Common use of Reliance on Administrative Agent Clause in Contracts

Reliance on Administrative Agent. Unless otherwise advised in writing by the Administrative Agent, each party to this Agreement may assume that: (a) the Administrative Agent is acting for the benefit and on behalf of each of the Lenders and Funding Agents, as well as for the benefit of each assignee or other transferee from any such Person; and (b) each action taken by the Administrative Agent has been duly authorized and approved by all necessary action on the part of the Lenders or the Funding Agents (as applicable).