the Sellers on any matters concerning this Agreement or the other Transaction Documents, the Sellers Representative shall be entitled to seek such further authorization from the Sellers prior to acting on their behalf. In such event, each Seller shall have a number of votes equal to such Seller’s Interests percentage and the authorization of a majority of such number of votes shall be binding on all of the Sellers and shall constitute the authorization of the Sellers. Purchaser and the Company (post-Closing) shall be fully protected in dealing with the Sellers Representative under this Agreement and may rely upon the authority of the Sellers Representative as if the relevant Seller is exercising such powers and authorities. Any payment by Purchaser or the Company (post-Closing), or both, to the Sellers Representative under this Agreement shall be considered a payment by Purchaser or the Company (post-Closing) to Sellers. The appointment of the Sellers Representative is coupled with an interest and shall be irrevocable by any Seller in any manner or for any reason. This power of attorney shall not be affected by the death, illness, dissolution, disability, incapacity or other inability to act of the principal pursuant to any applicable law.
Authorization and Reliance. GMAC understands that a copy of this Limited aranty shall be delivered to the Trustee in connection with the execution of Amendment No. 1 to the Servicing Agreement and GMAC hereby authorizes the Depositor and the Trustee to rely on the covenants and agreements set forth herein.