Common use of THE LENDERS' REPRESENTATIONS AND WARRANTIES TO OTHER LENDERS Clause in Contracts

THE LENDERS' REPRESENTATIONS AND WARRANTIES TO OTHER LENDERS. Each Lender represents and warrants to the other Lenders and the Agent: (a) It is legal for it to make its portion of the Loan, and the making of such portion of the Loan complies with laws applicable to it; (b) It has made, without reliance upon any other Lenders, its own independent review (including any desired investigations and inspections) of, and it accepts and approves, the Loan, this Agreement and the associated documents and all other matters and information which it deems pertinent. It acknowledges that the Loan Documents and the Subsidiary Documents are a complete statement of all understandings and respective rights and obligations between and among the Lenders, Subsidiaries and Borrowers regarding the Loan; (c) None of the Lenders have made any express or implied representation or warranty to any other Lender with respect to this transaction; (d) It will, independently and without reliance upon any other Lender, and based upon 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 will make such investigation as it deems necessary to inform itself as to the Loan, the Loan Documents, the Subsidiary Documents, Borrower and any collateral; provided, however, nothing contained in this Section shall limit Agent's obligation to provide the other Lenders with the information and documents Agent is expressly required to deliver under this Agreement; (e) The relationship of each Lender is, and shall at all times remain, solely that of each Lender of its respective Loan. The Lenders are not partners or joint venturers in connection with the Loan; and (f) The Loan Documents executed by the Lenders are valid and binding obligations of the Lenders.

Appears in 2 contracts

Samples: Convertible Loan Agreement (Laserscope), Convertible Loan Agreement (La Man Corporation)

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THE LENDERS' REPRESENTATIONS AND WARRANTIES TO OTHER LENDERS. Each Lender represents and warrants to the other Lenders and the Agent: (a) It is legal for it to make its portion of the Loan, and the making of such portion of the Loan complies with laws applicable to it; (b) It has made, without reliance upon any other Lenders, its own independent review (including any desired investigations and inspections) of, and it accepts and approves, the Loan, this Agreement and the associated documents and all other matters and information which it deems pertinent. It acknowledges that the Loan Documents and the Subsidiary Documents are a complete statement of all understandings and respective rights and obligations between and among the Lenders, Subsidiaries and Borrowers regarding the Loan;. (c) None of the Lenders have made any express or implied representation or warranty to any other Lender with respect to this transaction;. (d) It will, independently and without reliance upon any other Lender, and based upon 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 will make such investigation as -------------------------------------------------------------------------------- 41 46 Agreement (Continued) -------------------------------------------------------------------------------- it deems necessary to inform itself as to the Loan, the Loan Documents, the Subsidiary Documents, Borrower and any collateral; provided, however, nothing contained in this Section shall limit Agent's obligation to provide the other Lenders with the information and documents Agent is expressly required to deliver under this Agreement;. (e) The relationship of each Lender is, and shall at all times remain, solely that of each Lender of its respective Loan. The Lenders are not partners or joint venturers in connection with the Loan; and (f) The Loan Documents executed by the Lenders are valid and binding obligations of the Lenders.

Appears in 1 contract

Samples: Convertible Loan Agreement (Lifequest Medical Inc)

THE LENDERS' REPRESENTATIONS AND WARRANTIES TO OTHER LENDERS. Each Lender represents and warrants to the other Lenders and the Agent: (a) It is legal for it to make its portion of the Loan, and the making of such portion of the Loan complies with laws applicable to it; (b) It has made, without reliance upon any other Lenders, its own independent review (including any desired investigations and inspections) of, and it accepts and approves, the Loan, this Agreement and the associated documents and all other matters and information which it deems pertinent. It acknowledges that the Loan Documents and the Subsidiary Documents are a complete statement of all understandings and respective rights and obligations between and among the Lenders, Subsidiaries and Borrowers regarding the Loan;. (c) None of the Lenders have made any express or implied representation or warranty to any other Lender with respect to this transaction;. (d) It will, independently and without reliance upon any other Lender, and based upon 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 will make such investigation as it deems necessary to inform itself as to the Loan, the Loan Documents, the Subsidiary Documents, Borrower and any collateral; provided, however, nothing contained in this Section shall limit Agent's obligation to provide the other Lenders with the information and documents Agent is expressly required to deliver under this Agreement;. (e) The relationship of each Lender is, and shall at all times remain, solely that of each Lender of its respective Loan. The Lenders are not partners or joint venturers in connection with the Loan; and (f) The Loan Documents executed by the Lenders are valid and binding obligations of the Lenders.

Appears in 1 contract

Samples: Convertible Loan Agreement (Newcare Health Corp)

THE LENDERS' REPRESENTATIONS AND WARRANTIES TO OTHER LENDERS. Each Lender represents and warrants to the other Lenders and the Agent: (a) It is legal for it to make its portion of the Loan, and the making of such portion of the Loan complies with laws applicable to it;; AGREEMENT (CONTINUED) (b) It has made, without reliance upon any other Lenders, its own independent review (including any desired investigations and inspections) of, and it accepts and approves, the Loan, this Agreement and the associated documents and all other matters and information which it deems pertinent. It acknowledges that the Loan Documents and the Subsidiary Documents are a complete statement of all understandings and respective rights and obligations between and among the Lenders, Subsidiaries Lenders and Borrowers regarding the Loan;. (c) None of the Lenders have made any express or implied representation or warranty to any other Lender with respect to this transaction;. (d) It will, independently and without reliance upon any other Lender, and based upon 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 will make such investigation as it deems necessary to inform itself as to the Loan, the Loan DocumentsDocument, the Subsidiary Documents, Borrower and any collateral; provided, however, nothing contained in this Section shall limit Agent's obligation to provide the other Lenders with the information and documents Agent is expressly required to deliver under this Agreement;. (e) The relationship of each Lender is, and shall at all times remain, solely that of each Lender of its respective Loan. The Lenders are not partners or joint venturers in connection with the Loan; and (f) The Loan Documents executed by the Lenders are valid and binding obligations of the Lenders.

Appears in 1 contract

Samples: Convertible Loan Agreement (Play by Play Toys & Novelties Inc)

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THE LENDERS' REPRESENTATIONS AND WARRANTIES TO OTHER LENDERS. Each Lender represents and warrants to the other Lenders and the Agent: (a) It is legal for it to make its portion of the Loan, and the making of such portion of the Loan complies with laws applicable to it; (b) It has made, without reliance upon any other Lenders, its own independent review (including any desired investigations and inspections) of, and it accepts and approves, the Loan, this Agreement and the associated documents and all other matters and information which it deems pertinent. It acknowledges that the Loan Documents and the Subsidiary Documents are a complete statement of all understandings and respective rights and obligations between and among the Lenders, Subsidiaries and Borrowers regarding the Loan; (c) None of the Lenders have made any express or implied representation or warranty to any other Lender with respect to this transaction; (d) It will, independently and without reliance upon any other Lender, and based upon 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 will make such investigation as it deems necessary to inform itself as to the Loan, the Loan Documents, the Subsidiary Documents, Borrower and any collateral; provided, however, nothing contained in this Section shall limit Agent's obligation to provide the other Lenders with the information and documents Agent is expressly required to deliver under this Agreement; (e) The relationship of each Lender is, and shall at all times remain, solely that of each Lender of its respective Loan. The Lenders are not partners or joint venturers in connection with the Loan; and (f) The Loan Documents executed by the Lenders are valid and binding obligations of the Lenders.

Appears in 1 contract

Samples: Convertible Loan Agreement (Simtek Corp)

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