New Agent Clause Samples
The "New Agent" clause defines the process and conditions under which a new agent may be appointed or substituted in an agreement. Typically, this clause outlines the circumstances that allow for the replacement of the current agent, such as resignation, incapacity, or mutual agreement, and may specify the procedure for selecting and notifying the new agent. Its core practical function is to ensure continuity and clarity in agency relationships by providing a clear mechanism for transitioning responsibilities to a new agent when necessary.
New Agent the Transferring Affiliate Letter is hereby amended by replacing the reference to “WestLB AG, New York Branch” therein with “The Bank of Nova Scotia”, and “Agent” shall mean “The Bank of Nova Scotia, as Agent” in each place in which that term appears in the Transferring Affiliate Letter.
New Agent. At any time, the Agent may assign, transfer and deliver any or all of the Collateral to any successor Agent in accordance with the terms of Section 10.7 of the Credit Agreement, whereupon the retiring Agent shall be fully discharged from all responsibility and such successor shall be vested with all powers and rights of the Agent hereunder with respect thereto, but the Agent shall retain all rights and powers with respect to any Collateral not assigned, transferred or delivered, provided that no such assignment shall increase the liability of the Grantors hereunder;
New Agent. The New Agent in respect of the New First Lien Loan Agreement is [insert name of New Representative]. The address of the New Agent in respect of the New First Lien Loan Agreement for purposes of all notices and other communications hereunder and under the Intercreditor Agreement is , , Attention of (Facsimile No. , electronic mail address: ).
New Agent. (a) Article 10 of the Credit Agreement is hereby amended by adding the following new section immediately following Section 10.11:
New Agent. In the event that Individual Certificates are issued and an Agent informs the Issuer that it is unable to perform its obligations under this Agreement, the Issuer shall forthwith appoint an additional agent in accordance with Clause 19.1 which is able to perform such obligations.
New Agent. The parties hereto agree that, from and after the Amendment Effective Date (as hereinafter defined), (a) SG shall no longer be a Bank or the Administrative Agent or the Issuing Bank or the Arranger under the terms of the Credit Agreement and the other Credit Documents, and (b) US Bank shall for all purposes be the Agent, the Issuing Bank, and the Arranger under the Credit Agreement and the other Credit Documents.
New Agent. The Resignation and Appointment Agreement shall have been duly executed and delivered to the Administrative Agent, and such agreement shall be in full force and effect.