Defaulting Agent definition

Defaulting Agent any Agent whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of Agent Default.
View Source
Defaulting Agent means an Administrative Agent that is a Defaulting Lender.
View Source
Defaulting Agent an Agent with respect to which any one or more of the following has occurred: (a) Agent has failed to meet any of its funding or settlement obligations pursuant to this Agreement, and such failure has continued for at least five consecutive Business Days; or (b) Agent is under receivership by the applicable state or federal regulatory authority.
View Source

Examples of Defaulting Agent in a sentence

  • Such Defaulting Agent’s removal shall become effective upon the earlier of (x) the date that a qualifying Person shall have been so appointed by the Majority Banks and shall have accepted such appointment and (y) 30 days after the delivery of the removal notice in writing to the Borrowers and such Defaulting Agent (such date, the “Removal Effective Date”).

  • Such resigning Defaulting Agent shall cooperate reasonably and in good faith to effectuate the transfer of the agency to the successor agent, including the execution and delivery of such assignments, modifications, documents, certificates and further assurances as such successor agent may reasonably request.

  • Such resigning Defaulting Agent shall cooperate reasonably and in good faith to effectuate the transfer of the agency to the successor Agent appointed in accordance with the terms of this Section 10.06, including the execution and delivery of such assignments, modifications, documents, certificates and further assurances as such successor Agent may reasonably request.

  • Subject to the appointment of a successor as set forth herein, the Administrative Agent and the Collateral Agent may resign as Administrative Agent or Collateral Agent, respectively, upon 10 days’ notice to the Lenders and the Borrower and if the Administrative Agent has admitted in writing that it is insolvent or becomes a Defaulting Agent, either the Required Lenders or the Borrower may, upon 10 days’ notice to the Administrative Agent, remove such Agent.

  • If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (the “Agent Removal Effective Date” and, together with the Defaulting Agent Removal Effective Date, each a “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Agent Removal Effective Date.

  • Such resigning Defaulting Agent shall cooperate reasonably and in good faith to effectuate the transfer of the agency to the successor Agent appointed in accordance with the terms of Section 10.10, including, without limitation, the execution and delivery of such assignments, modifications, documents, certificates and further assurances as such successor Agent may reasonably request.

  • If Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof (a “Defaulting Agent”), the Required Lenders may, to the extent permitted by applicable law, by notice in writing to Borrower Agent and the Defaulting Agent, remove the Defaulting Agent as Agent and, in consultation with the Borrower Agent, appoint a successor.

  • Such resigning Defaulting Agent shall cooperate reasonably and in good faith to effectuate the transfer of the agency to the successor Administrative Agent appointed in accordance with the terms of Section 10.10, including, without limitation, the execution and delivery of such assignments, modifications, documents, certificates and further assurances as such successor Administrative Agent may reasonably request.