Common use of Held by Warrant Agent Clause in Contracts

Held by Warrant Agent. The Warrant Agent may hold cash balances constituting part or all of the funds in an interest bearing account, and may, but need not, invest same in the deposit department of a Canadian chartered bank and their affiliates, but the Warrant Agent, its affiliates or a Canadian chartered bank and its affiliates shall not be liable to account for any profit to any parties to this Agreement or to any other person or entity other than at a rate, if any, established from time to time by the Warrant Agent, its affiliates or a Canadian chartered bank and its affiliates. All amounts held by the Warrant Agent pursuant to this Indenture shall be held by the Warrant Agent for the Corporation and the delivery of the funds to the Warrant Agent shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Warrant Agent pursuant to this Indenture are at the sole risk of the Corporation and, without limiting the generality of the foregoing, the Warrant Agent shall have no responsibility or liability for any diminution of the funds which may result from any deposit made pursuant to this section, including any losses resulting from a default by a Canadian chartered bank and its affiliates or other credit losses (whether or not resulting from such a default). The parties hereto acknowledge and agree that the Warrant Agent will have acted prudently in depositing the funds with any Canadian chartered bank and its affiliates, and that the Warrant Agent is not required to make any further inquiries in respect of any such bank.