Substitute Agent Sample Clauses
A Substitute Agent clause allows the original agent appointed under an agreement to delegate their responsibilities to another party, known as a substitute agent. This provision typically outlines the conditions under which substitution is permitted, such as requiring the principal’s consent or specifying the qualifications the substitute must meet. By enabling the appointment of a substitute, the clause ensures continuity of agency duties if the original agent is unable or unwilling to perform, thereby minimizing disruptions and maintaining the effectiveness of the agreement.
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Substitute Agent. If for any reason any Agent ceases to act as agent or no longer has an address in Hong Kong, the party who appointed the Agent irrevocably agrees, within 20 (twenty) Business Days, to appoint a substitute agent with an address in Hong Kong and to notify the other parties in writing immediately thereafter.
Substitute Agent. Except in connection with a merger of the Agent with and into another Person, if the Mortgage Loan is the subject of the Securitization neither the Agent nor the Holding Company Lenders shall seek, cause, suffer or permit the substitution for the Agent of a new agent under the Credit Agreement unless and until the Holding Company Lenders shall have received written confirmation from the Rating Agency that, based on a standard of commercial reasonableness, such substitution will not result in the withdrawal, qualification or downgrading of the then current ratings assigned to the Certificates by the Rating Agency. In the event that the Agent or the Holding Compa- ny Lenders shall seek to obtain the Rating Agency's confirmation as to any proposed substitution of a new agent in place of the current Agent under the Credit Agreement, then, within ten (10) Business Days after written request by the Agent and/or the Holding Company Lenders to the Rating Agency and the submission by the Agent and/or the Holding Company Lenders to the Mortgage Lender and the Rating Agency of all information and materials reasonably necessary in connection with such request, the Rating Agency shall indicate its consent to or disapproval of such substitution (based on a standard of commercial reasonableness), failing which the Rating Agency shall be deemed to have disap- proved of such proposed substitution. The granting by the Rating Agency of any such consent shall not be construed to relieve the Holding Company Lenders, the Agent and/or any new agent under the Credit Agreement from the requirement of obtaining the Rating Agency's prior express written confirmation with respect to any other or further substitution for the agent under the Credit Agreement.