No Agency for Exchange Noteholders Sample Clauses
The "No Agency for Exchange Noteholders" clause establishes that holders of exchange notes are not considered agents or representatives of one another or of the issuer. In practice, this means that each noteholder acts independently and cannot bind or obligate other noteholders through their actions or decisions. For example, if one noteholder negotiates with the issuer or takes legal action, it does not affect the rights or obligations of other noteholders. This clause is important because it clarifies the individual status of each noteholder, preventing misunderstandings about collective authority and reducing the risk of unintended liabilities among noteholders.
No Agency for Exchange Noteholders. For avoidance of doubt, the Deal Agent will not constitute an agent for any Exchange Noteholder or other Closed-End EN Secured Party and, except as may be set forth elsewhere in this Collateral Agency Agreement or in any other Basic Document to which it is a party, the Deal Agent will have neither any right nor any obligation to act on behalf of any Exchange Noteholder or other Closed-End EN Secured Party (other than an obligation to act in accordance with this Collateral Agency Agreement and the other Basic Documents to which it is a party).