Backup Advancing Agent definition

Backup Advancing Agent means the Backup Advancing Agent appointed as provided in the Lead Securitization Servicing Agreement.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Backup Advancing Agent. U.S. Bank National Association, a national banking association, solely in its capacity as Backup Advancing Agent hereunder, or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having a long-term debt rating (1) from ▇▇▇▇▇’▇ at least equal to “A2” and a short-term debt rating from ▇▇▇▇▇’▇ at least equal to “P-1” and (2) at least equal to “A” by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by any two other NRSROs (which may include ▇▇▇▇▇’▇)).

Backup Advancing Agent. The Trustee.

Examples of Backup Advancing Agent in a sentence

If the Backup Advancing Agent fails to make any required Interest Advance by 11:00 a.m. (New York Time) on any Payment Date, then the Backup Advancing Agent shall notify the Trustee via email at [***] no later than 11:00 a.m. (New York Time) on such Payment Date and shall furnish to the Trustee any information requested by the Trustee to determine recoverability of such Interest Advance.
The Backup Advancing Agent and the Trustee will be entitled to conclusively rely on any affirmative determination by the Advancing Agent that an Interest Advance would have been a Nonrecoverable Interest Advance.
Notwithstanding the foregoing, the Note Administrator shall not be deemed to resign or be removed as Note Administrator in the event the Note Administrator is no longer acting as the Backup Advancing Agent.
The Note Administrator shall replace any such successor Advancing Agent (excluding each of the Note Administrator and the Trustee in its capacity as Backup Advancing Agent) upon receiving notice that such successor Advancing Agent’s long-term unsecured debt rating has become lower than “A” by Fitch and “A2” by Moody’s, and whose short-term unsecured debt rating becomes lower than “F1” by Fitch and “P-1” by ▇▇▇▇▇’▇.
Following the termination of the Advancing Agent, the Backup Advancing Agent will be required to make Interest Advances until a successor advancing agent is appointed.

More Definitions of Backup Advancing Agent

Backup Advancing Agent. ▇▇▇▇▇ Fargo Bank, National Association, a national banking association, solely in its capacity as Backup Advancing Agent hereunder, or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having a long-term debt rating from each Rating Agency at least equal to “A-” or “A2,” as applicable, or a short-term debt rating at least equal to “A-1,” “P-1” or “F-1,” as applicable.

Backup Advancing Agent. The Note Administrator, solely in its capacity as Backup Advancing Agent hereunder, or any successor Backup Advancing Agent.

Backup Advancing Agent. LaSalle Bank National Association, a national banking association, solely in its capacity as Backup Advancing Agent hereunder, or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having a (i) long-term debt rating from S&P at least equal to "A-" and a short-term debt rating from S&P at least equal to "A-1," (ii) long-term debt rating from ▇▇▇▇▇'▇ at least equal to "A2" and a short-term debt rating from ▇▇▇▇▇'▇ at least equal to "P-1," and (iii) long-term debt rating from Fitch at least equal to "A-" and a short-term debt rating from Fitch at least equal to "F1."

Backup Advancing Agent. U.S. Bank National Association, a national banking association, solely in its capacity as Backup Advancing Agent hereunder, or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having a long-term debt rating from Moody’s at least equal to “A2” and a short-term debt rating from ▇▇▇▇▇’▇ at least equal to “P-1.”

Backup Advancing Agent. The Note Administrator, solely in its capacity as Backup Advancing Agent hereunder, or any successor Backup Advancing Agent(other than the Trustee acting as successor backup advancing agent pursuant to Section 10.7); provided that any such successor Backup Advancing Agent must be a financial institution having (1) a long-term senior unsecured debt rating at least equal to “A2” by ▇▇▇▇▇’▇ and “A” by Fitch and (2) a short-term debt rating at least equal to “P-1” by ▇▇▇▇▇’▇ and “F1” by Fitch.

Backup Advancing Agent. The Trustee, solely in its capacity as Backup Advancing Agent hereunder, or any successor Backup Advancing Agent; provided that any such successor Backup Advancing Agent must be a financial institution having a long-term debt rating from ▇▇▇▇▇’▇ at least equal to “A2” and a short-term debt rating from ▇▇▇▇▇’▇ at least equal to “P-1.”