Successor Security Agent definition

Successor Security Agent means a person that is a Lender, an Affiliate of a Lender or an Acceptable Bank or a person that is regularly engaged in the business of acting as security agent, security trustee or other equivalent role in respect of Security provided in respect of loans, notes or other financial instruments.
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Examples of Successor Security Agent in a sentence

  • In case at any time the Security Agent shall cease to be eligible in accordance with the provisions of this Section 8.1, the Security Agent shall resign immediately in the manner and with the effect specified in Section 9 (Resignation and Removal; Appointment of Successor Security Agent) of this Schedule V below.

  • Each of the parties hereto agrees to execute, deliver and/or file all documents, agreements, assignments or instruments (including affidavits and notices) necessary or advisable to (i) evidence the appointment of Successor Security Agent as the successor Security Agent and/or (ii) continue the validity and perfection of security interests granted under the Loan Documents, in each upon the request of the Successor Security Agent in writing.

  • The retiring Security Agent shall, at its own cost, make available to the Successor Security Agent such documents and records and shall provide such assistance as the successor Security Agent may reasonably request for the purposes of performing his duties as Security Agent under this Agreement.

  • It is understood and agreed that the Successor Security Agent shall bear no responsibility and shall not be liable for (A) any actions taken or omitted to be taken by the Resigning Security Agent, or that otherwise occurred, prior to the Effective Date and (B) any and all claims under or related to the Loan Documents that may have arisen or accrued prior to the Effective Date.

  • On giving the notification, the Replacement will succeed to the position of the Agent and the term FACILITY AGENT or SECURITY AGENT (as appropriate) will mean the successor Facility Agent or the Successor Security Agent.

  • No successor trustee shall accept appointment as provided in this Section 10 of this Schedule V (Acceptance of Appointment by Successor Security Agent) unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 8.1 of this Schedule V (Persons Eligible for Appointment as Security Agent).

  • It is understood and agreed that the Resigning Security Agent shall, subject to Section 2.3, bear no responsibility and shall not be liable for (A) any actions taken or omitted to be taken by the Successor Security Agent, or that otherwise occur, after the Effective Date and (B) any and all claims under or related to the Loan Documents that may arise or accrue after the Effective Date.

  • Commencing on the Effective Date, or in connection with any Collateral Action (as defined below) required to be taken after the Effective Date, each reference to the Security Agent in the Credit Agreement and the other Loan Documents shall refer to the Successor Security Agent and not to the Resigning Security Agent.