Reliance by Others. The Depositor will act solely in its name and through its duly authorized officers or agents in the conduct of its businesses. The Depositor will not: (a) hold itself out as having agreed to pay or become liable for the debts of its stockholder; (b) fail to correct any known misrepresentation with respect to the foregoing; (c) operate or purport to operate as an integrated, single economic unit with respect to its stockholder or in its dealings with any other affiliated or unaffiliated entity; (d) seek or obtain credit or incur any obligation to any third party based upon the assets of its stockholder or any other affiliated or unaffiliated entity; or (e) induce any such third party to reasonably rely on the creditworthiness of its stockholder or any other affiliated or unaffiliated entity for the payment or performance of the Depositor.
Reliance by Others. None of the provisions of this Agreement will inure to the benefit of any Person other than the Participants and BNPPLC and BNPPLC’s Representatives; consequently, no Persons other than the Participants, BNPPLC and BNPPLC’s Representatives may rely upon or raise as a defense, in any manner whatsoever, the failure of any Participant or BNPPLC to comply with the provisions of this Agreement. None of the Participants nor BNPPLC will incur any liability to any other Person for any act of omission of another. Notwithstanding the foregoing, however, LRC will be a third party beneficiary of each Participant’s obligations to make advances as provided in subparagraph 3(B) above, of the representations of each Participant in Paragraph 11, of each Participant’s agreement to provided a release and quitclaim of the Property pursuant to the last sentence of Paragraph 15, and of each Participant’s agreements in Paragraph 17. As a third party beneficiary of the obligations of the Participants specified in the preceding sentence, LRC will have standing to exercise any remedies available at law or in equity (including the recovery of monetary damages) against any Participant in LRC’s own name if that Participant breaches such obligations. Further, BNPPLC may assign to LRC any claims it may have against a Participant because of the Participant’s breach of any of the provisions referenced in this paragraph or because of any adverse title claim made against the Property by, through or under the Participant. Each Participant acknowledges that LRC will be relying on the commitments of the Participant to make payments required by this Agreement to permit funding of Anticipated Advances by BNPPLC under the Construction Agreement.
Reliance by Others. The Seller (i) acts and will act solely in its own name and through its duly authorized officers or agents in the conduct of its businesses, (ii) will take no action which may mislead third parties as to the separate corporate identities and separate assets and liabilities of each LOL Company and the Seller, and (iii) will have and utilize its own invoices and letterhead separate from any LOL Company.
Reliance by Others. No party dealing with the Trustees shall be obligated to see the application to the stated Trust purposes of any funds or property of the National Elevator Industry Educational Program or to see that the terms of this Trust Agreement have been complied with or to inquire into the necessity or expediency of any act of the Trustees. Every instrument executed by the Trustees shall be conclusive evidence in favor of every person relying thereon that, at the time of the execution of said instrument, the Trust was in full force and effect, that the instrument was executed in accordance with the terms and conditions of this Trust Agreement, and that the Trustees were duly authorized and empowered to execute the instrument.
Reliance by Others. No party dealing with the Trustees shall be obligated to see to the application of any funds or property of the Trust Fund to the stated Trust or to see that the terms of this Trust Agreement have been complied with or to inquire into the
Reliance by Others. No party dealing with the Trustees shall be obligated
(a) to see the application to the stated Trust purposes, of any funds or property of the Trust Fund; or
(b) to see that the terms of this Trust Agreement have been complied with; or
(c) to inquire into the necessity or expediency of any act of the Trustees. Every instrument executed by the Trustees shall be conclusive evidence in favor of every person relying thereon:
(a) that at the time of the execution of said instrument, the Trust was in full force and effect;
(b) that the instrument was executed in accordance with the terms and conditions of this Trust Agreement; and
(c) that the Trustees were duly authorized and empowered to execute the instrument.
Reliance by Others. None of the provisions of this Agreement will inure to the benefit of any Person other than the Participants and BNPPLC and BNPPLC’s Representatives; consequently, no Persons other than the Participants, BNPPLC and BNPPLC’s Representatives may rely upon or raise as a defense, in any manner whatsoever, the failure of any Participant or BNPPLC to comply with the provisions of this Agreement. None of the Participants nor BNPPLC will incur any liability to any other Person for any act of omission of another. Notwithstanding the foregoing, however, LRC will be a third party beneficiary of each Participant’s agreement to provided a release and quitclaim of the Property pursuant to the last sentence of Paragraph 15. As a third party beneficiary of the obligations of the Participants specified in the preceding sentence, LRC will have standing to exercise any remedies available at law or in equity (including the recovery of monetary damages) against any Participant in LRC’s own name if that Participant breaches such obligations. Further, BNPPLC may assign to LRC any claims it may have against a Participant because of the Participant’s breach of any of the provisions referenced in this paragraph or because of any adverse title claim made against the Property by, through or under the Participant.
Reliance by Others. The SPV Purchaser (i) acts and will act solely in its own name and through its duly authorized officers or agents in the conduct of its businesses, (ii) will take no action which may mislead third parties as to the separate corporate identities and separate assets and liabilities of each LOL Company and the SPV Purchaser, and (iii) will have and utilize its own invoices and letterhead separate from any LOL Company. No LOL Company has (a) held itself out as having agreed to pay or become liable for the debts of the SPV Purchaser, (b) operated or purported to operate as an integrated, single economic unit with the SPV Purchaser, or (c) sought or obtained credit from or incurred any obligation to any third party based upon the assets of the SPV Purchaser, and no LOL Company will do any of those things in the future. No LOL Company will identify the SPV Purchaser as a division or department of itself or any other LOL Company.
Reliance by Others. No party dealing with Trustees in relation to the Fund shall be obligated to see to the application of any money or property of the Fund or to see that the terms of this Trust have been complied with, or be obliged to inquire into the necessity or expediency of any acts of the Trustees, and every instrument executed by the Trustees shall be conclusive in favor of every person relying thereon: (1) that at the time of the delivery of said instrument the Trust herein created was in full force and effect; (2) that said instrument was executed in accordance with the terms and conditions contained in this Trust Agreement; and
Reliance by Others. No party dealing with the Trustees will be obligated to see that the funds or property of the Trust Fund are applied to the stated purposes of the Trust, to see that the terms of this Trust Agreement have been complied with or to review the necessity of any act of the Trustees. A document executed by the Trustees will be conclusive evidence in favor of any person relying on such a document that at the time the document was executed the Trust was in full force and effect, that the document was executed in accordance with the terms and conditions of this Trust Agreement, and that the Trustees were authorized and empowered to execute the document.
