Appointment of Principal Borrower as Agent for Borrowers Sample Clauses
The "Appointment of Principal Borrower as Agent for Borrowers" clause designates one borrower, typically the principal borrower, to act as the authorized representative or agent for all borrowers under a loan agreement. In practice, this means the principal borrower is empowered to communicate with the lender, receive notices, and make decisions or requests on behalf of all co-borrowers, such as drawing down funds or requesting waivers. This arrangement streamlines communication and administration for both the lender and the group of borrowers, reducing confusion and ensuring that all parties are coordinated through a single point of contact.
Appointment of Principal Borrower as Agent for Borrowers. Each of the Borrowers hereby appoints the Principal Borrower to act as its exclusive agent for all purposes under this Agreement and the other Loan Documents (including, without limitation, with respect to all matters related to the borrowing, repayment and administration of Credit Extensions as described in Articles II and III hereof). Each of the Borrowers acknowledges and agrees that (a) the Principal Borrower may execute such documents on behalf of all the Borrowers as the Principal Borrower deems appropriate in its sole discretion and each Borrower shall be bound by and obligated by all of the terms of any such document executed by the Principal Borrower on its behalf, (b) any notice or other communication delivered by the Administrative Agent or any Lender hereunder to the Principal Borrower shall be deemed to have been delivered to each of the Borrowers and (c) the Administrative Agent and each of the Lenders shall accept (and shall be permitted to rely on) any document or agreement executed by the Principal Borrower on behalf of the Borrowers (or any of them). The Borrowers must act through the Principal Borrower for all purposes under this Agreement and the other Loan Documents. Notwithstanding anything contained herein to the contrary, to the extent any provision in this Agreement requires any Borrower to interact in any manner with the Administrative Agent or the Lenders, such Borrower shall do so through the Principal Borrower.