Local Currency Agent definition
Examples of Local Currency Agent in a sentence
Such successor CIF Local Currency Agent shall be a commercial bank having capital and retained earnings of at least $500,000,000.
Upon the acceptance of any appointment as the CIF Local Currency Agent hereunder by a successor CIF Local Currency Agent, such successor CIF Local Currency Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring CIF Local Currency Agent, and the retiring CIF Local Currency Agent shall be discharged from its duties and obligations hereunder and under the Credit Agreement.
Notwithstanding anything herein to the contrary, so long as no Event of Default, or event which would constitute an Event of Default but for the requirement that notice be given, time elapse or both, has occurred and is continuing, each such successor CIF Local Currency Agent shall be subject to written approval by CFSC and CIF, which approval shall not be unreasonably withheld.
The CIF Local Currency Agent shall have and may exercise such powers under this Addendum and the Credit Agreement as are specifically delegated to the CIF Local Currency Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto.
The CIF Local Currency Agent shall be fully justified in failing or refusing to take any action hereunder and under the Credit Agreement unless it shall first be indemnified to its satisfaction by the Local Currency Banks pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action.
The CIF Local Currency Agent shall have neither any implied duties or fiduciary duties to the Local Currency Banks or the Banks, nor any obligation to the Local Currency Banks or the Banks to take any action hereunder or under the Credit Agreement except any action specifically provided by this Addendum or the Credit Agreement required to be taken by the CIF Local Currency Agent.
After any retiring CIF Local Currency Agent’s resignation hereunder as CIF Local Currency Agent, the provisions of this Article V shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the CIF Local Currency Agent hereunder and under the Credit Agreement.
The CIF Local Currency Agent (i) may resign at any time by giving written notice thereof to the Agent, the Local Currency Banks and the Borrowers, and may appoint one of its Affiliates as successor Local Currency Agent and (ii) may be removed at any time with or without cause by the Majority CIF Local Currency Banks.
If no successor CIF Local Currency Agent shall have been so appointed and shall have accepted such appointment within thirty days after the retiring Local Currency Agent’s giving notice of resignation or the Majority CIF Local Currency Banks’ removal of the retiring Local Currency Agent, then the retiring Local Currency Agent may appoint, on behalf of the Borrowers and the Local Currency Banks, a successor CIF Local Currency Agent, which need not be one of its Affiliates.
Upon any such resignation or removal, the Majority CIF Local Currency Banks, with the consent of the Agent, shall have the right to appoint (unless, in the case of the resignation of the CIF Local Currency Agent, the resigning CIF Local Currency Agent has appointed one of its Affiliates as successor CIF Local Currency Agent), on behalf of the Borrowers and the Local Currency Banks, a successor CIF Local Currency Agent.