Continuation of Authority of Agent Sample Clauses
The Continuation of Authority of Agent clause establishes that an agent’s authority to act on behalf of a principal remains in effect under specified circumstances, such as after the principal’s incapacity or during the winding up of a transaction. In practice, this means that the agent can continue to make decisions, sign documents, or manage affairs as previously authorized, even if the principal is no longer able to provide direct oversight. This clause ensures continuity and prevents disruption in ongoing matters, addressing the risk of uncertainty or legal challenges regarding the agent’s power if the principal’s status changes.
Continuation of Authority of Agent. The authority of the Agent to request Credit Extensions on behalf of, and to bind, each Borrower, shall continue unless and until Bank acts as provided in Section 1.2(c) above, or Bank actually receives:
(i) written notice of: (i) the termination of such authority, and (ii) the subsequent appointment of a successor Agent, which notice is executed by the respective Presidents of each Borrower then eligible for borrowing under this Agreement; and
(ii) written notice from the successor Agent (i) accepting such appointment; (ii) acknowledging that the removal and appointment has been effected by the respective Presidents of each Borrower eligible for borrowing under the within Agreement; and (iii) acknowledging that from and after the date of appointment, the newly appointed Agent shall be bound by the terms hereof, and that as used herein, the term “Agent” shall mean and include the newly appointed Agent.
Continuation of Authority of Agent. The authority of Agent to request loans on behalf of, and to bind, the Borrowers, shall continue unless and until Bank actually receives written notice of the termination of such authority.
Continuation of Authority of Agent. The authority of the Agent to request Loans on behalf of, and to bind, each Borrower, shall continue unless and until Silicon acts as provided in Section 1.10, above, or Silicon actually receives:
(a) written notice of: (i) the termination of such authority, and (ii) the subsequent appointment of a successor Agent, which notice is executed by the respective Presidents of each Borrower (other than the President of the Agent being replaced) then eligible for borrowing under this Agreement; and
(b) written notice from the successor Agent (i) accepting such appointment; (ii) acknowledging that the removal and appointment has been effected by the respective Presidents of each Borrower eligible for borrowing under the within Agreement; and (iii) acknowledging that from and after the date of appointment, the newly appointed Agent shall be bound by the terms hereof, and that as used herein, the term "Agent" shall mean and include the newly appointed Agent.
Continuation of Authority of Agent. The authority of Numerex to request loans on behalf of, and to bind, the Borrowers, shall continue unless and until Bank actually receives written notice of the termination of such authority.
Continuation of Authority of Agent. The authority of Tranzyme to request loans on behalf of, and to bind, Borrower, shall continue unless and until Collateral Agent and the Lenders actually receive written notice of the termination of such authority.
Continuation of Authority of Agent. The authority of Borrower Agent to act on behalf of, and to bind, each Borrower shall continue unless and until Agent actually receives written notice of the termination of such authority.
Continuation of Authority of Agent. The authority of Celldex to request loans on behalf of, and to bind, Borrower, shall continue unless and until Agent and the Lenders actually receive written notice of the termination of such authority.
Continuation of Authority of Agent. The authority of Agent to request Credit Extensions on behalf of, and to bind, Borrowers shall continue unless and until Bank actually receives writing notice of the termination of such authority.