Examples of Majority Managing Agents in a sentence
Such resignation shall not become effective until (x) a successor Administrative Agent is appointed by the Majority Managing Agents and has accepted such appointment and (y) so long as no Event of Default has occurred and is continuing, the Borrowers shall have consented to such successor Administrative Agent (such consent not to be unreasonably withheld or delayed).
If any of the Events of Default set forth in Exhibit V shall occur, the Administrative Agent may or, at the direction of the Majority Managing Agents, shall, by notice to the Borrowers, declare the Facility Maturity Date to have occurred (in which case the Facility Maturity Date shall be deemed to have occurred); provided, that upon the occurrence of any event described in paragraph (f) or paragraph (h) of Exhibit V, the Facility Maturity Date shall occur automatically.
None of the Managing Agents, the Administrative Agent or any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted (i) with the consent or at the direction of the Majority Managing Agents (or in the case of any Managing Agent, the Lenders within its Lender Group that have a majority of the aggregate Commitments of such Lender Group) or (ii) in the absence of such Person’s gross negligence or willful misconduct.
Each Managing Agent and the Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under any Transaction Document unless it shall first receive such advice or concurrence of the Majority Managing Agents (or in the case of any Managing Agent, the Lenders within its Lender Group that have a majority of the aggregate Commitment of such Lender Group), and assurance of its indemnification, as it deems appropriate.