Common use of Capacity of Receivers Clause in Contracts

Capacity of Receivers. Each person appointed to be an Administrative Receiver pursuant to Clause 11.1 (Appointment following Loan Event of Default) or 11.2 (Appointment - Administration) above shall: 11.3.1 be entitled to act individually or together with any other person appointed or substituted as Administrative Receiver; 11.3.2 for all purposes be deemed to be the agent of the relevant Obligor which shall be solely responsible for his acts, defaults and liabilities and for the payment of his remuneration and no Administrative Receiver shall at any time act as agent for the Bond Trustee; and 11.3.3 be entitled to remuneration for his services at a rate to be fixed by the Bond Trustee from time to time.