Appointment of a local agent for the designated buyer in relation to an acquisition. The purpose of the agency agreement is to bind local buyers into the main agreement in relation to a multi-jurisdictional acquisition. This is drafted for the buyer and should be used before the execution of the main agreement.
This agreement is entered into in connection with the sale and purchase agreement to be entered into between the Buyer and Seller for the sale and purchase of the Target (the Principal Agreement), which the Buyer shall enter into for itself and, to the extent provided therein, as agent for the Designated Buyer.
In the Principal Agreement, the Buyer shall agree, among other things, to procure that the Designated Buyer shall buy the Target.
The Designated Buyer has agreed to appoint the Buyer as its agent in connection with the Principal Agreement upon the terms set out in this agreement.
The Designated Buyer hereby irrevocably appoints and instructs the Buyer as its sole agent:
(a) to enter into and perform the Principal Agreement on the terms set out in the Principal Agreement and any other Transaction Documents on its behalf;
(b) to receive or pay, as the case may be, any amounts owed or paid by or to the Designated Buyer pursuant to any of the provisions of the Principal Agreement;
(c) for the purposes of initiating, receiving, conducting and settling any claims and satisfying all judgments in respect of all matters arising under the terms of the Principal Agreement.