Bank Not in Control Clause Samples

The 'Bank Not in Control' clause establishes that the bank does not have control over certain assets, accounts, or transactions referenced in the agreement. In practice, this means that the bank is not responsible for monitoring, managing, or authorizing movements of funds or securities within those accounts, and does not have the authority to direct or restrict their use. This clause is commonly used in agreements involving escrow, collateral, or third-party accounts to clarify that the bank's role is limited and does not extend to oversight or intervention. Its core function is to limit the bank's liability and clarify responsibilities, ensuring that parties do not mistakenly assume the bank has a supervisory or controlling role over the specified assets.
Bank Not in Control. None of the covenants or other provisions contained in this Agreement shall, or shall be deemed to, give Bank the Right to exercise control over the affairs and/or management of Borrower, the power of Bank being limited to the Right to exercise the remedies provided in the other Sections of this Article; provided that, if Bank becomes the owner of any ownership interest of any Person, whether through foreclosure or otherwise, Bank shall be entitled to exercise such legal Rights as it may have by virtue of being an owner of such Person.
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Bank Not in Control. None of the covenants or other provisions contained in the Loan Documents shall, or shall be deemed to, give Bank the right or power to exercise control over the affairs and/or management of Borrower, the power of Bank being limited to the right to exercise the remedies provided in the Loan Documents, provided, however, that if Bank becomes the owner of any stock or other equity interest in any Person, whether through foreclosure or otherwise, Bank shall be entitled (subject to requirements of law) to exercise such legal rights as it may have by virtue of being the owner of such stock or other equity interest in such Person.
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Bank Not in Control. None of the covenants or other provisions contained in the Loan Documents shall, or shall be deemed to, give the Bank the rights or power to exercise control over the affairs and/or management of the Borrower, the power of the Bank being limited to the right to exercise the rights and remedies provided to it in the Loan Documents.
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Bank Not in Control. None of the covenants or other provisions contained in this Agreement or the other Loan Papers will, or will be deemed to, give Bank the right to exercise control over the affairs or management of the Borrower.
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Bank Not in Control. None of the covenants or other provisions contained in this agreement, shall, or shall be deemed to, give the Bank the right or power to exercise control over the affairs and/or management of the Borrower or any Subsidiary of the Borrower, the power of the Bank being limited to those rights generally given to lenders; provided that, if the Bank becomes the owner of any stock or other Equity Interest in the Borrower or any Subsidiary of the Borrower whether through foreclosure or otherwise, the Bank shall be entitled to exercise such legal rights as it may have by being an owner of such stock, or other Equity Interest in the Borrower or any Subsidiary of the Borrower.
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Related to Bank Not in Control

  • Titles Not Controlling Titles of paragraphs are for reference only, and shall not be used to construe the language in this Contract.

  • Agreement Not a Contract of Employment Neither the grant of the Restricted Stock Units, this Agreement nor any other action taken in connection herewith shall constitute or be evidence of any agreement or understanding, express or implied, that the Grantee is an employee of the Company or any subsidiary of the Company.

  • Not an Employment Agreement This Agreement is not an employment agreement, and no provision of this Agreement shall be construed or interpreted to create an employment relationship between you and the Company or any Affiliate or guarantee the right to remain employed by the Company or any Affiliate for any specified term.

  • Board-Superintendent Relationship The Board shall be primarily responsible for formulating and adopting policy. The Superintendent shall be the chief administrative officer for the district and shall be responsible for implementing Board policy. He shall organize the administrative and supervisory staff, and select, place, and transfer personnel with the concurrence of the Board. He is responsible for administering the instruction of students and the business affairs of the school district. The Board members agree, individually and collectively, to promptly refer all criticisms, complaints, and suggestions called to their attention to the Superintendent for action, study and/or recommendation, as appropriate.

  • Appointment of Underwriter Upon the execution of this Agreement and in consideration of the agreements on your part herein expressed and upon the terms and conditions set forth herein, we hereby appoint you as the exclusive sales agent for our Shares and agree that we will deliver such Shares as you may sell. You agree to use your best efforts to promote the sale of Shares, but are not obligated to sell any specific number of Shares. However, the Fund and each series retain the right to make direct sales of its Shares without sales charges consistent with the terms of the then current prospectus and statement of additional information and applicable law, and to engage in other legally authorized transactions in its Shares which do not involve the sale of Shares to the general public. Such other transactions may include, without limitation, transactions between the Fund or any series or class and its shareholders only, transactions involving the reorganization of the Fund or any series, and transactions involving the merger or combination of the Fund or any series with another corporation or trust.