Supplemental Collateral Agent definition
Examples of Supplemental Collateral Agent in a sentence
In case any sub-agent or Supplemental Collateral Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such sub-agent, to the extent permitted by law, shall vest in and be exercised by the Administrative Agent or the Collateral Agent, as applicable, until the appointment of a new sub-agent or Supplemental Collateral Agent, as applicable.
In case any Supplemental Collateral Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Collateral Agent, to the extent permitted by law, shall vest in and be exercised by the Collateral Agent until the appointment of a new Supplemental Collateral Agent.
Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any sub-agents or Supplemental Collateral Agent, as applicable, except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent or the Collateral Agent, as applicable, acted with gross negligence or willful misconduct in the selection of such sub-agents or Supplemental Collateral Agent, as applicable.
The Administrative Agent and the Collateral Agent and any such sub-agent or Supplemental Collateral Agent, as applicable, may perform any and all of its duties and exercise its rights and powers by or through their respective officers, directors, employees and agents.
Any Supplemental Collateral Agent may at any time appoint a Collateral Agent as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf or in its name.