THE AGENT, THE ARRANGERS AND THE BANKS Sample Clauses

THE AGENT, THE ARRANGERS AND THE BANKS. (A) Each Bank hereby appoints the Agent to act as its agent in connection herewith and authorizes the Agent to exercise such rights, powers and discretions as are specifically delegated to the Agent by the terms hereof together with all such rights, powers and discretions as are reasonably incidental thereto. (B) When acting in connection with this Agreement, the Agent may: (1) assume that no Event of Early Repayment and no event which with the giving of notice, lapse of time or fulfilment of any other condition would or might constitute an Event of Early Repayment has occurred and that none of the Obligors is in breach of or default under its respective obligations hereunder unless it has received express notice thereof from any party hereto or (in the case of a payment default hereunder) gained actual knowledge thereof; (2) assume that each Bank's Lending Office is that identified with its signature below until it has received from such Bank notice designating any other office of such Bank as its Lending Office and act upon any such notice until the same is superseded by a further such notice; (3) engage and pay for the advice or services of any experienced lawyers, accountants, surveyors or other experts whose advice or services may to it seem necessary, expedient or desirable and rely upon any advice so obtained; (4) rely as to any matters of fact which might reasonably be expected to be within the knowledge of any of the Obligors upon a certificate signed by or on behalf of such Obligor; (5) rely upon any communication or document believed by it to be genuine; (6) refrain from exercising any right, power or discretion vested in it hereunder unless and until instructed by the Majority Banks as to the manner in which such right, power or discretion should be exercised; (7) refrain from acting in accordance with any instructions of the Majority Banks to begin any legal action or proceeding arising out of or in connection with this Agreement until it shall have received such security as it may require (whether by way of payment in advance or otherwise) for all costs, claims, expenses (including legal fees) and liabilities together with any value added tax or similar tax thereon which it will or may expend or incur in complying with such instructions; (8) if it is unable to obtain instructions or communicate with a Bank after making reasonable attempts to do so, either refrain from acting as Agent on behalf of such Bank or take such action on behalf of suc...